just found this news release after hours on stockhouse.
New Cantech Ventures Inc. Announces Option to Acquire Two Nickel Properties In Northwest Territory
VANCOUVER, BRITISH COLUMBIA, May 25, 2007 (CCNMatthews via COMTEX News Network) --
New Cantech Ventures Inc. ("Cantech") (TSX VENTURE:NCV)(FRANKFURT:C7X) is pleased to announce it has entered into an option agreement to acquire two Nickel properties in the Northwest Territory.
The properties have the potential to host at least three different styles of mineralization:
(a) first, vein hosted nickel, cobalt, silver and gold mineralization; and
(b) second, magmatic cumulate nickel sulphide mineralization hosted in ultramafic intrusives;
(c) third, volcanogenic hosted massive sulphide mineralization of copper and zinc.
Vein Hosted Nickel Mineralization (Camsell Lake Property)
Nickel mineralization comprised of gersdorffite (NiAsS) occurs in a single vein near the south shore of Camsell Lake. A sample of the vein shown on a government produced map documents anomalous nickel and gold values. This showing was revisited by Dr. Wilson and was found to be exposed in a small pit. A grab sample of gersdorfffite was retrieved from the center of a vein, approximately 30 cm wide, and returned values of: 16.4% Nickel, 0.43% Cobalt, 0.176 oz/ton Gold, 57 grams/tonne Silver (approx. 1.66 oz/ton), 16.5% Arsenic, greater than 1% Antimony, 10.3% Sulphur, 8.69% Iron and less than 20 gm/tonne Uranium. These analyses were performed by ALS Chemex of Vancouver, BC.
The composition of gersdorffite can contain approximately 35% nickel. Although not a common mineral, it is usually associated with sulpharsenides in veins and within arsenide zones of ore deposits such as the nickel deposits at Sudbury and the Silver Cobalt District of Cobalt, Ontario.
Cantech is encouraged with the high nickel composition of the gersdorffite and the possibility this vein may represent leakage from a deeper seated source. The Cobalt District in Ontario illustrates the maximum known potential of these sulpharsenide vein deposits. Cobalt produced 370,000,000 oz of silver with appreciable cobalt, nickel and arsenide.
Magmatic Sulphide Mineralization (Munn Lake Property)
Nickel mineralization occurs within ultramafic rocks near the southwest and northwest arms of Munn Lake located 220km northeast of Yellowknife. Mafic-ultramafic intrusions have been emplaced into a band of metamorphosed, turbidite sediments. These intrusions consist of compositional rhythmic layers ranging from gabbro, to ultramafic layers of hornblendite, olivine-pyroxene hornblendite, and hornblende peridotite. Every sample examined contained many fine grains of sulphide minerals, indicating probable sulphur saturation of the magma. Examination of polished sections under the microscope showed that the sulfides in the specimens from the southwest Munn Lake mainly consisted of pyrite. One specimen from the fresher intrusion near the northwest arm showed typical nickel sulphide mineralization. Pyrrhotite and pentlandite appeared to be in approximately equal amounts indicating a favourable Ni-S ratio.
Volcanogenic Massive Sulphide Cu-Zn Mineralization at old Canoe Lake (Camsell Lake Property)
A small body of rhyolite with weak copper-zinc mineralization occurs on the south shore of Old Canoe Lake. The rhyolite has rusty patches and a small amount of sulphides. In a verbal communication with the Government geologist who mapped and sampled the project, he indicated that a grab sample containing as much as 2% copper and 2% zinc had been obtained from this rhyolite.
In respect of completing relatively inexpensive exploration in this area, especially for good conductive material like copper and nickel (pyrrhotite association), all of these areas could be evaluated quickly for possible strike and dip potential to the documented zones.
The two nickel properties are being optioned from Mayan Minerals Ltd. in consideration for (a) the reimbursement of staking costs following the signing of the Option Agreement, (b) the payment of $140,000 over a two year period and (c) the issuance of 350,000 shares of Cantech over a two year period. The properties are subject to a 2% NSR Royalty. Cantech has the right to purchase up to 50% of the NSR for a total of $1 Million. The Option Agreement is subject to the approval of the TSX Venture Exchange.
About Dr. Wilson
H. D. B. Wilson, Ph.D, is a former consultant to Falconbridge Nickel Mines, Canada and Selection Trust (England). He proposed drill programs which led to the discovery of the Inco Thompson Nickel Mine (Canada) and the Agnew Nickel Mine (Australia). Dr. Wilson is the former head of the Earth Sciences Department, University of Manitoba, a former President of the Geological Association of Canada and a former President of the Society of Economic Geologists.
Gary Vivian, M.Sc., P.Geol, a qualified person under National Instrument 43-101, has reviewed and approved the technical disclosure in this news release.
About New Cantech
New Cantech is a TSX Venture company focusing on the development of its Lucky Ship Molybdenum Project in northern British Columbia. In addition to the Lucky Ship Project, New Cantech is pursuing other related mineral projects that may be beneficial to shareholders.
ON BEHALF OF THE BOARD OF DIRECTORS
James Jacuta, Chairman
NEW CANTECH VENTURES INC.
SOURCE: New Cantech Ventures Inc.
New Cantech Ventures Inc. Dalton B. DuPasquier President & CEO (604) 541-7288 Website: www.newcantech.com