CANADIAN ARROW INTERSECTS 0.62% NICKEL OVER 24.5 METRES INCLUDING 1.22% NICKEL OVER 4.7 METRES AT KELEX
09 December 2010 - 1:20AM
PR Newswire (Canada)
SUDBURY, ON, Dec. 8 /CNW/ -- SUDBURY, ON, Dec. 8 /CNW/ - Canadian
Arrow Mines, Ltd. (CRO: TSX-V) (the "Company") reports assay
results on the first two holes drilled on its Timmins, Ontario
Kelex nickel project 2010 program. Hole 2010-02 intersected 1.22%
Ni over a 4.7 metre interval within a larger interval averaging
0.62% Ni over 24.5 metres. Hole 2010-01 also successfully
intersected similar results (Table 1 below). Mr. Kim Tyler,
President of the Company, said, "These results successfully advance
our drilling strategy at Kelex, which is to test the potential for
increasing the recently published NI 43-101 indicated resources by
expanding outwards from the existing drill defined areas.
Both holes successfully demonstrate that potential along strike, in
this case, through establishing continuity of mineralization in the
undrilled 100 metre interval between the West zone and Central West
zones. The holes extend the mineralization 30 metres further
along strike beyond the nearest previous hole, LOX-56-04, which
intercepted 0.76% nickel over 37.9 metres. Drilling is also
designed to collect a composite sample for metallurgical
testing. The remainder of the drill program will be
directed at following up and continuing the success of these
holes." Table 1 - Kelex Significant 2010 DDH Assay Results to date
Hole From To Length Section Dip Ni% (m) (m) (m) 2010-01 78.0 91.0
13.0 1315E -45 0.55 2010-01 79.3 81.0 1.7 1.34 2010-02 95 119.5
24.5 1300E -41 0.64 Includes 97.3 102 4.7 1.22 The Kelex zones
discovered to date are defined by a string of five lenses of higher
grade massive sulphides within a broader, lower grade, nickel
sulphide halo that extend along a 600 metre strike length and are
drill defined to only 100 metres below surface.
Sparse drilling below the 100 metre horizon has intercepted
additional mineralization to at least the 350 metre elevation.
Widths and continuity of both the Kelex and Alexo zones indicate
amenability for both bulk minable open pit and underground
extraction. The exploration program is being carried out under the
direction of Kim Tyler, P. Geo., President of the Company, a
qualified person as defined by National Instrument 43-101.
Analytical Method ---------------------- Mineralized diamond drill
hole intervals reported are down hole core lengths only. NQ
diameter drill core samples are split in half; one half being
retained in its original core box and the second half sent to an
independent commercial laboratory for analysis. Samples are
analyzed by ALS Chemex Laboratories in Vancouver, BC. Samples
analyzed for base metals (nickel, copper, and cobalt) are digested
with a four acid digestion technique with an ICP-AES finish.
Precious metals, (platinum, palladium and gold), are fire assayed
with an ICP-AES finish. About Canadian Arrow Mines: Canadian Arrow
Mines Limited is developing two advanced nickel/copper mining
projects located near existing infrastructure in Ontario,
Canada. Its principal asset is the Kenbridge nickel-copper
sulphide deposit located near Kenora, Ontario that remains open in
three directions, is equipped with a 620 m shaft built and explored
by Falconbridge Limited and has never been mined. Highlights of an
updated NI 43-101 Preliminary Economic Assessment Technical Report
(PEA)( (1)) reported on Sept. 4, 2008 include an operating cash
cost/lb payable net of copper credits of US$3.47/lb nickel. At life
of mine metal prices of US$10/lb Ni and US$2.50/lb Cu; a
CD$1.00:US$0.90 exchange rate and a 7.5% discount rate the PEA
concludes a Net Present Value of CD$253M is achievable. In
addition to the work that Falconbridge expended, Canadian Arrow has
additionally expended over $9M since acquiring the project. The
Company also owns the past producing Alexo and Kelex mines located
in the Abitibi nickel district east of Timmins Ontario. Highlights
of a NI 43-101 Technical Report and Resource Estimate ((1)
)reported on September 22, 2010 include an indicated resource of
243,000 tonnes grading 1.08% nickel containing 5.8M lbs of nickel.
((1) )Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Additional information relating to
Canadian Arrow is available on SEDAR at www.sedar.com
This press release may contain "forward-looking statements" within
the meaning of the Canadian securities legislation and the United
States Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made as of the date of this press
release and the Company does not intend, and does not assume, any
obligation to update these forward-looking statements. Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/December2010/08/c3377.html
pvisit the website at a
href="http://www.canadianarrowmines.ca"www.canadianarrowmines.ca/a,
or contact Mr. Kim Tyler President and Director toll free,
1-877-673-5462./p
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