CANADIAN ARROW INTERSECTS 5.89% NICKEL AT KELEX
10 February 2011 - 1:10AM
PR Newswire (Canada)
SUDBURY, ON, Feb. 9 /CNW/ -- SUDBURY, ON, Feb. 9 /CNW/ - Canadian
Arrow Mines, Ltd. (CRO: TSX-V) (the "Company") reports intersecting
5.89% Ni over 0.6 metre and 2.51% Ni over 0.3 metre intervals of
massive sulphides within a larger interval averaging 1.37% Ni over
3.7 metres on its Timmins, Ontario Kelex nickel project. Hole
2010-11 was drilled on the same section as, and 78 metres
below, previously reported hole 2010-03 which intersected
0.45% Ni over 8.5 metres including 0.61% Ni over 1.1 metres.
Hole 2010-10 drilled on the same section mid-distance between both
holes intersected 0.48% Ni over 3 metres. Holes 2010-10 and
11 have successfully extended the Kelex West (KW) zone nickel
sulphide mineralization 70 metres further to depth. Mr. Kim Tyler,
President of the Company, said, "Besides observing increased grades
with depth we are also pleased by the occurrence of high grade
massive sulphide mineralization in 2010-11. Intercepting nickel
bearing massive sulphides with the limited amount of historical
drilling at this depth is very encouraging. The genetic nature of
these deposits consists of heavy, high grade massive sulphide pods
settling and strung out along magma flow channels at footwall
contacts. The fluid dynamics are similar to placer deposits
in surface river systems. These holes will aid in the
interpretation of magma flow direction and exploration of more such
pods at depth and along strike." Additionally hole 2010-08
intercepted 1.81% Ni over 1.3 m in semi-massive sulphides in the
Kelex Central West (KCW) Zone. Table 1 - Recent Kelex
Significant DDH Assay Results
_____________________________________________________________________
| Hole |From (m)|To (m)|Length (m)|True Width (m)|Section| Dip |Ni%
|
|________|________|______|__________|______________|_______|_____|____|
|2010-08 | 101.9 |103.2 | 1.3 | 0.8 | 1410E |-43.5|1.81|
|________|________|______|__________|______________|_______|_____|____|
|2010-10 | 218 | 221 | 3 | 2.4 | 1315E | -50 |0.48|
|________|________|______|__________|______________|_______|_____|____|
|2010-11 | 249.0 |252.7 | 3.7 | 2.3 | 1315E | -58 |1.37|
|________|________|______|__________|______________|_______|_____|____|
|Includes| 249.0 |249.3 | 0.3 | 0.2 | | |2.51|
|________|________|______|__________|______________|_______|_____|____|
|Includes| 252.1 |252.7 | 0.6 | 0.4 | | |5.89|
|________|________|______|__________|______________|_______|_____|____|
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/February2011/09/c9124.html
p align="justify"visit 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 or Mr. Andreas Curkovic at 1-416-577-9927./p
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