🕐09.02.11 - 23:27 Uhr
CANADIAN ARROW INTERSECTS 5.89% NICKEL AT KELEX
CANADIAN ARROW INTERSECTS 5.89% NICKEL AT KELEX
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.
For further information:
visit the website at www.canadianarrowmines.ca, or contact Mr.
Kim Tyler
President and Director toll free, 1-877-673-5462 or Mr.
Andreas Curkovic at
1-416-577-9927.