Canadian Arrow Mines Limited (TSXV:CRO)
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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