Canadian Arrow Mines Ltd. Intersects 2.13% Nickel Over 4.9 Metres AT Kelex
22.02.2011 | Marketwire
SUDBURY, ON, Feb. 22 - Canadian Arrow Mines, Ltd. (TSXV: CRO) (the "Company") reports hole 2011-16 intersected 2.13% Ni over 4.9 metres including 3.75% Ni in 2.3 metres of massive sulphides. The hole drilled in the Kelex Central West Zone completes the final component of sample collection for metallurgical test work.Kim Tyler, President of Canadian Arrow, said, "This concludes the current phase of drill results at Kelex. The next important step is processing of the metallurgical composite sample at Xstrata Process Services of Falconbridge, Ontario. Results of this work will be incorporated into various custom milling and concentrate off-take options that we are actively pursuing. In addition, the drilling and metallurgical results will be forwarded to an independent consultant for inclusion in an updated NI 43-101 resource estimate. We are again pleased that the limited amount of drilling conducted to date has had a high rate of success. This bodes well for future exploration and ore reserves potential."
Table 1 - Recent Kelex Significant DDH Assay Results
Hole From (m) To (m) Length (m) TrueWidth (m) Section Dip Ni%
2010-16 56.4 61.3 4.9 4.6 1522E -45 2.13
Includes 59.0 61.3 2.3 2.1 3.75
Hole 2011-17 did not intersect significant mineralization.
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.
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.