SUDBURY, Dec. 8 -
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(m) To(m) Length(m) Section Dip Ni%
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.
For further information:
visit the website at www.canadianarrowmines.ca, or contact Mr. Kim Tyler President and Director toll free, 1-877-673-5462.
