CANADIAN ARROW INTERSECTS 5.01% NICKEL OVER 1M, DISCOVERS NEW MASSIVE SULPHIDE ZONE AT KELEX

SUDBURY, ON, Feb. 15 /CNW/ - Canadian Arrow Mines, Ltd. (TSXV: CRO) (the "Company") is pleased to report the discovery of a new nickel sulphide lens at its Kelex nickel project located 17 km south of Iroquois Falls, Ontario. Hole 2011-15 intersected 5.01% Ni in 1 metre of massive sulphides. This is the second new hole to intercept the discovery. Previously reported hole 2010-11 intersected 5.89% Ni over 0.6 metre of massive sulphides approximately 28 metres east of the 2011-15 intercept. Furthermore, hole 2011-15 additionally intercepted 7.1 metres of semi-massive and disseminated nickel sulphides located 20 metres further down the hole from the massive sulphide discovery.  Future drilling will determine if this lower intersection represents the discovery of another new zone.

The new massive sulphide lens is the sixth discovered on the property to date.

Mr. Kim Tyler, President of the Company, said, "We are pleased that the early discovery of a new nickel sulphide lens was made with such a limited amount of drilling.  Ultramafic komatiitic deposits of this type are characterized by clusters of such lenses. Discoveries of more such lenses are anticipated in future drill programs as historic drilling has not stepped out very far from the known zones at either Kelex or Alexo.  Hole 2011-13 is also notable as it has further defined the Kelex West Zone bulk mineralization west along strike and to depth.  Both holes will have a positive contribution to our upcoming resource estimate update and economic assessment." 

Table 1 - Recent Kelex Significant DDH Assay Results

Hole From
(m)
To
(m)
Length
(m)
True
Width
(m)
Section Dip Ni%
2010-12 247.2 256.0 1.3 0.8 1315E -65 0.48
2011-13 225.0 228.0 3 2.4 1245E -42.5 0.61
2011-15 155.3 182.2 2.7 2.3 1285E -58 1.91
Includes 181.2 182.2 1.0 0.8     5.01
2011-15 212.5 219.6 7.1 6.4     0.59

This drill campaign is now complete. The program was conducted to meet three objectives; 1) to collect a composite sample for bench scale metallurgical test work, 2) to test the opportunity for expanding the resource beyond the known mineralization limits, and 3) to confirm grades and locations of previous drilling for resumed production.  The program to date has been successful in all objectives.   The drill results will be included in an updated resource estimate. The Company will be providing further update on its plans to resume production in a future press release.

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.

SOURCE Canadian Arrow Mines Ltd.

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

Profil de l'entreprise

Canadian Arrow Mines Ltd.

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