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.

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.

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.