Latest NewsCanadian Arrow Mines acquires nickel-copper property adjacent to Kenbridge Deposit
SUDBURY, ON, Dec. 5 /CNW/ - Canadian Arrow Mines, Ltd. (CRO: TSX-V) has
signed an option agreement to acquire a 100%-interest in the Denmark Lake
nickel-copper property adjacent to the Company's Kenbridge Deposit near
Kenora, Ontario. The new acquisition covers a number of historical nickel and
gold showings including the Nelson Gauthier occurrence with a drill
intersection of 0.78% Ni and 0.78% Cu over a 15m interval, and the Apex Ni-Cu
occurrence which hosts an historical resource of 237,600 tonnes of 1.03% Cu,
0.56% Ni (OGS - OFR 6127, 2004). In addition, the Denmark Lake property covers
approximately 8.5 kilometres of strike extent along the major controlling
structure for the Kenbridge Nickel Deposit mineralization.
Dean MacEachern, Arrow's VP Exploration, commented "Adding Denmark Lake
significantly increases the size of our land package in an area we believe has
high potential for nickel sulphide deposits as evidenced by our Kenbridge
Nickel Deposit. We are currently planning an exploration program which will
allow us to rapidly assess the potential of this property to host additional
nickel sulphide mineralization."
The Kenbridge Deposit has an historical estimated mineral resource
totaling 2,705,000 tonnes grading 1.05% nickel and 0.54% copper to a depth of
2,000 feet. The resource includes a higher-grade area above the 500 foot level
with an inventory of 544,300 tonnes grading 1.41% nickel and 0.62% copper
using a cut-off grade of 0.5% nickel over a minimum width of 6 feet, and an
additional inferred resource of 594,000 tonnes grading 1.55% nickel and 0.90%
copper in mineralization below the 2,000 foot level. (x)See note at end of this
release. The historical resource estimate was completed by Falconbridge
Limited (now Xstrata Nickel) from the development work they completed on the
property from 1952 to 1957.
Denmark Lake is located in an area of excellent infrastructure and
includes 15 claims (204 units) covering an area of 3,264 hectares. The
property option requires payments totaling $105,000 and 300,000 shares over a
three-year period. CRO is required to complete a $480,000 in exploration
expenditures over a four-year period. Once Canadian Arrow exercises the
option, the Vendors will retain a 2% net smelter return royalty on the
property. The transaction is subject to regulatory approval.
(x) It should be noted that the resource estimates prepared by Falconbridge
should be considered to be historical, and as such do not conform to the
requirements of National Instrument 43-101. Although Canadian Arrow considers
the resource estimates to be relevant, they have not been verified by a
Qualified Person for Canadian Arrow as required by National Instrument 43-101
and should not be relied upon. Canadian Arrow intends to establish new
resource estimates under NI 43-101 guidelines during the first quarter 2007.
About Canadian Arrow Mines, Ltd.
Canadian Arrow Mines, Ltd. is an established Canadian exploration and
development Company committed to developing and advancing base metal deposits
close to existing infrastructure through exploration, development and
acquisition. Shares of Canadian Arrow Mines trade on the TSX Venture Exchange
under the symbol "CRO".
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For further information: visit the website at www.canadianarrowmines.ca,
or call toll free, 1-877-262-6354, or contact: Canadian Arrow Mines, Ltd.,
Dean MacEachern, Vice President Exploration, Tel: (705) 673-8259, E-mail:
dean@canadianarrowmines.ca; CHF Investor Relations, Barry Leung, Tel: (416)
868-1079 ext. 247, E-mail: barry@chfir.com or Cathy Hume, CEO, Tel: (416)
868-1079 ext. 231, E-mail: cathy@chfir.com