SUDBURY, ON, April 17 /CNW/ - Canadian Arrow Mines, Ltd. (CRO: TSX-V) (the "Company") has received final reports for airborne geophysical surveys completed on nine projects in Northwestern Ontario. Geotech Ltd. was contracted to perform a Versatile Time Domain Electromagnetic (VTEM) helicopter-borne geophysical survey which included 1,057 line km of survey covering an area of approximately 77 km(2). The recent survey, (February 2008), included coverage of the Ghost Lake, Emmons Lake, Prigg, Glatz, Turtlepond Lake, Eva Lake, and Kawene Lake Projects, and portions of the Kenbridge Project and Denmark Lake Project.
Todd Keast Arrow's VP Exploration commented "The VTEM survey has identified a number of quality geophysical anomalies which will be evaluated in our upcoming exploration program. Arrow will be very active on these and other projects in 2008, with geological, geophysical and geochemical surveys used to identify and prioritize targets. Diamond drilling will be a prominent part of the program as we work towards identifying additional resources to support a viable mining operation at Kenbridge." A summary of the VTEM survey results are as follows:
Ghost Lake Property - Ten conductive anomalies were identified on the property. The majority of the anomalies are situated along a 2.5 km long ultramafic body, and includes one prominent conductor 700m in length. Other priority targets are typically 200 m in strike length and have a coincident magnetic response.
Emmons Lake Occurrence - Three conductive anomalies and one prominent magnetic feature coincident with the Emmons lake showing were identified. In 1960 ten shallow packsack drill holes were completed on a surface showing. Assay results reported for seven of these holes (Table 1) outline an area of 60 metres in length on surface. The surface showing associated with the drilling was investigated by CRO with grabs sample assays returning up to 1.6% Ni, 0.43% Cu.
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Table 1
Hole No. From m To m Width m Ni % Cu %
E-1 0 11.6 11.6 0.73 0.58
E-2 0 6.2 6.2 0.24 0.33
E-3 1.77 3.2 1.43 0.25 0.25
E-5 7.59 9.3 1.71 0.40 0.37
E-6 7.53 9.45 1.92 0.28 0.45
E-9 10.97 14.02 3.05 0.41 0.68
E-10 0.4 8.23 7.83 0.44 0.50
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Prigg Prospect - Five conductive targets with associated magnetic responses were identified by the survey. Historical trenches with anomalous Ni-Cu values have been documented on the property, with minimal follow up exploration.
Glatz Prospect - Eleven conductive targets have been identified. The strongest anomaly is 700m in length and is associated with a discrete magnetic feature. In 2007 Arrow investigated a series of historical trenches along this geophysical trend with grab sample assay results up to 1.28% Ni, 0.26% Cu.
Turtlepond Lake Project - Approximately 20 conductive targets have been identified. Five strong anomalies with short strike extent and associated magnetic responses represent priority exploration targets. In addition a strong magnetic trend 2 km in length with multiple associated conductive targets were identified. There is no record of past exploration on this trend as it is overburden covered and may represent an intrusion in its entirety.
Eva Lake Occurrence - Disseminated mineralization at Eva Lake is contained within a 70 m by 15 m intrusion. Arrow grab sample assay results returned 2.0 gm/t PGM, 0.44% Ni, 0.59% Cu. Past exploration efforts included a single 30m long drill hole which intersected 0.20 Ni, 0.49% Cu, 0.31 gm/t Au+Pt+Pd over a core length of 29.5 metres. The VTEM survey has delineated a magnetic feature coincident with this showing which extends for a distance of 2.6 km. A second magnetic body with an associated conductor is overburden covered and presents a new exploration target.
Kawene Project - In 2007 Arrow grab sample results returned assays of 4.79 gm/t PGM. The VTEM survey has delineated a magnetic anomaly coincident with this intrusive body for a length of 600 m. Several conductive anomalies are associated with the intrusive body however drilling by previous operators did not identify the source of these conductors.
Kenbridge Project - The VTEM survey delineated a strong magnetic feature with a 2km strike length. A prominent deep seated 200 m long conductive anomaly is located along the flank of the magnetic anomaly. The prospective target is located 2.5 km to the northeast of the Kenbridge deposit, situated along the same structural trend as the Kenbridge intrusion.
Denmark Lake Property - The Apex occurrence is situated on the Denmark Lake Property, approximately 8 km south of the Kenbridge deposit. Apex has a historical, non NI 43-101 compliant resource estimate of 237,600 tonnes of 0.56% Ni, 1.03% Cu based on a limited amount of diamond drilling, (OGS - OFR 6127, 2004). CRO relocated the trenches and casings from the past work. Grab sample assay results returned 0.70% Ni, 0.37% Cu, 0.59% Ni, 0.61% Cu from a surface showing. The zone is approximately 10 metres wide, has been traced for 200 metres in an east west direction and remains open to the east. The VTEM survey delineated a very discrete magnetic feature interpreted to be the host intrusion to the Apex mineralization in addition to six conductive anomalies.
(*) The estimate of historic resource predates and is non-compliant with NI 43-101. Arrow is not treating the historical estimate as a current mineral resource or reserve. Arrow has not undertaken an independent investigation of the resource estimate nor has it independently analyzed the results of the previous exploration work in order to verify the resource, and therefore the historical estimate should not be relied upon.
The exploration program is being carried out under the direction of The Company's Vice President of Exploration, Todd Keast P. Geo., a qualified person as defined by National Instrument 43-101. The information in this release was prepared under the direction of Kim Tyler, P. Geo., President of the Company, a qualified person as defined by National Instrument 43-101.
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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This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with The TSX Venture Exchange, Canadian Securities Commissions, and the United States Securities & Exchange Commission. Not to be construed as an offer to buy or sell securities of this company.
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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.: R. Kim Tyler, P. Geo, President, Tel: (705) 673-8259, E-mail: kim@canadianarrowmines.ca; CHF Investor Relations, Barry Leung, Tel: (416) 868-1079 ext. 247, E-mail: barry@chfir.com; or Sarah Gingerich, Tel: (416) 868-1079 ext. 238, E-mail: sarah@chfir.com
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