Canadian Arrow Mines Ltd. (CRO: TSX-V) (the"Company")
is pleased to report an updated and upgraded resource estimate for
the Kenbridge Nickel Project in northwest Ontario. The updated resource model
was derived from an extensive database containing 62,487 metres of underground
and surface diamond drilling, including delineation drilling conducted during
the latter half of the 2007-2008 drill program that focused primarily on
mineralization below the limits of the proposed open pit. The tighter drill
definition has also upgraded the majority if the resource from inferred to
measured and indicated classifications. The model extends from surface to a
vertical depth of 725 m. Mineralization remains open below this depth and
along strike.
(1) The updated resource for Kenbridge is estimated on the basis of US$
metal prices of $10.00/lb nickel, $2.50/lb copper, $25/lb cobalt with
a USD exchange rate of $0.90. NSR cut-offs were $13/tonne for open
pit mining and $54/tonne for underground mining.
(2) Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources
may be materially affected by environmental, permitting, legal,
title, socio-political, marketing, or other relevant issues.
(3) The quantity and grade of reported inferred resources in this
estimation are uncertain in nature and there has been insufficient
exploration to define these inferred resources as an indicated or
measured mineral resource and it is uncertain if further exploration
will result in upgrading them to an indicated or measured mineral
resource category.
(4) The mineral resources in this press release were estimated using the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
Standards on Mineral Resources and Reserves, Definitions and
Guidelines prepared by the CIM Standing Committee on Reserve
Definitions and adopted by CIM Council December 11, 2005.
Commenting on the results, Mr. Kim Tyler, President, stated, "This
resource estimate is an important milestone for the project. Having the
majority of the Kenbridge resource in the measured & indicated classes
provides greater confidence in the mineralization and the potential for
expansion. The definition drilling from surface to the 375 m elevation had a
positive impact on the upper portion of the underground resources. We expect
similar results as we continue infill drilling at depth. This will be
accomplished with an advanced exploration program currently in the permitting
stage".
Compared to the previous NI 43-101 resource estimate (Jan '08), total
contained nickel in measured and indicated classifications has increased from
52.2M lbs to 97.7M lbs, a gain of 87%.
The Kenbridge deposit occurs in a vertically dipping, lenticular gabbro
and gabbro breccia with surface dimensions of approximately 250 m x 60 m. A
total of 532 holes including 62,487 m of drilling define the Kenbridge
database. Inverse distance squared grade interpolation was utilized to
determine block model grades using parameters set by variographic analyses.
The Kenbridge mineral resource model was constructed in Gemcom using a
geostatistical block model approach constrained by net smelter return, (NSR),
wireframes considering both nickel and copper composite grades. Intrusive
dykes and country rock xenoliths were modeled. Block size was set at 5 m x 5 m
x 5 m. Assays were composited to 1.5 m lengths with assay detection limit
values assigned to unsampled intervals. An image of the block model can be
viewed on the Company's website at www.canadianarrowmines.ca
Kenbridge was explored by Falconbridge Limited between 1952 and 1958
where a 2,042 ft (622 m) shaft, two working levels and a bulk sample / pilot
plant were completed.
The Kenbridge resource estimate was updated by Eugene Puritch, P.Eng.,
Tracy Armstrong, P.Geo. and Antoine Yassa, P.Geo of P&E Mining Consultants
Inc, independent qualified persons as defined by NI 43-101 in accordance with
CIM Definition Standards for Mineral Resources and Mineral Reserves (December
2005).
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".
Investors are invited to visit Canadian Arrow's IR hub at
http://www.agoracom/IR/CanadianArrow where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternately, investors are able to e-mail all questions and correspondence to CRO@agoracom.com where they can also request addition to the investor e-mail list to receive future press releases and updates in real time.
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.
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:
CHF Investor Relations, Barry Leung, Director
Business Development, Tel: (416) 868-1079 ext. 222,
E-mail:
Alison Tullis, Senior Account Manager,
Tel: (416) 868-1079 ext. 233, E-mail: alison@chfir.com
1 member recommends this.
