Ontario, Canada (PRWEB) October 29, 2004
Canadian Arrow Mines Limited http://www.canadianarrowmines.com (TSX Venture Exchange: CRO) is pleased to announce significant assay results on the Kelex Nickel Zone, located approximately 45 kilometres to the northeast of Timmins, Ontario. These assay results represent a continuation of earlier assay results on a proposed 20,000 metres diamond drill program. A total of 88 diamond drill holes have been completed with pending assays on 27 of the diamond drill holes. The diamond drill holes are not being logged and sampled in sequence but based on their priority in relation to the ongoing advanced exploration bulk sampling project. For complete company progress report go to: http://www.canadianarrowmines.com/i/pdf/CROMonthly_sept2004.pdf
The Kelex Nickel Zone is a series of higher grade massive sulphide lenses, each with a larger halo of lower grade disseminated and veined sulphides. Diamond drilling has continued to focus on the upper 100 metres of this zone to define the extent of the near surface nickel sulphide mineralization. Five of the six holes reported in this release were systematically drilled on the "Central Lens" about hole ALX-09-97 that intersected two zones of massive sulphide that graded 3.1% Ni over 2.6 metres and 3.1% Ni over 1.9 metres. LOX-31-04 was drilled further to the west associated with the "Central West" Lens.
Crone Geophysics & Exploration Ltd. will be arriving on the Alexo property during the week of October 18, 2004 to begin the PEM-SQUID survey. The survey will be completed on a grid representing 40 line kilometers and cover the Kelex and Alexo Zones as well as the strike extension of the favourable ultramafic/andesite contacts. The PEM-SQUID is a new way of performing time-domain electromagnetic (TDEM) surveys, and is especially useful for detecting highly conductive bodies such as nickel deposits.
The SQUID (Super-conducting Quantum Interference Device) was developed by the CSIRO of Australia and detects electric currents that are difficult to detect with standard TDEM coil sensors. Therefore, when a SQUID is added to a PEM system, it will detect very high conductance bodies at greater depths and more clearly than a standard TDEM survey and has been used extensively in Western Australia and Raglan Quebec for the exploration of high grade nickel sulphide deposits.
Arrow will design its deeper diamond drill programs and exploration diamond drill programs on the Alexo property after the completion of the PEM-SQUID survey in the Fall of 2004.
Assay intervals identified in the drill core is sawn in half, with one-half sent to Services de Laboratoire Geochimique SGS at its facilities in Rouyn-Noranda, Quebec for analytical and assay work. Platinum, Pd and Au were determined by fire assay-ICP-ES methods, and Cu, Co and Ni by sodium peroxide fusion --ICP-ES. The other half of the diamond drill core is retained for future reference and testing. To view a recent rrticle written by Hard Rock Analyst Journal on Canadian Arrow Mines go to: http://www.canadianarrowmines.com/i/pdf/HRAJournal2004-8.pdf
Paul Davis,VP Exlporation, Director and P. Geo. is the qualified person for Canadian Arrow Mines Limited.
This press release was prepared by management who take full responsibility for its contents. The TSX Venture Exchange neither approves nor disapproves of this press release.
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, please contact Paul Searle Investor Relations at 1-877-262-6354.