Vancouver – Ongoing drilling by Canadian Arrow Mines (CRO-V) on its Alexo project, located 45 km northeast of Timmins, has yielded further high-grade nickel intercepts.
The latest series of results from drilling on the Kelex zone successfully intersected the pods of nickel sulphide mineralization associated with komatiitic-type deposits.The planned 20,000 metre drill program has seen 88 core holes so far completed with assays still pending for 27 of the holes. Recently received results include:
- Hole LOX-31-04 The Kelex zone hole cut 6.2 metres (from 103.5 metres) grading 1.1% nickel, including a 1.2 metre section of 3% nickel;
- Hole LOX-35-04 A very high-grade intercept of 6.7% nickel was encountered over one metre (at 102 metres depth);
- Hole LOX-64-04 An intersection of 4.2 metres (from 101.5 metres) assayed 2% nickel, including a 1.5 metre portion of 4.9% nickel;
- Hole LOX-69-04 A shallower hole, returned 2.6 metres (at 55 metres depth) of 3.9% nickel.
Analysis and assaying of drill core is being conducted in advance of the ongoing bulk sampling program in the Kelex pit. Canadian Arrow’s focus on the upper 100-metres is aimed at identifying open-pit mineable resources of nickel sulphide mineralization on the project.
Nickel mineralization on the Alexo property is characterized by Kambalda-type, high-grade massive sulphide lenses with a halo, or envelope of lower-grade disseminated to veined sulphides.
The company reports 19.5 million shares outstanding, giving it a market capitalization of about $12 million at the present 60 per share trading level.
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