Canadian Arrow Mines (CRO-V) has signed options agreements to acquire four nickel-copper properties in northwestern Ontario’s Atikokan area.
Arrow signed two different agreements to acquire the Chief Peter Lake property and the Eva Lake, Kawene and Abiwin properties.
The properties are in areas that contain a number of historical nickel, copper and platinum group metals (PGMs) showings.
Chief Peter Lake hosts three ultramafic intrusions; trench samples on the property have returned values of 2.2% copper, 0.5% nickel and 2.1 grams PGMs per tonne.
Eva Lake consists of an ultramafic intrusion with known surface showings and grab samples assaying 1.29% copper, 0.39% nickel and 2.1 grams PGMs per tonne.
The company says that Kawene and Abiwin both host ultramafic intrusions with surface showings comparable to Eva Lake and Chief Peter Lake, though no numbers were released.
None of the properties have been evaluated with significant diamond drill programs, nor have they been explored with modern geophysical survey methods.
“The addition of these properties into our exploration portfolio is consistent with our corporate strategy and are suitable complements to our existing Kenbridge nickel deposit and Denmark Lake property,” said Arrow’s vice-president of exploration, Dean MacEachern, in a statement.
MacEachern also noted the proximity of the new projects to existing infrastructure and to the Kenbridge project near Kenora, Ont., which will allow the company to quickly evaluate their nickel sulphide potential.
Canadian Arrow also has a few projects in Ontario’s Abitibi region, near Timmins.
To earn its 100% interest in the Chief Peter Lake property, Arrow must make payments of $75,000 and 120,000 shares over a 3-year period. The company also must spend $136,000 on exploration over four years.
Under its agreement for Eva Lake, Kawene and Abiwin, Arrow must pay $60,000 and 62,500 shares over three years, as well as spend $52,000 on exploration over four years.
Once the company has earned in on the properties, the vendors will retain a 2% net smelter return royalty.
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