Cdn Arrow cuts nickel

Vancouver — Ongoing drilling by Canadian Arrow Mines (CRO-V) on its Alexo project, 45 km northeast of Timmins, Ont., has yielded further intercepts of high-grade nickel.

The pods of nickel sulphide mineralization cut on the Kelex zone are associated with komatiitic-type deposits.

So far, 88 holes have been completed in the planned, 20,000-metre program. Assays for 27 are still pending.

Highlights to date include the following:

— Hole 31 — 6.2 metres (from 103.5 metres) grading 1.1% nickel, including a 1.2-metre section of 3% nickel;

— Hole 35 — 1 metre of 6.7% nickel at a depth of 102 metres depth);

— Hole 64 — 4.2 metres (from 101.5 metres) of 2% nickel, including a 1.5-metre portion of 4.9% nickel;

— Hole 69 — 2.6 metres (at 55 metres depth) of 3.9% nickel.

Analysis and assaying of drill core are being conducted in advance of bulk sampling in the Kelex pit.

Nickel mineralization on the property is characterized by Kambalda-type, high-grade massive sulphide lenses with a halo, or envelope of lower-grade disseminated to veined sulphides.

A 40-line-km geophysical survey will cover the Alexo and Kelex zones and the strike extension of the favourable ultramafic-andesite contact. Results will assist the company in defining its deeper drill targets at Alexo.

The company has 19.5 million shares outstanding, giving it a market capitalization of $12 million at the present trading level of 60.