Sherwood Intersects High Grade Copper-Gold Mineralization at Area 118 and Copper Keel, Minto Mine
January 14 2008 - 6:01AM
Marketwired Canada
Sherwood Copper Corporation (TSX VENTURE:SWC)(TSX VENTURE:SWC.DB) today
announced results for an additional 25 holes from its 101 hole drill program
completed in the fall of 2007 at the high grade Minto copper-gold mine in the
Yukon. Highlights from the latest batch of results include further confirmation
of high grade copper-gold mineralization where the Area 118 and Area 2 deposits
join, further high grades from the Copper Keel South prospect, and near surface
mineralization at the Ridgetop East and Ridgetop West prospects. Highlights of
these recent results are tabulated below, while complete results for the latest
25 holes are attached.
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Inter- Inter-
Inter- From To val val Copper Gold Silver
Hole ID Target val (m) (m) (m) (ft) (%) (g/t) (g/t)
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07SWC-263 Area 118 118M 230.3 240.4 10.1 33.1 2.45 0.96 9.5
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including 230.7 235.8 5.1 16.7 4.19 1.57 15.3
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07SWC-243 Copper K. CK 68.2 72.3 4.1 13.5 3.10 2.27 20.0
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07SWC-241 Copper K. CK 88.2 90.3 2.1 6.9 2.84 1.79 16.7
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07SWC-248 Ridgetop E 1.7 27.6 25.9 85.0 0.57 0.06 1.3
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including 1.7 6.2 4.5 14.8 2.06 0.09 3.6
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07SWC-252 Ridgetop W 8.0 31.4 23.4 76.8 0.64 0.65 4.1
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including 27.2 31.4 4.2 13.8 1.93 1.21 6.1
--------------------------------------------------------------------------
"Sherwood's successful 2007 exploration program continues to deliver high grades
from a variety of targets," said Stephen Quin, Sherwood's President & CEO.
"Especially encouraging are the high grade results on the northeast side of Area
118, where it joins the Area 2 deposit, indicating potential for a contiguous
zone of higher grade mineralization." A recently completed positive
Pre-feasibility Study (PFS) on Area 2 did not incorporate any of the very
positive drill intersections from 2007. The discovery of Area 118, immediately
adjacent to Area 2, is very exciting since it offers further potential beyond
that set out in the PFS.
"Beyond Area 118, Sherwood's exploration crew also discovered near surface, high
grade mineralization at Copper Keel, and identified shallowly buried
mineralization at Ridgetop West and Ridgetop East," said Mr. Quin. "Each of
these areas has the potential to provide additional near surface resources
beyond those considered in the recently released pre-feasibility study."
Sherwood anticipates reporting the remaining assays from the 2007 drill program
near the end of January, 2008. Geology models for new NI 43-101 compliant
mineral resource estimates are currently under construction and planning for a
significant 2008 exploration program has already begun.
2007 Drill Program
At 23,292 metres of drilling, the 101-hole campaign was more than 40% larger
than originally budgeted, a direct result of the significant discoveries made
during 2007. Including this announcement, results for 92 holes have now been
released and those for 9 additional holes are pending.
The objective of the 2007 exploration program was to more fully define the
limits of the Area 2 deposit and provide technical information for the
pre-feasibility study, but mostly to broadly test a wide swath of the Minto
property to the south, west and between the Minto and Area 2 deposits. These are
areas where various combinations of prior drilling, geophysics and Sherwood's
geological interpretation suggested potential for the discovery of further high
grade copper-gold mineralization.
In the 2007 program, ten holes were drilled for geotechnical and metallurgical
purposes; five in the Minto pit and five at the Area 2 deposit, while 91 holes
were drilled for exploration purposes. Significant new discoveries were made in
the Area 118, Copper Keel and Airstrip areas and in the Gap between the Minto
Mine and Area 2. All of these prospects are discussed in more detail in the
March 5, 2007 news release and are identified on the accompanying maps:
To view the Priority Exploration Corridor map please click on:
http://www.ccnmatthews.com/docs/swc0114a.jpg
To view the Gradient Array IP Chargeability map please click on:
http://www.ccnmatthews.com/docs/swc0114b.jpg
This release includes assay results for exploration holes at Airstrip Central (1
hole); Airstrip Southwest (3 holes); Area 118 (3 holes), Copper Keel South (3
holes); Ridgetop East (13 holes) and Ridgetop west (2 holes). For current drill
hole locations, please view the accompanying map:
To view the Drill Hole Location map please click on:
http://www.ccnmatthews.com/docs/swc0114c.jpg
Minto Project
The Minto project encompasses a high-grade open pit copper-gold deposit located
in the Yukon Territory of Canada. Sherwood acquired the Minto project in June
2005 and, in just two years from its acquisition, completed a bankable
feasibility study, arranged project financing, and built a $100 million open pit
copper-gold mine. Commercial production commenced on October 1, 2007. In
parallel with these development activities, Sherwood has been running an
exceptionally successful exploration program that has resulted in multiple
discoveries of high grade copper-gold mineralization across its Minto Mine
property.
Sherwood
Sherwood's successful consolidation of the ownership of the Minto project
provides a unique investment opportunity - participation in a high-grade, open
pit copper-gold mine located in Canada with tremendous exploration potential on
the property.
Quality Assurance
The technical information in this news release has been prepared in accordance
with Canadian regulatory requirements set out in National Instrument 43-101 and
reviewed by Stephen P. Quin, P. Geo., President & CEO for Sherwood Copper
Corporation. The exploration activities at the Minto project site are carried
out under the supervision of Brad Mercer, P. Geol., Exploration Manager with
Sherwood.
The analytical method for the copper, gold and silver analyses is multistage
acid digestion of the samples followed by atomic absorption spectroscopy for
copper and fire assay with atomic absorption spectroscopy finish for gold and
silver carried out by ALS Chemex in North Vancouver. When visible gold is noted
in drill core samples or regular fire assay values appear abnormally high, the
pulp and screen metallic assay method is used to determine the total gold
content and gold contents of different size fractions. This is considered
industry best practice when dealing with coarse gold mineralization where a
nugget effect is suspected. This determination is accepted as the most
representative value and is used in the assay database for resource
calculations. Blank and standard samples are used for quality assurance and
quality control, and any check samples that assay outside the expected ranges
results in the entire batch being re-assayed. After the completion of planned
drill programs at Minto, random check assays will be carried out by Acme
Analytical of Vancouver.
Assay intervals reported herein are drill core lengths unless otherwise stated.
Because the deposit is essentially flat lying and most drill holes reported to
date are vertical, true widths are generally expected to be the same as reported
core lengths unless otherwise stated.
Additional Information
Additional information on Sherwood and its Minto Project can be obtained on
Sherwood's website at http://www.sherwoodcopper.com.
On behalf of the board of directors
SHERWOOD COPPER CORPORATION
Stephen P. Quin, President & CEO
This news release may contain forward looking statements which are not
historical facts, such as ore reserve estimates, anticipated production or
results, sales, revenues, costs, or discussions of goals and exploration
results, and involves a number of risks and uncertainties that could cause
actual results to differ materially from those projected. These risks and
uncertainties include, but are not limited to, metal price volatility,
volatility of metals production, project development, ore reserve estimates,
future anticipated reserves and cost engineering estimate risks, geological
factors and exploration results. See the Company's filings for a more detailed
discussion of factors that may impact expected results.
2007 Drill Statistics - Minto Property
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Phase I Phase II Total Status
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Drill Area and Type Assay Data Assay Data
of Hole Feb - April May - Oct 2007 Released Pending
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Exploration Holes
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Airstrip SW 0 11 11 11 0
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Airstrip C. 0 2 2 1 1
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Area 2 0 8 8 8 0
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Area 118 0 28 28 22 6
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Copper Keel S. 0 4 4 4 0
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Gap 6 0 6 6 0
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IROD 0 4 4 4 0
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Ridgetop E 0 25 25 24 1
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Ridgetop W 0 3 3 2 1
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6 85 91 82 9
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Geotech / Met Holes
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Area 2 5 5 5 0
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Minto 5 5 5 0
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------------------------------------------------------
5 5 10 10 0
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Summary All Holes
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# of Holes 11 90 101 92 9
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# of Metres 2,701 20,917 23,292
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Details of Drill Results
To accompany Sherwood Copper News Release Dated January 14, 2008
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Inter- Inter- Cop-
Hole ID Interval From To val val per Gold Silver
& Target ID (m) (m) (m) (ft) % (g/t) (g/t)
------------------------------------------------------------------------
07SWC-169 to 228 Holes 07SWC-169 To 07SWC-228 Previously Released
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-229 156.9 164.7 7.8 25.6 0.62 0.25 2.1
------------------------------------------------------------------------
"Airstrip SW" 187.0 193.5 6.5 21.3 0.49 0.07 1.0
------------------------------------------------------------------------
203.5 209.7 6.2 20.3 1.12 0.63 6.2
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-230 to 231 Holes 07SWC-230 To 07SWC-231 Previously Released
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-232 38.4 41.6 3.2 10.5 0.72 0.06 1.7
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"Area 118" 93.5 134.4 40.9 134.2 0.39 0.07 1.2
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including 130.5 134.5 4.0 13.1 0.98 0.22 3.8
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-233 153.5 155.4 1.9 6.2 0.52 0.03 2.0
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"Airstrip SW"
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------------------------------------------------------------------------
07SWC-234 ASSAYS PENDING
------------------------------------------------------------------------
"Area 118"
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-235 162.8 169.7 6.9 22.6 0.90 0.12 1.1
------------------------------------------------------------------------
"Airstrip SW"
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-236 ASSAYS PENDING
------------------------------------------------------------------------
"Area 118"
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------------------------------------------------------------------------
07SWC-237 Geochemically anomalous - no significant intersections
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"Airstrip C"
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-238 Hole 07SWC-238 Previously Released
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"Area 118"
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------------------------------------------------------------------------
07SWC-239 to 240 ASSAYS PENDING
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-241 88.2 90.3 2.1 6.9 2.84 1.79 16.7
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"Copper Keel S"
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07SWC-242 Geochemically anomalous - no significant intersections
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"Copper Keel S"
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------------------------------------------------------------------------
07SWC-243 68.2 72.3 4.1 13.5 3.1 2.27 20.0
------------------------------------------------------------------------
"Copper Keel S"
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------------------------------------------------------------------------
07SWC-244 6.8 35.9 29.1 95.5 0.41 0.08 1.5
------------------------------------------------------------------------
"Ridgetop E" including 6.8 13.5 6.7 22.0 0.83 0.06 3.5
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-245 78.0 79.4 1.4 4.6 1.83 0.90 5.6
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"Ridgetop W"
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-246 to 247 Holes 07SWC-246 To 07SWC-247 Previously Released
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-248 1.7 63.4 61.7 202.4 0.32 0.03 0.9
------------------------------------------------------------------------
"Ridgetop E" including 1.7 27.6 25.9 85.0 0.57 0.06 1.3
------------------------------------------------------------------------
including 1.7 6.2 4.5 14.8 2.06 0.09 3.6
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-249 Hole 07SWC-249 Previously Released
------------------------------------------------------------------------
"Ridgetop E"
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-250 53.9 113.7 59.8 196.2 0.29 0.07 0.1
------------------------------------------------------------------------
"Ridgetop E" including 53.9 68.0 14.1 46.3 0.49 0.14 1.3
------------------------------------------------------------------------
including 53.9 58.0 4.1 13.5 0.78 0.23 4.0
------------------------------------------------------------------------
and 77.2 94.3 17.1 56.1 0.35 0.07 1.1
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-251 ASSAYS PENDING
------------------------------------------------------------------------
"Ridgetop E"
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-252 8.0 31.4 23.4 76.8 0.64 0.65 4.1
------------------------------------------------------------------------
"Ridgetop W" including 27.2 31.4 4.2 13.8 1.93 1.21 6.1
------------------------------------------------------------------------
98.5 105.9 7.4 24.3 0.34 0.04 1.2
------------------------------------------------------------------------
128.9 133.4 4.5 14.8 0.39 0.03 1.1
------------------------------------------------------------------------
164.2 166.8 2.6 8.2 0.78 0.16 1.9
------------------------------------------------------------------------
215.8 220.0 4.2 13.8 0.68 0.05 1.1
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-253 22.0 40.6 18.6 61.0 0.37 0.11 1.2
------------------------------------------------------------------------
"Ridgetop E" including 22.0 27.2 5.2 17.1 0.64 0.15 1.6
------------------------------------------------------------------------
35.5 40.6 5.1 16.7 0.70 0.25 2.5
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-254 Hole 07SWC-254 Previously Released
------------------------------------------------------------------------
"Ridgetop E"
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-255 21.3 23.2 1.9 5.9 1.31 0.32 2.8
------------------------------------------------------------------------
"Area 118" 239.0 249.8 10.8 35.4 0.78 0.27 2.2
------------------------------------------------------------------------
277.2 288.6 11.4 37.4 0.93 0.92 5.5
------------------------------------------------------------------------
including 285.4 288.6 3.2 10.5 1.89 1.00 11.9
------------------------------------------------------------------------
316.0 328.0 12.0 39.4 0.61 0.24 2.5
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-256 44.4 57.0 12.6 41.3 0.76 0.03 1.9
------------------------------------------------------------------------
"Ridgetop E" including 44.4 49.4 5.0 16.4 0.97 0.03 1.0
------------------------------------------------------------------------
80.9 119.7 38.8 127.3 0.55 0.16 1.2
------------------------------------------------------------------------
including 80.8 88.6 7.8 25.6 1.55 0.66 4.0
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-257 ASSAYS PENDING
------------------------------------------------------------------------
"Area 118"
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-258 42.5 84.4 41.9 137.5 0.47 0.06 1.1
------------------------------------------------------------------------
"Ridgetop E" including 42.5 67.8 25.3 83.0 0.61 0.10 1.6
------------------------------------------------------------------------
including 58.9 64.6 5.7 18.7 1.34 0.34 3.9
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-259 ASSAYS PENDING
------------------------------------------------------------------------
"Area 118"
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-260 Geochemically anomalous - no significant intersections
------------------------------------------------------------------------
"Ridgetop E"
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-261 4.8 9.1 4.3 14.1 1.06 0.06 1.2
------------------------------------------------------------------------
"Ridgetop E" 50.9 56.7 5.8 19.0 0.40 0.05 0.9
------------------------------------------------------------------------
131.5 142.3 10.8 35.4 0.45 0.12 1.6
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-262 2.4 5.8 3.4 11.2 0.88 0.16 2.8
------------------------------------------------------------------------
"Ridgetop E"
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-263 54.9 82.6 27.7 90.9 0.57 0.08 1.1
------------------------------------------------------------------------
"Area 118 - including 54.9 60.0 5.1 16.7 1.53 0.16 2.6
Area 2"
------------------------------------------------------------------------
Junction 181.0 183.7 2.7 8.9 1.83 1.50 7.1
------------------------------------------------------------------------
230.3 240.4 10.1 33.1 2.45 0.96 9.5
------------------------------------------------------------------------
including 230.7 235.8 5.1 16.7 4.19 1.57 15.3
------------------------------------------------------------------------
283.0 290.4 7.4 24.3 0.47 0.09 1.6
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-264 5.5 24.9 19.4 63.6 0.33 0.06 1.7
------------------------------------------------------------------------
"Ridgetop E" including 5.5 9.1 3.6 11.8 0.45 0.04 0.8
------------------------------------------------------------------------
19.2 24.9 5.7 18.7 0.59 0.15 4.5
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-265 2.2 37.9 35.7 117.1 0.45 0.03 0.8
------------------------------------------------------------------------
"Ridgetop E" including 2.2 17.9 15.7 51.5 0.59 0.05 1.2
------------------------------------------------------------------------
57.5 59.5 2.0 6.2 2.03 0.05 1.8
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-266 50.5 90.4 39.9 130.9 0.41 0.13 1.5
------------------------------------------------------------------------
"Ridgetop E" including 50.5 64.4 13.9 45.6 0.80 0.27 2.6
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-267 ASSAYS PENDING
------------------------------------------------------------------------
"Area 118"
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-268 22.2 24.8 2.6 8.5 1.02 0.05 2.6
------------------------------------------------------------------------
"Ridgetop E" 46.5 57.5 11.0 36.1 0.71 0.30 2.4
------------------------------------------------------------------------
86.2 91.1 4.9 16.1 0.74 0.26 2.6
------------------------------------------------------------------------
------------------------------------------------------------------------
07SWC-269 ASSAYS PENDING
------------------------------------------------------------------------
"Area 118"
------------------------------------------------------------------------
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