VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: SWC.DB) today
announced that the 2008 exploration program at the Minto Mine
located in the Yukon has commenced, discovering new areas of
copper-gold mineralization in previously undrilled terrain west of
the Minto and Area 2 reserves.
The 2008 exploration program has a budget of $4.4 million and is
expected to include approximately 20,000m of drilling. Drilling to
date has evaluated the potential of a large area west of the Minto
and Area 2 deposits covered with a thick layer of semi-frozen
overburden that precludes the use of conventional soil geochemical
and geophysical techniques successfully used elsewhere on the
property to discover new deposits, and requiring drilling when the
ground is frozen. Thirteen holes were drilled in this area, with
some notable successes, as summarized in the table below (complete
results are attached). The drills have now moved on to other,
higher priority objectives that can be drilled year round.
--------------------------------------------------------------------------
Inter- Inter-
From To val val Copper Gold Silver
Hole ID Target (m) (m) (m) (ft) (%) (g/t) (g/t)
--------------------------------------------------------------------------
07SWC-271 Upper Minto 143.5 160.6 17.1 56.1 0.85 0.35 2.4
---------- Valley ---------------------------------------------------
including 155.5 160.6 5.1 16.7 1.55 0.80 3.9
--------------------------------------------------------------------------
07SWC-274 Upper Minto 95.5 109.9 14.4 47.2 0.68 0.27 6.0
---------- Valley ---------------------------------------------------
including 95.5 102.6 7.1 23.3 1.17 0.44 11.5
--------------------------------------------------------------------------
07SWC-276 Area 118SW 208.7 217.6 8.9 29.2 2.14 0.75 9.7
---------- ---------------------------------------------------
including 208.7 214.7 6.0 19.6 3.10 1.10 14.2
---------- ---------------------------------------------------
including 212.5 214.7 2.2 7.2 6.27 1.67 29.4
--------------------------------------------------------------------------
07SWC-285 Un-named 72.9 96.1 23.2 76.1 0.79 Pending 3.8
---------- Target ---------------------------------------------------
including Upper Minto 79.3 82.4 3.1 10.2 1.71 Pending 8.5
---------- Valley ---------------------------------------------------
and 89.4 93.9 4.5 14.8 1.25 Pending 6.7
--------------------------------------------------------------------------
"With new copper-gold discoveries in our first holes, we are off
to a strong start with our 2008 exploration program," said Stephen
Quin, President & CEO of Sherwood Copper and Minto Explorations
Ltd. "These new discoveries open up previously unexplored areas on
the Minto property. Drilling has now moved on to other priority
areas identified in 2007, including possible extensions to the Area
2 deposit, further definition of the Area 118 and Ridgetop
discoveries to increase the resource confidence level, as well as
exploring additional targets," he said. "This exploration program
is a component of our overall strategy to maximize the value of the
Minto Mine by developing additional high grade reserves that could
justify further increases in production by increasing mill
throughput. Areas that were drilled where no mineralization was
discovered will be considered as possible alternative waste dump
locations that could be utilized at a lower cost than currently
planned."
2008 Exploration Priorities
The 2008 exploration program has the following priorities:
1. Evaluate the potential of the Upper Minto Valley for new
discoveries (complete);
2. In-fill drill the 2007 discoveries at Area 118 and Ridgetop
to increase the resource confidence level;
3. Step out drilling in the Area 2, Area 118 and Ridgetop areas
with the objective of expanding the known mineralization into
previously untested areas;
4. Test other targets.
2008 Drill Program
Sherwood has budgeted a $4.4 million, 20,000 metre drill program
for 2008. Partial results are available from the first holes
completed as a part of this program, and are outlined herein
including encouraging new copper - gold intercepts in areas that
had not previously seen exploration drilling. Drilling has now
moved to other 2008 priority targets.
1. Upper Minto Valley - Given that the Minto Valley bisects and
separates the main Minto and Area 2 deposits, it is considered
highly prospective. However the valley has substantial deposits of
permanently frozen overburden that prevents penetration by
conventional geochemical and geophysical methods used at Minto such
as soil sampling, magnetic and induced potential surveys. The first
part of the 2008 drill program was designed to drill test the
western portion of this area to gain much needed geological
knowledge in this otherwise untested area. The wide-spaced 2008
drilling showed the Upper Minto Valley is underlain by a stacked
system of foliated granodiorite, the favourable host rock to
mineralization at the main Minto and Area 2 deposits. Several 2008
holes in this area intersected moderate to high grades of copper
mineralization, similar to that seen in and around other deposits
at the Minto Mine. These results are discussed more fully
below.
2. Area 2/Area 118 - Drilling in 2007 discovered an extensive
mineralized system at Area 118, immediately west of the Area 2
deposit. Current geological modelling suggests that Area 118 is an
up-faulted continuation of the Area 2 deposit. A combined Area
2/Area 118 resource model, based on 2007 drilling, is currently in
process, the results of which will be reported in the coming weeks.
The location of Area 118, immediately adjacent to a proposed open
pit designed to exploit the Area 2 mineral reserve (as outlined in
the Pre-feasibility study the results of which were announced
December 12, 2008) makes this a high priority to increase
confidence in an Area 118 resource, sufficient to support
conversion to reserves and potentially justify further mill
expansions. Both Area 2 and Area 118 remain open to further
expansion, and this potential will be evaluated in 2008.
3. Ridgetop - Drilling at Ridgetop in 2007 was designed to build
off a known occurrence of near surface copper-gold mineralization
discovered by ASARCO in the 1970's. While the grades in the
Ridgetop area are moderate as compared to the main Minto and Area 2
reserves, the near surface nature of this mineralization (within a
few metres of surface) presented an opportunity for the definition
of very low strip ratio reserves. Drilling completed in 2007 is
expected to result in the definition of an initial resource at
Ridgetop (to be announced in the coming weeks), which will be
further defined in 2008. In addition, 2008 drilling will aim to
expand the Ridgetop mineralization.
4. Other Targets - Several high priority exploration targets,
including Airstrip, Copper Keel, Ridgetop West and Minto Ridge,
will be evaluated in 2008 for their potential to host new areas of
high grade copper-gold mineralization.
Please follow the link below to a map identifying the priority
exploration areas for 2008:
http://media3.marketwire.com/docs/SWC0514a.jpg
2008 Results to Date
Fifteen of the 16 drill holes intersected multiple horizons of
foliated granodiorite in vertically stacked sequences in geometries
similar to those hosting adjacent known mineral deposits. One hole
was abandoned in overburden after technical problems collaring the
casing. All 15 successfully completed holes intersected copper-gold
mineralization ranging from geochemically anomalous to grades and
thicknesses similar to those reported from nearby deposits,
including the Main Minto, Area 2, Area 118 and Ridgetop deposits.
Of particular note are:
Area 118SW: Hole 08SWC-276 drilled into an area postulated to be
a faulted southwest extension of the Area 118 deposit. This hole
intersected very high grades at similar depths to the Area 118M
horizon, including 8.9m grading 2.14% copper and 0.75g/t gold with
a subinterval of 6.0m of 3.10% copper and 1.10g/t gold.
Minto Valley: Holes 08SWC-270, 08SWC-271 and 08SWC-274 drilled
into a roughly triangular shaped weak magnetic feature whose
signature is believed to be muted by the deep overburden cover in
the center of the Upper Minto Valley. All three holes cut
significant zones of copper-gold mineralization, including
significant intervals grading approximately 1% copper in holes
08SWC-271 and 274. Hole 08SWC-271 intersected 1.55% copper and
0.80g/t gold over 5.1m within a broader intersection grading 0.85%
copper and 0.35g/t gold over 17.1m, while 08SWC-274 intersected
1.17% copper and 0.44g/t gold over 7.1m within a broader
intersection grading 0.68% copper and 0.27g/t gold over 14.4m.
Because of the distance separating these two holes (more than
425m), no conclusions can be made about continuity of
mineralization between these intercepts at this time.
Un-named: A single hole, 08SWC-285 drilled at this un-named
location within the Upper Minto Valley more than 400 metres
southwest of the West Ridgetop prospect intersected 23.2m of 0.79%
copper with two subintervals grading better than 1% copper: 3.1m of
1.7% copper and 4.5m of 1.25% copper respectively. At the time of
this news release, gold assay data was unavailable.
For current drill hole locations, please view the accompanying
map: http://media3.marketwire.com/docs/SWC0514b.jpg
New Resource Models
Independent NI43-101 compliant resource estimates incorporating
all of the 2007 drilling at Area 2, Area 118 and Ridgetop are
nearing completion and are expected to be released in June.
Meanwhile, Sherwood is already concentrating on both in-fill and
step-out drilling to increase confidence in, and potentially
expand, these areas of copper-gold mineralization.
About Sherwood Copper
Sherwood Copper's objective is the profitable production of base
and precious metals from high grade, open pit mines in Canada.
Sherwood's first operating mine, the high grade Minto copper-gold
mine in Yukon, Canada, was built on budget and ahead of schedule.
The Minto Mine is one of the highest-grade open pit copper-gold
mines in the world, and is forecast to be a low cost producer.
Aggressive exploration on the Minto property has yielded
significant success, providing Sherwood the opportunity to 'grow
from within' by expanding the resource and reserve base,
potentially leading to further production increases. To further
accelerate its production growth, Sherwood intends to pursue merger
& acquisition opportunities that fit its business model and, in
March 2008, Sherwood acquired more than 93% ownership in Western
Keltic Mines, owner of the high-grade Kutcho
copper-zinc-gold-silver deposit in northwestern British Columbia.
Sherwood aims to repeat its successful development of the Minto
Mine at the Kutcho project.
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., V.P. Exploration
for Sherwood.
The analytical method for copper and silver performed by SGS
Laboratories under a contract arrangement at the Minto Mine Site,
Yukon includes digestion in aqua regia followed by absorption
spectroscopy. Gold is measured using fire assay with atomic
absorption spectroscopy; analysis is performed by SGS Laboratories
at Red Lake, Ontario. When visible gold is noted in drill core
samples or regular analytical values exceed 5 grams per tonne, the
pulp and screen metallic assay method is used to determine total
gold content and gold content of different size fractions. This is
considered industry best practice when dealing with coarse gold
mineralization where a nugget effect is suspected. The result of
the pulp and screen metallic assay is accepted as the most
representative value and used in the assay database for resource
calculations. Blank and standard samples are added to all sample
shipments prior to submittal to the lab for quality assurance and
quality control. If more than two check samples assay outside of
expected ranges, the work order is re-assayed. After the completion
of planned drill programs, random check assays will be carried out
by ALS Chemex of North Vancouver, BC.
Assay intervals reported herein are drill core lengths unless
otherwise stated. Because the known deposits are 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 document may contain "forward-looking statements" within
the meaning of Canadian securities legislation and the United
States Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made as of the date of this document
and the Company does not intend, and does not assume any
obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future
performance and reflect management's expectations or beliefs
regarding future events and include, but are not limited to,
statements with respect to the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing
and amount of estimated future production, costs of production,
capital expenditures, success of mining operations, environmental
risks, unanticipated reclamation expenses, title disputes or claims
and limitations on insurance coverage. In certain cases,
forward-looking statements can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the negative of these
terms or comparable terminology. By their very nature
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include, among others, risks related to actual results of
current exploration activities; changes in project parameters as
plans continue to be refined; future prices of resources; possible
variations in ore reserves, grade or recovery rates; accidents,
labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities; as well as those factors
detailed from time to time in the Company's interim and annual
financial statements and management's discussion and analysis of
those statements, all of which are filed and available for review
on SEDAR at www.sedar.com. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such
statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
2008 Drill Statistics - Minto Property
----------------------------------------------------------
Holes
Completed Status
----------------------------------------------------------
Drill Area and Assay Data Assay Data
Type of Hole 2008 Released (i) Pending
----------------------------------------------------------
Exploration Holes
----------------------------------------------------------
Airstrip SW 1 0 1
----------------------------------------------------------
Airstrip C. 0 0 0
----------------------------------------------------------
Area 2 1 0 1
----------------------------------------------------------
Area 118 4 0 4
----------------------------------------------------------
Area 118 SW 2 2 0
----------------------------------------------------------
Copper Keel S. 1 0 1
----------------------------------------------------------
Gap 1 1 0
----------------------------------------------------------
Minto Valley 13 13 0
----------------------------------------------------------
Ridgetop E 0 0 0
----------------------------------------------------------
Ridgetop W 0 0 0
----------------------------------------------------------
-------------------------------------
23 16 7
----------------------------------------------------------
----------------------------------------------------------
Summary
----------------------------------------------------------
# of Holes 23 16 7
----------------------------------------------------------
# of Metres 5,852 4,740 1,112
----------------------------------------------------------
(i) Copper and Silver data is all released. Gold data is
only partially available.
- One additional hole was abandoned in overburden due to
technical reasons
Details of Drill Results
To accompany Sherwood Copper News Release Dated May 14, 2008
--------------------------------------------------------------------------
Inter- Inter- Cop- Sil-
Hole ID From To val val per Gold ver
& Target Comments (m) (m) (m) (ft) (%) (g/t) (g/t)
--------------------------------------------------------------------------
08SWC-270 54.9 60.2 5.3 17.4 0.43 0.09 3.5
--------------------------------------------------------------------------
"Minto Valley" 75.8 84.5 8.7 28.5 0.46 0.09 1.3
--------------------------------------------------------------------------
167.6 180.0 12.4 40.7 0.38 0.04 1.4
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-271 143.5 160.6 17.1 56.1 0.85 0.35 2.4
--------------------------------------------------------------------------
"Minto Valley" including 155.5 160.6 5.1 16.7 1.55 0.80 3.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-272 82.5 84.8 2.3 7.5 0.42 0.22 1.2
--------------------------------------------------------------------------
"Minto Valley"
--------------------------------------------------------------------------
08SWC-273 112.5 115.7 3.2 10.5 0.36 0.04 1.3
--------------------------------------------------------------------------
"Minto Valley" 229.0 238.1 9.1 30.0 0.40 0.08 2.2
--------------------------------------------------------------------------
08SWC-274 95.5 109.9 14.4 47.2 0.68 0.27 6.0
--------------------------------------------------------------------------
"Minto Valley" including 95.5 102.6 7.1 23.3 1.17 0.44 11.5
--------------------------------------------------------------------------
08SWC-275 Abandoned due to technical drilling problems
penetrating overburden
--------------------------------------------------------------------------
"Minto Valley"
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-276 50.3 53.3 3.0 9.8 1.55 0.15 5.9
--------------------------------------------------------------------------
"Area 118 SW" 59.2 62.1 2.9 9.5 0.69 0.24 3.0
--------------------------------------------------------------------------
208.7 217.6 8.9 29.2 2.14 0.75 9.7
--------------------------------------------------------------------------
including 208.7 214.7 6.0 19.6 3.10 1.10 14.2
--------------------------------------------------------------------------
including 212.5 214.7 2.2 7.2 6.27 1.67 29.4
--------------------------------------------------------------------------
286.8 295.5 8.7 28.5 1.27 pending 3.7
--------------------------------------------------------------------------
including 286.8 288.3 1.5 4.9 6.22 pending 17.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-277 132.5 138.5 6.0 19.6 0.39 0.01 0.5
--------------------------------------------------------------------------
"Minto Valley"
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-278 131.4 133.4 2.0 6.6 3.22 pending 22.0
--------------------------------------------------------------------------
"Minto Valley"
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-279 52.5 55.9 3.4 11.2 0.32 pending 0.7
--------------------------------------------------------------------------
"Area 118 SW" 142.3 148.3 6.0 19.7 0.27 0.01 0.5
--------------------------------------------------------------------------
225.4 230.0 4.6 15.1 0.43 0.12 2.7
--------------------------------------------------------------------------
including 228.4 230.0 1.6 5.2 0.92 0.29 7.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-280 Geochemically anomalous-no significant
intersections
--------------------------------------------------------------------------
"Minto Valley"
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-281
--------------------------------------------------------------------------
"Area 118 SW" 193.7 198.1 4.4 14.4 0.85 pending 3.3
--------------------------------------------------------------------------
including 193.7 196.7 3.0 9.8 1.10 pending 3.5
--------------------------------------------------------------------------
201.8 202.6 0.8 2.8 2.86 pending 5.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-282 Geochemically anomalous-no significant
intersections
--------------------------------------------------------------------------
"Minto Valley"
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-283 167.4 172.5 5.1 16.7 0.42 pending 1.3
--------------------------------------------------------------------------
"Minto Valley" including 167.4 168.0 0.6 2.0 2.14 pending 3.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-284 Geochemically anomalous-no significant
intersections
--------------------------------------------------------------------------
"Minto Valley"
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-285 72.9 96.1 23.2 76.1 0.79 pending 3.8
--------------------------------------------------------------------------
"Minto Valley" including 79.3 82.4 3.1 10.2 1.71 pending 8.5
--------------------------------------------------------------------------
and 89.4 93.9 4.5 14.8 1.25 pending 6.7
--------------------------------------------------------------------------
135.1 148.2 13.1 43.0 0.35 pending 1.2
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-286 239.4 242.9 3.5 11.4 0.43 pending 1.6
--------------------------------------------------------------------------
"Gap" 249.1 253.6 4.5 14.8 0.52 pending 2.0
--------------------------------------------------------------------------
288.1 290.8 2.7 8.9 0.82 pending 3.0
--------------------------------------------------------------------------
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press
release.
Contacts: Sherwood Copper Corporation - Investor Contact Stephen
P. Quin (604) 687-7545 Sherwood Copper Corporation - Investor
Contact Brad Kopp (604) 687-7545 (604) 689-5041 (FAX) Website:
www.sherwoodcopper.com
Sherwood Copper Com Npv (TSXV:SWC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Sherwood Copper Com Npv (TSXV:SWC)
Historical Stock Chart
From Jul 2023 to Jul 2024