Sherwood Copper Corporation (TSX VENTURE: SWC)(TSX VENTURE: SWC.DB)
today announced the fifth and final batch of assay results from its
2008 drill program at the high grade Kutcho Copper Project, located
in north-western British Columbia. The 2008 program successfully
infilled large data gaps within the previous "Main" deposit mineral
resource, intersecting thick intervals of near surface, high-grade
copper mineralization, with significant by-product values in zinc,
silver and gold. The Main deposit is one of three massive sulphide
deposits identified at Kutcho, which Sherwood controls through its
wholly owned subsidiary, Kutcho Copper Corp.
Tabulated below are highlights of the last batch of assay
results, while complete results for these six holes are attached.
Results for previously reported holes are contained in news
releases available on the company's website.
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From To Interval Interval Copper Zinc Gold Silver
Hole ID (m) (m) (m) (ft) (%) (%) (g/t) (g/t)
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WK08-160 115.0 147.7 32.7 107.3 1.60 1.40 0.28 27
--------------------------------------------------------------------------
including 137.7 144.2 6.5 21.3 3.18 1.02 0.43 54
--------------------------------------------------------------------------
WK08-165 59.2 69.7 10.5 34.4 3.64 3.98 1.72 64
--------------------------------------------------------------------------
including 62.0 67.0 5.0 16.4 6.45 5.63 3.34 121
--------------------------------------------------------------------------
WK08-168 101.3 128.0 26.7 87.6 1.93 1.56 0.27 28
--------------------------------------------------------------------------
including 112.0 117.5 5.5 18.0 2.62 0.92 0.35 41
--------------------------------------------------------------------------
and 121.3 128.0 6.7 22.0 3.84 3.84 0.33 52
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"The 2008 program achieved its objective of defining a
continuous, crescent shaped zone of thick, near surface, high grade
copper mineralization with significant by-product values in zinc,
silver and gold," said Stephen Quin, President and CEO of Sherwood
Copper. "This drilling also provided additional data for a better
open pit design and ample material for extensive metallurgical
testing. By infilling large gaps in the previous Main deposit
model, we expect to increase both the overall grade of the mineral
resource and increase the classification for much of this
resource," he said. Holes WK08-165 and -166 extend the high grade
mineralization further westward, while holes WK08-160 and -168
infill two separate gaps in the high grade trend with thick
intersections of excellent grade copper mineralization. "Our 2008
drill program has significantly improved the continuity of the high
grade mineralization, which should result in a robust geological
model and a high grade, near surface copper resource with
significant zinc, gold and silver by-product values. This new
resource estimation is expected before the end of the year," said
Mr. Quin.
2008 Drill Program
Reporting of assay results for all seventy-eight (81 were
collared but 3 were abandoned) 2008 exploration holes is now
complete. Five additional drill holes were completed as groundwater
monitoring wells in support of ongoing permitting activities. Two
of these water wells intersected the Kutcho footwall VMS horizon
that lies 100m to 120m stratigraphically beneath the Main deposit.
One well, RK11 intersected 1.6 metres of 1.24% copper; 1.11g/t gold
and 104g/t silver. This horizon represents a poorly tested
exploration opportunity for future consideration.
Follow the first link below to view a long section displaying
the result of all drilling to date, represented as a grade times
thickness plot, pierce points for the 2008 drill holes are included
for reference. The second link shows the same grade times thickness
parameters without the 2008 drill data, provided for comparison
purposes.
http://media3.marketwire.com/r/13Nov08swc2
http://media3.marketwire.com/r/13Nov08swc1
Kutcho Copper Project
Sherwood views Kutcho's high grade, near surface copper
resources, with their substantial by-product credits of zinc,
silver and gold, as a potential opportunity to develop an
economically attractive open pit mining operation similar in scale
to its Minto Mine. The previously announced Preliminary Economic
Assessment ("PEA") set out a base case for development of the
Kutcho Copper Project by focusing on the Main deposit, but outlined
a number of opportunities to materially enhance the merits of the
project. Sherwood is continuing the process of optimizing the
Kutcho Copper Project by focusing on these opportunities, including
the definition of higher grade resources. Further, there is
additional upside potential from the possible exploitation of
underground resources not considered in the PEA and through the
discovery of additional deposits in this prospective volcanogenic
massive sulphide terrain.
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
May 2008, Sherwood acquired 100% ownership in Western Keltic Mines
(now Kutcho Copper Corp.), owner of the high-grade Kutcho
copper-zinc-gold-silver deposit in northwestern British Columbia.
Sherwood expects to lever off its successful development of the
Minto Mine and rapidly advance the Kutcho project to a production
decision. Sherwood has also agreed to combine with Capstone Mining,
subject to requisite shareholder and regulatory approvals, creating
a new low cost, growth oriented copper producer with two high grade
mines and a strong balance sheet.
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 Kutcho Project site are carried out
under the supervision of Brad Mercer, P. Geol., and V.P.
Exploration with Sherwood.
The analytical method for copper, zinc and silver includes aqua
regia digestion followed by ICP-AES (atomic emission spectroscopy).
If either copper or zinc reports over 2500ppm (0.25%), ore grade
analysis is conducted for copper, zinc and silver. Gold is measured
using fire assay followed by atomic absorption spectroscopy. When
visible gold is noted in drill core samples or regular fire assay
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. All analytical work is carried
out by ALS Chemex in North Vancouver. Blanks and standard reference
materials are used for quality assurance and quality control. If
more than two check samples assay outside the expected ranges, the
entire work order is re-assayed. After the completion of planned
drill programs at Kutcho, random check assays will be carried out
by Acme Analytical of Vancouver.
Additional Information
Additional information on Sherwood and its Minto & Kutcho
projects 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
Forward Looking Statements
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.
Details of Drill Results
To accompany Sherwood Copper News Release Dated November 13, 2008
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From To Interval Interval Copper Zinc Gold Silver
Hole ID (m) (m) (m) (ft) (%) (%) (g/t) (g/t)
--------------------------------------------------------------------------
WK08-089
to 159 Previously Released
--------------------------------------------------------------------------
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WK08-160 115.0 147.7 32.7 107.3 1.60 1.40 0.28 27.5
--------------------------------------------------------------------------
including 137.7 141.3 3.6 11.8 4.52 1.61 0.55 74.7
--------------------------------------------------------------------------
including 137.7 144.2 6.5 21.3 3.18 1.02 0.43 54.2
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-161
to 163 Previously Released
--------------------------------------------------------------------------
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WK08-164 165.9 184.2 18.3 60.0 1.24 0.83 0.29 36.1
--------------------------------------------------------------------------
including 168.8 173.8 5.0 16.4 2.22 0.24 0.65 30
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-165 59.2 69.7 10.5 34.4 3.64 3.98 1.72 63.6
--------------------------------------------------------------------------
including 62.0 67.0 5.0 16.4 6.45 5.63 3.34 121.4
--------------------------------------------------------------------------
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WK08-166 68.7 77.5 8.8 28.9 1.90 2.95 0.42 35.6
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including 68.7 73.7 5.0 16.4 3.09 4.90 0.61 57.2
--------------------------------------------------------------------------
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WK08-167 90.8 98.1 7.3 24.0 0.51 1.22 0.12 4.7
--------------------------------------------------------------------------
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WK08-168 101.3 128.0 26.7 87.6 1.93 1.56 0.27 28.2
--------------------------------------------------------------------------
including 112.0 117.5 5.5 18.0 2.62 0.92 0.35 41.1
--------------------------------------------------------------------------
and 121.3 128.0 6.7 22.0 3.84 3.84 0.33 51.9
--------------------------------------------------------------------------
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 Stephen P. Quin Investor
Contact (604) 687-7545 Sherwood Copper Corporation Chris Curran
Investor Contact (604) 687-7545 (604) 689-5041 (FAX) Website:
www.sherwoodcopper.com
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