Sherwood Reports Multiple High Grade Intercepts from its Kutcho Copper Project
2008年9月2日 - 7:01PM
Marketwired Canada
Sherwood Copper Corporation (TSX VENTURE:SWC)(TSX VENTURE:SWC.DB) today
announced the second batch of high grade assay results from the 2008 drill
program at its Kutcho Copper Project located in north-western British Columbia.
The 2008 drill program was designed to advance the Kutcho Copper Project towards
completion of a feasibility study by better defining the high grade
mineralization in the "Main" deposit, one of three massive sulphide deposits
identified at the Kutcho Copper Project, which Sherwood controls through its
wholly owned subsidiary, Kutcho Copper Corp. Highlights from this latest batch
of results are tabulated below, while complete results for 36 new holes are
attached. Results for the first batch of 13 holes were reported on July 14,
2008.
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From To Interval Interval Copper Zinc Gold Silver
Hole ID (m) (m) (m) (ft) (%) (%) (g/t) (g/t)
--------------------------------------------------------------------------
WK08-103 122.9 138.7 15.8 51.8 3.86 4.16 0.97 62.4
--------------------------------------------------------------------------
including 122.9 129.1 6.2 20.3 5.74 3.55 1.85 98.9
--------------------------------------------------------------------------
WK08-114 112.2 131.1 18.9 13.5 2.32 2.73 0.34 27.0
--------------------------------------------------------------------------
including 117.0 123.8 6.8 22.3 3.81 4.01 0.58 46.9
--------------------------------------------------------------------------
WK08-118 117.2 132.1 14.9 48.9 2.57 1.84 0.68 46.7
--------------------------------------------------------------------------
including 117.2 120.0 2.8 9.2 7.16 1.69 2.56 154.4
--------------------------------------------------------------------------
WK08-123 118.8 145.7 26.9 88.3 2.08 3.64 0.27 38.6
--------------------------------------------------------------------------
including 118.8 122.6 3.8 12.5 3.08 12.40 0.22 40.8
--------------------------------------------------------------------------
and 130.1 133.1 3.0 9.8 5.08 6.12 0.63 73.5
--------------------------------------------------------------------------
and 144.3 145.7 1.4 4.6 11.60 0.10 1.79 349.6
--------------------------------------------------------------------------
WK08-128 38.4 56.7 18.3 60.0 2.54 0.77 0.79 65.6
--------------------------------------------------------------------------
including 44.5 52.1 7.6 24.9 5.12 0.98 1.76 142.7
--------------------------------------------------------------------------
including 45.8 49.5 3.7 12.1 7.99 0.39 3.24 246.1
--------------------------------------------------------------------------
WK08-130 47.8 56.0 8.2 26.9 4.06 0.99 2.66 94.0
--------------------------------------------------------------------------
including 48.9 51.9 3.0 9.8 7.83 1.89 6.17 156.0
--------------------------------------------------------------------------
"The results of the 2008 drill program at the Kutcho Copper Project have so far
exceeded our expectations," said Stephen Quin, President and CEO of Sherwood
Copper. "From the results received to date, it would appear that the high grade
mineralization has better continuity and is more extensive than previous
drilling suggested and this bodes well for an updated resource model, once
completed, and for enhanced project economics."
2008 Drill Program
The 2008 drill program was undertaken in order to increase confidence in the
mineral resources that comprise the bulk of the Main deposit, to infill gaps
identified in the previous resource model for the Main deposit, to test
potential along open high grade trends within the Main deposit and to provide
ample sample material for an extensive metallurgical program, all in support of
advancing the Kutcho Copper Project toward completion of a feasibility study.
Seventy-eight new holes (81 were collared but 3 were abandoned) were
successfully completed within the Main deposit resource area in 2008, adding to
the 221 existing holes upon which the recent NI43-101 indicated mineral resource
of 17.3 million tonnes grading 1.56% copper, 2.12% zinc, 0.29g/t gold and
26.1g/t silver was calculated (reported June 12, 2008). Once all of the assay
data from the recently completed drill program is received, an updated resource
estimate will be prepared, with completion expected before the end of 2008. This
updated estimate will include approximately 35% more drill holes than the
previous estimate, including numerous new drill intercepts in the central and
western portions of the Main deposit, where drill spacing has been cut
approximately in half from 2007 spacing, providing much greater confidence in
the resource estimate and in the continuity of the high grade mineralization
therein.
The Main deposit is one of three known mineral deposits comprising the Kutcho
Copper Project and was the subject of a Preliminary Economic Assessment ("PEA"),
the results for which were announced on June 12, 2008. The PEA identified a
number of opportunities to significantly enhance the project economics versus
those set out in the base case in the PEA, including increasing the grade of the
Main deposit by improving the continuity of the high grade mineralization,
increasing the quantity of resources extracted as part of the proposed
production model and improving the metallurgical recoveries, amongst others. The
2008 drill program is a significant step towards meeting these objectives.
A metallurgical program is already underway at SGS Lakefield, with initial
testing utilizing core drilled in prior years and stored at Lakefield. Once the
updated resource estimate and the initial metallurgical testing are complete,
the core generated from the 2008 drill program will be used for continued
testing in support of a feasibility study. This new resource model and
metallurgical test work, combined with other activities being undertaken to
optimize will be used to design a "fit for purpose" mining and processing
operation for the Kutcho Copper Project that maximizes value to Sherwood's
shareholders.
2008 Drill Program Statistics
The 2008 drill program was completed in August 2008 with 9,877 metres of HQ-size
core drilling in 81 holes (including 3 that were abandoned). Full assay results
have now been received and announced for 49 holes, while final results are
pending on the remaining 29 holes. All holes were drilled with HQ-size core to
provide a larger assay sample for better statistical reliability and to provide
ample material for metallurgical testing.
Discussion of Results
One of the main objectives of the 2008 program was to infill the gaps in
drilling in the previous resource in order to demonstrate continuity of high
grade copper mineralization across sparsely drilled areas and to test for up and
down dip extensions in high grade areas. Notable successes include:
Section 7,860E - Holes WK08-103; WK08-105 (previously released) & WK08-107
The first two holes show continuity of high grade in a gap in the sections,
while WK08-107 is a down dip extension of this high grade.
Section 7,800E - Holes WK08-118; WK08-121 & WK08-123
These three holes cover another gap in the previous resource area, with
exceptional results: two of these three holes rank among the best results to
date (see highlight table above). Hole WK-123 shows the mineralization to be
continuing down dip at moderate copper grades.
Section 7,680E - Hole WK08-134 & WK08-137
These two holes successfully extend the high grade copper mineralization up-dip,
closer to surface.
Section 7,510E - Hole WK08-122
This hole extends moderate grade copper mineralization up-dip over the entire
width of the zone but includes much higher copper grades over a significant
subinterval of 6.3m.
Section 7,380E - Hole WK08-128
This hole extends very high grade copper mineralization (see highlight table
above) up-dip, to less than 40 metres below surface, in one of two areas
identified in the PEA as a potential starter pit area.
Section 7,330E - Hole WK08-130; WK08-132 & WK08-138
Drilling on this section extends very high grade copper mineralization up-dip
very close to surface (see WK08-130 in highlight table above) and moderate to
high grade mineralization down dip into a significant gap in the previous
drilling.
It should also be noted that the results from hole WK08-108 on section 537,740E
were disappointing; the horizon pinches at this location and the copper grade
drops to less than half of what the up-dip and down-dip holes intersected.
Nevertheless, the overall results of the 2008 drilling reported to date are
significantly to the positive versus what was previously reported.
The results in tables in this news release are reported as intersected
intervals. However, because of the moderate dip of the Kutcho Main Zone and the
angle of the drill holes, most of the intercepts are at or near true thickness.
Copper results to date are also presented on a coloured long-section
accompanying this press release, where copper mineralization is depicted as a
multiple of grade and true thickness to reduce any bias from the steeper dipping
holes. It is important to note that this long-section is a depiction of
mineralization generally used to guide exploration drilling; it is not a
projection of a mineral resource nor should it be used to predict future gains
or losses in any resource estimation.
See attached long section at:
www.sherwoodcopper.com/i/pdf/2008-09-02KutchoMainDepositLongsection.pdf. Note
that the contouring has been updated to incorporate the results of the 2008
drilling released to date.
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 an opportunity to
potentially develop an economically attractive open pit mining operation similar
in scale to its Minto Mine. The previously announced 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 project.
Sherwood is continuing the process of optimizing the Kutcho Copper Project by
focusing on these opportunities. 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 operation,
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 substantially
expanding the resource and reserve base, potentially supporting 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 by re-evaluating and optimizing the
Kutcho Copper Project and advancing it to a production decision.
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 September 2, 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 98 Previously Released on July 14, 2008
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WK08-099 83.6 99.3 15.7 51.5 1.69 2.60 0.40 32.7
--------------------------------------------------------------------------
including 83.6 87.9 4.3 14.1 3.87 0.96 1.12 88.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-100 90.3 108.8 18.5 60.7 0.71 1.52 0.12 10.9
--------------------------------------------------------------------------
including 102 108.8 6.8 22.3 1.29 3.63 0.23 18.8
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-101 99 123.6 24.6 80.7 2.26 1.74 0.09 27.5
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including 111 118.3 7.3 23.6 3.92 2.11 0.52 43.7
--------------------------------------------------------------------------
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WK08-102 Previously Released on July 14, 2008
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-103 122.9 138.7 15.8 51.8 3.86 4.16 0.97 62.4
--------------------------------------------------------------------------
including 122.9 129.1 6.2 20.3 5.74 3.55 1.85 98.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-104 34.7 48.9 14.2 46.6 1.68 2.29 0.20 27.1
--------------------------------------------------------------------------
including 41.1 46.9 5.8 19.0 2.97 3.09 0.33 38.6
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-105 Previously Released on July 14, 2008
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-106 99.4 110.2 10.8 35.4 2.50 4.35 0.27 27.8
--------------------------------------------------------------------------
including 101.3 107 5.7 18.7 3.28 5.84 0.32 32.6
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-107 122.9 147.5 24.6 80.7 1.47 3.38 0.27 25.4
--------------------------------------------------------------------------
including 124 132.5 8.5 27.9 2.05 5.09 0.34 45.7
--------------------------------------------------------------------------
and 137.4 141.2 3.8 12.5 3.14 2.07 0.44 28.7
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-108 103.5 111.8 8.3 27.2 0.85 1.48 0.13 13.8
--------------------------------------------------------------------------
including 108.1 111.8 3.7 12.1 1.52 3.27 0.23 24.2
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-109 135.4 162.1 26.7 87.6 0.78 0.92 0.20 14.8
--------------------------------------------------------------------------
including 135.4 142.9 7.5 24.5 1.42 0.54 0.22 29.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-110 63.7 87.4 23.7 77.8 1.16 2.01 0.18 15.6
--------------------------------------------------------------------------
including 63.7 66.6 2.9 9.5 1.43 0.54 0.21 19.8
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-111 Abandoned
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-112 103.9 122.1 18.2 59.7 1.86 2.49 0.24 23.8
--------------------------------------------------------------------------
including 106.8 116.7 9.9 32.5 2.37 3.00 0.24 28.3
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-113 69.9 98.3 28.4 93.2 1.29 2.17 0.19 19.0
--------------------------------------------------------------------------
including 88.4 96.8 8.4 27.6 2.02 4.48 0.24 23.6
--------------------------------------------------------------------------
and 80.0 84.1 4.1 13.5 3.20 3.12 0.46 60.5
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-114 112.2 131.1 18.9 13.5 2.32 2.73 0.34 27.0
--------------------------------------------------------------------------
including 117.0 123.8 6.8 22.3 3.81 4.01 0.58 46.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-115 90.5 94.2 3.7 12.1 0.87 0.18 0.10 12.3
--------------------------------------------------------------------------
and 98.7 110.2 11.5 37.7 2.07 3.68 0.27 26.1
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-116 69.6 84.4 14.8 48.6 1.21 1.89 0.22 15.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-117 70.0 74.0 4.0 13.1 2.17 4.00 0.55 52.6
--------------------------------------------------------------------------
and 79.9 98.4 18.5 60.7 1.55 2.86 0.34 24.7
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-118 117.2 132.1 14.9 48.9 2.57 1.84 0.68 46.7
--------------------------------------------------------------------------
including 117.2 120.0 2.8 9.2 7.16 1.69 2.56 154.4
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-119 82.1 89.2 7.1 23.3 0.74 1.85 0.14 18.5
--------------------------------------------------------------------------
and 97.9 112.4 14.5 47.6 1.61 2.43 0.21 23.9
--------------------------------------------------------------------------
including 102.4 109.6 7.2 23.6 2.17 3.17 0.30 33.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-120 Geochemically anamolous-no significant intersections
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-121 117.4 138.8 21.4 70.2 1.95 3.60 0.32 32.7
--------------------------------------------------------------------------
including 124.7 137.5 12.8 42.0 2.54 3.45 0.40 40.8
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-122 80 104.4 24.4 80.1 1.52 1.50 0.24 25.0
--------------------------------------------------------------------------
including 80 86.3 6.3 20.7 3.04 1.49 0.36 50.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-123 118.8 145.7 26.9 88.3 2.08 3.64 0.27 38.6
--------------------------------------------------------------------------
including 118.8 122.6 3.8 12.5 3.08 12.40 0.22 40.8
--------------------------------------------------------------------------
and 130.1 133.1 3.0 9.8 5.08 6.12 0.63 73.5
--------------------------------------------------------------------------
and 144.3 145.7 1.4 4.6 11.60 0.10 1.79 349.6
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-124 66 75.5 9.5 31.2 1.24 2.15 0.60 30.7
--------------------------------------------------------------------------
including 66.4 69.9 3.5 11.5 2.11 3.81 1.45 60.1
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-125 74.4 84.0 9.6 31.5 1.35 1.82 0.21 22.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-126 122.6 144.3 21.7 71.2 1.13 1.80 0.23 16.0
--------------------------------------------------------------------------
including 124.3 126.2 1.9 6.2 1.99 5.70 0.33 27.4
--------------------------------------------------------------------------
and 135.5 141.5 6.0 19.7 2.01 0.30 0.44 27.5
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-127 31.1 42.0 10.9 35.8 1.28 0.84 0.28 26.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-128 38.4 56.7 18.3 60.0 2.54 0.77 0.79 65.6
--------------------------------------------------------------------------
including 44.5 52.1 7.6 24.9 5.12 0.98 1.76 142.7
--------------------------------------------------------------------------
including 45.8 49.5 3.7 12.1 7.99 0.39 3.24 246.1
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-129 81.1 99.0 17.9 58.7 1.10 1.61 0.22 16.1
--------------------------------------------------------------------------
including 85.8 89.1 3.3 10.8 1.76 2.28 0.37 24.0
--------------------------------------------------------------------------
and 94.9 98.5 3.6 11.8 2.03 1.83 0.36 29.7
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-130 47.8 56.0 8.2 26.9 4.06 0.99 2.66 94.0
--------------------------------------------------------------------------
including 48.9 51.9 3.0 9.8 7.83 1.89 6.17 156.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-131 96.5 119.4 22.9 75.1 1.51 1.80 0.25 26.1
--------------------------------------------------------------------------
including 99.4 102.0 2.6 8.5 2.91 1.81 0.72 60.7
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-132 50.3 64.1 13.8 45.3 1.96 2.90 0.37 51.0
--------------------------------------------------------------------------
including 50.3 57.1 6.8 22.3 2.51 3.40 0.44 57.4
--------------------------------------------------------------------------
and 50.3 52.6 2.3 7.5 4.89 7.47 0.61 122.1
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-133 Results are pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-134 77.9 80.2 2.3 7.5 1.80 0.55 1.92 225.0
--------------------------------------------------------------------------
and 95.3 106.2 10.9 35.8 2.50 3.42 0.19 38.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-135 10.5 11.0 0.5 1.6 4.16 3.29 0.62 60.6
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-136 Results are pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-137 88.0 113.5 25.5 83.7 2.00 3.78 0.44 29.9
--------------------------------------------------------------------------
including 91.7 106.2 14.5 45.6 2.47 4.25 0.51 36.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-138 84.0 99.1 15.1 49.5 1.43 1.30 0.28 22.8
--------------------------------------------------------------------------
including 93.0 98.2 5.2 17.1 2.04 2.02 0.43 36.2
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-139 to 168 Results are pending
--------------------------------------------------------------------------
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