Sherwood Copper Corporation (TSX VENTURE: SWC)(TSX VENTURE: SWC.DB)
today announced results for 17 further drill holes from its 2008
exploration program at the high grade Minto copper-gold mine in the
Yukon. Highlights from this latest batch of results include
substantial intervals of near surface, good grade copper-gold
mineralization at Ridgetop, including significant sub-intervals of
much higher grades.
Highlights from this latest batch of 17 holes are summarized in
the table below while complete assay results for the fifteen holes
reported herein are attached.
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Inter- Inter-
From To val val Copper Gold Silver
Hole ID Target Area (m) (m) (m) (ft) (%) (g/t) (g/t)
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08SWC-326 Ridgetop East 18.0 31.0 13.0 42.7 1.49 0.08 2.0
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Including 24.3 31.0 6.7 22.0 2.48 0.11 3.3
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08SWC-330 Ridgetop East 41.0 92.5 51.5 169.0 0.87 0.22 1.7
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Including 41.0 46.9 5.9 19.4 1.91 0.05 1.3
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08SWC-340 Ridgetop East 68.9 113.8 44.9 147.3 1.12 0.30 2.5
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Including 68.9 82.0 13.1 43.0 1.92 0.07 4.1
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08SWC-342 Ridgetop East 72.4 118.5 46.1 151.2 1.09 0.25 2.2
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Including 100.5 118.5 18.0 59.1 1.74 0.62 4.1
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Including 100.5 110.1 9.6 31.5 2.58 0.98 6.2
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"Exploration at the Minto Mine continues to deliver excellent
results," said Stephen Quin, President & CEO of Sherwood Copper
and Minto Explorations Ltd. "The 2008 drilling is expanding the
Ridgetop mineralization to the east where it appears to remain
open, with significant thicknesses of good grade copper-gold
mineralization," he said. "The mineralization at Ridgetop is both
thick and near surface (coming to surface on its western edge)
suggesting significant potential for large volumes of good grade,
low strip ratio copper mineralization."
2008 Drill Program
The 2008 drill program is complete, with 120 holes drilled for a
total of 23,840 metres, accomplishing the primary objective of
expanding the known resources at Area 2, Area 118 and Ridgetop
deposits and increasing the confidence in those resources in
support of a pre-feasibility study planned for completion by
mid-2009 that targets conversion of resources identified and
defined in 2007 and 2008 to reserves and further increases in mill
throughput.
Copper and gold assay results have been received for only 68 of
118 holes (2 holes were abandoned); results for 17 of which are
reported herein. Exploration personnel are now focused on
completing new resource estimates for each deposit, the results of
which are expected to be released early in 2009. These new
estimates will provide the basis for the updated pre-feasibility
study discussed above.
Please follow the link below to a map identifying the priority
exploration areas for 2008.
www.sherwoodcopper.com/i/pdf/2008-09-18PriorityExplorationCorridor.pdf.
For current drill hole locations, please view the accompanying
map:
(www.sherwoodcopper.com/i/pdf/2008-09-182008DHLocationMap.pdf).
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 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 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
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Holes Completed Status
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Drill Area and 2008 2008 Assay Data Assay Data
Type of Hole Phase 1 Phase 2 Released (i) Pending
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Exploration Holes
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Airstrip SW 0 1 1 0
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Airstrip C. 0 0 0 0
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Area 2 0 14 14 0
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Area 118 0 31 22 9
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Area 118 SW 3 0 3 0
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Regional Picture 0 3 0 3
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Copper Keel 0 4 2 2
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Gap 1 0 1 0
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Minto Valley 13 0 13 0
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Ridgetop 0 47 9 38
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Ridgetop W 0 3 3 0
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17 103 52
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Summary
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# of Holes to Date 120
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# of Metres to Date 23,840
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Details of Drill Results
To accompany Sherwood Copper News Release Dated September 18, 2008
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Inter- Inter-
Hole ID From To val val Copper Gold Silver
& Target Comments (m) (m) (m) (ft) (%) (g/t) (g/t)
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08SWC-270 - 320 Assays Previously Released
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08SWC-321 141.5 143.1 1.6 5.2 0.52 0.02 2.0
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"Area 118" and 176.2 185.9 9.7 31.8 0.26 0.03 1.4
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08SWC-322 171.9 176.3 4.4 14.4 1.54 0.51 5.1
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"Area 2 East" and 192.8 208.8 16.0 52.5 0.43 0.10 1.5
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and 251.7 255.3 3.6 11.8 3.14 1.51 18.1
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including 252.7 254.9 2.2 7.2 4.87 2.38 28.0
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08SWC-323 and 76.3 95.0 18.7 61.4 0.57 0.17 3.1
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"Area 118" including 83.6 87.7 4.1 13.5 0.95 0.30 4.9
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08SWC-324 68.5 85.2 16.7 54.8 0.71 0.09 1.9
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"Area 118" including 69.7 82.8 13.1 43.0 0.82 0.10 2.3
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and 144.9 149.8 4.9 16.1 0.59 0.09 1.5
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and 200.7 203.5 2.8 9.2 1.26 0.29 5.2
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08SWC-325 9.3 18.0 8.7 28.5 0.74 0.04 1.9
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"Ridgetop East" and 32.7 61.4 28.7 94.2 0.56 0.21 1.9
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including 32.7 47.7 15.0 49.2 0.81 0.34 2.8
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08SWC-326 18.0 62.5 44.5 146.0 0.78 0.13 3.3
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"Ridgetop East" including 18.0 31.0 13.0 42.7 1.49 0.08 2.0
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including 24.3 31.0 6.7 22.0 2.48 0.11 3.3
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including 50.3 59.0 8.7 28.5 1.16 0.42 3.4
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08SWC-327 Assays Pending
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"Ridgetop East"
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08SWC-328 59.6 89.0 29.4 96.5 0.50 0.09 1.5
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"Area 118" including 75.1 89.0 13.9 45.6 0.69 0.14 1.8
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and 194.9 203.8 8.9 29.2 1.11 0.33 6.3
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08SWC-329 43.0 56.6 13.6 44.6 1.05 0.05 1.5
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"Ridgetop East" including 50.2 54.6 4.4 14.4 1.46 0.05 2.1
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08SWC-330 41.0 92.5 51.5 169.0 0.87 0.22 1.7
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"Ridgetop East" including 41.0 46.9 5.9 19.4 1.91 0.05 1.3
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including 41.0 50.4 9.4 30.8 1.48 0.05 1.0
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and 70.3 92.5 22.2 72.8 1.28 0.48 3.0
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08SWC-331 to 334 Assays Pending
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"Ridgetop East"
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08SWC-335 Geochemically Anomalous - No Significant Intersections
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"Ridgetop East"
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08SWC-336 27.6 31.4 3.8 12.5 1.42 1.07 3.8
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"Ridgetop West" and 101.3 110.9 9.6 31.5 1.06 0.35 2.5
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including 101.3 104.4 3.1 10.2 2.04 0.74 5.1
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08SWC-337 to 338 Assays Pending
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"Ridgetop East"
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08SWC-339 Geochemically Anomalous - No Significant Intersections
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"Ridgetop West"
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08SWC-340 68.9 113.8 44.9 147.3 1.12 0.30 2.5
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"Ridgetop East" including 68.9 82.0 13.1 43.0 1.92 0.07 4.1
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including 68.9 77.7 8.8 28.9 2.30 0.07 5.7
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and 98.6 113.8 15.2 49.9 1.61 0.83 3.8
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including 98.6 104.3 5.7 18.7 2.85 1.70 6.9
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08SWC-341 Geochemically Anomalous - No Significant Intersections
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"Ridgetop Central"
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08SWC-342 72.4 118.5 46.1 151.2 1.09 0.25 2.2
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"Ridgetop East" including 74.3 86.5 12.2 40.0 1.39 0.03 2.0
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and 100.5 118.5 18.0 59.1 1.74 0.62 4.1
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including 100.5 110.1 9.6 31.5 2.58 0.98 6.2
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08SWC-343 Assays Pending
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"Ridgetop East"
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08SWC-344 34.8 38.7 3.9 12.8 1.03 0.09 0.8
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"Ridgetop West"
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08SWC-345 to 346 Assays Pending
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"Ridgetop East"
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08SWC-347 24.8 112.5 87.7 287.7 0.34 0.10 0.8
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"Ridgetop East" including 24.8 28.2 3.4 11.2 0.99 0.30 0.3
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including 47.1 48.5 1.4 4.6 2.18 0.06 4.2
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including 67.2 77.8 10.6 34.8 0.98 0.35 2.5
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including 67.2 72.2 5.0 16.4 1.23 0.52 3.2
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including 105.2 112.5 7.3 24.0 0.91 0.24 2.5
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08SWC-348 to 08SWC-385 are all awaiting assay results
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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 Neil MacRae
Investor Contact (604) 687-7545 (604) 689-5041 (FAX) Website:
www.sherwoodcopper.com
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