Sherwood Copper Corporation (TSX VENTURE: SWC)(TSX VENTURE: SWC.DB)
today announced results for a further 23 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
multiple intercepts of thick, near surface, good grade copper-gold
mineralization at Ridgetop, within which there are significant
sub-intervals with much higher grades. Also reported are more
excellent results from Area 118.
Highlights from this latest batch of 23 holes are summarized in
the table below, while complete assay results for the twenty-three
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)
--------------------------------------------------------------------------
08SWC-327 "Ridgetop 31.5 79.0 47.5 155.8 0.79 0.14 1.6
East"
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including 31.5 42.1 10.6 34.8 1.75 0.11 2.1
--------------------------------------------------------------------------
08SWC-332 "Area 118" 221.5 227.0 5.5 18.0 3.29 1.90 13.9
--------------------------------------------------------------------------
08SWC-334 "Ridgetop 37.1 93.6 56.5 185.4 0.77 0.11 1.3
East"
--------------------------------------------------------------------------
including 37.1 51.4 14.3 46.9 1.80 0.07 1.4
--------------------------------------------------------------------------
08SWC-335 "Ridgetop 43.2 86.4 43.2 141.7 0.92 0.78 2.1
East"
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including 78.2 86.4 8.2 26.9 2.20 4.00 8.9
--------------------------------------------------------------------------
08SWC-338 "Ridgetop 56.8 104.2 47.4 155.5 0.81 0.28 2.0
East"
--------------------------------------------------------------------------
including 85.7 94.0 8.3 27.2 2.02 1.18 5.4
--------------------------------------------------------------------------
08SWC-346 "Ridgetop 59.4 109.3 49.9 163.7 0.70 0.21 1.9
East"
--------------------------------------------------------------------------
including 59.4 67.4 8.0 26.2 2.16 0.83 5.2
--------------------------------------------------------------------------
08SWC-356 "Ridgetop 54.3 123.1 68.8 225.7 0.65 0.16 1.3
East"
--------------------------------------------------------------------------
including 54.3 57.6 3.3 10.8 3.04 0.41 3.3
--------------------------------------------------------------------------
08SWC-384 "Area 118" 97.5 121.4 23.9 78.4 1.30 pending 2.6
--------------------------------------------------------------------------
including 100.4 106.1 5.7 18.7 2.31 pending 5.0
--------------------------------------------------------------------------
08SWC-387 "Area 118" 30.9 35.9 5.0 16.4 1.52 pending 3.7
--------------------------------------------------------------------------
"Exploration drilling in the Ridgetop area of the high grade
Minto Mine copper-gold mine continues to yield wide intercepts of
near surface, good grade copper-gold mineralization," said Stephen
Quin, President & CEO of Sherwood Copper and Minto Explorations
Ltd. "The latest results continue to infill and expand the Ridgetop
mineralization to the east, where it remains open," he said. "The
mineralization at Ridgetop typically comprises two high grade zones
of copper-gold mineralization within a broader envelope of more
moderate grades, which outcrops and dips at a shallow angle to the
east. This should provides two development options for
consideration: continued focus on high grades at more moderate
tonnages, or a bulk tonnage scenario with large volumes of good
grade, low strip ratio copper-gold mineralization; these options
will be evaluated in the next phase of technical studies that are
currently underway."
In addition to the excellent Ridgetop results, drilling in Area
118 continues to confirm the continuity of this high grade zone of
copper-gold mineralization, while hole 08SWC-384 suggests the
mineralization is still open to the northwest, where it was
previously thought to be closed off. The principal Area 118 horizon
would appear to be faulted up, closer to surface in this region and
will require more follow-up.
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 mineral resources
in support of a pre-feasibility study which has commenced and is
planned for completion by mid-2009. The aim is to convert as much
of the current mineral resources defined in 2007 and the new
resources defined in 2008 to mineral reserves to support further
increase mill throughput.
Copper and gold assay results have been received for 89 of 118
holes (2 holes were abandoned); results for 23 of which are
reported herein. Exploration personnel have now started work on 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/2008-10-15PriorityExplorationCorridor.pdf
For current drill hole locations, please view the accompanying
map:
www.sherwoodcopper.com/i/pdf/2008-10-152008DHLocationMap.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 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 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
------------------------------------------------ -------------------------
Drill Area and 2008 2008 Assay Data Assay Data
Type of Hole Phase 1 Phase 2 Released(i) Pending
------------------------------------------------ -------------------------
Exploration Holes
------------------------------------------------ -------------------------
Airstrip SW 0 1 1 0
------------------------------------------------ -------------------------
Airstrip C. 0 0 0 0
------------------------------------------------ -------------------------
Area 2 0 14 14 0
------------------------------------------------ -------------------------
Area 118 0 31 29 2
------------------------------------------------ -------------------------
Area 118 SW 3 0 3 0
------------------------------------------------ -------------------------
Regional Picture 0 3 1 2
------------------------------------------------ -------------------------
Copper Keel 0 4 3 1
------------------------------------------------ -------------------------
Gap 1 0 1 0
------------------------------------------------ -------------------------
Minto Valley 13 0 13 0
------------------------------------------------ -------------------------
Ridgetop 0 47 23 24
------------------------------------------------ -------------------------
Ridgetop W 0 3 3 0
------------------------------------------------ -------------------------
-------------------- -------------------------
17 103 91 29
------------------------------------------------ -------------------------
------------------------------------------------ -------------------------
Summary
----------------------------------------
# of Holes to Date 120
----------------------------------------
# of Metres to Date 23,840
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Details of Drill Results
To accompany Sherwood Copper News Release Dated October 15, 2008
--------------------------------------------------------------------------
Inter- Inter- Cop-
Hole ID From To val val per Gold Silver
& Target Comments (m) (m) (m) (ft) (%) (g/t) (g/t)
--------------------------------------------------------------------------
08SWC-270 - 326 Assays Previously Released
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-327 31.5 79.0 47.5 155.8 0.79 0.14 1.6
--------------------------------------------------------------------------
"Ridgetop East" including 31.5 42.1 10.6 34.8 1.75 0.11 2.1
--------------------------------------------------------------------------
including 35.8 42.1 6.3 20.7 2.20 0.14 2.2
--------------------------------------------------------------------------
and 64.6 73.6 9.0 29.5 1.27 0.50 3.7
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-328 - 330 Assays Previously Released
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-331 51.6 57.4 5.8 19.0 0.76 0.23 2.3
--------------------------------------------------------------------------
"Ridgetop East"
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-332 6.5 18.9 12.4 40.7 0.48 0.04 1.4
--------------------------------------------------------------------------
"Area 118" and 174.2 184.1 9.9 32.5 0.47 0.10 1.7
--------------------------------------------------------------------------
and 221.5 227.0 5.5 18.0 3.29 1.90 13.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-333 52.4 56.6 4.2 13.8 1.41 0.48 4.9
--------------------------------------------------------------------------
"Ridgetop East"
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-334 37.1 93.6 56.5 185.4 0.77 0.11 1.3
--------------------------------------------------------------------------
"Ridgetop East" including 37.1 51.4 14.3 46.9 1.80 0.07 1.4
--------------------------------------------------------------------------
including 37.1 42.7 5.6 18.4 2.50 0.09 2.4
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-335(i) 43.2 86.4 43.2 141.7 0.92 0.78 2.1
--------------------------------------------------------------------------
"Ridgetop East" including 78.2 86.4 8.2 26.9 2.20 4.00 8.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-336 Assays Previously Released
--------------------------------------------------------------------------
"Ridgetop West"
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-337 57.3 73.1 15.8 51.8 0.79 0.31 2.1
--------------------------------------------------------------------------
"Ridgetop East" including 57.3 61.5 4.2 13.8 1.51 0.59 4.3
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-338 56.8 104.2 47.4 155.5 0.81 0.28 2.0
--------------------------------------------------------------------------
"Ridgetop East" including 56.8 68.8 12.0 39.4 1.06 0.07 2.0
--------------------------------------------------------------------------
and 85.7 104.2 18.5 60.7 1.28 0.67 3.5
--------------------------------------------------------------------------
including 85.7 94.0 8.3 27.2 2.02 1.18 5.4
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-339 - 342 Assays Previously Released
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-343 40.2 91.5 51.3 168.3 0.25 0.06 0.8
--------------------------------------------------------------------------
"Ridgetop East" including 40.2 51.7 11.5 37.7 0.60 0.20 1.7
--------------------------------------------------------------------------
and 89.2 91.5 2.3 7.5 0.76 0.18 2.4
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-344 Assays Previously Released
--------------------------------------------------------------------------
"Ridgetop West"
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-345 53.5 94.9 41.4 135.8 0.61 0.15 1.5
--------------------------------------------------------------------------
"Ridgetop East" including 53.5 66.1 12.6 41.3 1.01 0.30 2.2
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-346 59.4 109.3 49.9 163.7 0.70 0.21 1.9
--------------------------------------------------------------------------
"Ridgetop East" including 59.4 71.8 12.4 40.7 1.80 0.62 4.2
--------------------------------------------------------------------------
including 59.4 67.4 8.0 26.2 2.16 0.83 5.2
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-347 Assays Previously Released
--------------------------------------------------------------------------
"Ridgetop East"
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-348 57.4 104.0 46.6 152.9 0.59 pending pending
--------------------------------------------------------------------------
"Ridgetop East" including 91.4 104.0 12.6 41.3 1.34 pending pending
--------------------------------------------------------------------------
including 91.4 100.6 9.2 30.2 1.63 pending pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-349 72.8 125.0 52.2 171.3 0.46 0.12 1.0
--------------------------------------------------------------------------
"Ridgetop East" including 83.8 94.6 10.8 35.4 1.32 0.48 3.6
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-350 11.5 37.2 25.7 84.3 0.37 0.02 0.6
--------------------------------------------------------------------------
"Area 118 South" and 235.3 251.3 16.0 52.5 0.71 pending 3.1
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-351 64.0 107.2 43.2 141.7 0.41 0.08 0.8
--------------------------------------------------------------------------
"Ridgetop East" including 64.0 75.00 11.0 36.1 1.15 0.28 2.2
--------------------------------------------------------------------------
and 99.4 107.2 7.8 25.6 0.65 0.02 0.8
--------------------------------------------------------------------------
including 99.4 102.1 2.7 8.9 1.37 0.04 0.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-352 16.1 34.9 18.8 61.7 0.44 0.07 2.3
--------------------------------------------------------------------------
"Area 118 South" including 16.1 20.3 4.2 13.8 1.08 0.20 3.7
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-353 Assays pending
--------------------------------------------------------------------------
"Ridgetop East"
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-354 33.9 37.0 3.1 10.2 1.49 0.04 1.8
--------------------------------------------------------------------------
"Area 118 South" and 145.1 156.5 11.4 37.4 0.56 0.04 1.8
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-355 Assays pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-356 54.3 123.1 68.8 225.7 0.65 0.16 1.3
--------------------------------------------------------------------------
"Ridgetop East" including 54.3 74.9 20.6 67.6 1.16 0.10 1.2
--------------------------------------------------------------------------
including 54.3 57.6 3.3 10.8 3.04 0.41 3.3
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-357 - 377 Assays pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-378 256.2 266.5 10.3 33.8 0.72 pending 4.2
--------------------------------------------------------------------------
"Regional including 257.1 263.3 6.2 20.3 1.00 pending 6.1
Picture"
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-379 - 382 Assays pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-383 67.3 108.6 41.3 135.5 0.33 pending 1.6
--------------------------------------------------------------------------
"Area 118"
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-384 60.3 75.0 14.7 48.2 0.77 pending 1.1
--------------------------------------------------------------------------
"Area 118" and 97.5 121.4 23.9 78.4 1.30 pending 2.6
--------------------------------------------------------------------------
including 100.4 106.1 5.7 18.7 2.31 pending 5.0
--------------------------------------------------------------------------
and 101.7 114.4 12.7 41.7 1.70 pending 3.6
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-385 Assays pending
--------------------------------------------------------------------------
"Area 118"
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-386 16.4 33.5 17.1 56.1 0.58 pending 2.2
--------------------------------------------------------------------------
"Area 118" and 55.5 85.8 30.3 99.4 0.41 pending 1.8
--------------------------------------------------------------------------
including 72.6 77.5 4.9 16.1 1.07 pending 3.6
--------------------------------------------------------------------------
and 130.7 148.2 17.5 57.4 0.80 pending 1.7
--------------------------------------------------------------------------
including 142.9 148.2 5.3 17.4 1.41 pending 2.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-387 22.9 24.60 1.7 5.6 1.92 pending 1.0
--------------------------------------------------------------------------
"Area 118" and 30.9 35.9 5.0 16.4 1.52 pending 3.7
--------------------------------------------------------------------------
and 59.6 61.4 1.8 5.9 1.03 pending 4.0
--------------------------------------------------------------------------
and 113.3 141.1 27.8 91.2 0.37 pending 1.4
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-388 Abandoned due to technical drilling problems;
replaced by 08SWC-389
--------------------------------------------------------------------------
"Copper Keel"
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-389 Assays Pending
--------------------------------------------------------------------------
"Copper Keel"
--------------------------------------------------------------------------
(i) Correction - was incorrectly identified as geochemically anomalous in
a news release dated September 18, 2008.
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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