VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: SWC.DB) today
announced results for 19 drill holes completed as part of its 2008
exploration program at the high grade Minto copper-gold mine in the
Yukon. Highlights of these recent results include: (a) confirmation
of a high grade zone within the Area 118 deposit, including the
highest reported intercept from Area 118 to date (4.7% copper and
3.4g/t gold over 8.5 metres (m)), and (b) the discovery of further
high grade mineralization in wide-spaced drilling on the south of
the Area 2 and Area 118 deposits. The Area 2 and Area 118 deposits
are each located less than 500m from the Minto pit, currently being
mined. As a result of the successes to date, Sherwood has increased
the 2008 exploration budget by $1.2 million to $5.6 million and
will now include approximately 24,000m of drilling. Highlights from
the most recent 19 holes are tabulated below, while complete
results are attached.
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Inter- Inter-
From To val val Copper Gold Silver
Hole ID Target (m) (m) (m) (ft) (%) (g/t) (g/t)
--------------------------------------------------------------------------
08SWC-287 Area 118 173.8 182.5 8.7 28.5 2.27 0.82 12.1
--------------------------------------------------------------------------
including 173.8 178.6 4.8 15.7 2.60 0.80 9.5
--------------------------------------------------------------------------
08SWC-289 Area 118 153.2 164.9 11.7 38.4 1.42 0.44 5.2
--------------------------------------------------------------------------
including 157.4 163.9 6.5 21.3 1.59 0.47 5.1
--------------------------------------------------------------------------
08SWC-296 Area 2 South 71.3 75.9 4.6 15.1 2.02 0.51 10.8
--------------------------------------------------------------------------
08SWC-298 Area 118 26.4 31.2 4.8 15.7 1.93 0.50 10.2
--------------------------------------------------------------------------
and 163.1 173.7 10.6 34.8 1.55 0.48 4.4
--------------------------------------------------------------------------
08SWC-299 Area 2 South 182.7 192.5 9.8 32.1 1.75 0.63 pending
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08SWC-300 Area 118 163.7 186.7 23.0 75.5 1.21 0.36 pending
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including 180.2 186.7 6.5 21.3 1.99 0.65 pending
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08SWC-301 Area 118 161.7 179.5 17.8 58.4 1.05 0.20 pending
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08SWC-303 Area 118 216.9 225.7 8.8 28.9 2.26 0.92 7.4
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and 252.5 261.9 9.4 30.8 1.86 0.70 5.6
--------------------------------------------------------------------------
including 256.9 261.9 5.0 16.4 2.63 0.98 8.0
--------------------------------------------------------------------------
08SWC-310 Area 118 189.9 198.4 8.5 27.9 4.71 3.43 pending
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including 193.1 197.6 4.5 14.8 5.78 5.41 pending
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"The recent infill drilling results confirm that the Area 118
discovery contains a significant, high grade resource, while the
expansion of the Area 2 and Area 118 deposits demonstrates
continued opportunities to increase resources at the Minto Mine,"
said Stephen Quin, President & CEO of Sherwood Copper. "Based
on the 140% increases in resources in 2006 and 2007, plus the
tremendous results being generated in 2008, we have further
expanded the 2008 exploration program to build off these
successes," he said. "Further, the results to date suggest that the
deposits discovered thus far may all comprise one large mineralized
system, so we intend to test the potential for linking up the
deposits by testing the largely undrilled area between the Area 2,
Area 118, Ridgetop and Copper Keel areas as part of this expanded
program."
2008 Drill Program
The objective of the 2008 exploration program is to both (a)
increase confidence in the existing resources to a level that would
support conversion to reserves through infill drilling and (b) to
increase the overall resource through drilling of previously
untested areas. Following a successful exploration program in the
upper Minto Valley in early 2008, drilling focused on infill
drilling on Area 118, discovered in 2007, and has subsequently
moved on to systematically defining the Ridgetop deposit through a
combination of infill and step-out drilling. Recently, a program of
wide spaced drill holes has commenced that will evaluate the
potential for linking the Area 2, Area 118, and Ridgetop resources
into one large mineralizing system.
To date, 17,099 metres of drilling have been completed in 81
holes in the 2008 drill program. Seventeen holes for 4,470 metres
were completed in early 2008, the results of which were reported on
May 14, 2008. Following a break, a further 64 holes for 12,629
metres have been completed and drilling is continuing. Copper and
gold assay results have been received for only 19 of these 64 holes
and are reported herein. Results are pending on the remaining 48
holes drilled to date.
Please follow the link below to a map identifying the priority
exploration areas for 2008.
www.sherwoodcopper.com/i/pdf/2008-07-17PriorityExplorationCorridor.pdf.
Comments on Results to Date
The 2008 drill program is proceeding well and a preliminary
geological interpretation, based upon very wide spaced drill holes,
appears to support the hypothesis proposed by Sherwood's
exploration group in 2006 that all the copper-gold mineralization
at Minto is part of one continuous to contiguous system.
Post-mineralization deformation (in the form of broad open folding
and late brittle faults) gives the impression that the many
mineralized centers identified to date are separate deposits.
However, with the density of drilling that Sherwood has completed
over three years, it now appears that faults and folds have just
complicated the interpretation of what is perhaps one very large
mineralized system. Since 2006, Sherwood has worked toward linking
these prospects and deposits on a geological basis, supported by
drilling, and this process will continue in 2008 as drilling steps
into crucial areas where there was little or no previous data,
between previously defined zones of mineralization.
A summary table of drill statistics, attached to this release,
details how the drilling in 2008 is distributed thus far, while a
synopsis of results is set out below.
Area 118: Infill and some step-out drilling at Area 118 has
returned excellent results, with 8 of 11 holes reported so far
grading better than 1% copper over significant intervals; four of
which grade better than 2% copper, including the highest grade
intersection ever reported at Area 118: 4.71% copper and 3.4g/t
gold over 8.5m (27.9ft) in 08SWC-310.
Area 2: Follow-up drilling in 2008 on the last hole of 2007,
07SWC-269 in the southeast of Area 2, returned significant grade
intersections both at shallow and intermediate depths. The Area 2
deposit remains open at shallow depths to the southeast and at
intermediate to greater depths to the east. Preliminary geological
interpretations suggest possible continuity between Area 2 and
Copper Keel to the east. More drilling is required to test this
hypothesis.
For current drill hole locations, please view the accompanying
map:
(www.sherwoodcopper.com/i/pdf/2008-07-172008DHLocationMap.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 advance the Kutcho project 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 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
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.
2008 Drill Statistics - Minto Property
To accompany Sherwood Copper News Release Dated July 17, 2008
---------------------------------------------------------------------------
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
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Area 2 0 14 6 8
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Area 118 0 22 11 11
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Area 118 SW 3 1 3 1
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Copper Keel 0 2 1 1
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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 21 0 21
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Ridgetop W 0 3 0 3
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--------------------------------------------------------
17 64 36 45
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Summary
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# of Holes to Date 81
----------------------------------
# of Metres to Date 17,099
----------------------------------------------------------------- ---------
Details of Drill Results
To accompany Sherwood Copper News Release Dated July 17, 2008
--------------------------------------------------------------------------
Inter- Inter-
From To val val Copper Gold Silver
Hole ID Target (m) (m) (m) (ft) (%) (g/t) (g/t)
--------------------------------------------------------------------------
08SWC-287 Area 118 173.8 182.5 8.7 28.5 2.27 0.82 12.1
--------------------------------------------------------------------------
including 173.8 178.6 4.8 15.7 2.60 0.80 9.5
--------------------------------------------------------------------------
221.1 224.7 3.6 11.8 0.54 0.18 3.3
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-288 Copper Keel Geochemically anomalous - no significant
South intersections
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08SWC-289 Area 118 66.5 69.0 2.4 7.9 0.81 0.10 2.0
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and 153.2 164.9 11.7 38.4 1.42 0.44 5.2
--------------------------------------------------------------------------
including 157.4 163.9 6.5 21.3 1.59 0.47 5.1
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-290 Airstrip SW 262.6 265.6 3.0 9.8 1.11 0.14 5.1
--------------------------------------------------------------------------
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08SWC-291 Area 118 42.4 44.8 2.4 7.9 1.32 0.26 2.5
--------------------------------------------------------------------------
148.2 158.3 10.1 33.1 0.76 0.34 3.3
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-292 Area 118 134.4 143.8 9.4 30.8 0.32 0.04 0.9
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-293 Area 2 South 44.6 56.3 11.7 38.4 0.45 0.10 1.1
--------------------------------------------------------------------------
126.8 133.1 6.3 20.7 0.40 0.06 0.6
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-294 Area 118 22.1 27.7 5.6 18.4 0.43 0.02 0.6
--------------------------------------------------------------------------
including 22.1 23.6 1.5 4.9 1.11 0.03 0.8
--------------------------------------------------------------------------
and 83.6 87.2 3.6 11.8 0.91 0.25 4.0
--------------------------------------------------------------------------
and 157.4 165.9 8.5 27.9 1.38 0.88 9.4
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-295 Area 2 South Geochemically anomalous - no significant
intersections
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-296 Area 2 South 52.4 62.2 9.8 32.1 0.47 0.14 2.7
--------------------------------------------------------------------------
71.3 75.9 4.6 15.1 2.02 0.51 10.8
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-297 Area 2 South 81.3 86.8 5.5 18.0 1.18 0.42 4.8
--------------------------------------------------------------------------
including 81.3 83.1 1.8 5.9 2.59 0.92 9.3
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-298 Area 118 2.1 6.1 4.0 13.1 0.41 0.01 1.4
--------------------------------------------------------------------------
26.4 31.2 4.8 15.7 1.93 0.50 10.2
--------------------------------------------------------------------------
including 27.4 29.6 2.2 7.2 3.46 0.77 20.0
--------------------------------------------------------------------------
and 115.4 119.4 4.0 13.1 0.46 0.03 0.7
--------------------------------------------------------------------------
and 163.1 173.7 10.6 34.8 1.55 0.48 4.4
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-299 Area 2 South 25.7 37.3 11.6 38.1 0.71 0.13 pending
--------------------------------------------------------------------------
and 89.9 92.6 2.7 8.9 1.06 0.21 pending
--------------------------------------------------------------------------
and 108.5 113.1 4.6 15.1 0.41 0.05 pending
--------------------------------------------------------------------------
and 130.4 135.0 4.6 15.1 0.47 0.01 pending
--------------------------------------------------------------------------
and 182.7 192.5 9.8 32.1 1.75 0.63 pending
--------------------------------------------------------------------------
and 228.3 236.3 8.0 26.2 0.82 0.33 pending
--------------------------------------------------------------------------
and 241.8 247.2 5.4 17.7 0.38 0.07 pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-300 Area 118 60.2 68.1 7.9 25.9 0.32 0.10 pending
--------------------------------------------------------------------------
and 126.6 130.7 4.1 13.4 0.93 0.02 pending
--------------------------------------------------------------------------
and 163.7 186.7 23.0 75.5 1.21 0.36 pending
--------------------------------------------------------------------------
including 180.2 186.7 6.5 21.3 1.99 0.65 pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-301 Area 118 58.1 66.7 8.6 28.2 0.93 0.29 pending
--------------------------------------------------------------------------
and 161.7 179.5 17.8 58.4 1.05 0.20 pending
--------------------------------------------------------------------------
and 224.0 226.1 2.1 6.9 1.35 0.55 pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-302 Area 2 South 238.8 247.8 9.0 29.5 0.99 0.58 4.1
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-303 Area 118 216.9 225.7 8.8 28.9 2.26 0.92 7.4
--------------------------------------------------------------------------
and 232.0 238.7 6.7 22.0 0.40 0.06 1.1
--------------------------------------------------------------------------
and 252.5 261.9 9.4 30.8 1.86 0.70 5.6
--------------------------------------------------------------------------
including 256.9 261.9 5.0 16.4 2.63 0.98 8.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-304 Area 118 57.1 74.2 17.1 56.1 0.52 0.10 3.7
--------------------------------------------------------------------------
including 57.1 71.0 13.9 45.6 0.60 0.12 4.3
--------------------------------------------------------------------------
and 57.1 65.3 8.2 26.9 0.81 0.14 6.1
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-305 Area 2 East Assay Results Pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-306 Area 2 East Assay Results Pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-307 Area 118 Assay Results Pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-308 Area 2 East Assay Results Pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-309 Area 2 East Assay Results Pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-310 Area 118 71.2 74.4 3.2 10.5 0.85 0.12 pending
--------------------------------------------------------------------------
and 111.4 116.9 5.5 18.0 0.50 0.06 pending
--------------------------------------------------------------------------
and 189.9 198.4 8.5 27.9 4.71 3.43 pending
--------------------------------------------------------------------------
including 193.1 197.6 4.5 14.8 5.78 5.41 pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-311 to 08SWC-350 are all awaiting assay results
--------------------------------------------------------------------------
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 President
& CEO (604) 687-7545 Sherwood Copper Corporation Chris Curran
(604) 687-7545 (604) 689-5041 (FAX) Website:
www.sherwoodcopper.com
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