Sherwood Copper Corporation (TSX VENTURE: SWC)(TSX VENTURE:
SWC.DB)today announced results for 15 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
continued high grade intercepts in the Area 118 deposit, including
a hole that equals the prior highest grade intercept in Area 118,
returning 4.7% copper and 1.2g/t gold over 8.5m. Also of
significance is the discovery of further high grade mineralization
in wide spaced drilling on the south margin of the Area 2 deposit,
expanding the mineralization in that direction, and a strong
intercept from the Copper Keel prospect. Highlights from this
latest batch of 15 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-
Hole ID Target From To val val Copper Gold Silver
& Target Area (m) (m) (m) (ft) (%) (g/t) (g/t)
--------------------------------------------------------------------------
08SWC-307 Area 118 206.3 208.7 2.4 7.9 6.53 2.48 pending
--------------------------------------------------------------------------
Area 2
08SWC-308 East 295.0 310.0 15.0 49.2 1.25 0.50 pending
--------------------------------------------------------------------------
including 299.0 304.0 5.0 16.4 2.10 1.31 pending
--------------------------------------------------------------------------
08SWC-311 Area 118 190.8 201.7 10.9 35.8 1.63 0.64 pending
--------------------------------------------------------------------------
including 196.8 200.8 4.0 13.1 2.45 1.12 pending
--------------------------------------------------------------------------
Copper
08SWC-312 Keel 234.2 245.8 11.6 38.1 2.13 0.80 7.9
--------------------------------------------------------------------------
including 234.2 239.8 5.6 18.4 2.85 1.05 10.8
--------------------------------------------------------------------------
08SWC-313 Area 118 195.3 203.4 8.1 26.6 3.12 1.37 10.7
--------------------------------------------------------------------------
including 199.8 203.4 3.6 11.8 4.04 1.75 13.7
--------------------------------------------------------------------------
08SWC-315 Area 118 92.6 100.8 8.2 26.9 1.66 0.40 4.3
--------------------------------------------------------------------------
including 94.6 100.8 6.2 20.3 2.07 0.51 5.0
--------------------------------------------------------------------------
08SWC-316 Area 118 171.6 180.1 8.5 27.9 4.71 1.19 15.0
--------------------------------------------------------------------------
including 173.1 180.1 7.0 23.0 5.11 1.31 16.1
--------------------------------------------------------------------------
"Our in-fill and step-out drill program in the high grade Area 2
and Area 118 copper-gold deposits at the Minto Mine continues to
reap considerable rewards," said Stephen Quin, President & CEO
of Sherwood Copper and Minto Explorations Ltd. "The Area 2 deposit
is being expanded to the south, at relatively shallow depths, while
Area 118 is returning consistent, very high grade copper and gold
values," he said. "The results from the Copper Keel area, an early
stage prospect, are particularly encouraging since they suggest
that the Area 2 and Copper Keel mineralization may link up,
providing considerable additional opportunities for further
resource increases."
2008 Drill Program
The 2008 drill program has evaluated the Area 2, Area 118 and
Ridgetop deposits and several other targets in a program comprised
of a balance of infill, step-out and exploration drilling. To date,
116 holes have been completed in 2008, with the primary objective
of expanding the known resources at Area 2, Area 118 and Ridgetop,
and increasing confidence in those resources in support of future
feasibility studies geared to increasing high grade production at
the Minto Mine over and above the levels already achieved.
In addition, as announced on August 5, 2008, Sherwood plans to
explore the possibility of linking the Area 2, Area 118 and
Ridgetop mineralized systems together, into one large deposit
following the release of resource estimates at cut-offs lower than
the current mining operation that suggested potential for a much
larger, more moderate grade scenario with a lower strip ratio. As
part of this evaluation, Sherwood has completed a substantial part
of the wide spaced pattern designed to evaluate this potential, and
results are pending for these drill holes.
As of August 20, 2008 a total of 23,057 metres of drilling has
been completed in 116 holes in 2008. Seventeen holes for 4,470
metres were completed during the winter, the results of which were
reported on May 14, 2008. A further 99 holes for 18,587 metres have
been completed since then and drilling is still ongoing, but
nearing completion of the program. Copper and gold assay results
have been received for only 51 of the 116 holes completed to date,
results for a further 15 of which are reported herein.
Please follow the link below to a map identifying the priority
exploration areas for 2008.
www.sherwoodcopper.com/i/pdf/2008-08-21PriorityExplorationCorridor.pdf.
2008 Discussion of Results to Date
The 2008 drill program is proceeding very well and is nearing
completion. A drill statistics table attached to this release
details how the drilling in 2008 is distributed thus far, while a
synopsis of results is discussed below. It is anticipated that
drilling will resume early in 2009.
Area 118: Infill and partial step-out drilling at Area 118 has
returned excellent results with 5 of 7 holes reported in this
latest batch of assay data grading better than 2% copper over
significant intervals and 3 holes reporting greater than 3% copper.
Results from hole 08SWC-316 matched exactly the previous highest
grade intersection reported at Area 118 (08SWC-310 reported on July
21) grading an impressive 4.71% copper and 1.19g/t gold over 8.5m
(27.9ft). This hole is located more than 120m north-northeast of
hole 08SWC-310. Hole 08SWC-313 also intersected very high grade
mineralization, grading 3.12% copper and 1.37g/t gold over 8.1m
(26.6ft). Hole 08SWC-307 intersected even higher grades, with 6.53%
copper and 2.48g/t gold over an interval of 2.4 metres (7.9ft).
Area 2: Three of the four holes drilled on the east perimeter of
the previously known limit of the Area 2 deposit intersected
between 1% and 2% copper over significant intervals. Three holes
drilled on the south perimeter of the deposit also intersected
similar grades of copper mineralization at shallower depths. These
results indicate potential to increase the Area 2 mineral resource
beyond that announced June 17, 2008. The details of these
intersections are in the table appended to this news release.
Copper Keel: Preliminary geological interpretations suggest
there is probable continuity between the Area 2 deposit and the
Copper Keel prospect located to the east of Area 2. Hole 08SWC-312
graded 2.13% copper and 0.80g/t gold over 11.6 metres (38.1ft) and
supports that postulation. More drilling would be required to
conclusively prove a link between these two deposits.
For current drill hole locations, please view the accompanying
map:
(www.sherwoodcopper.com/i/pdf/2008-08-212008DHLocationMap.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.
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 SWC-08-31
--------------------------------------------------------------------------
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 13 1
--------------------------------------------------------------------------
Area 118 0 27 18 9
--------------------------------------------------------------------------
Area 118 SW 3 0 3 0
--------------------------------------------------------------------------
Regional Picture 0 5 0 5
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Copper Keel 0 2 2 0
--------------------------------------------------------------------------
Gap 1 0 1 0
--------------------------------------------------------------------------
Minto Valley 13 0 13 0
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Ridgetop 0 47 0 47
--------------------------------------------------------------------------
Ridgetop W 0 3 0 3
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17 99 51 65
--------------------------------------------------------------------------
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Summary
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# of Holes to Date 116
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# of Metres to Date 23,057
--------------------------------------------------------------------------
Details of Drill Results
To accompany Sherwood Copper News Release SWC-08-31
--------------------------------------------------------------------------
Inter- Inter-
Hole ID From To val val Copper Gold Silver
& Target Comments (m) (m) (m) (ft) (%) (g/t) (g/t)
--------------------------------------------------------------------------
Holes 08SWC-270 to -304 Previously Released
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-305 151.5 155.0 3.5 11.5 0.54 0.11 2.20
--------------------------------------------------------------------------
"Area 2
East" 159.2 172.0 12.8 42 0.67 0.03 3.0
--------------------------------------------------------------------------
including 170.4 172.0 1.6 5.2 2.29 0.11 7.5
--------------------------------------------------------------------------
197.7 199.8 2.1 6.9 0.83 0.01 pending
--------------------------------------------------------------------------
238.7 244.0 5.3 17.4 0.68 0.08 pending
--------------------------------------------------------------------------
278.2 300.2 22.0 72.2 0.42 0.15 pending
--------------------------------------------------------------------------
including 298.4 300.2 1.8 5.9 1.49 0.50 pending
--------------------------------------------------------------------------
306.8 315.0 8.2 26.9 0.77 0.36 pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-306 47.8 51.8 4.0 13.1 2.71 2.15 pending
--------------------------------------------------------------------------
"Area 2
East" 223.1 240.5 17.4 57.1 0.54 0.19 pending
--------------------------------------------------------------------------
228.8 301.3 12.5 41 0.42 0.16 pending
--------------------------------------------------------------------------
322.7 330.3 7.6 24.9 1.03 0.37 pending
--------------------------------------------------------------------------
including 325.7 328.7 3.0 9.8 1.56 0.44 pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-307 88.8 100.4 11.6 38.1 0.60 0.08 pending
--------------------------------------------------------------------------
"Area 118" 121.0 129.6 8.6 28.2 0.75 0.09 pending
--------------------------------------------------------------------------
206.3 208.7 2.4 7.9 6.53 2.48 pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-308 169.3 173.6 4.3 14.1 0.78 0.04 pending
--------------------------------------------------------------------------
"Area 2
East" 214.3 216.0 1.7 5.6 0.67 0.28 pending
--------------------------------------------------------------------------
295.0 310.0 15.0 49.2 1.25 0.50 pending
--------------------------------------------------------------------------
including 299.0 304.0 5.0 16.4 2.10 1.31 pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-309 51.7 55.5 3.8 12.5 2.05 0.54 pending
--------------------------------------------------------------------------
"Area 2
East" 73.9 77.6 3.7 12.1 0.98 0.27 pending
--------------------------------------------------------------------------
165.6 182.3 16.7 54.8 0.61 0.15 pending
--------------------------------------------------------------------------
including 176.2 179.9 3.7 12.1 1.28 0.29 pending
--------------------------------------------------------------------------
188.6 193.0 4.4 14.4 0.97 0.31 pending
--------------------------------------------------------------------------
206.5 221.4 14.9 48.9 0.48 0.12 pending
--------------------------------------------------------------------------
273.7 291.8 18.1 59.4 0.76 0.41 2.6
--------------------------------------------------------------------------
including 277.1 283.5 6.4 21 0.99 0.52 2.4
--------------------------------------------------------------------------
and 289.1 291.8 2.7 8.9 1.76 0.97 7.81
--------------------------------------------------------------------------
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-310 Previously Released
--------------------------------------------------------------------------
"Area 118"
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-311 2.9 6.1 3.3 10.8 0.75 0.03 pending
--------------------------------------------------------------------------
"Area 118" 61.7 71.0 9.3 30.5 0.90 0.15 pending
--------------------------------------------------------------------------
including 61.7 65.8 4.0 13.1 1.39 0.18 pending
--------------------------------------------------------------------------
89.2 92.5 3.3 10.8 2.30 0.71 pending
--------------------------------------------------------------------------
190.8 201.7 10.9 35.8 1.63 0.64 pending
--------------------------------------------------------------------------
including 196.8 200.8 4.0 13.1 2.45 1.12 pending
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-312 104.7 114.8 10.1 33.1 0.47 0.14 2.3
--------------------------------------------------------------------------
"Copper
Keel" 234.2 245.8 11.6 38.1 2.13 0.80 7.9
--------------------------------------------------------------------------
including 234.2 239.8 5.6 18.4 2.85 1.05 10.8
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-313 195.3 203.4 8.1 26.6 3.12 1.37 10.7
--------------------------------------------------------------------------
"Area
118" including 199.8 203.4 3.6 11.8 4.04 1.75 13.7
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-314 34.7 38.4 3.7 12.1 1.38 0.51 2.7
--------------------------------------------------------------------------
"Area 2
South" 83.4 86.8 3.4 11.2 1.34 0.54 1.6
--------------------------------------------------------------------------
90.9 105.7 14.8 48.6 0.51 0.14 1.1
--------------------------------------------------------------------------
including 102.6 105.7 3.1 10.2 1.22 0.30 2.4
--------------------------------------------------------------------------
144.7 148.4 3.8 12.5 0.52 0.04 1.4
--------------------------------------------------------------------------
189.4 191.8 2.4 7.9 0.93 0.43 4.3
--------------------------------------------------------------------------
222.8 232.2 9.5 31.2 0.56 0.17 3.2
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-315 41.9 44.6 2.7 8.9 0.77 0.14 2.5
--------------------------------------------------------------------------
"Area 118" 92.6 100.8 8.2 26.9 1.66 0.40 4.3
--------------------------------------------------------------------------
including 94.6 100.8 6.2 20.3 2.07 0.51 5.0
--------------------------------------------------------------------------
105.2 109.6 4.4 14.4 0.58 0.11 1.7
--------------------------------------------------------------------------
140.7 154.3 13.6 44.6 0.56 0.01 1.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-316 7.3 12.2 4.9 16.1 0.53 0.04 2.2
--------------------------------------------------------------------------
"Area 118" 70.1 77.5 7.4 24.3 0.66 0.10 1.4
--------------------------------------------------------------------------
87.4 90.9 3.5 11.5 0.57 0.09 1.8
--------------------------------------------------------------------------
155.5 158.1 2.6 8.5 1.72 0.62 6.4
--------------------------------------------------------------------------
171.6 180.1 8.5 27.9 4.71 1.19 15.0
--------------------------------------------------------------------------
173.1 180.1 7.0 23.0 5.11 1.31 16.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-317 28.0 29.2 1.2 3.9 1.22 0.23 4.0
--------------------------------------------------------------------------
"Area 2
South" 237.7 241.0 3.3 10.8 1.03 0.16 3.2
--------------------------------------------------------------------------
280.0 288.0 8.0 26.2 0.73 0.29 3.6
--------------------------------------------------------------------------
including 282.4 286.2 3.8 12.5 1.44 0.38 5.5
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-318 129.5 134.1 4.6 15.1 0.76 0.15 2.0
--------------------------------------------------------------------------
"Area 118" 146.4 150.1 3.8 12.5 0.63 0.13 3.3
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-319 104.6 118.9 14.3 46.9 0.87 0.37 3.6
--------------------------------------------------------------------------
"Area 2
South" including 108.0 110.5 2.5 8.2 2.01 1.04 7.5
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-320 126.0 130.4 4.4 14.4 1.56 0.37 4.4
--------------------------------------------------------------------------
"Area 118" 142.2 156.2 14 5.9 0.60 0.06 2.5
--------------------------------------------------------------------------
including 145.2 149.0 3.8 12.5 1.03 0.09 3.1
--------------------------------------------------------------------------
175.5 193.1 17.6 57.7 0.70 0.16 3.4
--------------------------------------------------------------------------
including 175.5 181.0 5.5 18 1.18 0.22 3.8
--------------------------------------------------------------------------
--------------------------------------------------------------------------
08SWC-321 to 08SWC-385 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 Neil MacRae
Investor Contact (604) 687-7545 (604) 689-5041 (FAX) Website:
www.sherwoodcopper.com
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