Sherwood Copper Corporation (TSX VENTURE: SWC)(TSX VENTURE: SWC.DB)
today confirmed the discovery of a potentially significant new high
grade copper-gold zone at its Minto Mine in the Yukon. The "Copper
Keel" discovery is located less than 800 metres southeast of the
open pit currently being mined on the Main deposit, and less than
200 metres east of the proposed Area 2 open pit. Drill hole
08SWC-389 confirms and links up high grade copper-gold
mineralization intersected in earlier holes along the Copper Keel
trend and returned some of the best grades and thicknesses yet.
Highlights from this hole are summarized in the table below, while
previously announced significant intersections from the Copper Keel
trend are detailed in the subsequent table and discussed below.
Highlights from 08SWC-389
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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-389 "Copper Keel" 188.3 212.8 24.5 80.4 2.07 0.86 7.5
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including 188.3 196.9 8.6 28.2 2.65 1.11 8.1
--------------------------------------------------------------------------
and 203.7 212.8 9.1 29.9 3.07 1.27 12.3
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including 203.7 208.1 4.4 14.4 3.41 2.30 15.7
--------------------------------------------------------------------------
"The Copper Keel copper-gold discovery associated with a large
magnetic anomaly lies east of the Area 2 deposit and, based on wide
spaced drilling, could represent an extension of the deeper
mineralization at Area 2, subject to confirmation with additional
drilling," said Stephen Quin, President & CEO of Sherwood
Copper and Minto Explorations Ltd. "The mineralized intercepts in
hole 08SWC-389, the last hole drilled in the 2008 program, are
significant from a grade and a thickness perspective and this hole
also indicates potential continuity of high grade copper-gold
mineralization over a wide area." Further drilling at Copper Keel,
in a target area measuring more that 600m by 300m, will be a
priority when drilling resumes in early 2009. Additional drilling
is also being planned for early 2009 at Ridgetop, where the thick,
near surface zone of medium grade copper-gold mineralization
discovered in 2007-08 remains open to expansion.
Discussion of Drilling in the Region of Copper Keel and Area
2
Sherwood is confident that the results from hole 08SWC-389
appear to link up several intercepts within the Copper Keel trend,
suggesting potential for a large, high grade deposit in the area.
The dimensions of the Copper Keel target is further supported by a
magnetic anomaly measuring more than 600m by 230m in extent, nearly
double the aerial extent of the magnetic anomaly associated with
the Main deposit, which is currently being mined. All of the known
near surface deposits on the Minto Mine property, including the
Main deposit, Area 2, Area 118 and Ridgetop, are associated with
distinct magnetic anomalies as a result of the strong magnetite
association with high grade copper-gold mineralization. The
presence of an extensive magnetic anomaly, along with high grade
mineralization in wide spaced drill holes, suggests a significant
target at Copper Keel. See the previously reported intercepts from
the Copper Keel and adjacent areas listed below.
Highlights of Previously Released Holes in Copper Keel / Area 2 Region
--------------------------------------------------------------------------
Inter- Inter-
From To val val Copper Gold Silver
Hole ID Target Area (m) (m) (m) (ft) (%) (g/t) (g/t)
--------------------------------------------------------------------------
06SWC-164 "Copper Keel" 175.7 181.4 5.7 18.7 1.92 0.48 7.5
--------------------------------------------------------------------------
06SWC-312 "Copper Keel" 234.2 245.8 11.6 38.1 2.13 0.80 7.9
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06SWC-319 "Area 2" 232.2 243.7 10.5 34.4 0.70 0.28 3.6
--------------------------------------------------------------------------
06SWC-322 "Area 2 East" 251.7 255.3 3.6 11.8 3.14 1.51 18.1
--------------------------------------------------------------------------
These intercepts, and that in hole 08SWC-389 lie at depths of
+/- 200m below surface, or approximately 40 metres below the open
pit depths currently contemplated for the Area 2 deposit. Based
upon very wide spaced drill holes, Cooper Keel also appears to link
up with the high grade intercepts under the proposed Area 2 pit and
the high grade intercepts at Area 118, indicating potential
continuity over approximately 1km in an east - west direction.
Previously referred to as the "O" "P" and "Q" horizons, these
deeper horizons at Area 2 are not currently contemplated for open
pit mining, despite some very high grade intercepts (including 6.0m
grading 5.3% copper and 3.0g/t gold in hole 06SWC-75, 14.2m grading
2.5% copper and 0.95g/t gold and 6.9m grading 2.9% copper and
0.9g/t gold in hole 06SWC-85 plus multiple other high grade
intercepts at Area 118). The previous operator, ASARCO, had also
intersected 5.3% copper and 2.61g/t Au over 7.6m in hole A137-74 in
this same area.
Combined, the deeper, high grade O, P and Q zones under Area 2,
the deeper high grade mineralization at Area 118 and the newly
discovered Copper Keel high grade mineralization represents a large
and attractive target that is potentially extractable by low cost
underground, bulk mining methods given relatively shallow depths
(approximately 180-200m below the valley floor) and flat lying
geometry within competent host rock. The presence of these high
grade deeper zones has always suggested potential for some
component of future production at Minto coming from underground
mining, likely in parallel with open pit operations. However, given
the excellent grades, improved continuity and excellent geometries
of these deeper high grade horizons, Sherwood plans to step up the
exploration and evaluation of this underground potential sooner.
The high copper grades, good thicknesses and flat geometry of these
deeper horizons offers flexibility in mill feed sources if
developed in parallel with the planned open pits, supplementing
open pit production with high grade underground production, and
could potentially justify reducing strip ratios in existing and
planned new open pits by accessing some of the more marginal deeper
production from underground instead.
For current drill hole locations, please view the accompanying
map:
http://www.sherwoodcopper.com/i/pdf/2008-11-04CopperKeelTargetMap.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.
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 Chris Curran
Investor Contact (604) 687-7545 (604) 689-5041 (FAX) Website:
www.sherwoodcopper.com
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