A
NORTHAIR GROUP COMPANY
SUITE
860
- 625
HOWE STREET
VANCOUVER, BC
V6C 2T6 CANADA TEL:
(604) 687-7545 FAX: (604) 689-5041
PRESS RELEASE
FOR IMMEDIATE
RELEASE
September 19, 2007
#07-26
Sherwood Discovers High Grade at Airstrip
& Expands High Grade at Area 2-Area 118, Minto
Mine
5.75% Copper over 3.1m (10.3ft) at Airstrip, 3.29% Copper
over 7.6m (25ft) at Area 2
VANCOUVER, BRITISH COLUMBIA -
Sherwood Copper
Corporation (SWC: TSX-V) today announced results for a second batch of 21
exploration diamond drill holes from its Phase 2 - 2007 exploration program at
the high grade Minto copper-gold mine in the Yukon. Highlights include the
discovery of a new area of high grade mineralization at the Airstrip-Copper Keel
prospect, expansion of the Area 2 deposit to the southwest and identification of
a higher grade core at the recent Area 118 discovery.
The
2007 exploration program is designed to test a number of prospects outside of
the main Minto pit, including ?Area 118?, ?Ridgetop? and ?Airstrip-Copper Keel?,
as well as looking to expand the Area 2 resource defined in 2006. The 2007 program has been exceptionally
successful, with new zones of high grade mineralization discovered in each of
the prospects tested and the mineralization at Area 2 expanded. Highlights of the results are tabulated
below, while complete results are attached.
Hole ID |
Target |
Interval ID |
From
(m) |
To
(m) |
Interval (m) |
Interval (ft) |
Copper (%) |
Gold (g/t) |
Silver (g/t) |
07SWC-199 |
Area 118 |
Area 118M |
161.1 |
171.8 |
10.7 |
35.1 |
1.78 |
0.77 |
pending |
|
|
Including |
161.1 |
169.3 |
8.2 |
26.9 |
2.15 |
0.99 |
pending |
07SWC-200 |
Area 118 |
Area 118M |
162.8 |
175.8 |
13.0 |
42.7 |
1.13 |
0.36 |
5.0 |
|
|
Including |
162.8 |
166.8 |
4.0 |
13.1 |
2.44 |
0.54 |
9.1 |
07SWC-213 |
Airstrip |
Unnamed |
99.9 |
104.0 |
4.1 |
13.4 |
2.79 |
0.93 |
pending |
|
|
and |
186.3 |
189.4 |
3.1 |
10.3 |
5.75 |
1.88 |
pending |
07SWC-216 |
Area 2 |
Interval O |
199.8 |
207.5 |
7.6 |
25.0 |
3.29 |
1.77 |
pending |
07SWC-217 |
Copper Keel |
Unnamed |
71.2 |
77.8 |
6.6 |
21.8 |
1.96 |
1.11 |
9.9 |
?Sherwood?s
exploration team continues to deliver successes at our high grade Minto
copper-gold mine in the Yukon,? said Stephen
Quin, President & CEO. ?The recent successes at Airstrip and
Area 2 add to the previously reported
discoveries at Ridgetop and Area 118, making four new discoveries of high grade
copper-gold mineralization in 2007.
The discovery of a high grade core to the Area 118 mineralization on the
Area 2-Area 118 boundary is very encouraging, while the discovery of a new zone
of high grade copper-gold mineralization in the Airstrip-Copper Keel area is
particularly exciting since it opens up a large area of ground previously thought to have low prospectivity.
All of these prospects remain
open to expansion and drilling continues.?
Phase 2 ? 2007 Drill
Program
The 2007 Phase 2 drill program continues at a rapid pace, with 73
exploration holes (17,558m) and 10 geotechnical holes (1,406m) completed to
date. Assay results are pending for
38 holes already completed and drilling with two rigs is still in
progress. The geotechnical holes were additions to
the 2007 program and were drilled to
assist in the geotechnical optimization of the main Minto pit mine and in the
expanded pre-feasibility study
incorporating Area 2 resources.
As announced March 5, 2007, the Phase 2 exploration
program is the major component of
2007?s exploration activities with more
than 60 drill holes (for 13,500m) budgeted. This milestone was reached in late
August but, based upon positive results, a decision was made to continue drilling until the end of September. Phase 2 concentrated on drill
testing multiple targets such as
?Ridgetop?, ?Area 118? and ?Airstrip?, where 1970?s drilling identified
copper-gold mineralization with coincident geochemical/geophysical
anomalies, but which were not fully evaluated. These prospects are discussed in
more detail in the March 5, 2007 news
release and are
identified on the accompanying maps:
http://www.sherwoodcopper.com/i/pdf/PriorityExplorationCorridor.pdf
and http://www.sherwoodcopper.com/i/pdf/Detailed-Gradient-IP-Feb07.pdf).
This release includes exploration results for
Area 2 (7 holes), Area 118 (8 holes), Airstrip SW (2 holes), Copper Keel S (1
hole), and IROD (4 holes). In addition to exploration drilling, four
geotechnical holes were also completed as part of the Area 2 Pre-feasibility
study. Follow this
link to current drill hole locations discussed in this news release (http://www.sherwoodcopper.com/i/pdf/07Phase2DHLocationMap.pdf).
Drilling to date shows that Area 2 is
partially open in the southwest at shallow levels and is wide open on deeper
levels. At Area 118, immediately
adjacent to the Area 2 deposit, wide spaced drilling continues to delineate an
aerially extensive mineralized system but more importantly has now identified a
higher grade core area. In August,
drilling at ?Airstrip SW? and adjacent ?Copper Keel S? prospects discovered a
new high grade system including a totally new style of copper?gold rich
mineralization, as discussed below.
Airstrip SW ? Copper
Keel
Initially this prospect was thought to comprise two separate targets but now appears to be one
system that is cut by late, post mineral fault(s). Initially six drill holes
were planned to test a broad, double lobed, gradient IP chargeability anomaly
more that 600m wide in the east-west direction and open to the south, trending
off the 2006 survey grid. The survey has since been expanded to the south to
encompass a larger area. To date,
Sherwood has drilled 10 holes in this prospect but assays are only available for three. The
results of these holes show a layered, stacked system of foliated (favourable
host) and massive granodiorite, typical of the Minto project, but a new style of copper sulphide mineralization has also been identified.
Drill holes 07SWC-213 & -215 on the east
flank (Airstrip SW) of this combined geophysical anomaly intersected Cretaceous
age conglomerate down to 87m and 51m below surface, respectively. The conglomerate is unconformably
overlying favourable host rocks and itself contains abundant cobbles and boulders of foliated granodiorite, including some mineralized material. This
relationship gives an approximate
upper age to the mineralization. The conglomerate was not intersected on
the west side (Copper Keel) of the combined Airstrip SW ? Copper Keel S
chargeability anomalies and is presumed to be eroded away.
Two markedly different styles of copper
mineralization were intersected in drilling at Airstrip SW-Copper Keel. One is
the chalcopyrite-bornite-magnetite-gold mineralization typically found
throughout the Minto project. The second type is coarse grained
chalcocite-gold (+/- native copper) associated with mixed iron oxides including
specular hematite and earthy hematite, with the latter sometimes replacing or
inter-grown with magnetite. The chalcocite-rich material is found nearer the
unconformity with the conglomerate, while the more typical ?Minto-style? of
mineralization is deeper down. Situated in between the two relative
elevations and contrasting styles of mineralization are widespread disseminations of native copper and
occasionally coarser grained native copper nuggets in veins, hosted in fresh,
apparently unaltered, rock.
While chalcocite is locally present elsewhere on the Minto Property, it always
appears to occur as secondary replacement mineral resulting from surface oxidation and typically rimming the primary copper sulphide minerals chalcopyrite and
bornite. At the Airstrip and Copper Keel prospects, the chalcocite appears to be
primary in nature: it is very coarse
grained blebs to massive irregular stringers and is not associated with
significant amounts of other secondary copper minerals, such as malachite and
azurite, which is typical of secondary enrichment zones elsewhere on the property. The presence of chalcocite could be significant from two
aspects: since chalcocite is nearly 80 weight percent copper it can make a very
high grade copper concentrate and, if it does prove to be primary in nature, it has genetic implications that
support an ?Iron Oxide Copper Gold? deposition model for the Minto ore
bodies. This could open up further
areas for exploration not previously
considered.
In 07SWC-213 the regular chalcopyrite
dominated mineralization, starting at 186.3m down the hole, graded 5.75% Cu and
1.88g/t Au over 3.1 metres and the chalcocite dominated mineralization, starting
only 99.9m down the hole, graded 2.79% Cu & 0.93g/t Au over 4.2 metres.
In 07SWC-217 this chalcocite
mineralization was just 71.2m down the hole, just beneath overburden, where a
6.6m interval graded 1.96% Cu and 1.1g/t Au.
Area 2
Exploration drilling at Area 2 in 2007
concentrated on testing (1) the north perimeter of the deposit for potential
expansion at shallow depths and (2) the west perimeter for expansion of both
shallow and moderately deep horizons.
Holes 07SWC-205; -208 and 211 tested the
north perimeter; and assays for 07SWC-205 & -208 indicate that significant
grade mineralization is petering out in that direction. Weak mineralization was encountered in
both holes, but is complicated by post-mineral faults. Assay data is still pending for 07SWC-211.
Drilling on the west and southwest perimeter
of Area 2 was successful, with hole 07SWC-214 intersecting 9.5 metres grading
1.75% copper and 0.60g/t gold, including 6.0 metres of 2.04% copper and 0.54 g/t
gold. Even more encouraging is hole 07SWC-216, which stepped out 30+ metres west
of two previous holes; Sherwood
Copper hole 06SWC-127 and ASARCO hole A91-74. Hole 07SWC-216 intersected high grade
mineralization, grading 3.29% Cu and 1.77 g/t Au over 7.6 metres. It is now clear that the two
previous holes in this region were
not deep enough to intersect this horizon, which opens up possibilities for
further infill, as well as step out, potential. More diamond drilling is planned for this
region.
Area 118
Continuing to the southwest, drilling to date
on the Area 118 prospect totals 22
exploration holes and more holes are planned. As previously reported Area 118 is a large system,
measuring more than 500m by 200m in aerial extent, and is located immediately
adjacent to Area 2 on its southwest margin. Prior to Sherwood Copper, only two holes
were ever drilled in this area. Both suggested that the mineralization
discovered and tested by Sherwood Copper last year at Area 2 was also
present at Area 118.
Drilling at Area 118 is targeted on a
persistent, north-dipping horizon, provisionally named Area 118M. It is situated between 160m to 215m below
surface in the area tested and drilling typically intersects one or more additional mineralized intervals above the principal horizon, including some very thick
intersections of nearer surface but generally more moderate grade
mineralization. The Area 118 system
has been traced up to the southwest margin of Area 2, where Sherwood?s original
geologic model suggested that Area 2 and Area 118 are parts of the same system,
separated by either a fault or an open fold hinge. Preliminary interpretations of drilling to date now favours a fault
model in which the Area 118 mineralization is equivalent to the deeper Area 2
horizons that are now faulted upward and juxtaposed against upper Area 2 mineralization.
Drilling to date at Area 118 is very wide
spaced, varying from approximately
60-80m centres. Most Area 118
holes, up to and including hole 07SWC-193, concentrated on outlining the west
and north perimeters of mineralization, while holes 07SWC-199 and -200 targeted
southern areas. Located southwest
of ASARCO drill hole A139-74, these latter two holes indicate the
presence of higher grade
mineralization in that area. Hole
07SWC-199 intersected 10.7m of 1.78% copper and 0.77g/t gold, including 8.2m of
excellent grade material at 2.15% copper and 0.99g/t gold. Hole 07SWC-200
intersected 13.0m of 1.13% copper and 0.36g/t gold, including 4.0m of 2.44%
copper and 0.54 g/t gold. Based
upon these encouraging results, a fence of drill holes was placed 60m to the
west of the above mentioned holes and assay results are pending. Holes 07SWC-202 and -204, located
approximately 100m to the northeast
and southeast respectively of 07SWC-199, both intersected wide intervals of the
principal target horizon including
more than 10m of good grade material in the 1% copper range (see results table
below) indicating excellent infill potential in those
directions.
IROD
Four holes
were drilled at IROD to test a high amplitude IP chargeability anomaly where
there was no other data available. While multiple thick intersections of
foliated granodiorite were intersected, no significant copper ? gold
mineralization was encountered. Trace amounts of chalcopyrite and pyrite
were noted in drill core but are deemed insufficient to explain the Gradient IP
anomaly. The implications for this
area will be considered over the winter.
Minto Project
The Minto Project is a high-grade copper-gold
deposit located in the Yukon Territory of Canada. The mine development is complete and
first concentrates were produced at the end of May, 2007. Commissioning and production ramp up is
underway and full production is anticipated by the end of the third quarter of
2007.
Sherwood
Sherwood?s successful
consolidation of the ownership of the Minto Project provides a unique investment
opportunity ? participation in a high-grade, open pit copper-gold mine located
in Canada with tremendous exploration
potential on the property.
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.,
Exploration Manager with Sherwood.
The analytical
method for the copper, gold and silver analyses is multistage acid digestion of
the samples followed by atomic absorption spectroscopy for copper and fire assay
with atomic absorption spectroscopy finish for gold and silver carried out by
ALS Chemex in North
Vancouver.
When visible gold is noted in drill core samples or regular fire assay
values appear abnormally high, the pulp and screen metallic assay method is used
to determine the total gold content and gold contents of different size
fractions. This is considered industry best practice when dealing with coarse
gold mineralization where a nugget effect is suspected. This determination is
accepted as the most representative value and is used in the assay database for
resource calculations. Blank and standard samples are used for quality assurance
and quality control, and any check samples that assay outside the expected
ranges results in the entire batch being re-assayed. After the completion of planned drill
programs at Minto, random check assays will be carried out by Acme Analytical of
Vancouver.
Assay intervals
reported herein are drill core lengths unless otherwise stated. Because the deposit is 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.
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?
Stephen P.
Quin
President &
CEO
For further information please contact Stephen Quin, President of Sherwood Copper
Corp.
or Brad Kopp
or Kristy Reynolds at (604) 687-7545
or (888) 338-2200
** INTERNET ADDRESS: www.sherwoodcopper.com **
The TSX Venture Exchange has not reviewed and
does not accept responsibility for the adequacy or accuracy of this press
release. This news release may contain forward looking statements which are not
historical facts, such as ore reserve estimates, anticipated production or
results, sales, revenues, costs, or discussions of goals and exploration results, and involves a number of risks and uncertainties that could cause
actual results to differ materially from those projected. These risks and
uncertainties include, but are not limited to, metal price volatility,
volatility of metals production, project development, ore reserve estimates,
future anticipated reserves and cost engineering estimate risks, geological
factors and exploration results.
See the Company?s filings for a more detailed discussion of factors that
may impact expected results.
Details
of Drill Results
To
accompany Sherwood Copper News Release Dated September 19,
2007
Hole
ID
&
Target |
Interval
ID |
From
(m) |
To
(m) |
Interval
(m) |
Interval
(ft) |
Copper
(%) |
Gold
(g/t) |
Silver
(g/t) |
07SWC-192 |
Interval L |
60.8 |
64.8 |
4.1 |
13.4 |
1.08 |
0.08 |
2.1 |
?Area
2? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-193 |
|
36.4 |
57.4 |
21.0 |
68.9 |
0.88 |
0.08 |
1.1 |
?Area
118? |
Including |
36.4 |
39.8 |
3.4 |
11.2 |
2.84 |
0.04 |
2.4 |
|
Area 118M |
167.8 |
179.8 |
12.0 |
39.4 |
0.65 |
0.11 |
2.1 |
|
|
257.9 |
261.1 |
3.2 |
10.5 |
1.43 |
0.58 |
11.8 |
|
|
|
|
|
|
|
|
|
07SWC-194 |
|
70.9 |
92.2 |
21.3 |
69.9 |
0.43 |
0.07 |
1.3 |
?Area
118? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-195 |
|
13.9 |
16.4 |
2.5 |
8.2 |
1.03 |
0.44 |
pending |
?Area
118? |
|
85.7 |
94.1 |
8.4 |
27.6 |
0.54 |
0.09 |
3.5 |
|
|
145.6 |
151.3 |
5.7 |
18.7 |
0.51 |
0.00 |
3.2 |
|
|
|
|
|
|
|
|
|
07SWC-196 |
Geotechnical |
ASSAYS
PENDING |
?Area
2? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-197 |
Geotechnical |
Sample
collected for Bond Work Index Testing ? Area 2
Pre-feasibility |
?Area
2? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-198 |
Geotechnical |
Sample
collected for Bond Work Index Testing ? Area 2
Pre-feasibility |
?Area
2? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-199 |
Area 118M |
161.1 |
171.8 |
10.7 |
35.1 |
1.78 |
0.77 |
pending |
?Area
118? |
Including |
161.1 |
169.3 |
8.2 |
26.9 |
2.15 |
0.99 |
pending |
|
|
|
|
|
|
|
|
|
07SWC-200 |
|
96.1 |
102.7 |
6.6 |
21.7 |
0.75 |
0.10 |
2.4 |
?Area
118? |
Area 118M |
162.8 |
175.8 |
13.0 |
42.7 |
1.13 |
0.36 |
5.0 |
|
Including |
162.8 |
166.8 |
4.0 |
13.1 |
2.44 |
0.54 |
9.1 |
|
|
|
|
|
|
|
|
|
07SWC-201 |
Geotechnical |
ASSAYS
PENDING |
?Area
2? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-202 |
|
6.1 |
11.0 |
4.9 |
16.1 |
0.89 |
0.09 |
2.9 |
?Area
118? |
Including |
6.1 |
9.1 |
3.0 |
9.8 |
1.19 |
0.12 |
4.0 |
|
|
55.2 |
71.5 |
16.3 |
53.5 |
0.68 |
0.15 |
1.8 |
|
Including |
55.2 |
62.7 |
7.5 |
24.6 |
0.96 |
0.17 |
2.3 |
|
Area 118M |
172.5 |
187.7 |
15.2 |
49.9 |
0.97 |
0.26 |
3.8 |
|
|
|
|
|
|
|
|
|
07SWC-203 |
Area 118M |
181.8 |
195.6 |
13.8 |
45.2 |
0.48 |
0.13 |
1.8 |
?Area
118? |
|
211.1 |
217.6 |
6.5 |
21.2 |
0.62 |
0.11 |
1.7 |
|
|
|
|
|
|
|
|
|
07SWC-204 |
Area 118M |
157.7 |
174.2 |
16.6 |
54.4 |
0.70 |
0.18 |
1.8 |
?Area
118? |
Including |
162.2 |
169.7 |
7.5 |
24.6 |
0.97 |
0.27 |
2.1 |
|
|
|
|
|
|
|
|
|
07SWC-205 |
Geochemically
anomalous ? no significant intersections |
?Area
2? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-206 |
Geochemically
anomalous ? no significant intersections |
?Area
2? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-207 |
Geochemically
anomalous ? no significant intersections |
?IROD? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-208 |
Geochemically
anomalous ? no significant intersections |
?Area
2? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-209 |
Geochemically
anomalous ? no significant intersections |
?IROD? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-210 |
Geochemically
anomalous ? no significant intersections |
?IROD? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-211 |
ASSAYS
PENDING |
?Area
2? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-212 |
Geochemically
anomalous ? no significant intersections |
?IROD? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-213 |
|
99.9 |
104.0 |
4.1 |
13.4 |
2.79 |
0.93 |
pending |
?Airstrip
SW? |
|
164.0 |
177.9 |
13.9 |
45.7 |
0.50 |
0.08 |
pending |
|
|
186.3 |
189.4 |
3.1 |
10.3 |
5.75 |
1.88 |
pending |
|
|
|
|
|
|
|
|
|
07SWC-214 |
|
143.3 |
152.8 |
9.5 |
31.2 |
1.75 |
0.60 |
pending |
?Area
2? |
Including |
146.3 |
152.3 |
6.0 |
19.7 |
2.02 |
0.71 |
pending |
|
|
|
|
|
|
|
|
|
07SWC-215 |
|
176.7 |
182.6 |
6.0 |
19.6 |
1.00 |
0.13 |
pending |
?Airstrip
SW? |
|
201.0 |
207.6 |
6.7 |
21.8 |
0.83 |
0.23 |
pending |
|
|
226.5 |
230.0 |
3.5 |
11.5 |
0.55 |
0.19 |
pending |
|
|
|
|
|
|
|
|
|
07SWC-216 |
|
33.0 |
37.5 |
4.5 |
14.6 |
0.94 |
0.10 |
1.4 |
?Area
2? |
|
50.3 |
54.3 |
4.0 |
13.1 |
1.16 |
0.20 |
4.3 |
|
|
199.8 |
207.5 |
7.6 |
25.0 |
3.29 |
1.77 |
pending |
|
Including |
199.8 |
204.3 |
4.5 |
14.8 |
4.20 |
2.25 |
pending |
|
|
219.4 |
226.1 |
6.7 |
22.0 |
0.50 |
0.08 |
pending |
|
|
252.9 |
258.2 |
5.4 |
17.6 |
1.20 |
0.54 |
pending |
|
|
294.1 |
316.8 |
22.7 |
74.4 |
0.83 |
0.22 |
pending |
|
Including |
306.1 |
315.1 |
9.0 |
29.5 |
1.32 |
0.44 |
pending |
|
|
|
|
|
|
|
|
|
07SWC-217 |
|
71.2 |
77.8 |
6.6 |
21.8 |
1.96 |
1.11 |
9.9 |
?Copper Keel
S? |
Including |
74.7 |
77.8 |
3.1 |
10.2 |
2.65 |
1.70 |
10.9 |