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
February 13, 2008
#08-05
Sherwood Intersects High Grade Copper-Gold Mineralization
in 4 Separate Targets at the Minto
Mine
*4.7% Cu over
5.4m * 3.8% Cu over 7.3m * 2.7% Cu over 10.3m * 2.4% Cu over 6.0m * 2.1% Cu over
7.5m*
VANCOUVER, BRITISH COLUMBIA -
Sherwood Copper Corporation (SWC: TSX-V)
today announced results for the final nine holes from its 101-hole 2007 drill
program at the high grade Minto
copper-gold mine in the Yukon. Highlights include the recognition of a
significant opportunity to expand near surface resources at Area 2, further
confirmation of high grade copper-gold mineralization at Area 118 and Ridgetop
East, as well as a new discovery of near surface, high grade mineralization at
Ridgetop West. Highlights of these
recent results are tabulated below, while complete results for these final nine
holes of the 2007 program are
attached.
Hole
ID |
Target |
Interval
|
From
(m) |
To
(m) |
Interval
(m) |
Interval
(ft) |
Copper
(%) |
Gold
(g/t) |
Silver
(g/t) |
07SWC-234 |
Area
118 |
A118M |
204.3 |
211.6 |
7.3 |
24.0 |
3.83 |
1.84 |
13.7 |
07SWC-240 |
Ridgetop
W. |
New(1) |
103.9 |
114.2 |
10.3 |
33.8 |
2.72 |
1.37 |
9.9 |
including |
|
|
106.9 |
112.2 |
5.2 |
17.1 |
3.47 |
1.57 |
12.2 |
07SWC-251 |
Ridgetop
E. |
|
72.0 |
96.3 |
24.3 |
79.7 |
1.00 |
0.35 |
2.6 |
including |
|
|
72.0 |
79.5 |
7.5 |
24.6 |
2.08 |
0.81 |
5.0 |
07SWC-257 |
Area
118 |
|
297.8 |
319.3 |
21.5 |
70.5 |
1.59 |
0.90 |
5.5 |
including |
|
|
310.5 |
315.9 |
5.4 |
17.7 |
4.66 |
2.97 |
15.4 |
07SWC-269 |
Area 2 |
L |
37.2 |
51.1 |
13.8 |
45.3 |
1.29 |
0.34 |
4.5 |
including |
|
L |
45.1 |
51.1 |
6.0 |
19.7 |
2.45 |
0.69 |
9.4 |
|
|
M |
88.0 |
93.3 |
5.3 |
17.4 |
2.17 |
0.65 |
9.1 |
(1) This is a new discovery
with an inclined hole. There is insufficient data to calculate a true thickness,
however using a similar geometry to mineralized horizons found elsewhere on the
property it is assumed to be
approximately 70% of the intersected
interval.
?This is an
excellent finish to a very successful 2007 exploration program, with four targets delivering high grade
results over significant intervals,? said Stephen
Quin, Sherwood?s President & CEO. ?Especially encouraging is hole
07SWC-269, where shallow, high grade mineralization was found in close
proximity to the Area 2 reserves
included in the recent Pre-feasibility Study (PFS). Hole 07SWC-269 stepped out more than
110m to the southeast of the nearest 2006 Sherwood hole used in the Area 2 PFS,
opening up the potential for a near surface expansion of the Area 2 deposit.
The good grades and shallow depths
of this mineralization in an area immediately adjacent to the positive PFS make
this a high priority target for drill
testing in 2008 and could lead to potential resource expansions,? said Mr.
Quin.
?Further, the
discovery of near surface, high grade mineralization at Ridgetop West
illustrates the potential for new near-surface discoveries at Minto,? said Mr.
Quin, ?while the continued high grade intercepts in Area 118 and Ridgetop East
enhance the potential of those areas to add significant resources to the Minto
Mine, beyond those previously
announced. In addition to near
surface mineralization, we are steadily building up an inventory of deeper high
grade intersections at the Minto Mine that opens up the vertical dimension to
this highly prospective
property, a dimension that has
received little exploration attention in the past,? he added.
Geology models to support new NI 43-101
compliant mineral resource estimates incorporating the results of the 2007
drilling are currently under construction, while planning for a significant 2008
exploration program is well advanced,
with drilling expected to recommence within a month.
2007 Drill Program
At 23,292
metres of drilling, the 101-hole campaign was more than 40% larger than
originally budgeted, a direct result of the significant discoveries made during
2007. The objective of the 2007
exploration program was firstly to
more fully define the limits of the Area 2 deposit and provide technical information for the PFS, but mostly
to broadly test a wide swath of the Minto property to the south, west and between the Minto and
Area 2 deposits. These are areas
where various combinations of prior
drilling, geophysics and Sherwood?s geological interpretation suggested potential for the discovery of
further high grade copper-gold mineralization.
In the 2007
program, ten holes were
drilled for geotechnical and metallurgical purposes; five in the Minto pit and
five at the Area 2 deposit, while 91 holes were drilled for exploration
purposes. Significant new discoveries
were made in the 2007 at the Area 118, Copper Keel, Airstrip and Ridgetop
prospects and in the Gap between the
Minto Mine and Area 2.
These
prospects are discussed in
more detail in the March 5, 2007 news
release and are
identified on the accompanying maps:
www.sherwoodcopper.com/i/pdf/2008-02-13PriorityExplorationCorridor.pdf
and http://www.sherwoodcopper.com/i/pdf/Gradient-Array-IP-Sept07.pdf).
This release includes holes from the following areas: Area 118 (5); Area 2 (1); Central
Airstrip (1); East Ridgetop (1); and West Ridgetop (1). For current drill hole locations, please view
the accompanying map: (www.sherwoodcopper.com/i/pdf/2008-02-13Phase2DHLocationMap.pdf).
Minto Mine
The Minto project encompasses a number of high-grade
copper-gold deposits located in the Yukon Territory of Canada. Sherwood
acquired the original Minto deposit in June 2005 and, in just two years from its
acquisition, completed a bankable feasibility study, arranged project financing, and built a $100 million open pit
copper-gold mine. Commercial
production commenced on October 1,
2007. In parallel with these development
activities, Sherwood has been running an exceptionally successful exploration
program that has resulted in multiple
discoveries of high grade copper-gold mineralization across its Minto Mine
property. A recent pre-feasibility study indicates how production at the Minto Mine could be increased as a
result of exploration successes related to just the Area 2 discovery in
2006. Subsequent discoveries in
2007 are now being evaluated.
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
upside. Aggressive exploration, in
parallel with successful mine development and operations, provides Sherwood the opportunity to grow from within
through resource and reserve additions in pursuit of further production expansions. Sherwood plans to continue this "growth
from within" strategy, along with further operational optimizations and the
pursuit of merger & acquisition opportunities, in its relentless pursuit of
value.
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 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?
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.
2007 Drill
Statistics ? Minto Property
|
Phase
I |
Phase
II |
Total |
Status |
Drill Area and Type of
Hole |
Feb -
April |
May -
Oct |
2007 |
Assay Data
Released |
Assay Data
Pending |
Exploration
Holes |
|
|
|
|
|
Airstrip
SW |
0 |
11 |
11 |
11 |
0 |
Airstrip
C. |
0 |
2 |
2 |
2 |
0 |
Area
2 |
0 |
9 |
9 |
9 |
0 |
Area
118 |
0 |
27 |
27 |
27 |
0 |
Copper
Keel S. |
0 |
4 |
4 |
4 |
0 |
Gap |
6 |
0 |
6 |
6 |
0 |
IROD |
0 |
4 |
4 |
4 |
0 |
Ridgetop
E |
0 |
25 |
25 |
25 |
0 |
Ridgetop
W |
0 |
3 |
3 |
3 |
0 |
|
6 |
85 |
91 |
91 |
0 |
Geotech
/ Met Holes |
|
|
|
|
|
Area
2 |
|
5 |
5 |
5 |
0 |
Minto |
5 |
|
5 |
5 |
0 |
|
5 |
5 |
10 |
10 |
0 |
Summary
All Holes |
|
|
|
|
|
#
of Holes |
11 |
90 |
101 |
101 |
0 |
#
of Metres |
2,701 |
20,591 |
23,292 |
|
|
Details
of Drill Results
To
accompany Sherwood Copper News Release Dated February 13,
2008
Hole
ID
&
Target |
Interval
ID |
From
(m) |
To
(m) |
Interval
(m) |
Interval
(ft) |
Copper
(%) |
Gold
(g/t) |
Silver
(g/t) |
07SWC-234 |
|
204.3 |
211.6 |
7.3 |
24.0 |
3.83 |
1.84 |
13.7 |
?Area
118? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-236 |
|
62.6 |
85.3 |
22.7 |
74.5 |
0.63 |
0.14 |
2.1 |
?Area
118? |
including |
74.4 |
84.0 |
9.6 |
31.5 |
1.03 |
0.19 |
3.0 |
|
including |
80.8 |
82.8 |
1.9 |
6.2 |
3.33 |
0.47 |
10.2 |
|
|
184.1 |
192.4 |
8.3 |
27.2 |
0.99 |
0.25 |
3.2 |
|
|
|
|
|
|
|
|
|
07SWC-239 |
|
99.6 |
100.7 |
1.1 |
3.6 |
1.08 |
0.04 |
0.6 |
?Airstrip
C? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-240 |
|
8.1 |
14.0 |
5.9 |
19.4 |
0.70 |
0.12 |
1.4 |
?Ridgetop
W? |
|
41.8 |
49.3 |
7.4 |
24.3 |
0.74 |
0.01 |
0.1 |
|
|
103.9 |
114.2 |
10.3 |
33.8 |
2.72 |
1.37 |
9.9 |
|
including |
106.9 |
112.2 |
5.2 |
17.1 |
3.47 |
1.57 |
12.2 |
|
|
|
|
|
|
|
|
|
07SWC-251 |
|
38.8 |
45.8 |
7.0 |
23.0 |
0.63 |
0.06 |
0.3 |
?Ridgetop
E? |
|
72.1 |
96.3 |
24.3 |
79.7 |
1.00 |
0.35 |
2.6 |
|
including |
72.0 |
79.5 |
7.5 |
24.6 |
2.08 |
0.81 |
5.0 |
|
|
113.1 |
118.5 |
5.5 |
18.0 |
0.98 |
0.21 |
2.7 |
|
|
|
|
|
|
|
|
|
07SWC-257 |
|
74.9 |
103.9 |
29.0 |
95.1 |
0.46 |
0.10 |
1.2 |
?Area
118? |
including |
90.0 |
103.9 |
13.9 |
45.6 |
0.64 |
0.15 |
1.8 |
|
|
297.8 |
319.3 |
21.5 |
70.5 |
1.59 |
0.90 |
5.5 |
|
including |
310.5 |
315.9 |
5.4 |
17.7 |
4.66 |
2.97 |
15.4 |
|
|
|
|
|
|
|
|
|
07SWC-259 |
|
51.2 |
60.2 |
9.0 |
29.5 |
0.44 |
0.05 |
1.0 |
?Area
118? |
|
69.6 |
73.3 |
3.7 |
12.1 |
0.55 |
0.12 |
2.3 |
|
|
125.0 |
138.0 |
13.0 |
42.7 |
0.83 |
0.12 |
2.0 |
|
including |
125.0 |
129.5 |
4.5 |
14.8 |
1.49 |
0.23 |
3.5 |
|
|
|
|
|
|
|
|
|
07SWC-267 |
|
21.3 |
29.1 |
7.8 |
25.6 |
0.76 |
0.10 |
0.9 |
?Area
118? |
|
95.0 |
108.5 |
13.5 |
44.3 |
0.45 |
0.04 |
0.8 |
|
|
320.0 |
342.6 |
22.6 |
74.1 |
0.40 |
0.14 |
1.8 |
|
|
|
|
|
|
|
|
|
07SWC-269 |
|
11.1 |
12.2 |
1.1 |
3.6 |
3.62 |
0.44 |
2.1 |
?Area
2? |
|
37.2 |
51.0 |
13.8 |
45.3 |
1.29 |
0.34 |
4.5 |
|
including |
45.1 |
51.1 |
6.0 |
19.7 |
2.45 |
0.69 |
9.4 |
|
|
88.0 |
93.3 |
5.3 |
17.4 |
2.17 |
0.65 |
9.1 |
|
|
108.8 |
111.1 |
2.3 |
7.5 |
0.83 |
0.15 |
2.2 |