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Sherwood Copper Corp.

Publié le 14 juillet 2008

Reports High Grade Intercepts from the Kutcho Drill Program

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Mots clés associés :   Canada | Copper | K Street | Precious Metals | Zinc |

 

SUITE 860 - 625 HOWE STREET ? VANCOUVER, BC  ? V6C 2T6  CANADA   TEL: (604) 687-7545  FAX: (604) 689-5041

PRESS RELEASE

FOR IMMEDIATE RELEASE 

 

July 14, 2008                                                                                                                                    #08-26

 

Sherwood Copper Reports High Grade Intercepts from the Kutcho Drill Program

Results to date confirm the high grade nature of this near surface polymetallic VMS deposit

 

VANCOUVER, BRITISH COLUMBIA - Sherwood Copper Corporation (SWC: TSX-V)  today announced the first batch of high grade assay results from the 2008 drill program at the Kutcho Deposit located in northwestern BC.  The 2008 drill program is designed help advance the project towards completion of a feasibility study.  Highlights of the recent results are tabulated below, while complete results for the first 13 holes of the 2008 program are attached.

 

Hole ID

 

From

(m)

To

(m)

Interval (m)

Interval (ft)

Copper (%)

Zinc

(%)

Gold (g/t)

Silver (g/t)

WK08-090

90..9

110.8

19.9

65.3

2.52

2.59

0.52

47.3

including

92..4

97..3

4.9

16.1

3.79

2.07

1.13

95.4

and

99..2

107.8

8.6

28.2

2.87

3.54

0.43

42.2

WK08-091

101.9

127.4

25..5

83..7

1.92

2.46

0.30

30..8

including

112.8

123.0

10.2

33.5

2.60

3.94

0.33

38.1

WK08-092

84..7

103.8

19..1

62..7

1.47

2.56

0.22

20..4

including

87..8

91..7

3.9

12.8

2.48

3.34

0.39

45.4

WK08-095

60..4

65..5

5.1

16.7

2.05

0.91

0.20

36.5

and

73..4

82..4

9.0

29..5

1.29

1.97

0.29

20..3

WK08-096

6.2

14..9

8.7

28..5

0.50

0.96

0.14

10..7

and

33..8

55..5

21..7

71..2

1.96

2.47

0.38

26..9

including

33..8

36..1

2.3

7.5

4.91

3.49

1.92

96.9

and

45..1

49..6

4.5

14.8

3.23

1.04

0.28

38.0

WK08-105

118.9

138.5

19.6

64.3

2.13

4.22

0.40

30.6

including

120.8

124.1

3.3

10.8

4.68

4.15

0.79

60.9

 

?We continue to advance the Kutcho project towards a feasibility study,? said Stephen Quin, President & CEO of Sherwood Copper.  ?These drill results are part of a multifaceted work program that builds off the recommendations of the recently completed preliminary economic assessment.  These drill results help better define the resource in the ?Main? deposit, and especially the higher grade trends within that deposit, which should assist in mine design.  The intersection of such excellent thicknesses with very good copper grades, plus significant zinc, silver and gold by-products is very encouraging.?

 

The 2008 drill program was undertaken in order to increase confidence in the mineral resources that comprise the bulk of the ?Main? deposit, to infill gaps in the previous resource model, test potential along open high grade trends within the Main deposit and to provide ample sample material for an extensive metallurgical program, all in support of advancing the Kutcho Project toward completion of a feasibility study.  The Main deposit is one of three known mineral deposits comprising the Kutcho Project and is the one focused on in the Preliminary Economic Assessment (?PEA?), the results for which were announced on June 12, 2008.  The PEA identified a number of opportunities to significantly enhance the project economics versus those set out in the PEA, with increased resources within the production model and improved metallurgical recoveries being two of the most significant. The current drill program is therefore assisting in advancing both of these opportunities to a resolution.

 

The metallurgical program is already underway at SGS Lakefield, with initial testing utilizing previously drilled drill core.  The core generated from the 2008 drill program will be used for continued testing in support of a feasibility study.  The 2008 drilling, on-going metallurgical test work and other activities will be instrumental in determining the best ?fit for purpose? mill design and milling capacity for the Kutcho Project.

 

Drill Program

To date in the 2008 drill program, 7,024 metres of drilling have been completed in 61 holes.  Full assay results have been received for 13 holes, while final results are pending on the remaining 48 holes. The drill program is still in progress and is expected to be completed near the end of July.

 

Diagrams

Kutcho Drill Program ? Kutcho Long Section (?Looking North?) ?

http://www.sherwoodcopper.com/i/maps/kutcho/2008-07-14KutchoLongSection.jpg

 

Kutcho Copper Project

Sherwood, through its wholly owned subsidiary Kutcho Copper Corp., aims to define and develop a robust high grade, open pit copper mine at Kutcho.  The previously announced PEA sets out a base case for development at Kutcho, but outlined a number of opportunities to materially enhance the merits of project and Sherwood, is continuing its process of optimizing the Kutcho Project based on these opportunities. 

 

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 Kutcho Project site are carried out under the supervision of Brad Mercer, P. Geol., and V.P. Exploration with Sherwood.

 

The analytical method for copper, zinc and silver includes aqua regia digestion followed by ICP-AES (atomic emission spectroscopy). If either copper or zinc reports over 2500ppm (0.25%), ore grade analysis is conducted for copper, zinc and silver. Gold is measured using fire assay followed by atomic absorption spectroscopy. When visible gold is noted in drill core samples or regular fire assay 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. All analytical work is carried out by ALS Chemex in North Vancouver.  Blanks and standard reference materials are used for quality assurance and quality control.  If more than two check samples assay outside the expected ranges, the entire work order is re-assayed.  After the completion of planned drill programs at Kutcho, random check assays will be carried out by Acme Analytical of Vancouver.

 

Additional Information

Additional information on Sherwood and its Minto & Kutcho projects 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 Chris Curran 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.

 

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.

 


Details of Drill Results

To accompany Sherwood Copper News Release Dated July 15, 2008

 

Hole ID

 

From

(m)

To

(m)

Interval (m)

Interval (ft)

Copper (%)

Zinc

(%)

Gold (g/t)

Silver (g/t)

WK08-088

Abandoned

 

 

 

 

 

 

 

 

 

WK08-089

84..9

110.3

25..4

83..3

1.40

3.89

0.24

19..9

 

 

 

 

 

 

 

 

 

WK08-090

90..9

110.8

19..9

65..3

2.52

2.59

0.52

47..3

including

92..4

97..3

4.9

16..1

3.79

2.07

1.13

95..4

and

99..2

107.8

8.6

28..2

2.87

3.54

0.43

42..2

 

 

 

 

 

 

 

 

 

WK08-091

101.9

127.4

25..5

83..7

1.92

2.46

0.30

30..8

including

112.8

123.0

10..2

33..5

2.60

3.94

0.33

38..1

 

 

 

 

 

 

 

 

 

WK08-092

84..7

103.8

19..1

62..7

1.47

2.56

0.22

20..4

including

87..8

91..7

3.9

12..8

2.48

3.34

0.39

45..4

 

 

 

 

 

 

 

 

 

WK08-093

52..8

70..3

17..5

51..4

0.77

0.74

0.12

9.3

including

63..4

70..3

6.9

22..6

1.42

1.57

0.17

12..9

 

 

 

 

 

 

 

 

 

WK08-094

28..4

30..0

1.6

5.2

1.28

0.15

0.14

16..1

 

 

 

 

 

 

 

 

 

WK08-095

60..4

65..5

5.1

16..7

2.05

0.91

0.20

36..5

and

73..4

82..4

9.0

29..5

1.29

1.97

0.29

20..3

 

 

 

 

 

 

 

 

 

WK08-096

6.2

14..9

8.7

28..5

0.50

0.96

0.14

10..7

and

33..8

55..5

21..7

71..2

1.96

2.47

0.38

26..9

including

33..8

36..1

2.3

7.5

4.91

3.49

1.92

96..9

and

45..1

49..6

4.5

14..8

3.23

1.04

0.28

38..0

 

 

 

 

 

 

 

 

 

WK08-097

68..0

77..2

9.2

30..2

0.61

0.38

0.16

12..1

and

82..7

87..4

4.7

15..4

1.37

3.67

0.18

15..0

 

 

 

 

 

 

 

 

 

WK08-098

97..7

108.5

10..8

35..4

1.03

2.59

0.16

15..5

 

 

 

 

 

 

 

 

 

WK08-099

83..7

98..2

14..6

47..9

Preliminary Data Only - Final Assays Pending

 

 

 

 

 

 

 

 

 

WK08-100

90..3

108.8

18..5

60..7

Preliminary Data Only  - Final Assays Pending

 

 

 

 

 

 

 

 

 

WK08-101

100.0

123.6

23..6

77..4

Preliminary Data Only  - Final Assays Pending

 

 

 

 

 

 

 

 

 

WK08-102

18..5

32..3

13..8

45..3

0.68

1.41

0.16

10..4

 

 

 

 

 

 

 

 

 

WK08-103

122.9

138.7

15..8

51..8

Preliminary Data Only  - Final Assays Pending

 

 

 

 

 

 

 

 

 

WK08-104

34..7

48..9

14..2

46..6

Preliminary Data Only  - Final Assays Pending

 

 

 

 

 

 

 

 

 

WK08-105

118.9

138.5

19..6

64..3

2.13

4.22

0.40

30..6

including

120.8

124.1

3.3

10..8

4.68

4.15

0.79

60..9

 

 

 

 

 

 

 

 

 

WK08-106 to 112 & 115

 

Preliminary Data Only  - Final Assays Pending

 

 

 

WK08-116 to 148

 

All assay data pending

 

Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Sherwood Copper Corp.

CODE : SWC.V
CUSIP : 82442N 103
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Sherwood Copper est une société développant des projet miniers de cuivre basée au Canada.

Sherwood Copper est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 56,5 millions CA$ (46,4 millions US$, 36,8 millions €).

La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2007 à 8,26 CA$, et son plus bas niveau récent le 21 novembre 2008 à 1,01 CA$.

Sherwood Copper possède 53 853 000 actions en circulation.

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