- Published: 13 November 2008
- Written by Editor
Sherwood Increases Continuity of High Grade Copper Trend at Its Kutcho Copper Project
3.6% copper over 10.5m, including 6.4% copper over 5.0m in WK08-165 1.9% copper over 26.7m, including 3.8% copper over 6.7m in WK08-168 1.6% copper over 32.7m, including 3.2% copper over 6.5m in WK08-160
Sherwood Copper Corporation (TSX VENTURE: SWC)(TSX VENTURE: SWC.DB) today announced the fifth and final batch of assay results from its 2008 drill program at the high grade Kutcho Copper Project, located in north-western British Columbia. The 2008 program successfully infilled large data gaps within the previous "Main" deposit mineral resource, intersecting thick intervals of near surface, high-grade copper mineralization, with significant by-product values in zinc, silver and gold. The Main deposit is one of three massive sulphide deposits identified at Kutcho, which Sherwood controls through its wholly owned subsidiary, Kutcho Copper Corp.
Tabulated below are highlights of the last batch of assay results, while complete results for these six holes are attached. Results for previously reported holes are contained in news releases available on the company's website.
-----------------------------------------------------------------------
---
From To Interval Interval Copper Zinc Gold Silver
Hole ID (m) (m) (m) (ft) (%) (%) (g/t) (g/t)
--------------------------------------------------------------------------
WK08-160 115.0 147.7 32.7 107.3 1.60 1.40 0.28 27
--------------------------------------------------------------------------
including 137.7 144.2 6.5 21.3 3.18 1.02 0.43 54
--------------------------------------------------------------------------
WK08-165 59.2 69.7 10.5 34.4 3.64 3.98 1.72 64
--------------------------------------------------------------------------
including 62.0 67.0 5.0 16.4 6.45 5.63 3.34 121
--------------------------------------------------------------------------
WK08-168 101.3 128.0 26.7 87.6 1.93 1.56 0.27 28
--------------------------------------------------------------------------
including 112.0 117.5 5.5 18.0 2.62 0.92 0.35 41
--------------------------------------------------------------------------
and 121.3 128.0 6.7 22.0 3.84 3.84 0.33 52
--------------------------------------------------------------------------
"The 2008 program achieved its objective of defining a continuous, crescent shaped zone of thick, near surface, high grade copper mineralization with significant by-product values in zinc, silver and gold," said Stephen Quin, President and CEO of Sherwood Copper. "This drilling also provided additional data for a better open pit design and ample material for extensive metallurgical testing. By infilling large gaps in the previous Main deposit model, we expect to increase both the overall grade of the mineral resource and increase the classification for much of this resource," he said. Holes WK08-165 and -166 extend the high grade mineralization further westward, while holes WK08-160 and -168 infill two separate gaps in the high grade trend with thick intersections of excellent grade copper mineralization. "Our 2008 drill program has significantly improved the continuity of the high grade mineralization, which should result in a robust geological model and a high grade, near surface copper resource with significant zinc, gold and silver by-product values. This new resource estimation is expected before the end of the year," said Mr. Quin.
2008 Drill Program
Reporting of assay results for all seventy-eight (81 were collared but 3 were abandoned) 2008 exploration holes is now complete. Five additional drill holes were completed as groundwater monitoring wells in support of ongoing permitting activities. Two of these water wells intersected the Kutcho footwall VMS horizon that lies 100m to 120m stratigraphically beneath the Main deposit. One well, RK11 intersected 1.6 metres of 1.24% copper; 1.11g/t gold and 104g/t silver. This horizon represents a poorly tested exploration opportunity for future consideration.
Follow the first link below to view a long section displaying the result of all drilling to date, represented as a grade times thickness plot, pierce points for the 2008 drill holes are included for reference. The second link shows the same grade times thickness parameters without the 2008 drill data, provided for comparison purposes.
http://media3.marketwire.com/r/13Nov08swc2
http://media3.marketwire.com/r/13Nov08swc1
Kutcho Copper Project
Sherwood views Kutcho's high grade, near surface copper resources, with their substantial by-product credits of zinc, silver and gold, as a potential opportunity to develop an economically attractive open pit mining operation similar in scale to its Minto Mine. The previously announced Preliminary Economic Assessment ("PEA") set out a base case for development of the Kutcho Copper Project by focusing on the Main deposit, but outlined a number of opportunities to materially enhance the merits of the project. Sherwood is continuing the process of optimizing the Kutcho Copper Project by focusing on these opportunities, including the definition of higher grade resources. Further, there is additional upside potential from the possible exploitation of underground resources not considered in the PEA and through the discovery of additional deposits in this prospective volcanogenic massive sulphide terrain.
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 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, 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.
Details of Drill Results
To accompany Sherwood Copper News Release Dated November 13, 2008
--------------------------------------------------------------------------
From To Interval Interval Copper Zinc Gold Silver
Hole ID (m) (m) (m) (ft) (%) (%) (g/t) (g/t)
--------------------------------------------------------------------------
WK08-089
to 159 Previously Released
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-160 115.0 147.7 32.7 107.3 1.60 1.40 0.28 27.5
--------------------------------------------------------------------------
including 137.7 141.3 3.6 11.8 4.52 1.61 0.55 74.7
--------------------------------------------------------------------------
including 137.7 144.2 6.5 21.3 3.18 1.02 0.43 54.2
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-161
to 163 Previously Released
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-164 165.9 184.2 18.3 60.0 1.24 0.83 0.29 36.1
--------------------------------------------------------------------------
including 168.8 173.8 5.0 16.4 2.22 0.24 0.65 30
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-165 59.2 69.7 10.5 34.4 3.64 3.98 1.72 63.6
--------------------------------------------------------------------------
including 62.0 67.0 5.0 16.4 6.45 5.63 3.34 121.4
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-166 68.7 77.5 8.8 28.9 1.90 2.95 0.42 35.6
--------------------------------------------------------------------------
including 68.7 73.7 5.0 16.4 3.09 4.90 0.61 57.2
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-167 90.8 98.1 7.3 24.0 0.51 1.22 0.12 4.7
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-168 101.3 128.0 26.7 87.6 1.93 1.56 0.27 28.2
--------------------------------------------------------------------------
including 112.0 117.5 5.5 18.0 2.62 0.92 0.35 41.1
--------------------------------------------------------------------------
and 121.3 128.0 6.7 22.0 3.84 3.84 0.33 51.9
--------------------------------------------------------------------------
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
SOURCE: Sherwood Copper Corporation
http://www.sherwoodcopper.com
