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
October 29, 2007
#07-31
Sherwood Intersects High Grade Copper-Gold Mineralization
at Area 118 & Area 2, Minto
Mine
3.1% Copper over 15m at Area 2; 3.4% Copper over 9.1m and
3.3% Copper over 6.6m at Area
118
VANCOUVER, BRITISH COLUMBIA -
Sherwood Copper Corporation (SWC: TSX-V)
today announced that the 2007 exploration drill program at its high grade Minto copper-gold mine in
the Yukon is complete, with 102 holes drilled in 2007. Results for 56 holes have now been
released and the results for 46 additional holes are pending due to backlogs in
the assay lab. Highlights from the
latest batch of results received include confirmation of a higher grade core
within the recently discovered Area 118 deposit, as well as high grade
intercepts where the Area 118 and Area 2 deposits meet. Highlights of the results are tabulated
below, while complete results for the latest nine holes are attached.
Hole
ID |
Target |
Interval
ID |
From
(m) |
To
(m) |
Interval
(m) |
Interval
(ft) |
Copper
(%) |
Gold
(g/t) |
Silver
(g/t) |
07SWC-220 |
Area 2 / Area
118 |
Interval
O |
187.7 |
190.8 |
3.1 |
10.2 |
3.77 |
1.46 |
21.4 |
|
|
Interval P |
244.1 |
259.1 |
15.0 |
49.2 |
3.09 |
1.03 |
10.1 |
|
|
Including |
244.1 |
249.5 |
5.4 |
17.7 |
4.29 |
1.38 |
13.5 |
|
|
|
|
|
|
|
|
|
|
07SWC-226 |
Area
118 |
|
32.6 |
36.2 |
3.6 |
11.8 |
2.12 |
0.50 |
6.0 |
|
|
118M |
156.2 |
165.3 |
9.1 |
29.9 |
3.40 |
0.87 |
9.3 |
|
|
Including |
160.6 |
165.3 |
4.7 |
15.4 |
5.33 |
1.33 |
15.3 |
|
|
118M
Splay |
175.7 |
182.3 |
6.6 |
21.7 |
3.33 |
0.82 |
11.1 |
|
|
Including |
178.7 |
181.1 |
2.4 |
7.9 |
4.44 |
0.87 |
11.65 |
?This has been
another great year of discovery at Sherwood?s high grade Minto copper-gold mine
in the Yukon,?
said Stephen Quin, Sherwood?s
President & CEO. ?Our
exploration team continues to deliver successes and these high grade
intersections at the Area 118 and Area 2 discoveries are particularly
encouraging, given their proximity to
the potential development at Area 2.
Our objective is to have an independent pre-feasibility study on Area 2 and a further mill
expansion issued in November 2007.
The pre-feasibility study is
based on the Area 2 resources as we knew them at the end of 2006. Our 2007 exploration results indicate
that there could be significant opportunities for upside beyond what will be
defined in the study, once we update our resource estimates and follow up on
some of our 2007 discoveries in 2008.?
Sherwood will report the remainder of the
2007 drill results over the next 2-3 months, as they become available, and will
use this information to complete new NI 43-101 compliant mineral resource
estimates and lay out the priorities
for a significant 2008 exploration program to follow up on the exciting 2007
discoveries. ?Our 2007
program has opened up some
significant new exploration opportunities with considerable upside potential
and, most importantly, we have laid the ground work for a very interesting 2008
when we will see where we can take these new discoveries,? said Mr.
Quin.
2007 Drill Program
At 23,618 metres of drilling, the 102-hole
campaign was more than 40% larger than originally budgeted, a direct result of
the significant discoveries made during 2007. Results for 56 holes have now been
released and those for 46 additional holes are pending as a result of backlogs
in the assay lab.
The objective
for the 2007 exploration program was
partly to more fully define the limits of the Area 2 deposit and provide technical information for the pre-feasibility study, but mostly to broadly test a
wide swath of the Minto property to
the south and west of, and between, the Minto and Area 2 deposits. These are all areas where
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 92 holes were drilled for exploration
purposes. Significant new discoveries
were made in the Area 118, Copper Keel and Airstrip areas, and in the Gap
between the Minto Mine and Area 2.
All of 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/2007-10-30PriorityExplorationCorridor.pdf
and http://www.sherwoodcopper.com/i/pdf/Gradient-Array-IP-Sept07.pdf).
This release includes assay results for
exploration holes at Area 2 (3 holes), Area 118 (1 hole), Airstrip SW (3 holes)
and two geotechnical holes at Area 2. For current drill hole locations, please
view the accompanying map: (http://www.sherwoodcopper.com/i/pdf/2007-10-30Phase2DHLocationMap.pdf).
Minto Project
The Minto Mine is a high-grade open pit
copper-gold deposit located in the Yukon Territory of Canada. Sherwood
acquired the Minto project 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.
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 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..
SHERWOOD COPPER
CORPORATION
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 |
5 |
6 |
Airstrip
C. |
0 |
2 |
2 |
0 |
2 |
Area
2 |
0 |
8 |
8 |
8 |
0 |
Area
118 |
0 |
29 |
29 |
15 |
14 |
Copper
Keel S. |
0 |
4 |
4 |
1 |
3 |
Gap |
6 |
0 |
6 |
6 |
0 |
IROD |
0 |
4 |
4 |
4 |
0 |
Ridgetop
E |
0 |
25 |
25 |
7 |
18 |
Ridgetop
W |
0 |
3 |
3 |
0 |
3 |
|
6 |
86 |
92 |
46 |
46 |
Geotech
/ Met Holes |
|
|
|
|
|
Area
2 |
|
5 |
5 |
5 |
0 |
Minto |
5 |
|
5 |
5 |
0 |
|
5 |
5 |
10 |
10 |
0 |
Summary
All Holes |
|
|
|
|
|
#
of Holes |
10 |
92 |
102 |
56 |
46 |
#
of Metres |
2,701 |
20,917 |
23,618 |
|
|
Details
of Drill Results
To
accompany Sherwood Copper News Release Dated October 29,
2007
Hole
ID
&
Target |
Interval
ID |
From
(m) |
To
(m) |
Interval
(m) |
Interval
(ft) |
Copper
(%) |
Gold
(g/t) |
Silver
(g/t) |
07SWC-169 to 195 |
|
Holes 07SWC-169 To
07SWC-195 Previously Released |
|
|
|
|
|
|
|
|
|
07SWC-196 |
Geotechnical |
96.8 |
106.6 |
9.8* |
32.1 |
0.68 |
0.07 |
2.0 |
?Area
2? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-197 to 200 |
|
Holes 07SWC-197 To 07SWC-200 Previously
Released |
|
|
|
|
|
|
|
|
|
07SWC-201 |
Geotechnical |
32.1 |
57.9 |
25.8* |
84.6 |
0.66 |
0.12 |
1.9 |
?Area
2? |
|
92.0 |
109.7 |
17.7* |
58.1 |
1.02 |
0.24 |
3.9 |
|
Including |
92.0 |
95.4 |
3.4* |
11.1 |
2.16 |
0.54 |
10.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-202 to 210 |
|
Holes 07SWC-202 To 07SWC-210 Previously
Released |
|
|
|
|
|
|
|
|
|
07SWC-211 |
Interval L |
80.7 |
97.2 |
16.5 |
54.1 |
0.47 |
0.03 |
0.9 |
?Area
2? |
Interval M |
142.6 |
147.2 |
4.6 |
15.1 |
0.84 |
0.41 |
3.26 |
|
|
265.4 |
277.5 |
12.1 |
39.7 |
0.63 |
0.19 |
1.7 |
|
|
|
|
|
|
|
|
|
07SWC-212 to 217 |
|
Holes 07SWC-212 To
07SWC-217 Previously Released |
|
|
|
|
|
|
|
|
|
07SWC-218 |
|
61.9 |
67.7 |
5.8 |
19.0 |
1.12 |
0.11 |
2.52 |
?Area
2? |
|
135.7 |
142.9 |
7.2 |
23.6 |
1.18 |
0.41 |
4.7 |
|
|
261.3 |
264.8 |
3.5 |
11.5 |
1.16 |
0.25 |
4.52 |
|
|
301.7 |
317.0 |
15.3 |
50.2 |
0.81 |
0.21 |
2.4 |
|
|
|
|
|
|
|
|
|
07SWC-219 |
|
183.3 |
199.8 |
16.5 |
54.1 |
0.43 |
0.07 |
1.0 |
?Airstrip
SW? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-220 |
|
65.9 |
98.8 |
32.9 |
107.9 |
0.43 |
0.09 |
1.1 |
?Area
2? |
|
187.7 |
190.8 |
3.1 |
10.2 |
3.77 |
1.46 |
21.4 |
|
|
244.1 |
259.1 |
15.0 |
49.2 |
3.09 |
1.03 |
10.1 |
|
Including |
244.1 |
249.5 |
5.4 |
17.7 |
4.29 |
1.38 |
13.5 |
|
|
276.9 |
300.8 |
23.9 |
78.4 |
0.66 |
0.17 |
2.4 |
|
Including |
290.2 |
299.4 |
9.2 |
30.2 |
0.95 |
0.27 |
3.61 |
|
|
|
|
|
|
|
|
|
07SWC-221 |
ASSAYS
PENDING |
?Airstrip
SW? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-222 |
ASSAYS
PENDING |
?Area
118? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-223 |
Geochemically anomalous ? no significant
intersections |
?Airstrip
SW? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-224 |
ASSAYS
PENDING |
?Area
118? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
07SWC-225 |
|
175.8 |
194.0 |
18.2 |
59.7 |
0.64 |
0.08 |
1.0 |
?Airstrip
SW? |
Including |
183.4 |
190.9 |
7.5 |
24.6 |
0.82 |
0.10 |
1.4 |
|
|
|
|
|
|
|
|
|
07SWC-226 |
|
32.6 |
36.2 |
3.6 |
11.8 |
2.12 |
0.50 |
6.0 |
?Area118? |
|
51.3 |
55.4 |
4.1 |
13.4 |
0.95 |
0.17 |
2.8 |
|
|
83.2 |
95.5 |
12.3 |
40.3 |
0.46 |
0.06 |
1.2 |
|
Area118M |
156.2 |
165.3 |
9.1 |
29.9 |
3.40 |
0.87 |
9.3 |
|
Including |
160.6 |
165.3 |
4.7 |
15.4 |
5.33 |
1.33 |
15.3 |
|
Area118M
Splay |
175.7 |
182.3 |
6.6 |
21.7 |
3.33 |
0.82 |
11.1 |
|
Including |
178.7 |
181.1 |
2.4 |
7.9 |
4.44 |
0.87 |
11.65 |
*
These holes were angled to collect geotechnical data for pit wall design for the
Area 2 pre-feasibility study. The
estimated true thickness is approximately 85% of the core
interval.