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
January 14, 2008
#08-01
Sherwood Intersects High Grade Copper-Gold Mineralization
at Area 118 and Copper Keel, Minto
Mine
4.2% Cu over 5.1m at Area 118-Area 2 junction and 3.1% Cu
over 4.1m at Copper Keel
S.
VANCOUVER, BRITISH COLUMBIA -
Sherwood Copper Corporation (SWC: TSX-V)
today announced results for an additional 25 holes from its 101 hole drill
program completed in the fall of 2007
at the high grade Minto copper-gold mine in the Yukon. Highlights from the latest batch of
results include further confirmation of high grade copper-gold mineralization
where the Area 118 and Area 2 deposits join, further high grades from the Copper
Keel South prospect, and near surface
mineralization at the Ridgetop East and Ridgetop West prospects.
Highlights of these recent results are tabulated below, while complete
results for the latest 25 holes are attached.
Hole
ID |
Target |
Interval
|
From
(m) |
To
(m) |
Interval
(m) |
Interval
(ft) |
Copper
(%) |
Gold
(g/t) |
Silver
(g/t) |
07SWC-263 |
Area 118 |
118M |
230.3 |
240.4 |
10.1 |
33.1 |
2.45 |
0.96 |
9.5 |
including |
|
|
230.7 |
235.8 |
5.1 |
16.7 |
4.19 |
1.57 |
15.3 |
07SWC-243 |
Copper
K. |
CK |
68.2 |
72.3 |
4.1 |
13.5 |
3.10 |
2.27 |
20.0 |
07SWC-241 |
Copper
K. |
CK |
88.2 |
90.3 |
2.1 |
6.9 |
2.84 |
1.79 |
16.7 |
07SWC-248 |
Ridgetop E |
|
1.7 |
27.6 |
25.9 |
85.0 |
0.57 |
0.06 |
1.3 |
including |
|
|
1.7 |
6.2 |
4.5 |
14.8 |
2.06 |
0.09 |
3.6 |
07SWC-252 |
Ridgetop W |
|
8.0 |
31.4 |
23.4 |
76.8 |
0.64 |
0.65 |
4.1 |
including |
|
|
27.2 |
31.4 |
4.2 |
13.8 |
1.93 |
1.21 |
6.1 |
?Sherwood?s
successful 2007 exploration program continues to deliver high grades from a
variety of targets,? said Stephen
Quin, Sherwood?s President & CEO. ?Especially encouraging
are the high grade results on the northeast side of Area 118, where it joins the
Area 2 deposit, indicating potential for a contiguous zone of higher grade
mineralization.? A recently
completed positive Pre-feasibility Study (PFS) on Area 2 did not incorporate any
of the very positive drill intersections from 2007. The discovery of Area 118,
immediately adjacent to Area 2, is very exciting since it offers further potential beyond that set out in the PFS.
?Beyond Area 118,
Sherwood?s exploration crew also discovered near surface, high grade
mineralization at Copper Keel, and identified shallowly buried mineralization at
Ridgetop West and Ridgetop East,? said Mr. Quin. ?Each of these areas has the potential
to provide additional near surface
resources beyond those considered in the recently released pre-feasibility
study.?
Sherwood anticipates reporting the remaining
assays from the 2007 drill program near the end of January, 2008. Geology models for new NI 43-101
compliant mineral resource estimates are currently under construction and
planning for a significant 2008 exploration program has already begun.
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. Including this announcement, results for
92 holes have now been released and those for 9 additional holes are
pending.
The objective
of the 2007 exploration program was
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, 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 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:
www.sherwoodcopper.com/i/pdf/2008-01-14PriorityExplorationCorridor.pdf
and http://www.sherwoodcopper.com/i/pdf/Gradient-Array-IP-Sept07.pdf).
This release includes assay results for
exploration holes at Airstrip Central (1 hole); Airstrip Southwest (3 holes);
Area 118 (3 holes), Copper Keel South (3 holes); Ridgetop East (13 holes) and
Ridgetop west (2 holes). For current drill hole locations, please
view the accompanying map:
(www.sherwoodcopper.com/i/pdf/2008-01-14Phase2DHLocationMap.pdf).
Minto Project
The Minto project encompasses 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.
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.