Sherwood Copper Corporation (TSX VENTURE: SWC)(TSX VENTURE: SWC.DB)
today announced the third batch of assay results from its 2008
drill program at the high grade Kutcho Copper Project, located in
north-western British Columbia. This program is defining high grade
mineralization in the "Main" deposit, one of three massive sulphide
deposits identified at Kutcho, which Sherwood controls through its
wholly owned subsidiary, Kutcho Copper Corp.
Highlights from this latest batch of eight holes are tabulated
below, while complete results are attached. Results for previously
reported holes are in news releases dated July 14 and September 2,
2008, which are available on the company's webpage.
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From To Interval Interval Copper Zinc Gold Silver
Hole ID (m) (m) (m) (ft) (%) (%) (g/t) (g/t)
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WK08-139 101.5 130.6 29.1 95.5 1.82 2.38 0.37 23.1
--------------------------------------------------------------------------
including 102.0 124.5 22.4 73.5 2.04 3.12 0.43 27.0
--------------------------------------------------------------------------
WK08-140 108.2 129.1 20.9 68.6 1.67 2.33 0.26 24.2
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including 108.2 115.0 6.8 22.3 2.18 4.27 0.32 30.8
--------------------------------------------------------------------------
WK08-142 114.0 132.5 18.5 60.7 2.31 2.20 0.35 31.1
--------------------------------------------------------------------------
including 114.9 119.8 4.9 16.1 3.21 2.72 0.51 43.7
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WK08-143 122.1 134.4 12.3 40.3 2.20 3.25 0.37 39.5
--------------------------------------------------------------------------
including 122.1 130.4 8.3 27.2 2.81 4.63 0.45 51.2
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WK08-144 141.9 161.1 19.3 63.3 2.47 1.81 0.25 30.0
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including 152.8 161.1 8.3 27.2 3.08 0.96 0.23 34.3
--------------------------------------------------------------------------
including 152.8 155.9 3.1 10.2 5.49 0.59 0.15 45.5
--------------------------------------------------------------------------
"Drilling at the Kutcho Copper Project continues to deliver
strong results, with excellent grades over significant
thicknesses," said Stephen Quin, President and CEO of Sherwood
Copper. "We appear to be successful in linking up high grade areas
within the Main deposit, which should result in improved grades
versus the previously reported resource estimate," he said.
"Overall, the Main deposit is emerging as a robust, high grade,
near surface copper resource with significant zinc, gold and silver
by-products." The Main deposit is a volcanogenic massive sulphide
deposit that outcrops in the south and dips at about 50 degrees to
the north, the same direction as the hill side, which helps keep
strip ratios modest.
2008 Drill Program
The 2008 drill program was designed to increase confidence
levels within the Main deposit mineral resource, to infill gaps
identified in the previous resource model and to test potential to
expand and link up high grade areas within the Main deposit. A
second priority is to provide ample sample material for an
extensive metallurgical program, all in support of advancing the
Kutcho Copper Project toward completion of a feasibility study.
Seventy-eight new holes (81 were collared but 3 were abandoned)
were successfully completed within the Main deposit resource area
in 2008, adding to the 221 existing holes upon which the recent
NI43-101 indicated mineral resource (17.3 million tonnes grading
1.56% copper, 2.12% zinc, 0.29g/t gold and 26.1g/t silver) was
based, as reported on June 12, 2008. Once all of the assay data
from the 2008 program is received, an updated mineral resource
estimate will be prepared. Geological modelling (in preparation for
this NI43-101 compliant resource) is proceeding well and completion
of the resource estimate is expected before the end of 2008. This
updated estimate will include approximately 35% more drill holes
than the previous estimate, including numerous new drill intercepts
in the central and western portions of the Main deposit, where
drill spacing has been cut approximately in half, providing much
greater confidence in the resource estimate and in the continuity
of the high grade mineralization therein.
2008 Drill Program Statistics
The 2008 drill program was completed in August 2008 with 9,905
metres of HQ-size core drilling in 81 holes (including 3 which were
abandoned). Of the 78 completed holes, full assay results have now
been received and announced for 55 holes, while final results are
pending on the remaining 23 holes. Follow the link below to view a
long section displaying the 2008 results released to date. All
holes were drilled with HQ-size core to provide a larger assay
sample for better statistical reliability and to provide ample
material for metallurgical testing.
www.sherwoodcopper.com/i/pdf/2008-09-22KutchoMainDepositLongsection.pdf
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 an opportunity to potentially develop an
economically attractive open pit mining operation similar in scale
to its Minto Mine. The previously announced 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. 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 operation, 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
substantially expanding the resource and reserve base, potentially
supporting 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 north-western British Columbia.
Sherwood expects to lever off its successful development of the
Minto Mine by re-evaluating and optimizing the Kutcho Copper
Project and advancing it 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 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 September 22, 2008
--------------------------------------------------------------------------
From To Interval Interval Copper Zinc Gold Silver
Hole ID (m) (m) (m) (ft) (%) (%) (g/t) (g/t)
--------------------------------------------------------------------------
WK08-089 to 98 Previously Released on July 14, 2008
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-099 to 132 Previously Released on September 2, 2008
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-133 17.9 27.8 9.9 32.5 0.45 1.01 0.14 16.1
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WK08-134 to 135 Previously Released on September 2, 2008
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-136 76.8 90.7 13.9 45.6 0.38 0.61 0.11 4.4
--------------------------------------------------------------------------
including 87.8 90.7 2.9 9.5 1.05 0.72 0.22 12.7
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-137 to 138 Previously Released on September 2, 2008
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-139 101.5 130.6 29.1 95.5 1.82 2.38 0.37 23.1
--------------------------------------------------------------------------
including 102.0 124.5 22.4 73.5 2.04 3.12 0.43 27.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-140 108.2 129.1 20.9 68.6 1.67 2.33 0.26 24.2
--------------------------------------------------------------------------
including 108.2 115.0 6.8 22.3 2.18 4.27 0.32 30.8
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-141 78.6 87.9 9.3 30.5 1.30 2.97 0.31 35.1
--------------------------------------------------------------------------
including 78.6 83.1 4.5 14.8 2.28 5.51 0.53 62.6
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-142 114.0 132.5 18.5 60.7 2.31 2.20 0.35 31.1
--------------------------------------------------------------------------
including 114.9 119.8 4.9 16.1 3.21 2.72 0.51 43.7
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-143 122.1 134.4 12.3 40.3 2.20 3.25 0.37 39.5
--------------------------------------------------------------------------
including 122.1 130.4 8.3 27.2 2.81 4.63 0.45 51.2
--------------------------------------------------------------------------
--------------------------------------------------------------------------
WK08-144 141.9 161.1 19.3 63.3 2.47 1.81 0.25 30.0
--------------------------------------------------------------------------
including 142.4 155.9 13.5 44.3 2.84 1.97 0.23 31.5
--------------------------------------------------------------------------
including 152.8 161.1 8.3 27.2 3.08 0.96 0.23 34.3
--------------------------------------------------------------------------
including 152.8 155.9 3.1 10.2 5.49 0.59 0.15 45.5
--------------------------------------------------------------------------
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WK08-145 to 168 Results are pending
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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 Neil MacRae
Investor Contact (604) 687-7545 (604) 689-5041 (FAX) Website:
www.sherwoodcopper.com
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