Sherwood hits mineralization north of Minto

Vancouver — With results from the 2005 confirmation and expansion drill program in hand, Sherwood Copper (SWC-V, SWOPF-O) has reported the discovery of high-grade mineralization north of the known limits of the Minto copper-gold project in the Yukon Territory.

The program included several holes drilled for geotechnical purposes, with several of these intersecting the mineralized horizon. One of the holes returned 5.4 metres of 3.59% copper, 2.56 grams gold and 22.2 grams silver per tonne north of the DEF fault, which was previously believed to represent the northern limit to mineralization near the deposit. Another geotechnical hole returned 8.9 metres of 2.26% copper, 1.75% gold, and 10.1 grams silver.

Other highlights of the program include a confirmation hole that returned 32.4 metres of 1.25% copper, 0.68 gram gold and 5.2 grams silver, including 9.3 metres of 2.01% copper, 1.32 grams gold and 8.5 grams silver. A stepout hole returned 18.8 metres of 0.98% copper, 0.46 gram gold and 3.2 grams silver.

Another round of drilling is about to begin on the project, aimed at confirming “potentially higher gold grades” in the balance of the deposit not tested during the 2005 program. The goal is to confirm the gold grades for an updated resource estimate that will be incorporated into a feasibility study now in progress.

An independent estimate released last June placed measured and indicated resources at 9.2 million tons grading 1.8% copper, 0.016 oz. gold and 0.2 oz. silver per ton, plus an additional inferred resource of 800,000 tons at 1.4% copper, 0.013 oz. gold and 0.2 oz. silver. This estimate incorporates results from a previous American-based operator that spent about US$10 million to develop the project in the late 1990s. Construction was halted because of low metal prices.

The Minto project is connected by a 29-km access road to a permitted Yukon River crossing. Existing infrastructure includes poured mill foundations and grinding and ball mills.

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