Sherwood Reports Further High Grade Intercepts From Its Kutcho Copper Projectadmin
Sherwood Copper Corporation 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.
“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.
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.
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.
Additional information on Sherwood and its Minto & Kutcho projects can be obtained on Sherwood’s website at http://www.sherwoodcopper.com.