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February 18, 2003 |
| PRESS RELEASE #03-01 | |
| Trading Symbol: SWM : TSXV | |
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Sherwood Mining Corporation (TSXV:SWM) is pleased to announce that a geophysical program has been approved to further define prospective drill targets on its 100% owned Elu Volcanogenic Massive Sulphide (VMS) Belt, located in Nunavut, Canada. A detailed ground based gravity survey has been designed to cover three prospective target areas located within the previously defined Eastern Felsic Volcanic Trend. The gravity program is expected to commence in early April of 2003. Prospecting, mapping, drilling and detailed whole rock analysis of the Elu belt in 2002 has shown that the 8 km long Eastern Felsic Volcanic Trend is favourable for hosting VMS deposits. Mapping of the trend suggests the presence of several stacked horizons of felsic and sedimentary rocks with sulphide mineralization and associated alteration. The presence within favourable volcanic stratigraphy of strong alteration and mineralization indicates that hydrothermal activity although widespread was locally focused in a situation favourable for the formation of VMS deposits. The exploration programs conducted in 2002 defined two prospective zones in the Eastern Elu area that appear to occur within three structurally separated domains, each with its own felsic volcanic center and associated hydrothermal discharge areas. The most prospective targets remain within overburden-covered areas related to recessive weathering of sedimentary rocks, debris flows and volcanic breccias and their contact with the andesite-dacite package below. Detailed ground geophysical surveys must be conducted, as these specific mineralized horizons and massive sulphide mineralization have not yet been observed in outcrop. The presence of graphite, brackish lakes and proximity to tidewater limit the effectiveness of conventional EM geophysical techniques to outline sulphide bedrock conductors at the Elu belt. Gravity surveys measure density contrasts and are unaffected by conductivity providing an alternative method that is totally independent of spurious conductivity problems. As graphitic argillite is known to be present within this corridor, a gravity survey is the preferred geophysical method. Sherwood has a 100% interest in the Elu Belt, which lies approximately 40km northeast of Miramar’s Hope Bay property. Miramar owns 10 million shares of Sherwood, representing approximately 40% of the issued shares of Sherwood. In addition Miramar has an option to purchase an additional 10 million shares at $0.40. The information related to base metal exploration is reported under a quality control program supervised by Dean McDonald, P.Geo. Ph.D., Exploration Manager with Miramar Mining Corporation, who is an appropriately qualified person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF
DIRECTORS
“D. Bruce McLeod”
D. Bruce McLeod, President
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Suite 860-625 Howe Street, Vancouver, B.C., Canada V6C 2T6 |
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