Sherwood Discovers VMS Mineralization on Elu Belt, Nunavut

Sherwood Mining Corporation (TSXV:SWM) is pleased to announce the results of its drill program conducted on the Elu Belt in Nunavut which resulted in the discovery of volcanogenic massive sulphide (“VMS”) mineralization in the area of the Grizzly and Fox  zones.

“The first drill program conducted on the 110,000 acre Elu Inlet property has shown clear indications of VMS mineralization,” said Bruce McLeod, President of Sherwood.  “While thicknesses found to date are limited, these results, combined with the geology and alteration, clearly demonstrate the presence of VMS mineralization in the Elu Inlet Belt and suggest potential for the discovery of massive sulphide deposits.  Sherwood is continuing its evaluation of the results to determine its next steps.”

Two Parallel Trends

Exploration activities focused on wide spaced drill testing of two parallel, linear trending belts of felsic volcanic stratigraphy located about 4.5 km apart (see map).  The eastern trend has been traced for a minimum of 9 km and is geologically similar to a Noranda-type volcanic setting, while the western trend has been traced for a minimum of 13 km and is reminiscent of a Bousquet-type or Sturgeon Lake-style volcanic setting.  Ground magnetic and electromagnetic geophysical surveys were completed over six different areas to assist in refining the drill targets defined from 2001 mapping and sampling.  Based on the results of these surveys, a total of 1,755m of drilling in 15 holes was completed during April and May 2002. 

Eastern Trend Has Best Results

The most encouraging results were received from the eastern trend, in the area of the Grizzly and Fox showings, where eleven drill holes were completed (see map).  Three of the holes followed up on geophysical anomalies while the remaining eight tested the favourable volcanic-sedimentary contact. Five of the latter eight holes exhibit good evidence of VMS mineralization in a setting suggestive of a syn-volcanic half-graben.  The defined volcanic-sedimentary contact is typical of VMS-style deposits and drilling has now traced it for over 1.5 kilometres of strike length. Drill holes #4, #5 and #6 all intersected semi-massive pyrite (Holes #5 and  #6 have associated sphalerite and chalcopyrite and rare galena) mineralization in fine-grained carbonate rich breccia, located at the argillite-volcanic contact. Drill hole #12 had widely disseminated sphalerite over a wide interval without a semi-massive pyrite horizon. 

Two VMS Horizons

Drill hole #15 intersected the best example of syn-volcanic base metal bearing mineralization in the 2002 drill program, locating two mineralized horizons.  A 0.37m wide interval (86.35m – 86.72m) consists of bedded semi-massive pyrite with evenly disseminated chalcopyrite and blackjack sphalerite; it assayed 13,310-ppm (1.33%) copper and 14,304-ppm (1.43%) zinc.  Approximately 11 metres further down the hole, a second horizon of VMS-style mineralization was intersected containing 40% semi-massive pyrite with disseminated chalcopyrite; it assayed 14,418-ppm (1.44%) copper from a 0.34m wide intersection.  The upper mineralized horizon is hosted by graphitic argillite while the lower horizon is in a volcanic debris flow.

“The style of the mineralization encountered in drill hole #15, along with the indications that this mineralization lies in a syn-volcanic graben structure is very encouraging,” said Mr. McLeod.  “This is the setting, geology and style of mineralization characteristic of the Noranda-type deposits that we are hoping to discover.  Intersecting two stacked mineralized horizons is encouraging.  The widespread occurrence of low-grade disseminated sphalerite is indicative of a base metal halo that typically surrounds VMS deposits. Hopefully, what we have found to date will lead us to a economic discovery in close proximity to these intercepts.”

Drilling in a number of other areas also identified VMS-style mineralization with geochemically anomalous copper, lead and/or zinc values.  In addition to samples for assay, samples were obtained from all drill holes for whole rock analysis, the results of which will assist future exploration in vectoring into the most prospective areas for the discovery of commercial deposits.  Sherwood is currently evaluating the data to determine what follow-up work is recommended.

Quality Assurance/Quality Control

This information is reported under an extensive quality control program supervised by Dean McDonald, P.Geo. Ph.D., Exploration Manager with Miramar Mining Corporation, the major shareholder of Sherwood.  Dean McDonald is an appropriately qualified person as defined by National Instrument 43-101. 

Miramar Mining Corporation (TSX:MAE) owns 10 million shares of Sherwood.

Drill Results from Elu Belt

ON BEHALF OF THE BOARD OF DIRECTORS

“D. Bruce McLeod”                  

D. Bruce McLeod, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
 

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