Sherwood Confirms Prospectivity of Elu Belt for VMS-Style Mineralization

Sherwood Mining Corporation (TSX-V:SWM) is pleased to announce the results of an independent review of the potential of the Elu belt for the discovery of volcanogenic massive sulphide (“VMS”) style mineralization conducted on the Elu Belt in Nunavut.  Consultant Dr. James Franklin Ph.D. FRSC, a respected expert on VMS-style mineralization in Canada and world wide and former chief geoscientist with the Geologic Survey of Canada, concluded that the Elu belt has excellent prospectivity for the discovery of VMS deposits.

“It is very encouraging to have an expert of Dr. Franklin’s calibre confirm our belief that the Elu belt has excellent potential for the discovery of VMS deposits,” said Bruce McLeod, President of Sherwood.  “As a result of Dr. Franklin’s report, Sherwood is planning a follow-up work program at Elu as per Dr. Franklin’s recommendations.”

Sherwood’s 100% owned Elu property encompasses a greenstone belt where two parallel belts of felsic volcanic stratigraphy located approximately 4.5 km apart are prospective for the discovery of volcanogenic massive sulphide deposits.  As previously reported during 2002, ground geophysics and drilling of 15 core holes were completed, results suggested that the eastern trend is the most prospective, particularly in the Grizzly and Fox areas.  Four drill holes in this area intersected semi-massive sulphides in a favourable geologic setting while one intersected two intervals of massive sulphides.

Dr. Franklin was retained to review all the results of the exploration drilling, with a particular emphasis on the alteration, geochemistry and geologic setting, with a view to evaluating the potential of the Elu belt to host VMS-style mineralization.  Dr. Franklin reports that the volcanic rocks exhibit a clear bi-modal origin, while argillaceous sediments (which could act as an effective cap rock) appear to fill pull-apart basins within the volcanic pile suggesting an extensional basin environment in an evolved arc system.  This is a typical setting for VMS deposits.  A number of factors, including the geologic setting, host rock chemistry, trace element geochemistry, metal ratios and alteration zonation, led Dr. Franklin to conclude that the Elu belt has excellent prospectivity for VMS deposits, particularly along the eastern trend.

Based on the results of his assessment, Dr. Franklin recommends detailed mapping and sampling along the favourable horizons to further refine the targeting for future exploration drilling.  A program is currently being planned in accordance with these recommendations, and is expected to be completed in August 2002.

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 (TSE:MAE) owns 10 million shares of Sherwood.

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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