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August 1, 2002 |
| PRESS RELEASE #02-09 | |
| Trading Symbol: SWM : TSXV | |
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Sherwood Mining Corporation (TSXV:SWM) is pleased to announce that a Phase 2 summer diamond exploration program has commenced on the Hope Bay and Elu belts in Nunavut, Canada. Initially, 63 till sample concentrates from the Hope Bay belt were selected for picking of diamond indicator minerals. (For further information see the joint Sherwood/Miramar press release dated June 10, 2002). Positive results from these samples led Sherwood to select and process an additional 115 sample concentrates for diamond indicator minerals from historic samples previously collected by Miramar for gold grain analysis. These samples contained additional diamond indicators consisting of eclogitic garnets, chromites and chrome diopsides, which were microprobe confirmed as being mantle derived and possibly from a kimberlitic or related intrusion. The highest concentrations of diamond indicator minerals came from areas north of Miramar’s Madrid and Boston gold deposits, however this may be a function of the increased density of till samples from those areas. A program of re-evaluating all available magnetic geophysical data for targets consistent with kimberlite intrusions has also been completed. A total of 55 priority targets were identified and selected for follow up on the Hope Bay and Elu belts. Phase 2 Program Underway Based on the encouraging data from the geophysical re-interpretation and the diamond indicators, a Phase 2 program is underway to explore both belts for kimberlites on a systematic basis. Approximately 240 till samples have been collected and will be processed for diamond indicator minerals. Geophysical targets will be ground truthed and prospected for kimberlite float. The electromagnetic data is being further re-processed, and may provide additional targets. “The favourable results from the picking of the sample concentrates has led me to believe that this area of the Slave province is indeed prospective for the emplacement of kimberlite intrusions”, said Bruce McLeod, President of Sherwood. “The follow-up phase of exploration currently underway should lead us to further define the potential for the discovery of diamonds in the Hope Bay and Elu belts.” Sherwood has a 100% interest in the Elu Belt, and has an option from Miramar Mining Corporation to earn up to 70% of any kimberlites discovered on the Hope Bay belt. 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. Quality control for Diamond Exploration currently being conducted on the Hope Bay and Elu Belts is under the supervision of Dean Besserer, P.Geo. of Apex Geoscience Ltd.
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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