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October 1, 2003 |
| PRESS RELEASE #03-02 | |
| Trading Symbol: SWM : TSXV | |
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Mining Corporation (TSXV:SWM) has completed a final review of the gravity data collected from its 100% owned Elu Belt, located in Nunavut, Canada. The ground based gravity survey was designed to cover three prospective volcanogenic massive sulphide (“VMS”) target areas located within the previously defined Eastern Felsic Volcanic Trend. The gravity survey was unsuccessful in identifying anomalies that could relate to potential massive sulphide lenses. Prospecting, mapping, drilling and detailed whole rock analysis of the Elu belt in 2002 had shown that the 8 km long Eastern Felsic Volcanic Trend could be favourable for hosting VMS deposits. The most prospective targets within the trend lie in overburden-covered areas. A gravity geophysical survey was completed over this specific mineralized trend, but failed to provide any data that could be effectively modelled. An alternative geophysical method would be required that could identify VMS targets within a graphitic rich, brackish environment in proximity to tidewater before proceeding with additional exploration for VMS deposits within the Elu belt. The Corporation knows of no corporate developments which could explain the recent share trading activity. Sherwood is currently reviewing options for moving the company forward, including several potential acquisition opportunities and disclosure will be made at appropriate time. 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.
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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