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December 4, 2002 |
| PRESS RELEASE #02-10 | |
| Trading Symbol: SWM : TSXV | |
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Sherwood Mining Corporation (TSXV:SWM) has now received all data from the Summer exploration programs completed for Volcanogenic Massive Sulphide (VMS) exploration on the Elu belt and from the Diamond Exploration program completed on the Hope Bay and Elu belts located in Nunavut, Canada. The prospecting and mapping program completed on the Elu belt in late August concentrated on the 8 km long eastern felsic volcanic trend, extending the felsic/intermediate rock package south of the area of drilling this winter. Volcanic stratigraphy favourable for hosting VMS and related alteration halos were identified, and a series of sulphide-bearing gossans, some of which returned significant metal values, were recognized in the northern portion of the belt. Mapping suggests the presence of several stacked horizons of felsic and sedimentary rocks with associated sulphide mineralization. The presence of favourable volcanic stratigraphy, strong alteration and mineralization indicates that hydrothermal activity was widespread and locally focused, a situation favourable for the formation of VMS deposits. The best base metal assay results from surface samples collected in the area returned values of 1,133 ppm and 1,050 ppm copper in andesite, 2,058 ppm lead in basalt regolith, and 347 ppm and 361 ppm zinc in basalt and andesite. Sulphide mineralization and related gossans are numerous throughout the eastern felsic volcanic trend. Individual gossanous zones are up to 10m wide extending over 150m along strike. A series of these gossanous zones extend over 3km along strike and appear to be of four main types: a) pyrite with chalcopyrite and related to synvolcanic stringer mineralization within the felsic rocks in the immediate footwall of the capping sedimentary sequence, b) pyrite in semi-conformable rusty bands of cherty argillite, c) rusty-weathering pyritiferous zones occur within all rock types proximal to the margins of the diorite intrusions that transect the area, d) disseminated pyrite within a basalt flow immediately west of the West Valley. Whole rock analysis completed by Dr. Jim Franklin, Ph.D., indicates stratigraphy in the eastern felsic volcanic trend is compositionally very similar to other productive VMS belts such as Noranda. Evaluation of key geochemical indicators by Dr. Franklin outline three centres of VMS style hydrothermal discharge along the eastern felsic volcanic belt proximal to the West Valley. The presence of multiple horizons of felsic rocks increases the potential for VMS mineralization. In the north pyrite with or without chalcopyrite stringers are present within the intermediate/felsic package dominantly within the footwall to the overlying sediments. The most prospective area for VMS mineralization lies within the West Valley, where stringer mineralization and patchy alteration zones are present within the footwall to the argillite/debris flow/volcanic breccia sequence, particularly in the northernmost part of the map area. Click on the following links for maps showing the geological compilation and sampling areas of the Eastern Felsic Trend and the Northern Elu Inlet Belt. The Company is now evaluating options to further explore the Elu belt for a possible buried VMS deposit. Based on encouraging data from two prior programs of analysing till samples for diamond indicators originally collected by Miramar Mining Corporation for gold grain analysis (for further information see the news releases dated June 10, 2002 and August 1, 2002), 239 additional till samples were collected from the Elu and Hope Bay belts and processed for diamond indicator minerals to further evaluate the potential for the discovery of kimberlites in the area. Of the 239 samples collected, 15 yielded possible diamond indicator minerals. Microprobe analysis of the grains confirmed that one chrome diopside and one chromite are mantle derived and likely from kimberlitic or related intrusions. Mineral chemistry from five other indicators was inconclusive as to possible source. Although the results from the latest program are generally discouraging, the Company is considering several recommendations for follow up work based on the results of all three sampling programs in hopes of discovering kimberlites and/or diamonds in the vicinity of the Hope Bay and Elu belts. Quality control for diamond exploration is under the supervision of Dean Besserer, P.Geol. of Apex Geoscience Ltd. 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. Sherwood has a 100% interest in the Elu Belt, which lies approximately 40km northeast of Miramar’s Hope Bay property, and has an option from Miramar 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.
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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