swm.v - news out on Sherwood, phase 1 drilling early April with geophysics ... bit of volume today, uptick
' Sherwood Mining to survey Elu Inlet property
Sherwood Mining Corp SWM
Shares issued 15,163,194 Feb 20 2002 close $.210
Wednesday Feb 20 2002 News Release
Mr. D. Bruce McLeod reports
2002 ELU BELT EXPLORATION UPDATE
Sherwood Mining has provided an update on its 2002 exploration plans for the company's 100-per-cent-owned Elu Inlet massive sulphide property located in Nunavut. Phase I of this strategy will include 60 line kilometres of total field magnetometer and max-min electromagnetic (EM) surveying, and 1,200 metres of BQTK-size diamond drilling. Drilling is slated to commence in early April, 2002.
"The 110,000-acre Elu Inlet property is a newly emerging belt that will be drill tested for the first time," said Bruce McLeod, president of Sherwood. "The East and West Elu volcanogenic massive sulphide trends have a total of more than 22 kilometres of combined strike length, with six targets slated for testing in this first phase of drilling. It is rare to find drill targets of this number and quality in a previously untested mineralized belt."
Exploration will focus on two parallel, linear trending belts of felsic volcanic stratigraphy located about 4.5 kilometres apart. The eastern trend has been traced for a minimum of nine kilometres and is geologically similar to a Noranda-type volcanic setting, while the western trend has been traced for a minimum of 13 kilometres and is reminiscent of a Bousquet-type volcanic setting.
Of the six target areas that have been selected for drill testing, five will be covered by ground geophysics prior to drilling. The ground coverage is intended to better define anomalies in preparation for final selection of drill sites. Four of the five areas earmarked for geophysical coverage focus on EM anomalies from a previously conducted airborne survey. One of these anomalies is associated with massive sulphide mineralization, the Caribou showing, discovered in outcrop late in 2001.
The fifth area slated for ground geophysical coverage is underlain by approximately 1.7 kilometres strike length of very prospective geology that was not covered by the previous airborne survey. Within this area an outcrop exposure of stringer sulphide mineralization, the Fox showing, was discovered late in the 2001 field program. It is exposed over an apparent thickness of approximately 10 metres.
All target areas are characterized by favourable stratigraphy, alteration, and anomalous base and precious metal values from grab and/or channel sampling. Pending favourable results from phase I, a follow-up program of geological mapping, geophysical surveying and diamond drilling is anticipated starting in July,
2002.
(c) Copyright 2002 Canjex Publishing Ltd. canada-stockwatch.com ' |
