YUKON - Vancouver's SHERWOOD MINING has prepared a new resources estimate for the Minto project, boosting contained copper and gold by about 10%. The company says there are 9.19 million tonnes grading 1.90% Cu and 0.019 g/t Au in the measured and indicated categories, and another 770,000 tonnes at 1.41% Cu and 0.013 g/t Au considered inferred.
The total contained metal in the measured and indicated estimate is 336 million lb of copper, 147,000 oz of gold and 2.1 million oz of silver, compared with 310 million lb of copper, 133,000 oz of gold and 2.0 million oz of silver estimated in 1994. The new additional inferred resource contains is 22 million lb of copper, 10,000 oz of gold and 0.1 million oz of silver, compared with 5 million lb of copper, 2,000 oz of gold and negligible silver estimated in 1994.
Sherwood will begin a new 10,000-12,000-m drill program on the Minto property in July. The company hopes to confirm gold grades within the previously defined pit limits; upgrade the inferred pit resources to the indicated category; and expand the total resource. A new resources estimate and feasibility study is expected by the end of 2005.
The Minto project is located 240 km northwest of Whitehorse. Asarco spent US$25 million on exploration and the 1995 feasibility study. Sherwood has acquired the property through its takeover offer for Minto Explorations, the previous owner. A photo gallery and relevant PowerPoint presentation are available at www.Northair.com/Sherwood.