More sulphides uncovered at Elu (October 15, 2001)

Vancouver — A second round of mapping and trench sampling by Sherwood Petroleum (SWD-V) has enhanced the prospects of its newly acquired, 445-sq.-km Elu property in Nunavut.

“The results reinforce our belief that the Elu belt has the potential for hosting economic massive sulphide-style mineralization,” says Sherwood President Bruce McLeod. “At least five drill targets have been identified, with potential for more once geophysical surveys have been completed.”

Two trenches were blasted at the northernmost showing of the Western Felsic zone, dubbed the Peninsula Showing, where earlier grab samples returned up to 10.3% copper, plus 5.2 grams gold and 150 grams silver per tonne, in highly oxidized subcrop. The northern trench returned 0.16% copper over 1.9 metres, while the southern trench yielded 0.51% copper over 2 metres. Mineralization occurs as heavily disseminated pyrite with lesser amounts of chalcopyrite and minor amounts of tetrahedrite at the contact between pillow basalt and calcareous argillite. Locally the sulphides are semi-massive.

A farther 9 km to the south, at the Elu 1 showing, mineralization has been identified in a 2-to-8-metre-wide exhalative horizon comprising massive-to-semi-massive pyrrhotite and pyrite with subordinate amounts of chalcopyrite in a cherty, lapilli tuff. Trench samples returned 0.45% copper over 1 metre and 0.23% copper over 4 metres.

Both prospects coincide with airborne electromagnetic conductors.

At the northern end of the 1.5-km Eastern Felsic zone, more than 100 mineralized outcrops were located. Mineralization occurs as disseminated pyrite and pyritic gossans in brecciated rhyolite and a lapilli fragmental horizon, near the contact with the overlying sedimentary units. A trench sample collected from gossanous pyritic horizons returned 0.1% copper over 9 metres, and a grab sample just east of the trench yielded 1.17% copper. Some 1 km to the south, a second trench returned 0.12% copper over 10 metres from a stringer sulphide zone.

Sherwood acquired a 100% interest in the property in August by issuing 5 million units each to Miramar Mining (MAE-T) and Hope Bay Gold (HGC-T). The two companies each hold a 27% stake in Sherwood, a junior managed by the Northair Group. Based on the encouraging results, Sherwood has staked an additional 36 claims, expanding its land package to 445 sq. km.

Next year, the junior will conduct a geophysical program, followed by diamond drilling.