Vancouver — Encouraged by the results of an independent resource estimate, Sherwood Mining (SWM-V) is pushing hard to advance the Minto copper-gold project to feasibility by year-end.
The advanced project is situated about 240 km northwest of Whitehorse, Yukon. A previous operator tried to bring an open-pit mine into production during the late 1990s, however construction was brought to a halt by slumping metal prices.
Sherwood revived the fully permitted project earlier this year after acquiring and consolidating ownership from various parties with interests in the partially developed mine. The company then retained an independent consultant to upgrade existing resources to meet National Instrument 43-101 reporting standards.
Based on that report, the Minto project now hosts measured and indicated resources of 9.1 million tons grading 1.83% copper, 0.016 oz. gold and 0.232 oz. silver per ton, plus an inferred resource of 770,000 tons grading 1.41% copper, 0.013 oz. gold and 0.175 oz. silver. These estimates are based on 239 drill holes, including 11 drilled in 2001.
Sherwood notes that the project hosts more resources at higher grades than previously estimated and is forging ahead to bring the project to feasibility later this year. As a first step, the company will carry out a drill program of about 39,000 feet.
The program will include drilling to upgrade inferred resources to the measured and indicated category and to determine if historic gold grades were underestimated in the presently defined pit limits. The program will also include step-out drilling to expand known resources.
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