Explorator Intercepts Additional Sulfide Mineralization in the Pirata Area at El Espino
Explorator Resources Inc. (“Explorator” or the “Company”) (TSX VENTURE: EXO) is pleased to announce that it continues to intersect significant copper-gold mineralization in its 30,000 meter Phase III drilling program at the El Espino Project in Chile. The most recent results received are from the Pirata zone, which is outside the area that contains the Company’s current National Instrument 43-101 (“NI 43-101″) estimated mineral resource (see the attached map).
The Pirata zone is centered on an old copper oxide open-pit working and an old underground gold mine. Drilling completed so far along strike from the workings has encountered higher than normal gold contents over a distance of about 500 meters.
“We are particularly encouraged by the high gold contents of this recent drilling in Pirata, which is a new zone of potential for resource expansion. The gold mineralization is associated with a swarm of late stage calcite veining which occurs in a zone about 100 meters wide and is open along strike.
The Pirata zone is outside the El Espino area of mineral resource estimate calculations completed in February, 2008. Any significant copper-gold mineralization found here will augment the resources being drilled in the main El Espino project area. We will continue to explore aggressively at Pirata as well as on other parts of El Espino and are aiming to complete an updated mineral resource estimate at the beginning of the fourth quarter of this year”, stated David O’Connor, President and CEO of Explorator Resources.
In addition, the Company has granted 1,050,000 options to purchase common shares at an exercise price of $0.59 to a director of the Company, subject to regulatory approval.
The initial NI 43-101 mineral resource estimate on the El Espino part of the deposit, audited by Micon International (see press release dated February 27, 2008) described: (1) oxide mineralization containing 11.1 million tonnes grading 0.63% Cu and 0.17 g/t Au in an indicated category and 11.5 million tonnes grading 0.46% Cu and 0.27 g/t Au in an inferred category; and (2) sulphide mineralization containing 0.6 million tonnes grading 0.91% Cu and 0.39 g/t Au in an indicated category and 77.2 million tonnes grading 0.63% Cu and 0.18 g/t Au in an inferred category.
About Explorator Resources
Explorator Resources is a Canadian-based mining exploration company focused on advancing its El Espino Copper-Gold Project in Chile. The Company is currently completing a Phase III 30,000 meter drill program, the results of which will update the current NI 43-101 mineral resource estimate and is completing a scoping study on the Project’s oxide mineralization. The Project lies within the prolific copper-gold mineral area of the Cordillera de la Costa and is central to an important cluster of “Candelaria-style” copper-gold deposits. It is located 3.5 hours drive north of Santiago. The El Espino project block covers 75 square kilometres and is host to major gold and copper mineralized structures on which nine small operating mines have been developed.
PIRATA – RECENT DRILL INTERCEPTS ——————————————————————– HOLE FROM TO INTERCEPT Cu Au NO (m) (m) (m) (%) (g/t) Type ——————————————————————– MXE 231 22 112 90 0.42 0.12 Sulfide 25 74 49 0.56 0.12 Sulfide 78 93 15 0.53 0.17 Sulfide MXE 235 107 123 16 0.33 0.06 Sulfide MXE 236 38 41 3 0.46 0.38 Sulfide 44 46 2 0.53 0.15 Sulfide 76 78 2 0.83 0.11 Sulfide MXE 244 66 104 38 0.54 0.07 Sulfide with 79 100 21 0.89 0.10 Sulfide 179 183 4 0.33 0.07 Sulfide 204 211 7 0.23 0.20 Sulfide 226 230 4 1.15 0.16 Sulfide 291 294 3 0.16 0.88 Sulfide MXE 256 18 42 24 0.35 0.23 Oxide 42 128 86 0.18 0.34 Sulfide with 54 64 10 0.52 0.40 Sulfide with 92 108 16 0.33 0.75 Sulfide MXE 257 54 64 10 0.15 3.58 Sulfide 90 118 28 0.23 1.69 Sulfide 132 168 36 0.29 0.36 Sulfide with 134 156 22 0.44 0.50 Sulfide MXE 258 28 56 28 0.33 0.06 Sulfide 62 66 4 0.71 0.06 Sulfide 108 112 4 0.89 0.16 Sulfide
To view Maps: Figure 1- Pirata and Resource Area Location Map and Figure 2 – Drill Hole Location Map Pirata, please visit the following link: http://media3.marketwire.com/docs/ExpMap818.pdf
Mr. Michael Schuler, Explorator Resources’ Vice President, Exploration is the “Qualified Person” as defined under the National Instrument 43-101 and is responsible for the scientific and technical work on Explorator’s exploration program and is responsible for reviewing the technical disclosure in this news release. All analytical work has been completed by ALS Chemex of La Serena in Chile; ALS Chemex is a respected international analytical service which is accredited with NATA and complies with standards of ISO 9001:2000 and ISO17025:1999. They employ a variety of international standards for quality control purposes. Samples are transported from the project to the ALS Chemex laboratory in La Serena sample by Company personnel or a reputable commercial carrier. All analytical testing is performed utilizing a variety of industry standard analytical techniques, including: (1) ALS Analytical Code Au-ICP22 (Au 50g fire assay with ICP-AES finish), (2) ALS analytical code Au-GRA22 (Au 50g fire assay with a gravity finish), (3) ALS analytical code ME-ICP61 (33 element analysis using a four acid digestion and ICP-AES analysis), (4) ALS analytical code Cu-AA62 (ore grade copper analysis using a four acid digestion and an AAS finish. All diamond drill core is geologically logged, cut in half using a diamond saw and sampled by Company geologists in one (1) to three (3) meter sample intervals depending on visual grade estimates; the archive portion of the sample is securely stored at the company’s core shed adjacent to the office in the town of Illapel.
The Company has initiated a QA/QC program consisting of utilizing standards, duplicate and blank samples and laboratory cross-checks and routinely repeats sample analysis.
Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information are identified by words such as “estimates”, “intends”, “expects”, “believes”, “may”, “will” and included, without limitation, statements regarding the company’s plan of business operations, production levels and costs, potential contractual arrangements and the delivery of equipment, receipt of working capital, anticipated revenues, mineral reserve and mineral resource estimates, and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral reserve and resource estimates, equipment and supply risks, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Contacts: Explorator Resources Inc. Tony Wonnacott Director & Corporate Secretary (416) 775-7540 Email: email@example.com Website: www.explorator.ca
SOURCE: Explorator Resources Inc.