Explorator Resources Intercepts Additional Manto Hosted Oxide Copper-Gold Mineralisation in the Rachel Area at the El Espino Project: Financial News

Explorator Resources Intercepts Additional Manto Hosted Oxide Copper-Gold Mineralisation in the Rachel Area at the El Espino Project
Tuesday November 11, 2008 9:00 am ET

TORONTO, ONTARIO--(MARKET WIRE)--Nov 11, 2008 --

 

Results include:

HOLE MXE 246 - 69m at 1.01%Cu and 0.23 g/t Au
HOLE MXE 247 - 43m at 0.90%Cu and 0.12 g/t Au
HOLE MXE 248 - 40m at 0.78%Cu and 0.05 g/t Au
HOLE MXE 249 - 13m at 0.85%Cu and 0.30 g/t Au
HOLE MXE 264 - 109m at 0.82%Cu and 0.08 g/t Au
HOLE MXE 280 - 42m at 1.63%Cu and 0.28 g/t Au
HOLE MXE 283 - 39m at 0.64%Cu and 0.07 g/t Au
HOLE MXE 295 - 87m at 0.99%Cu and 0.55 g/t Au

Explorator Resources Inc. ("Explorator" or the "Company") (CDNX:EXO.V - News) is pleased to announce that it continues to intersect significant copper-gold mineralization in its Phase Three 30,000 meter drilling program at the El Espino Project in Chile.

The drilling program in the Rachel area is designed to upgrade resources from the inferred to indicated category as well as extend the resource area.

"Results recently received demonstrate continuity of higher grade copper-gold mineralization along the multiple, stacked mantos and contribute towards upgrading the resources. Micon International will include this data in their new resource calculations currently underway. These will be incorporated in the scoping study," stated David O'Connor, President and CEO of Explorator Resources.

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. The resource is being updated by Micon to include the 25,000 meters of additional drilling completed so far in 2008. These updated resource figures will be included in the scoping study.

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.

 

             RACHEL ZONE - RECENT DRILL INTERCEPTS

HOLE NO     FROM       TO      INTERCEPT         Cu%     Au g/t

MXE 246       68      100             32       0.57        0.09
             131      200             69       1.01        0.23
 with        136      174             38       1.61        0.13

MXE 247       48       56              8       0.75        0.03
              72       82             10       0.82        0.06
             116      159             43       0.90        0.12
 with        149      157              8       2.40        0.37

MXE 248       29       68             39       0.32        0.11
              79       88              9       1.07        0.08
             115      155             40       0.78        0.05
             207      218             11       0.75        0.19

MXE 249       77       82              5       0.41        0.10
             131      165             34       0.43        0.12
             170      186             16       0.62        0.15
 with        176      184              8       1.08        0.25
             215      228             13       0.85        0.30

MXE 264       15       20              5       0.37        0.78
              28       30              2       0.43        0.12
              42       59             17       0.72        0.03
              70      179            109       0.82        0.08
 with        109      160             51       1.15        0.11
             275      286             11       0.72        0.19
             290      331             41       0.88        0.20
 with        293      321             28       1.20        0.26

MXE 280      118      124              6       0.48        0.16
             135      177             42       1.63        0.28
 with        148      177             29       2.27        0.39
             242      249              7       0.82        0.11

MXE 281       50       55              5       0.38        0.14
              92      100              8       1.01        0.14
             129      150             21       0.56        0.06
 with        139      148              9       0.86        0.11

MXE 283       75      114             39       0.64        0.07
 with         85      101             16       1.07        0.09
             130      144             14       0.62        0.10
             154      161              7       0.47        0.12
             212      224             12       0.46        0.09

MXE 294       74       83              9       0.28        0.05

MXE 295       71      184            113       0.78        0.40
 with         71      149             78       0.99        0.55
 and          71      102             31       1.34        1.24
 and          77       79              2       2.98       10.58
 and          82       84              2       5.55        4.78
 and          95       96              1       5.53        2.44

To view the EL ESPINO Rachel Location Map and Resource area, please visit the following link: http://media3.marketwire.com/docs/exomap1.pdf

To view the EL ESPINO Drill Hole Location Map Rachel, please visit the following link: http://media3.marketwire.com/docs/exomap2.pdf

REGULATORY FOOTNOTE

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.

FORWARD-LOOKING STATEMENTS

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.