TORONTO, ONTARIO -- (MARKET WIRE) -- 12/14/09 --
Explorator Resources Inc. ("Explorator" or the "Company")(TSX VENTURE: EXO) through its subsidiary Explorator SCM (51% owned by Sociedad Punta del Cobre S.A. and 49% owned by Explorator Resources Inc.) has intercepted a gold rich horizon during the continuation of its two-drill rig, 14,000 meter diamond drilling program focused in the Rachel area of the El Espino project, where the most important of the near surface copper-gold resources discovered to date are located.
HIGHLIGHTS INCLUDE DRILL HOLES PXE-329: 44.8 m @ 0.36% Cu and 8.09 g/t Au, with 19.8 m @ 0.09% Cu and 14.73 g/t Au; PXE-339: 11.0 m @ 0.08% Cu and 8.07 g/t Au; PXE-352: 2.0 m @ 0.01% Cu and 18.90 g/t Au)
The Rachel area extends roughly 1,100 meters north-south and 600 meters east-west. Copper-gold mineralization at Rachel is hosted by a sequence of interlayered calcareous sedimentary rocks and andesitic volcanic rocks and consists of multiple stratigraphically controlled subhorizontal manto horizons as well as steep dipping vein sets.
In the Central Rachel area, recent drilling programmed to demonstrate geological continuity of previously defined mineralised areas has intersected a zone of gold mineralization at depth. Intercepts over a 200m long east-west section of this zone are highlighted above. The north-south continuity is unknown to date. In addition, several of the gold rich intercepts, including Hole PXE 329 (44.8m at 8.09g/tAu) bottomed in gold mineralization, due to drilling problems.
The gold mineralization is located below a 20 to 40 meter thick brecciated calcilutite unit and massive pyrite +- chalcopyrite often occurs at the top of the gold zone and below the calcilutite. Gold is associated with coarse grained calcite-quartz veins both crosscutting and subparallel stratigraphically and which have variable amounts of sulphide and specularite. The highest gold grades are generally in veins with free gold and little or no sulphide or specularite.
This newly recognised gold zone is located outside of the Whittle Pit shell floated by AMEC in their preliminary economic assessment and has the potential to add to the overall gold resource at El Espino.
There are two major structural components controlling copper-gold mineralisation at El Espino, being the main NNW trend of mineralisation and the northeast trending Pirata-Portugesas trend. The latter trend has associated higher grade gold values and is evident in the Chon Chon gold mine and Portugesas-Pirata zones. In addition to our ongoing drill testing of the copper-gold mantos, the joint venture technical committee plans to evaluate a program of deeper exploration drilling in the Rachel area to determine the dimensions and grade of this gold resource.
A total of 45 holes (10,000 meters) have been completed in the current program and results for 36 holes have been received. Results for the initial 10 holes were reported September 2, 2009. Significant intersections for the latest 26 drill holes are listed in the table at the end of this press release. In addition to the deeper gold intercepts, the following copper-gold values are highlighted, which support the model used by Micon International in their resource estimate:
PXE-325 - 46.0 m @ 0.72% Cu and 0.14 g/t Au
PXE-327 - 28.0 m @ 1.04% Cu and 0.11 g/t Au
PXE-329 - 31.0 m @ 1.54% Cu and 0.16 g/t Au
PXE-335 - 47.0 m @ 0.70% Cu and 0.07 g/t Au
PXE-341 - 29.0 m @ 0.94% Cu and 0.13 g/t Au
PXE-343 - 47.0 m @ 1.06% Cu and 0.12 g/t Au
PXE-344 - 38.0 m @ 0.96% Cu and 0.83 g/t Au
PXE-350 - 34.0 m @ 1.07% Cu and 0.17 g/t Au
PXE-356 - 48.8 m @ 0.93% Cu and 0.05 g/t Au
PXE-357 - 22.4 m @ 1.02% Cu and 0.27 g/t Au
PXE-363 - 34.0 m @ 1.26% Cu and 0.57 g/t Au
The mineral resources estimated by Micon International for El Espino (see press release dated Nov 25, 2008) were (1) oxide mineralisation containing 26.0Mt grading 0.53% Cu and 0.33 g/t Au (indicated) and 3.7Mt grading 0.41% Cu and 0.16 g/t Au (inferred); and (2) sulphide mineralisation containing 96.1Mt grading 0.70% Cu and 0.21 g/t Au (indicated) and 28.4Mt grading 0.62% Cu and 0.19 g/t au (inferred).
The mineral resource estimate was completed using Kriging estimation methodology. The resource estimate was based on block modeling with a search ellipse for the indicated resource of 75 metres by 55 metres by 20 metres and a search ellipse for the inferred resource of 180 metres by 90 metres by 36 metres for the copper resources. For high grade gold a third search ellipse of 35 metres by 25 metres by 10 metres was used to limit the extent of the higher grade mineralization in the indicated resource category. The resource estimate was based on using the grade from 6969 - 2 metre composites in 268 drill holes.
The November 2008 El Espino-Venus mineral resource estimate was audited by "Qualified Person" William Lewis, P. Geo. of Micon International Limited.
Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured minerals resource category.
Significant Drill Hole Intersections
PXE-325
97.0 to 143.0 46.0 m @ 0.72% Cu and 0.14 g/t Au Sulfide
PXE-326
129.0 to 136.0 7.0 m @ 0.52% Cu and 0.07 g/t Au Sulfide (2% soluble)
161.0 to 166.0 5.0 m @ 0.52% Cu and 0.05 g/t Au Sulfide (1% soluble)
177.0 to 180.0 3.0 m @ 0.47% Cu and 0.12 g/t Au Sulfide
PXE-327
99.0 to 112.0 13.0 m @ 0.67% Cu and 0.20 g/t Au Sulfide
145.0 to 173.0 28.0 m @ 1.04% Cu and 0.11 g/t Au Sulfide
PXE-328
100.0 to 109.0 9.0 m @ 0.52% Cu and 0.12 g/t Au Oxide
115.0 to 127.0 12.0 m @ 0.93% Cu and 0.12 g/t Au Sulfide
129.0 to 133.0 4.0 m @ 0.73% Cu and 0.06 g/t Au Sulfide
PXE-329
85.0 to 102.0 17.0 m @ 0.41% Cu and 0.21 g/t Au Sulfide
Including 4.0 m @ 0.63% Cu and 0.27 g/t Au Sulfide
140.0 to 171.0 31.0 m @ 1.54% Cu and 0.16 g/t Au Sulfide
Including 6.0 m @ 3.76% Cu and 0.31 g/t Au Sulfide
179.0 to 209.0 30.0 m @ 0.64% Cu and 0.09 g/t Au Sulfide
Including 7.0 m @ 1.36% Cu and 0.16 g/t Au Sulfide
192.0 to 200.0 8.0 m @ 0.77% Cu and 0.06 g/t Au Sulfide
298.0 to 342.8 44.8 m @ 0.36% Cu and 8.09 g/t Au Sulfide
Including 7.0 m @ 1.05% Cu and 0.51 g/t Au Sulfide
And 36.8 m @ 0.23% Cu and 9.75 g/t Au Sulfide
With 19.8 m @ 0.09% Cu and 14.73 g/t Au Sulfide
PXE-334
74.0 to 115.0 41.0 m @ 0.58% Cu and 0.06 g/t Au sulfide
With 11.0 m @ 0.91% Cu and 0.11 g/t Au sulfide
127.0 to 140.0 13.0 m @ 0.75% Cu and 0.14 g/t Au sulfide
149.0 to 155.0 6.0 m @ 0.85% Cu and 0.12 g/t Au sulfide
PXE-335
73.0 to 120.0 47.0 m @ 0.70% Cu and 0.07 g/t Au sulfide
With 15.0 m @ 1.35% Cu and 0.14 g/t Au sulfide
PXE-336
70.0 to 73.0 3.0 m @ 0.54% Cu and 0.03 g/t Au oxide (69% soluble)
95.0 to 106.0 11.0 m @ 0.79% Cu and 0.18 g/t Au sulfide
PXE-337
56.0 to 69.0 13.0 m @ 0.91% Cu and 0.07 g/t Au oxide
86.0 to 92.0 6.0 m @ 0.47% Cu and 0.04 g/t Au sulfide
170.0 to 175.0 5.0 m @ 0.97% Cu and 1.20 g/t Au sulfide
PXE-338
1.0 to 48.0 47.0 m @ 0.28% Cu and 0.05 g/t Au oxide (45% soluble)
Including 6.0 m @ 0.51% Cu and 0.05 g/t Au oxide (56% soluble)
54.0 to 60.0 6.0 m @ 0.09% Cu and 6.78 g/t Au oxide (57% soluble)
Including 1.0 m @ 0.16% Cu and 36.20 g/t Au oxide (63% soluble)
75.0 to 97.0 22.0 m @ 0.44% Cu and 0.04 g/t Au sulfide
Including 2.0 m @ 1.01% Cu and 0.10 g/t Au sulfide
127.0 to 142.0 15.0 m @ 0.43% Cu and 0.07 g/t Au sulfide
179.0 to 201.0 22.0 m @ 0.36% Cu and 0.28 g/t Au sulfide
Including 13.0 m @ 0.54% Cu and 0.31 g/t Au sulfide
206.0 to 230.0 24.0 m @ 0.34% Cu and 0.29 g/t Au sulfide
237.0 to 251.6 14.6 m @ 0.00% Cu and 0.22 g/t Au sulfide
PXE-339
33.0 to 51.0 18.0 m @ 0.44% Cu and 0.11 g/t Au Oxide (52% soluble)
75.0 to 77.0 2.0 m @ 0.69% Cu and 0.02 g/t Au Sulfide
91.0 to 92.0 1.0 m @ 0.98% Cu and 0.17 g/t Au Sulfide
109.0 to 126.0 17.0 m @ 0.44% Cu and 0.04 g/t Au Sulfide
Including 3.0 m @ 1.03% Cu and 0.05 g/t Au Sulfide
And 3.0 m @ 0.90% Cu and 0.07 g/t Au Sulfide
135.0 to 149.0 14.0 m @ 0.54% Cu and 0.11 g/t Au Sulfide
Including 8.0 m @ 0.71% Cu and 0.16 g/t Au Sulfide
151.0 to 175.0 24.0 m @ 0.40% Cu and 0.16 g/t Au Sulfide
Including 16.0 m @ 0.54% Cu and 0.22 g/t Au Sulfide
197.0 to 210.0 13.0 m @ 0.54% Cu and 0.34 g/t Au Sulfide
Including 7.0 m @ 0.63% Cu and 0.35 g/t Au Sulfide
And 3.0 m @ 0.75% Cu and 0.52 g/t Au Sulfide
229.0 to 232.7 3.7 m @ 0.01% Cu and 1.15 g/t Au Sulfide
245.0 to 260.0 15.0 m @ 0.07% Cu and 5.97 g/t Au Sulfide
Including 11.0 m @ 0.08% Cu and 8.07 g/t Au Sulfide
PXE-340
92.0 to 118.0 26.0 m @ 0.45% Cu and 1.10 g/t Au Sulfide
Including 4.0 m @ 0.21% Cu and 6.79 g/t Au Sulfide
And 10.0 m @ 0.89% Cu and 0.09 g/t Au Sulfide
133.0 to 161.0 28.0 m @ 0.35% Cu and 0.12 g/t Au Sulfide
Including 7.0 m @ 0.82% Cu and 0.13 g/t Au Sulfide
PXE-341
21.0 to 35.0 14.0 m @ 0.46% Cu and 0.03 g/t Au Oxide
Including 6.0 m @ 0.73% Cu and 0.03 g/t Au Oxide
45.0 to 52.0 7.0 m @ 0.40% Cu and 0.08 g/t Au Oxide
110.0 to 122.0 12.0 m @ 0.40% Cu and 2.14 g/t Au Sulfide
Including 4.0 m @ 0.44% Cu and 6.35 g/t Au Sulfide
137.0 to 166.0 29.0 m @ 0.94% Cu and 0.13 g/t Au Sulfide
Including 10.0 m @ 1.58% Cu and 0.18 g/t Au Sulfide
189.0 to 195.0 6.0 m @ 0.24% Cu and 0.46 g/t Au Sulfide
PXE-342
1.0 to 6.0 5.0 m @ 0.31% Cu and 0.07 g/t Au Oxide (29% soluble)
71.0 to 73.0 2.0 m @ 0.72% Cu and 0.01 g/t Au Sulfide
79.0 to 87.0 8.0 m @ 0.51% Cu and 0.14 g/t Au Sulfide
Including 6.0 m @ 0.62% Cu and 0.18 g/t Au Sulfide
PXE-343
21.0 to 43.0 22.0 m @ 0.76% Cu and 0.11 g/t Au Oxide (84% soluble)
Including 10.0 m @ 1.24% Cu and 0.14 g/t Au Oxide (87% soluble)
46.0 to 50.0 4.0 m @ 0.72% Cu and 0.07 g/t Au Oxide (58% soluble)
65.0 to 112.0 47.0 m @ 1.06% Cu and 0.12 g/t Au Sulfide
Including 19.0 m @ 2.00% Cu and 0.23 g/t Au Sulfide
And 5.0 m @ 0.79% Cu and 0.05 g/t Au Sulfide
121.0 to 137.0 16.0 m @ 0.69% Cu and 0.18 g/t Au Sulfide
Including 5.0 m @ 1.12% Cu and 0.36 g/t Au Sulfide
PXE-344
18.0 to 26.0 8.0 m @ 0.29% Cu and 0.05 g/t Au Oxide (76% soluble)
31.0 to 43.0 12.0 m @ 0.35% Cu and 0.10 g/t Au Oxide (67% soluble)
55.0 to 56.0 1.0 m @ 0.45% Cu and 3.44 g/t Au Oxide (74% soluble)
69.0 to 87.0 18.0 m @ 1.17% Cu and 0.20 g/t Au Sulfide
110.0 to 125.0 15.0 m @ 0.48% Cu and 0.09 g/t Au Sulfide
Including 5.0 m @ 0.74% Cu and 0.16 g/t Au Sulfide
134.0 to 172.0 38.0 m @ 0.96% Cu and 0.83 g/t Au Sulfide
Including 8.0 m @ 1.93% Cu and 2.04 g/t Au Sulfide
And 4.7 m @ 2.04% Cu and 0.83 g/t Au Sulfide
PXE-345
31.0 to 52.0 21.0 m @ 0.42% Cu and 0.03 g/t Au oxide (78% soluble)
Including 7.0 m @ 0.76% Cu and 0.03 g/t Au oxide (77% soluble)
52.0 to 75.0 23.0 m @ 0.60% Cu and 0.06 g/t Au sulfide
Including 7.0 m @ 1.13% Cu and 0.10 g/t Au sulfide
89.0 to 99.0 10.0 m @ 0.54% Cu and 0.05 g/t Au sulfide
Including 5.0 m @ 0.87% Cu and 0.07 g/t Au sulfide
105.0 to 109.0 4.0 m @ 1.06% Cu and 0.12 g/t Au sulfide
PXE-346
42.0 to 47.0 5.0 m @ 0.68% Cu and 0.10 g/t Au Oxide (69% soluble)
72.0 to 76.0 4.0 m @ 0.41% Cu and 0.11 g/t Au Sulfide
83.0 to 95.0 12.0 m @ 0.69% Cu and 0.13 g/t Au Sulfide
Including 8.0 m @ 0.86% Cu and 0.14 g/t Au Sulfide
154.0 to 163.0 9.0 m @ 1.08% Cu and 0.15 g/t Au Sulfide
198.0 to 202.0 4.0 m @ 0.68% Cu and 0.18 g/t Au Sulfide
219.0 to 276.0 57.0 m @ 0.56% Cu and 0.08 g/t Au Sulfide
Including 10.0 m @ 0.71% Cu and 0.06 g/t Au Sulfide
And 12.0 m @ 1.04% Cu and 0.12 g/t Au Sulfide
And 4.0 m @ 1.08% Cu and 0.23 g/t Au sulfide
PXE-347
23.0 to 31.0 8.0 m @ 0.29% Cu and 0.14 g/t Au Oxide (34% soluble)
PXE-349
72.0 to 148.0 76.0 m @ 0.65% Cu and 0.06 g/t Au Sulfide
Including 24.0 m @ 1.03% Cu and 0.08 g/t Au Sulfide
154.0 to 189.2 35.2 m @ 0.47% Cu and 0.04 g/t Au Sulfide
180.0 to 189.2 9.2 m @ 1.24% Cu and 0.10 g/t Au Sulfide
PXE-350
82.0 to 90.0 8.0 m @ 0.69% Cu and 0.10 g/t Au Sulfide
106.0 to 115.0 9.0 m @ 0.53% Cu and 0.10 g/t Au Sulfide
Including 6.0 m @ 0.64% Cu and 0.13 g/t Au Sulfide
130.0 to 164.0 34.0 m @ 1.07% Cu and 0.17 g/t Au sulfide
255.0 to 272.0 17.0 m @ 0.75% Cu and 1.22 g/t Au sulfide
Including 10.0 m @ 1.26% Cu and 1.60 g/t Au sulfide
278.0 to 280.0 2.0 m @ 0.00% Cu and 2.73 g/t Au sulfide
PXE-352
73.0 to 82.0 9.0 m @ 0.53% Cu and 0.06 g/t Au oxide (71% soluble)
120.0 to 126.0 6.0 m @ 0.61% Cu and 0.30 g/t Au sulfide
162.0 to 179.0 17.0 m @ 0.55% Cu and 0.10 g/t Au sulfide
Including 3.0 m @ 0.96% Cu and 0.17 g/t Au sulfide
256.0 to 258.0 2.0 m @ 0.01% Cu and 18.90 g/t Au sulfide
273.0 to 295.0 22.0 m @ 0.21% Cu and 0.91 g/t Au sulfide
PXE-356
88.3 to 137.0 48.8 m @ 0.93% Cu and 0.05 g/t Au Oxide (71% soluble)
Including 18.8 m @ 1.29% Cu and 0.05 g/t Au Oxide (82% soluble)
PXE-357
111.8 to 139.0 27.2 m @ 0.88% Cu and 0.23 g/t Au Oxide
Including 22.4 m @ 1.02% Cu and 0.27 g/t Au Oxide
192.0 to 196.0 4.0 m @ 1.22% Cu and 1.82 g/t Au Sulfide
PXE-363
0.0 to 34.0 34.0 m @ 1.26% Cu and 0.57 g/t Au Oxide (82% soluble)
34.0 to 60.0 26.0 m @ 0.98% Cu and 0.27 g/t Au sulfide
Other Information:
This news release, as well as other information related to the Company, is available on the Company's web site at www.explorator.ca.
EXPLORATOR RESOURCES INC. David O'Connor, President
About Explorator Resources Explorator Resources is a Canadian-based mining exploration company with a 49% interest in the El Espino Copper-Gold Project in Chile (the "Project"). The Project lies within the prolific copper-gold mineral area of the Cordillera de la Costa, 240 km. north of Santiago, and is central to an important cluster of "Candelaria-style" copper-gold deposits. A National Instrument 43-10 compliant preliminary assessment (see press release dated May 11, 2009) has defined the potential for an average annual payable production of 77 million pounds of copper and 40,000 ounces of gold over a 19 year mine life (life-of-mine payable production of 1.467 billion lbs copper and 755,000 oz. gold) at an average cash cost of $1.06/lb, net of gold credits (based on a gold price of $680/oz.) and also noted good potential for further resource expansion. Sociedad Punta del Cobre S.A. ("SPC") acquired the remaining 51% of the Project in March 2009 in return for an investment of up to US$18.5 million, with US$7.0 million used to exercise the option to purchase agreement on the Project and the remaining funds expected to be adequate to fund continued exploration and evaluation through to the end of 2010.
REGULATORY FOOTNOTE
Mr. Michael Schuler, in charge of exploration at Explorator SCM is the "Qualified Person" as defined under the National Instrument 43-101 and is responsible for the scientific and technical work on Explorator SCM'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 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contacts:
Explorator Resources Inc.David O'Connor
President
+56-9787800401
email at info@explorator.cawww.explorator.ca
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