Explorator Commences 30,000M Phase III Exploration Program at El Espino-Venus Targets 43-101 Resource Estimate Update for Q3 2008
TORONTO, ONTARIO–( EMWNews – March 31, 2008) – Explorator Resources Inc. (TSX VENTURE:EXO) has commenced a 30,000m Phase III exploration program at the El Espino-Venus copper-gold project near Illapel, Chile. The program focuses on upgrading and increasing the initial 43-101 Resource Estimate announced February 27, 2008 and the company is targeting Q3 of the current year to provide an update to this Resource Estimate.
Upgrading the resource will be accomplished by converting Inferred Resources to Indicated, and increasing the oxide tonnage to maximize the potential of a start-up, open-pit operation. Increasing the resource will be accomplished by infill drilling to close the gap between the resource area and holes that contained significant intercepts of mineralization but were not included in the resource calculation. As part of the Phase III program, a parallel gold exploration program focused on delineating a potential gold resource has also commenced.
The Phase III program consists of specific objectives in the following areas (see Figure 6)
Drilling has commenced to delineate new resources for the first time on this project. Explorator believes that the Venus project has potential for oxide and sulfide tonnage. Despite having no previous drilling, the Venus project hosts six small active mines operating under lease agreements that expire in 2008. A Technical Report on the Venus project (completed by Mr. Douglas Currie, MAusIMM of Gwynva Resource Management and filed on SEDAR in June 2007) states “Production grades from the six active mines on the concessions in March, 2007 ranging from 1.24% Cu to 3.82% Cu are considered representative of the potential copper (oxide) grades which have historically prevailed on the property”.
Infill drilling to augment the current resource, particularly to the southwest, is planned. A significant underground channel sampling program of old gold workings has also been initiated to assist with the planning of drill holes for the parallel gold program.
Infill drilling to convert inferred resources to indicated resources and additional drilling of holes to test for potential extensions to the east of the Rachel zone indicated by holes MXE 054 (20m at 0.6%Cu, 0.50g/tAu) and hole MXE 151 (15m at 1.50%Cu, 0.29g/tAu and 8m at 0.56%Cu, 0.05g/tAu).
Close spaced Reverse Circulation (RC) drilling is planned mainly to define additional shallow oxide copper mineralisation indicated by holes MXE 023 (38m at 0.8%Cu, 0.12g/tAu), MXE 160 (54m at 0.66%Cu, 0.32g/tAu), and MXE 162 (14m at 0.45%Cu, 1.03g/tAu).
Drilling to include this area in the next resource update has commenced. Wide spaced holes indicating the presence of resources in this area are indicated by holes MXE 28 (117m at 0.57%Cu, 0.31g/tAu, with 34m at 0.90%Cu, 0.74g/tAu and 60m at 0.55%Cu, 0.10g/tAu), MXE 29 (59m at 0.66%Cu, 0.56g/tAu), MXE 31 (40m at 0.57%Cu, 0.62g/tAu and 28m at 0.68%Cu, 0.83g/tAu), MXE 50 (10m at 1.3%Cu, 0.83g/tAu), MXE 62 (6m at 3.62g/tAu, with 1m at 21g/tAu), and MXE 128 (24m at 0.72%Cu, 0.23g/tAu and 4m at 0.90%Cu, 0.10g/tAu oxide and 42m at 0.75%Cu, 0.82g/tAu sulphide).
This area directly south of the Portugesas fault presents an interesting target for manto mineralization and would represent a new zone. Potential shallow oxide resources in this area are indicated by hole MXE 30 (28m at 0.54%Cu, 0.14g/tAu, with 14m at 0.80%Cu, 0.21g/tAu).
Drilling in Pichanilla will focus on determining the continuity of high grade zones that were intercepted in Hole MXE-08 (65m of 2.07% Cu) and Hole MXE-140 (81m of 1.7% Cu incl. 37m of 3.06% Cu incl. 10m of 5.26% Cu and 0.90 g/t Au) but not included in the current 43-101 Resource Estimate due to the distance between holes.
Explorator has also published Longitudinal and Cross sections (Figures 1 – 5) used by Micon International in their first stage resource estimate (see press release dated February 27th, 2008, indicated – 11.68 million tonnes at 0.64%Cu and 0.18g/tAu, inferred – 88.67 million tonnes at 0.61%Cu, 0.19g/tAu, with additional potential of up to 675,000 ounces gold). The potential quantity and grade of gold is conceptual in nature, there has been insufficient exploration completed to define a mineral resource and it is uncertain if further exploration will result in the discovery of a mineral resource.
The sections clearly demonstrate the extensive continuity and stacked nature of the mineralized mantos in the Ravanales and Rachel areas where first stage resource definition drilling has been completed, based on over 200 announced drill hole intercepts. This copper-gold mineralized zone can be seen to extend over a north-south length of 1.6 kilometers where defined by drilling. (Figure 1)
To view Figure 1 (LONG SECTION THROUGH RESOURCE DEFINITION DRILLING IN RAVANALES AND RACHEL AREAS, SHOWING ZONE OF STACKED COPPER-GOLD MANTOS) please visit the following link: http://media3.EMWNews.com/docs/exofig1r.pdf
Figures 2 to 4 are cross sections through the width of the mineralized mantos. These show that the mantos extend east-west over widths of over one kilometer in parts and there are up to five stacked layers of manto mineralization shown by drilling so far. The mantos are open to the east where drilling is now proceeding.
To view Figure 2 (CROSS SECTION THROUGH 6527200N, SHOWING 5 STACKED COPPER-GOLD MINERALISED MANTOS) please visit the following link: http://media3.EMWNews.com/docs/exofig2r.pdf
To view Figure 3 (CROSS SECTION THROUGH 6527300N, SHOWING 5 STACKED COPPER-GOLD MINERALISED MANTOS) please visit the following link: http://media3.EMWNews.com/docs/exofig3r.pdf
To view Figure 4 (CROSS SECTION THROUGH 6527400N, SHOWING STACKED COPPER-GOLD MINERALISED MANTOS) please visit the following link: http://media3.EMWNews.com/docs/exofig4r.pdf
Figure 5 is a long section through the entire El Espino-Venus project area, showing that so far resource definition drilling has only been carried out in approximately one third of the length of the mineral claim block.
In addition to the resource definition drilling data from the Ravanales and Rachel areas, which were used by Micon International in its first stage resource calculations, the sections show potential extensions of copper-gold mineralization well beyond these areas.
To view Figure 5 (LONG SECTION THROUGH THE EL ESPINO-VENUS CLAIM BLOCK, WITH THE FIRST PHASE RESOURCE AREA SHOWN IN THE CENTER, THE PICHANILLA AREA TO THE SOUTH AND VENUS AREA TO THE NORTH.) please visit the following link: http://media3.EMWNews.com/docs/exofig5r.pdf
To view Figure 6 (PROJECT AREAS WITHIN THE EL ESPINO-VENUS CLAIM BLOCK.) please visit the following link: http://media3.EMWNews.com/docs/exofig6r.pdf
To view Figure 7 (CURRENT AREA OF RESOURCE ESTIMATE SHOWN AGAINST AREA OFKNOWN MINERALIZATION.) please visit the following link: http://media3.EMWNews.com/docs/exofig7r.pdf
About Explorator Resources Inc.
Explorator Resources is a Canadian-based mining exploration company focused on building a strong position of copper-gold projects in South America. Explorator is initially concentrating its efforts in the mineral rich Cordillera de la Costa province in Chile. The Company’s El Espino-Venus Project lies within this prolific copper-gold mineral area and is central to an important cluster of “Candelaria-style” copper-gold deposits. El Espino-Venus is located in the Illapel district, approximately 3.5 hours drive north of Santiago. The El Espino-Venus block covers 75 square kilometers and is host to major gold and copper mineralized structures on which nine small operating mines have been developed.
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.
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