Explorator Resources Inc.
TSX VENTURE : EXO

Explorator Resources Inc.

December 07, 2009 16:05 ET

Explorator Resources Intercepts a New Gold Rich Horizon at the Base of the Rachel Zone at El Espino

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)

TORONTO, ONTARIO--(Marketwire - Dec. 7, 2009) - 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.

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-32597.0 to 143.046.0 m @ 0.72% Cu and 0.14 g/t AuSulfide 
     
PXE-326129.0 to 136.07.0 m @ 0.52% Cu and 0.07 g/t AuSulfide(2% soluble)
 161.0 to 166.05.0 m @ 0.52% Cu and 0.05 g/t AuSulfide(1% soluble)
 177.0 to 180.03.0 m @ 0.47% Cu and 0.12 g/t AuSulfide 
     
PXE-32799.0 to 112.013.0 m @ 0.67% Cu and 0.20 g/t AuSulfide 
 145.0 to 173.028.0 m @ 1.04% Cu and 0.11 g/t AuSulfide 
     
PXE-328100.0 to 109.09.0 m @ 0.52% Cu and 0.12 g/t AuOxide 
 115.0 to 127.012.0 m @ 0.93% Cu and 0.12 g/t AuSulfide 
 129.0 to 133.04.0 m @ 0.73% Cu and 0.06 g/t AuSulfide 
     
PXE-32985.0 to 102.017.0 m @ 0.41% Cu and 0.21 g/t AuSulfide 
 Including4.0 m @ 0.63% Cu and 0.27 g/t AuSulfide 
 140.0 to 171.031.0 m @ 1.54% Cu and 0.16 g/t AuSulfide 
 Including6.0 m @ 3.76% Cu and 0.31 g/t AuSulfide 
 179.0 to 209.030.0 m @ 0.64% Cu and 0.09 g/t AuSulfide 
 Including7.0 m @ 1.36% Cu and 0.16 g/t AuSulfide 
 192.0 to 200.08.0 m @ 0.77% Cu and 0.06 g/t AuSulfide 
 298.0 to 342.844.8 m @ 0.36% Cu and 8.09 g/t AuSulfide 
 Including7.0 m @ 1.05% Cu and 0.51 g/t AuSulfide 
 And36.8 m @ 0.23% Cu and 9.75 g/t AuSulfide 
 With19.8 m @ 0.09% Cu and 14.73 g/t AuSulfide 
     
PXE-33474.0 to 115.041.0 m @ 0.58% Cu and 0.06 g/t Ausulfide 
 With11.0 m @ 0.91% Cu and 0.11 g/t Ausulfide 
 127.0 to 140.013.0 m @ 0.75% Cu and 0.14 g/t Ausulfide 
 149.0 to 155.06.0 m @ 0.85% Cu and 0.12 g/t Ausulfide 
     
PXE-33573.0 to 120.047.0 m @ 0.70% Cu and 0.07 g/t Ausulfide 
 With15.0 m @ 1.35% Cu and 0.14 g/t Ausulfide 
     
PXE-33670.0 to 73.03.0 m @ 0.54% Cu and 0.03 g/t Auoxide(69% soluble)
 95.0 to 106.011.0 m @ 0.79% Cu and 0.18 g/t Ausulfide 
     
PXE-33756.0 to 69.013.0 m @ 0.91% Cu and 0.07 g/t Auoxide 
 86.0 to 92.06.0 m @ 0.47% Cu and 0.04 g/t Ausulfide 
 170.0 to 175.05.0 m @ 0.97% Cu and 1.20 g/t Ausulfide 
     
PXE-3381.0 to 48.047.0 m @ 0.28% Cu and 0.05 g/t Auoxide(45% soluble)
 Including6.0 m @ 0.51% Cu and 0.05 g/t Auoxide(56% soluble)
 54.0 to 60.06.0 m @ 0.09% Cu and 6.78 g/t Auoxide(57% soluble)
 Including1.0 m @ 0.16% Cu and 36.20 g/t Auoxide(63% soluble)
 75.0 to 97.022.0 m @ 0.44% Cu and 0.04 g/t Ausulfide 
 Including2.0 m @ 1.01% Cu and 0.10 g/t Ausulfide 
 127.0 to 142.015.0 m @ 0.43% Cu and 0.07 g/t Ausulfide 
 179.0 to 201.022.0 m @ 0.36% Cu and 0.28 g/t Ausulfide 
 Including13.0 m @ 0.54% Cu and 0.31 g/t Ausulfide 
 206.0 to 230.024.0 m @ 0.34% Cu and 0.29 g/t Ausulfide 
 237.0 to 251.614.6 m @ 0.00% Cu and 0.22 g/t Ausulfide 
     
PXE-33933.0 to 51.018.0 m @ 0.44% Cu and 0.11 g/t AuOxide(52% soluble)
 75.0 to 77.02.0 m @ 0.69% Cu and 0.02 g/t AuSulfide 
 91.0 to 92.01.0 m @ 0.98% Cu and 0.17 g/t AuSulfide 
 109.0 to 126.017.0 m @ 0.44% Cu and 0.04 g/t AuSulfide 
 Including3.0 m @ 1.03% Cu and 0.05 g/t AuSulfide 
 And3.0 m @ 0.90% Cu and 0.07 g/t AuSulfide 
 135.0 to 149.014.0 m @ 0.54% Cu and 0.11 g/t AuSulfide 
 Including8.0 m @ 0.71% Cu and 0.16 g/t AuSulfide 
 151.0 to 175.024.0 m @ 0.40% Cu and 0.16 g/t AuSulfide 
 Including16.0 m @ 0.54% Cu and 0.22 g/t AuSulfide 
 197.0 to 210.013.0 m @ 0.54% Cu and 0.34 g/t AuSulfide 
 Including7.0 m @ 0.63% Cu and 0.35 g/t AuSulfide 
 And3.0 m @ 0.75% Cu and 0.52 g/t AuSulfide 
 229.0 to 232.73.7 m @ 0.01% Cu and 1.15 g/t AuSulfide 
 245.0 to 260.015.0 m @ 0.07% Cu and 5.97 g/t AuSulfide 
 Including11.0 m @ 0.08% Cu and 8.07 g/t AuSulfide 
     
PXE-34092.0 to 118.026.0 m @ 0.45% Cu and 1.10 g/t AuSulfide 
 Including4.0 m @ 0.21% Cu and 6.79 g/t AuSulfide 
 And10.0 m @ 0.89% Cu and 0.09 g/t AuSulfide 
 133.0 to 161.028.0 m @ 0.35% Cu and 0.12 g/t AuSulfide 
 Including7.0 m @ 0.82% Cu and 0.13 g/t AuSulfide 
     
PXE-34121.0 to 35.014.0 m @ 0.46% Cu and 0.03 g/t AuOxide 
 Including6.0 m @ 0.73% Cu and 0.03 g/t AuOxide 
 45.0 to 52.07.0 m @ 0.40% Cu and 0.08 g/t AuOxide 
 110.0 to 122.012.0 m @ 0.40% Cu and 2.14 g/t AuSulfide 
 Including4.0 m @ 0.44% Cu and 6.35 g/t AuSulfide 
 137.0 to 166.029.0 m @ 0.94% Cu and 0.13 g/t AuSulfide 
 Including10.0 m @ 1.58% Cu and 0.18 g/t AuSulfide 
 189.0 to 195.06.0 m @ 0.24% Cu and 0.46 g/t AuSulfide 
     
PXE-3421.0 to 6.05.0 m @ 0.31% Cu and 0.07 g/t AuOxide(29% soluble)
 71.0 to 73.02.0 m @ 0.72% Cu and 0.01 g/t AuSulfide 
 79.0 to 87.08.0 m @ 0.51% Cu and 0.14 g/t AuSulfide 
 Including6.0 m @ 0.62% Cu and 0.18 g/t AuSulfide 
     
PXE-34321.0 to 43.022.0 m @ 0.76% Cu and 0.11 g/t AuOxide(84% soluble)
 Including10.0 m @ 1.24% Cu and 0.14 g/t AuOxide(87% soluble)
 46.0 to 50.04.0 m @ 0.72% Cu and 0.07 g/t AuOxide(58% soluble)
 65.0 to 112.047.0 m @ 1.06% Cu and 0.12 g/t AuSulfide 
 Including19.0 m @ 2.00% Cu and 0.23 g/t AuSulfide 
 And5.0 m @ 0.79% Cu and 0.05 g/t AuSulfide 
 121.0 to 137.016.0 m @ 0.69% Cu and 0.18 g/t AuSulfide 
 Including5.0 m @ 1.12% Cu and 0.36 g/t AuSulfide 
     
PXE-344 18.0 to 26.08.0 m @ 0.29% Cu and 0.05 g/t AuOxide(76% soluble)
 31.0 to 43.012.0 m @ 0.35% Cu and 0.10 g/t AuOxide(67% soluble)
 55.0 to 56.01.0 m @ 0.45% Cu and 3.44 g/t AuOxide(74% soluble)
 69.0 to 87.018.0 m @ 1.17% Cu and 0.20 g/t AuSulfide 
 110.0 to 125.015.0 m @ 0.48% Cu and 0.09 g/t AuSulfide 
 Including5.0 m @ 0.74% Cu and 0.16 g/t AuSulfide 
 134.0 to 172.038.0 m @ 0.96% Cu and 0.83 g/t AuSulfide 
 Including8.0 m @ 1.93% Cu and 2.04 g/t AuSulfide 
 And4.7 m @ 2.04% Cu and 0.83 g/t AuSulfide 
     
PXE-34531.0 to 52.021.0 m @ 0.42% Cu and 0.03 g/t Auoxide(78% soluble)
 Including7.0 m @ 0.76% Cu and 0.03 g/t Auoxide(77% soluble)
 52.0 to 75.023.0 m @ 0.60% Cu and 0.06 g/t Ausulfide 
 Including7.0 m @ 1.13% Cu and 0.10 g/t Ausulfide 
 89.0 to 99.010.0 m @ 0.54% Cu and 0.05 g/t Ausulfide 
 Including5.0 m @ 0.87% Cu and 0.07 g/t Ausulfide 
 105.0 to 109.04.0 m @ 1.06% Cu and 0.12 g/t Ausulfide 
     
PXE-34642.0 to 47.05.0 m @ 0.68% Cu and 0.10 g/t AuOxide(69% soluble)
 72.0 to 76.04.0 m @ 0.41% Cu and 0.11 g/t AuSulfide 
 83.0 to 95.012.0 m @ 0.69% Cu and 0.13 g/t AuSulfide 
 Including8.0 m @ 0.86% Cu and 0.14 g/t AuSulfide 
 154.0 to 163.09.0 m @ 1.08% Cu and 0.15 g/t AuSulfide 
 198.0 to 202.04.0 m @ 0.68% Cu and 0.18 g/t AuSulfide 
 219.0 to 276.057.0 m @ 0.56% Cu and 0.08 g/t AuSulfide 
 Including10.0 m @ 0.71% Cu and 0.06 g/t AuSulfide 
 And12.0 m @ 1.04% Cu and 0.12 g/t AuSulfide 
 And4.0 m @ 1.08% Cu and 0.23 g/t Ausulfide 
     
PXE-34723.0 to 31.08.0 m @ 0.29% Cu and 0.14 g/t AuOxide(34% soluble)
     
PXE-34972.0 to 148.076.0 m @ 0.65% Cu and 0.06 g/t AuSulfide 
 Including24.0 m @ 1.03% Cu and 0.08 g/t AuSulfide 
 154.0 to 189.235.2 m @ 0.47% Cu and 0.04 g/t AuSulfide 
 180.0 to 189.29.2 m @ 1.24% Cu and 0.10 g/t AuSulfide 
     
PXE-35082.0 to 90.08.0 m @ 0.69% Cu and 0.10 g/t AuSulfide 
 106.0 to 115.09.0 m @ 0.53% Cu and 0.10 g/t AuSulfide 
 Including6.0 m @ 0.64% Cu and 0.13 g/t AuSulfide 
 130.0 to 164.034.0 m @ 1.07% Cu and 0.17 g/t Ausulfide 
 255.0 to 272.017.0 m @ 0.75% Cu and 1.22 g/t Ausulfide 
 Including10.0 m @ 1.26% Cu and 1.60 g/t Ausulfide 
 278.0 to 280.02.0 m @ 0.00% Cu and 2.73 g/t Ausulfide 
     
PXE-35273.0 to 82.09.0 m @ 0.53% Cu and 0.06 g/t Auoxide(71% soluble)
 120.0 to 126.06.0 m @ 0.61% Cu and 0.30 g/t Ausulfide 
 162.0 to 179.017.0 m @ 0.55% Cu and 0.10 g/t Ausulfide 
 Including3.0 m @ 0.96% Cu and 0.17 g/t Ausulfide 
 256.0 to 258.02.0 m @ 0.01% Cu and 18.90 g/t Ausulfide 
 273.0 to 295.022.0 m @ 0.21% Cu and 0.91 g/t Ausulfide 
     
PXE-35688.3 to 137.048.8 m @ 0.93% Cu and 0.05 g/t AuOxide(71% soluble)
 Including18.8 m @ 1.29% Cu and 0.05 g/t AuOxide(82% soluble)
     
PXE-357111.8 to 139.027.2 m @ 0.88% Cu and 0.23 g/t AuOxide 
 Including22.4 m @ 1.02% Cu and 0.27 g/t AuOxide 
 192.0 to 196.04.0 m @ 1.22% Cu and 1.82 g/t AuSulfide 
     
PXE-3630.0 to 34.034.0 m @ 1.26% Cu and 0.57 g/t AuOxide(82% soluble)
 34.0 to 60.026.0 m @ 0.98% Cu and 0.27 g/t Ausulfide 

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"

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.

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