Explorator Resources Inc.

Explorator Resources Inc.

September 02, 2009 09:52 ET

Explorator Commences a 14,000 Meter Diamond Drilling Program at El Espino

Results include 12 meters of 4.39% Cu and 0.16 g/t Au, 47 meters of 1.89% Cu and 0.40 g/t Au and 16 meters of 0.97% Cu and 2.20 g/t Au

TORONTO, ONTARIO--(Marketwire - Sept. 2, 2009) - Explorator Resources Inc. ("Explorator" or the "Company") (TSX VENTURE:EXO) is pleased to announce that Explorator SCM (the company in Chile that is owned 49% by Explorator and 51% by Sociedad Punta del Cobre S.A.) commenced a two-drill rig, 14,000 meter diamond drilling program in June 2009. The drilling program is a part of a series of studies currently being conducted at El Espino.

Initial drilling is focused at the Rachel and Chon Chon prospects. The latest NI 43-101 mineral resource estimate for El Espino part of the deposit, audited by Micon International Limited (see press release dated November 25, 2008) described: (1) oxide mineralization containing 26.9 million tonnes grading 0.53% Cu and 0.33 g/t Au in an indicated category and 3.7 million tonnes grading 0.41% Cu and 0.16 g/t Au in an inferred category; and (2) sulphide mineralization containing 96.1 million tonnes grading 0.70% Cu and 0.21 g/t Au in an indicated category and 28.4 million tonnes grading 0.62% Cu and 0.19 g/t Au in an inferred category.

Results have been received from the first 10 drill holes in the current program.

Significant intersections are:


NO (m) (m) (m) (%) (g/t) Type

PXE 321 56.0 66.0 10 0.55 0.73 Oxide
80.0 85.0 5 0.74 0.07 Oxide
132.0 135.0 3 0.96 0.03 Sulfide

PXE 322 113.4 142.0 28.6 1.00 0.09 Oxide


NO (m) (m) (m) (%) (g/t) Type

PXE 319 28.0 43.0 15 0.44 0.10 Oxide
57.0 61.0 4 0.89 0.03 Sulfide

PXE 320 98.6 104.6 6 0.63 0.03 Oxide
113.0 139.0 8 0.57 0.23 Mixed
147.0 153.0 6 0.60 0.18 Sulfide

PXE 323 77.0 89.0 12 4.39 0.16 Oxide
89.0 111.0 22 0.62 0.05 Oxide
135.0 145.9 10.9 1.15 0.67 Sulfide
195.0 199.0 4 0.97 1.18 Sulfide
203.0 219.7 16.7 0.63 0.47 Sulfide

PXE 324 67.0 71.0 4 0.75 0.07 Oxide
83.0 105.0 22 0.54 0.08 Sulfide

PXE 330 10.0 16.0 6 1.11 0.05 Oxide
70.3 112.0 41.7 0.98 0.33 Sulfide
130.0 162.0 32 0.66 0.10 Sulfide

PXE 331 19.0 58.0 39 1.07 0.07 Oxide
58.0 62.0 4 0.79 0.05 Sulfide
83.0 130.0 47 1.89 0.40 Sulfide
146.0 161.0 15 0.63 0.18 Sulfide
176.0 180.0 4 1.04 0.10 Sulfide
186.0 189.0 3 1.56 0.14 Sulfide

PXE 332 78.0 84.0 6 0.68 0.16 Sulfide
115.0 123.0 8 0.88 0.09 Sulfide
134.0 161.0 27 0.69 0.12 Sulfide
216.0 232.0 16 0.97 2.20 Sulfide

PXE 333 72 95 23 0.88 1.02 Sulfide

The two drill holes at Chon Chon targeted a high-grade gold zone discovered by previous drilling. The drill holes intersected anomalous gold in the stratigraphically controlled horizon which hosts the high grade gold but failed to return high-grade gold values. The results demonstrate the erratic nature of the high grade gold mineralization at Chon Chon.

The drill holes in the Rachel area were designed to confirm and extend the resources outlined by previous drilling campaigns. The results support the resource model utilized by Micon International Limited in the latest resource estimate. Of interest is the near surface high-grade mineralization in MXE-330 and MXE-331, which could have a positive impact on project economics.

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.

The November 2008 mineral resource estimate was completed using the 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 the 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.

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 scoping study on the Project. 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.


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 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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