Explorator Intercepts Copper-Gold in the New Explored Pirata Zone at El Espino-Venus
Mon May 26, 8:30 AMTORONTO, ONTARIO--(Marketwire - May 26, 2008) - Explorator Resources Inc. (TSX VENTURE: EXO.V) continues to intersect significant copper-gold mineralization outside of the resource area in its 30,000m Phase III Drilling program at the El Espino-Venus Project in Chile. The most recent results received are from the Pirata zone, which until now has not been systematically drilled.
Significant results include: (For complete results see Table 1)
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HOLE NO DEPTH (m) INTERCEPT (m) Cu % Au g/t
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MXE - 182 15 to 33 18 0.57 0.22
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39 to 62 23 0.57 0.34
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with 54 to 55 1 0.57 5.09
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MXE - 226 4 to 102 102 0.46 0.26
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with 56 to 90 34 0.83 0.40
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and 62 to 88 28 1.02 0.44
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and 80 to 86 6 2.68 1.24
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The Pirata zone is outside of the area that contains the company's defined mineral resource estimate, south of and parallel to the Portugesas zone (see Figure1). It is centered on an old copper-oxide open-pit working and an old underground gold mine said to extend to a depth of 90 meters. Drilling of this zone has recently commenced and has discovered a substantial zone of copper-gold mineralization. "We are very encouraged by the results of this recent drilling in Pirata, which represent a new zone of potential for resource expansion. The holes that returned these new intersections are located well southwest of the western boundary of the resource block area (see Press release dated February 27, 2008). Any resource developed in the newly defined Pirata zone will be an addition to the mineral resource estimate defined to date" noted David O'Connor, CEO of Explorator Resources. O'Connor continued: "Drilling is continuing to the west and east along the Pirata zone as well as to the south where we suspect shallowly dipping copper-gold manto mineralization to extend from the Pirata mine area. We will continue to explore aggressively at Pirata as well as on other parts of El Espino-Venus and are targeting to complete an updated resource estimate by September this year." On February 27th, 2008 the company announced a NI 43-101 compliant Resource Estimate which included 11.68 million tonnes at 0.64%Cu, 0.18g/tAu Indicated and 88.67 million tonnes at 0.61%Cu, 0.19g/tAu Inferred resources within the copper-gold system. All of the holes tabulated below are outside of the area of the announced 43-101 mineral resource estimate.
TABLE 1 - PIRATA ZONE DRILL INTERCEPTS
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HOLE NO DEPTH (m) INTERCEPT (m) Cu % Au g/t
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MXE - 182 15 to 33 18 0.57 0.22
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39 to 62 23 0.57 0.34
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with 54 to 55 1 0.57 5.09
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MXE - 183 83 to 103 20 0.53 0.04
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with 85 to 91 6 1.11 0.07
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MXE - 224 108 to 116 8 0.31 0.20
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MXE - 225 94 to 100 6 0.10 1.42
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MXE - 226 4 to 102 102 0.46 0.26
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with 56 to 90 34 0.83 0.40
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and 62 to 88 28 1.02 0.44
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and 80 to 86 6 2.68 1.24
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118 to 134 16 0.32 0.20
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162 to 164 2 0.51 0.11
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MXE - 232 20 to 34 14 0.23 0.08
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38 to 62 24 0.28 0.10
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73 to 106 33 0.78 0.30
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199 to 201 2 0.94 0.19
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MXE - 233 22 to 30 8 0.45 0.04
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87 to 121 34 0.22 0.07
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132 to 134 2 1.69 0.25
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143 to 151 8 0.30 0.04
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MXE - 234 20 to 91 71 0.33 0.10
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with 43 to 68 25 0.47 0.12
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119 to 134 19 0.43 0.37
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About Explorator Resources 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. To view "FIGURE 1 - PIRATA DRILL HOLE LOCATION MAP," please visit the link below: http://media3.marketwire.com/docs/exomap1526.pdf To view "FIGURE 2 - EL ESPINO PROSPECT AREAS," please visit the link below: http://media3.marketwire.com/docs/exomap2526.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. ContactsJohn Carlesso Explorator Resources Inc.
Chairman
(416) 775-7540
Email: info@explorator.ca
Website: www.explorator.ca
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