Explorator Resources Intercepts Additional Manto Hosted Oxide Copper-Gold Mineralisation in the Rachel Area at El Espino Project
Tue Jul 29, 9:00 AMTORONTO, ONTARIO--(Marketwire - July 29, 2008) - Explorator Resources Inc. ("Explorator" or the "Company") (TSX VENTURE: EXO.V) is pleased to announce that it continues to intersect significant copper-gold mineralization in its Phase Three 30,000 meter drilling program at the El Espino Project in Chile.
Significant highlights include: Hole MXE 262 (97 meters of 1.05% copper and 0.11g/t gold); Hole MXE 153 (78 meters of 0.97% copper and 0.10g/t gold); Hole MXE 245 (27 meters of 0.97% copper and 0.17g/t gold); Hole MXE 245 (17 meters of 1.55% copper and 0.10g/t gold); Hole MXE 154 (9 meters of 1.63% copper and 2.07g/t gold); Hole MXE 185 (5 meters of 2.82% copper and 1.62g/t gold). "The drilling program in the Rachel area is designed to upgrade resources from the inferred to indicated category as well as extend the resource area to the east. Results recently received demonstrate continuity of higher grade copper-gold mineralization along the multiple, stacked mantos and go a long way toward achieving our aim of upgrading the resources. Micon International will include this data in their new resource calculations, scheduled to be reported in early Q4, and the Company will incorporate these results in our Stage Two scoping study" stated David O'Connor, President and CEO of Explorator Resources. Mr. O'Connor added "In addition, several holes have unusually high grade gold intercepts, including Hole MXE 057 (13 meters at 0.25% Cu and 12.04 g/t Au); Hole MXE 154 (9 meters at 1.63% Cu and 2.07 g/t Au); Hole MXE 185 (5 meters at 2.82% Cu and 1.62 g/t Au); Hole MXE 187 (1.5 meters at 0.44% Cu and 7.40 g/t Au). These results will be incorporated in the Chon Chon gold study." The results of Hole MXE 057 were reported previously (see press release dated April 17, 2008) as part of the overlapping Chon Chon gold project in the Rachel area. The initial National Instrument 43-101 ("NI 43-101") mineral resource estimates on the El Espino part of the deposit, audited by Micon International (see press release dated February 27, 2008) described: (1) oxide mineralization containing 11.1 million tonnes grading 0.63% Cu and 0.17 g/t Au in an indicated category and 11.5 million tonnes grading 0.46% Cu and 0.27 g/t Au in an inferred category; and (2) sulphide mineralization containing 0.6 million tonnes grading 0.91% Cu and 0.39 g/t Au in an indicated category and 77.2 million tonnes grading 0.63% Cu and 0.18 g/t Au in an inferred category. In addition, the Company has posted a letter to shareholders from David O'Connor, on the Company's website at www.explorator.ca. About Explorator Resources Explorator Resources is a Canadian-based mining exploration company focused on advancing its El Espino-Venus Copper-Gold Project in Chile. The Company is currently completing a Phase III 30,000 meter drill program, the results of which will update the current NI 43-101 mineral resource estimate and is completing a scoping study on the Project's oxide mineralization. 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-Venus block covers 75 square kilometres and is host to major gold and copper mineralized structures on which nine small operating mines have been developed.
RACHEL ZONE - RECENT DRILL INTERCEPTS
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HOLE FROM TO INTERCEPT Cu Au Type
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NO (m) (m) (m) (%) (g/t)
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MXE 057 51 67 16 0.42 0.13 Sulfide
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97 110 13 0.25 12.04 Sulfide
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141 164 23 0.92 0.15 Sulfide
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225 237 12 0.29 0.11 Sulfide
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246 272 26 0.33 0.04 Sulfide
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MXE 058 51 74 23 0.34 0.11 Sulfide
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84 88 4 4.50 0.37 Sulfide
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109 151 42 0.39 0.06 Sulfide
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253 266 13 0.64 0.11 Sulfide
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276 286 10 0.35 0.28 Sulfide
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MXE 109 No significant intercept - failed to reach target
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MXE 147 No significant intercept - failed to reach target
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MXE 153 13 36 23 0.57 0.08 Mixed
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36 49 13 0.35 0.03 Sulfide
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56 63 7 2.25 0.17 Sulfide
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81 87 6 0.40 0.14 Sulfide
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96 116 20 0.33 0.48 Sulfide
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with 99 108 9 0.44 0.96 Sulfide
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126 204 78 0.97 0.10 Sulfide
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289 311 22 0.45 0.08 Sulfide
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292 308 16 0.56 0.10 Sulfide
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MXE 154 56 61 5 0.49 0.29 Sulfide
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118 155 37 0.61 0.55 Sulfide
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with 146 155 9 1.63 2.07 Sulfide
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MXE 155 No significant intercept - failed to reach target
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MXE 158 36 39 3 0.45 0.10 Sulfide
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64 85 21 0.42 0.05 Sulfide
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191 198 7 0.70 0.14 Sulfide
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MXE 159 94 96 2 0.66 0.11 Sulfide
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99 114 15 0.38 0.04 Sulfide
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MXE 166 No significant intercept - failed to reach target
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MXE 180 108 117 9 0.43 0.09 Sulfide
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143 178 35 0.37 0.08 Sulfide
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with 143 163 20 0.52 0.07 Sulfide
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190 208 18 0.37 0.07 Sulfide
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222 260 38 0.41 0.11 Sulfide
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MXE 185 72 76 4 0.41 0.12 Sulfide
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80 90 10 1.53 0.83 Sulfide
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with 85 90 5 2.82 1.62 Sulfide
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131 135 4 0.64 0.02 Sulfide
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273 287 14 1.04 0.12 Sulfide
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MXE 186 109 128 19 0.55 0.20 Sulfide
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141 151 10 0.31 0.05 Sulfide
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166 187 21 0.35 0.06 Sulfide
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MXE 187 55 65 10 0.28 0.06 Mixed
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77 83 6 0.39 0.11 Sulfide
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116 123 7 0.51 0.05 Sulfide
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128.6 143.2 14.6 0.61 0.20 Sulfide
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169.1 174.8 5.7 0.22 2.12 Sulfide
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with 171.1 173.2 1.5 0.60 7.40 Sulfide
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MXE 230 171 210 39 0.47 0.07 Sulfide
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with 178 193 15 0.88 0.07 Sulfide
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305 316 11 1.01 0.15 Sulfide
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MXE 243 151 202 51 0.24 0.03 Sulfide
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with 161 164 3 1.05 0.13 Sulfide
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207 217 10 0.91 0.09 Sulfide
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228 234 6 0.30 0.03 Sulfide
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MXE 245 20 27 7 0.39 0.03 Oxide
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71 77 6 0.76 0.04 Sulfide
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95 98 3 0.55 0.02 Sulfide
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112 157 45 0.69 0.11 Sulfide
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With 130 157 27 0.97 0.17 Sulfide
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185 202 17 1.55 0.10 Sulfide
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251 261 10 0.60 0.19 Sulfide
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MXE 260 79 89 10 0.99 0.06 Sulfide
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107 110 3 0.54 0.00 Sulfide
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140 156 16 0.32 0.02 Sulfide
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With 140 141 1 2.64 0.14 Sulfide
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219 234 15 0.69 0.07 Sulfide
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MXE 261 59 61 2 0.09 0.93 Sulfide
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87 95 8 0.35 0.77 Sulfide
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With 87 92 5 0.49 1.22 Sulfide
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154 170 16 0.76 0.09 Sulfide
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MXE 262 1 32 31 0.47 0.22 Oxide
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49 59 10 0.18 0.56 Sulfide
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122 219 97 1.05 0.11 Sulfide
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With 130 141 11 1.91 0.34 Sulfide
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With 181 217 36 1.60 0.13 Sulfide
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MXE 263 22 55 33 0.40 0.21 Sulfide
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70 95 25 0.39 0.04 Sulfide
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108 109 1 1.10 0.05 Sulfide
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198 209 11 0.80 0.09 Sulfide
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With 198 208 10 0.86 0.10 Sulfide
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266 269 3 0.28 0.47 Sulfide
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To view Figure 1 - Rachel Location Map and Resource area please view the following link: http://media3.marketwire.com/docs/Figure1RachelLocation.pdf. To view Figure 2 - Drill Hole Location Map Rachel please view the following link: http://media3.marketwire.com/docs/Figure2DrillHoleLocationMap.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. ContactsTony Wonnacott Explorator Resources Inc.
Director & Corporate Secretary
(416) 775-7540
Email: inquiry@explorator.ca
Website: www.explorator.ca
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