NEWS RELEASE 2008 -08
21 METWORK DRILL HOLE RESULTS: DELIVERED
TO METCON
April 23 2008 – Toronto, Ontario,
Canada Peter
Mordaunt, CEO and Chairman of Stingray Copper Inc. (“Stingray”) reports the
results for an additional 21 holes, drilled to infill and expand the El Pilar
resource. Material from these drill holes will be composited at Metcon Research
Inc. to represent the material that is expected to be mined from the Phase
II Area as has been determined from the Company’s geological/resource
modeling. Two drill rigs continue to test the oxidized copper mineralization
with vertical, HQ sized drill holes.
These drill holes have been
completed to the south of the Starter Pit Area (500 meters X 500
meters) on drill sections from 8750 North to 8000 North (800 meters of
additional strike length). The drill holes reported continue to intersect wide
intervals of oxidized copper mineralization. A map of the hole locations can be found at
the link below or at the Company’s website;
http://www.stingraycopper.com/PressReleases/2007-2008_Drilling_Program_Model.pdf
Copper
intervals reported in Table 1 reflect approximate true widths and the principal
copper mineral intersected at El Pilar is chrysocolla occurring as intrusive
fragments in the host conglomerate. The resource outcrops at the north, and is
flat lying to shallowly dipping to the southwest. All drill core samples herein
reported have been logged and split by the Company’s staff under the direction
of the Company’s geologists and were delivered for assaying and metallurgical
testwork to Metcon Research Inc. of Tucson Arizona.
Table 1:
Inferred Mineral Resource In-Fill Drill Results
Section
|
Easting
|
Hole
|
From (m)
|
To (m)
|
Interval (m)
|
Grade (Total Copper %)
|
8750N
|
1750
|
S08-164
|
58.2
|
125.35
|
67.15
|
0.39
|
|
1950
|
S08-165
|
134.1
|
218.6
|
84.5
|
0.33
|
|
2150
|
S08-166
|
226.0
|
247.7
|
21.7
|
0.27
|
8650N
|
1650
|
S08-167
|
54.0
|
115.8
|
61.8
|
0.39
|
|
1850
|
S08-168
|
126.0
|
198.9
|
72.9
|
0.35
|
|
2050
|
S08-169
|
218.5
|
244.4
|
25.9
|
0.24
|
8550N
|
1550
|
S08-170
|
88.5
|
104.2
|
15.7
|
0.36
|
|
1750
|
S08-171
|
135.5
|
221.25
|
85.75
|
0.34
|
|
1950
|
S08-172
|
228.8
|
249.2
|
20.4
|
0.31
|
8450N
|
1450
|
S08-173
|
81.7
|
120.0
|
38.3
|
0.35
|
|
1650
|
S08-174
|
110.4
|
201.75
|
91.35
|
0.31
|
|
1850
|
S08-175
|
198.3
|
266.3
|
68.0
|
0.35
|
8350N
|
1350
|
S08-176
|
55.5
|
69.2
|
13.7
|
0.39
|
|
1550
|
S08-177
|
96.5
|
177.35
|
80.85
|
0.33
|
|
1750
|
S08-178*
|
216.4
|
274.0
|
57.6
|
0.33
|
8200N
|
1300
|
S08-86
|
99.9
|
169.2
|
69.3
|
0.38
|
|
1500
|
S08-87
|
120.3
|
184.5
|
64.2
|
0.34
|
|
1700
|
S08-88
|
224.0
|
276.1
|
52.1
|
0.32
|
8000N
|
1100
|
S08-101
|
95.4
|
145.05
|
49.65
|
0.30
|
|
1300
|
S08-102
|
110.5
|
177.5
|
67.0
|
0.33
|
|
1500
|
S08-103
|
177.6
|
221.0
|
43.4
|
0.34
|
* Ends in
copper mineralization
Stingray
has now reported 138 drill holes completed on 24 drill sections from 9300 North
to 8000 North (1.3 kilometers of strike length). Stingray has completed over
180 drill holes on 50 meter drill section spacing continuing to the south. A
complete listing of all drill holes completed by the Company at El Pilar can be
found at the link below or at the Company’s website.
http://stingraycopper.com/PressReleases/elpilar_chart.pdf
The
NI43-101 compliant inferred mineral resource of 180 million tonnes grading
0.37% total copper calculated at a cutoff of 0.25% total copper is being systematically
drilled on 50 meter spaced drill sections along its current 1.3 kilometer
length and approximate 500 meter width. At a lower cut-off of 0.20% total
copper, the inferred mineral resource is 237 million tonnes grading 0.33% total
copper. Stingray is working to reclassify the inferred mineral resource and
develop the El Pilar as an open pit, heap leach, solvent
extraction–electrowinning (SX-EW) copper mine. Stingray expects to recalculate
the El Pilar resource after the completion of the drill program.
Stingray
is well financed, with approximately $19M in the treasury, to carry out the
current technical work that is leading to the feasibility/technical study of El
Pilar scheduled for completion in Q1 of 2009. Stingray has been adding key, experienced
professionals to the engineering team that is busy directing these technical
studies.
Peter
Mordaunt, P.Geo is the Qualified Person responsible for the technical content
of this release.
Website: www.stingraycopper.com
TSX
Symbol:
|
Common
Shares - “SRY”
|
Issued:
|
58,725,982 common shares
|
|
Warrants
- “SRY.WT”
|
|
20,850,000 warrants
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FOR
FURTHER INFORMATION PLEASE CONTACT:
“Steve
Brunelle”
|
|
“Peter Mordaunt”
|
Steve Brunelle
|
|
Peter Mordaunt
|
Vice
President at (416) 368-6240
|
|
CEO
& Chairman
|
Certain Statements presented herein may constitute “forward-looking
statements”. Such forward-looking
statements may include potential mineralization, resources and reserves,
conclusions of prefeasibility and feasibility studies, estimates of future
production, capital and operating costs, prices of metals and other known and
unknown risks. These and other factors
and uncertainties may cause material differences from future results as
expressed or implied by these forward-looking statements. These risks, uncertainties and other factors
include but are not limited to the risks involved in the exploration,
development and mining business.
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