NEWS RELEASE 2008 -03
CONFIRMATION OF OXIDE COPPER RESULTS
CONTINUES AT EL PILAR, MEXICO
March 11, 2008 – Toronto, Ontario,
Canada Peter
Mordaunt, CEO and Chairman of Stingray Copper Inc. (“Stingray”) reports the
results of six (6) additional drill holes in the Starter Pit Area (See
News Release 2007 -16). and two (2) more drill holes as part of the fill-in
drilling at the Company’s El Pilar copper property located in Sonora, Mexico.
Six (6) holes represent infill drilling completed on Section 8950N in the Starter
Pit Area at the north end of the resource that continues to intersect
wide intervals of oxidized copper mineralization similar in character to the
previous wide spaced (200 meter) drill results completed by former property
owner, Noranda Exploracion Mexico S.A. de C.V. (Xstrata Copper). These results confirm that the grades and
thicknesses of oxide copper mineralization intersected remain consistent with
previous results on adjoining sections and should support the Company’s plans for
an open pit SX-EW (solvent extraction – electro winning) operation.
The
drill core from these six (6) holes and all subsequent holes completed in the Starter
Pit Area have been sent to Metcon Research Inc.(“Metcon”) of Tucson for
analysis and for the preparation of sample material to be placed in columns for
metallurgical testing of the copper mineralization to determine/optimize ore
characterization, lift height, solution flow rates, copper recoveries and acid
consumption.. The copper intervals reported
in Tables 1 & 2 reflect approximate true widths and the principal copper
mineral intersected at El Pilar is chrysocolla occurring as intrusive fragments
in the host conglomerate. All drill core samples reported from the Starter
Pit Area have been logged by the Company’s staff under the direction of
the Company’s geologists and are delivered for assaying and metallurgical
testwork to Metcon. Drill core from holes completed outside the Starter
Pit Area is split by the Company’s staff under the direction of the Company’s
geologists and is delivered for assaying to ALS Chemex, Hermosillo, Sonora, Mexico.
Table 1:
Inferred Mineral Resource In-Fill Drill Results : Starter Pit Area
Section
|
Easting
|
Hole
|
From (m)
|
To (m)
|
Interval (m)
|
Grade (Total Copper %)
|
|
|
|
|
|
|
|
8950N
|
1750
|
S07-133
|
20.25
|
45.0
|
24.75
|
0.11
|
|
1850
|
S07-134
|
22.25
|
81.8
|
59.55
|
0.33
|
|
1950
|
S07-135
|
45.25
|
126.8
|
81.55
|
0.41
|
|
2050
|
S07-136
|
74.60
|
170.9
|
96.3
|
0.29
|
|
2150
|
S07-137
|
143
|
190.5
|
47.5
|
0.30
|
|
2250
|
S07-138
|
175.8
|
214.5
|
38.7
|
0.33
|
The six (6) drill holes
reported from the Starter Pit Area are posted at the Company’s website and a map
of these hole locations can be found at the link below or at the Company’s
website;
http://stingraycopper.com/PressReleases/Starter_Pit_Area_Drill_Hole_Locations.pdf
Table 2:
Inferred Mineral Resource In-Fill Drill Results : Phase 2 Area
Section
|
Easting
|
Hole
|
From (m)
|
To (m)
|
Interval (m)
|
Grade
(Total Copper %)
|
8300N
|
1700
|
S07-80
|
168
|
260
|
92
|
0.32
|
|
1800
|
S07-81
|
208
|
328
|
120
|
0.32
|
|
|
or
|
242
|
328
|
86
|
0.36
|
The
two (2) holes reported from the Phase 2 Area are advancing the Company’s
in-fill drill program progressively to the southwest. Holes S07-80 and S07-81
are drilled in the central section of the copper mineralization. These results
continue to confirm results from adjacent holes completed earlier by Noranda
Mexico. A map of these drill hole locations can be found at the link below or
at the Company’s website;
http://www.stingraycopper.com/PressReleases/elpilar_drillingmap.pdf
Stingray
has now reported 73 drill holes completed on 13 drill sections from 9200 North
to 8200 North. All drill results completed by Stingray in the 2007 and 2008
program are tabled at the company’s website and can be found at the link below.
http://www.stingraycopper.com/Financials/elpilar_chart.pdf
The
in-fill drilling campaign has completed over 130 drill holes on 100 meter drill
section spacing continuing to the south and also at 50 meter drill section
spacing in the Starter Pit Area. Three drill rigs are testing the oxidized
copper mineralization that occurs as a flat lying to gently dipping horizon
with vertical, HQ sized drill holes. 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 at minimum 100
meter drill centers along its current 1.2 kilometer length and approximate 400
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. The resource is open
ended to the south and earlier drilling has outlined adjacent horizons of
oxidized copper mineralization (See News Release 2007 -13, Table 2).
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. The oxidized copper mineralization as reported may appear lower in
percentage copper than reported by sulphide copper developers and miners,
however the capital and operating costs of heap leach, SX-EW operations are
significantly lower. Additionally, such SX-EW copper operations produce a
cathode copper product and not an intermediate concentrate that must be treated
by a smelter and refiner.
Stingray
is well financed, with approximately $23M in the treasury, to carry out the
current technical assessment of the El Pilar copper resource. Stingray has been
able to add the key, experienced professionals needed to the engineering team
that is busy directing these technical studies.
Additionally,
Stingray has engaged an independent Environmental Consulting firm, Hydrogeological
Service Company and a third party Resource/Reserve, Mine Planning/Scheduling
consultant to work with Stingray’s in-house Mining Engineering team. All of these
third party firms will provide parts of the final feasibility for El Pilar. Moreover, several trade off studies are
underway realted to contract verses company mining as well as detailed studies
of the acid and sulphur markets for the project feasibility. Stingray
anticipates engaging geotechnical and pit slope design consultants for the Feasibility
Study in the coming weeks. The in-house Feasibility Study is well underway with
all areas advancing as planned.
Peter
Mordaunt, P.Geo is the Qualified Person, has reviewed this news release and is 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
|
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.
|