POSITIVE DRILL RESULTS CONTINUE TO
DEFINE
OXIDE COPPER RESOURCE AT EL PILAR
PROPERTY
December 11, 2007 –
Toronto, Ontario,
Canada Peter
Mordaunt, CEO and Chairman of Stingray Copper
Inc. (“Stingrayâ€) is pleased to report the
results of seven (7) additional drill holes completed at the Company’s El Pilar Copper
Property located in Sonora,
Mexico. Stingray
has now reported 49 drill holes completed on 8 drill sections from 9200
North to 8500 North This aggressive, in-fill drilling campaign has completed
an additional 50 drill holes on 100 meter section spacing continuing to the
south and also in the “Starter Pit Area†defined at the north end of the resource (See
News Release 2007 -16). 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 43-101 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).
All holes reported from this central
area of the resource continue to intersect wide intervals of significant 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. These holes are
posted at the Company’s website and a map of
the hole locations can be found at the link below or at the Company’s website;
http://www.stingraycopper.com/PressReleases/elpilar_drillingmap.pdf
Copper intervals reported in Table 1 reflect approximate true widths
and the principal copper mineral intersected is chrysocolla
occurring as intrusive fragments in the host conglomerate. All drill core
samples are split by the Company’s staff under
the direction of the Company’s geologists and
are delivered for assaying to ALS Chemex, Hermosillo, Sonora,
Mexico.
Table 1: Inferred Mineral Resource
In-Fill Drill Results
Section
|
Easting
|
Hole
|
From (m)
|
To (m)
|
Interval (m)
|
Grade (Total Copper %)
|
|
|
|
|
|
|
|
8900N
|
2100
|
27A
|
132
|
192
|
60
|
0.33
|
8700N
|
2100
|
43
|
222
|
276
|
54
|
0.22
|
8600N
|
1700
|
48
|
84
|
152
|
68
|
0.36
|
|
|
or
|
84
|
184
|
100
|
0.31
|
8500N
|
1600
|
60
|
74
|
142
|
68
|
0.40
|
|
1700
|
61
|
112
|
155.5
|
43.5
|
0.30*
|
|
1800
|
62
|
182
|
248
|
66
|
0.40
|
|
|
or
|
120
|
266
|
146
|
0.33
|
|
2000
|
64
|
178
|
188
|
10
|
0.26
|
*Ends
in copper mineralization.
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.
Advanced metallurgical testwork has started at the Starter Pit Area where 15
drill holes have been shipped to Metcon Research
Inc. in Tucson, Arizona. Sample preparation is underway
on drill core that will be utilized for ore characterization and column
leach testing. An additional 15 holes will be shipped prior to year end
that will allow composite samples to be prepared in January 2008 for the
column testwork.
Exploration to the north of the known
resource at the 10 square kilometer El Pilar property is yielding encouraging copper and
molybdenum results from recent surface work. Geological mapping,
approximately 2.5
kilometers from the northern limit of the El Pilar
resource, at the Arriba Zone, displays a strong fracture system that is
oriented in a Northwest-Southeast trend. This trend is parallel to the
regional structure that hosts many of the large, known porphyry copper
deposits in Southern Arizona and Northern Sonora.
Surface mapping of an area 2200 meters by 400 meters has
identified many old workings within three distinct areas where high grade
copper and molybdenum were mined historically for direct shipment to local
smelters. Veins and silicified disseminations of fractured, acid intrusive
rocks reveal malachite, azurite, chrysocolla (copper minerals) and
molybdenite (molybdenum mineral).
In the central area of the Arriba
Zone, 5 surface grab samples in waste dumps at the Old El Pilar Shaft area
averaged 0.95% copper and 0.74% molybdenum. Although not overly meaningful
in the context of where the samples came from, it is evidence that there is
high grade metal in this structural system.
300
meters south of the Old El Pilar Shaft area
is an outcrop of intrusive breccia that is observed on surface covering 15
by 20 meters.
This breccia, the “HD Brecciaâ€, occurs as an intrusive penasco that
extends 12 meter
high (See Photo Gallery at website). Fragments within the matrix of this
breccia are cemented with quartz, malachite and azurite (both, copper
minerals). Follow up work in this area will consist of trenching and then
diamond drilling.
Stingray is fully financed to complete
the technical assessments, including extensive metallurgical column testing
of the resource material at the El Pilar project, that will lead up to the
preparation of a Feasibility Study. The Company has approximately $24
million in cash and cashable GIC’s on deposit at the CIBC and no debt.
Peter Mordaunt, P.Geo is the Qualified
Person responsible for the technical content of this release.
Website: www.stingraycopper.com
TSX Symbol:
|
Common Shares - “SRYâ€
|
Issued:
|
58,725,982
common shares
|
|
Warrants - “SRY.WTâ€
|
|
20,850,000
warrants
|
FOR FURTHER INFORMATION PLEASE
CONTACT:
“Steve Brunelleâ€
|
|
“Peter Mordauntâ€
|
|
|
|
Steve Brunelle
|
|
Peter Mordaunt
|
Vice President at (416) 368-6240
|
|
CEO & Chairman
|
Certain Statements presented herein may constitute “forward-looking statementsâ€. 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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