NEWS RELEASE 2008 -09
EL PILAR INFILL DRILL PROGRAM WINDS
DOWN
RESOURCE UPDATE ANTICIPATED
May 6 2008 � Toronto, Ontario, Canada Peter Mordaunt, CEO and Chairman of Stingray Copper
Inc. (�Stingray�) states, �The in fill drill program is expected to conclude
shortly, with over 40,000 meters completed in over 200 drill holes. We are
satisfied with the consistent results that have been delivered. The
mineralization remains open to the south but Stingray will stop drilling to
allow for a resource update as a fundamental step in building the El Pilar Technical/Feasibility
Study that Stingray intends on completing for Q1 of 2009. We thank all our
shareholders for their patience as this necessary work has been completed to
define the parameters for the potential development of the El Pilar Copper
Property as one of Mexico�s
next open pit, SX-EW operations.�
Results
for 8 additional drill holes are reported from the in fill program in the Phase II Area. One drill rig continues
to test the oxidized copper mineralization south of the Phase II Area, while a second drill has begun drilling for
geotechnical purposes under the direction of Golder Associates Inc. Upon
completion of these programs, drilling will begin at the Arriba Zone exploration
area located on the property to the northwest. (See News Release 2007-17)
These drill holes have been
completed on drill sections from 8300 North to 7900 North. The drill holes
reported continue to intersect wide intervals of oxidized copper mineralization.
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/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 HQ 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 to ALS Chemex,
Hermosillo, Sonora, Mexico.
Table 1:
Inferred Mineral Resource In-Fill Drill Results � Phase II Area
|
Section
|
Easting
|
Hole
|
From (m)
|
To (m)
|
Interval (m)
|
Grade (Total Copper %)
|
|
|
|
|
|
|
|
|
|
8300N
|
1000
|
S08-73*
|
|
|
|
No Significant Value
|
|
|
1200
|
S08-75
|
96.1
|
140.0
|
43.9
|
0.32
|
|
8100N
|
0900
|
S08-90*
|
|
|
|
No Significant Value
|
|
|
1300
|
S08-94
|
100.8
|
173.7
|
72.9
|
0.36
|
|
|
1600
|
S08-97
|
190.5
|
242.0
|
51.5
|
0.37
|
|
|
|
or
|
156.0
|
248.8
|
92.8
|
0.31
|
|
8000N
|
1600
|
S08-104**
|
192.0
|
247.7
|
55.7
|
0.34
|
|
7900N
|
1300
|
S08-109
|
105.30
|
177.45
|
72.15
|
0.35
|
|
|
1600
|
S08-112
|
207.75
|
255.00
|
47.25
|
0.34
|
|
|
|
or
|
207.75
|
292.95
|
85.20
|
0.32
|
* Located outside or at
margin of current resource. ** The
drill hole ends in copper mineralization.
Stingray
has now reported 146 drill holes completed on 25 drill sections from 9300 North
to 7900 North. Stingray has completed over 200 drill holes on 50 meter drill section
spacing along 1.0 km and at 100 meter drill sections continuing for 700 meters to
the south. For a complete listing of all drill holes completed by the Company at
El Pilar, click on the following link;
http://www.stingraycopper.com/PressReleases/Table_may5.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 1.2 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. 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 technical/feasibility study of El
Pilar scheduled for completion in Q1 of 2009. Stingray has added 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
|
FOR
FURTHER INFORMATION PLEASE CONTACT:
|
�Steve
Brunelle�
|
|
�Peter Mordaunt�
|
|
Steve Brunelle
|
|
Peter Mordaunt
|
|
Vice
President at (416) 368-6240
|
|
CEO
& Chairman
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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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