Exeter Resource Corporation (TSX VENTURE: XRC)(NYSE Alternext US:
XRA)(FRANKFURT: EXB) ("Exeter" or the "Company") reports that
drilling at its Caspiche project in Chile has further extended the
porphyry system to the southwest, returning 488 metres (1,601 feet)
at a grade of 1.30 grams per tonne gold (0.038 ounces per ton) and
0.44% copper, in drill hole CSD032. This intercept is part of a 930
metre (3,051 feet) interval that assayed 0.89 grams per tonne gold
(0.026 ounces per ton) and 0.31% copper. Importantly the
mineralization continues further down hole, with assays awaited for
the remaining interval of 342 metres (1,122 feet), from a down hole
depth of 1,025 metres (3,362 feet).
New results include:
CSD032, drilled to test the southwestern limits of
mineralization, intersected:
- 930 metres ("m") (3,051 feet ("ft")) at a grade of 0.89 grams
per tonne ("g/t") gold (0.026 ounces per ton ("oz/ton")) and 0.31%
copper, from a down hole depth of 95 m (312 ft) in the primary
gold-copper zone, including,
- 488 m (1,601 ft) at a grade of 1.30 g/t gold (0.038 oz/ton)
and 0.44% copper, from a depth of 537 m (1,761 ft), in the primary
gold-copper zone. Assays for the remaining 342 m interval of the
drill hole are awaited.
CSD031, drilled to test the northeastern limits of
mineralization, on the same drill section as CSD032,
intersected:
- 122 m (400 ft) at a grade of 0.22 g/t gold (0.0064 oz/ton),
from a down hole depth of 44 m (144 ft) to 166 m (545 ft) in the
oxide (gold only) zone followed by
- 462.1 m (1,516 ft) at a grade of 0.35 g/t gold (0.01 oz/ton)
and 0.15% copper, from a down hole depth of 166 m (545 ft) to the
bottom of the hole, in the primary gold-copper zone, including
- 96.1 m (315 ft) at a grade of 0.59 g/t gold (0.017 oz/ton) and
0.30% copper, from a down hole depth of 532 m (1,745 ft) to the
bottom of the hole.
CSD030, drilled to test the northwestern limits of
mineralization, on a section line 400 m north of CSD032,
intersected:
- 44 m (144 ft) at a grade of 0.17 g/t gold (0.0049 oz/ton),
from a down hole depth of 94 m (308 ft) to 138 m (453 ft) in the
oxide (gold only) zone followed by
- 816.6 m (2,678 ft) at a grade of 0.67 g/t gold (0.019 oz/ton)
and 0.22% copper, from a down hole depth of 138 m (453 ft) to the
bottom of the hole, in the primary gold-copper zone.
Exeter's Chairman, Yale Simpson, stated, "Drill hole CSD032
shows some of the best gold-copper grades to date on the property,
and moves the "centre of gravity" for the highest grade
mineralization further to the southwest. Importantly, the drill
intercept is preliminary as our geologists report visual
mineralization (yet to be assayed) continues further down the drill
hole.
"The mineralized zone on the CSD032 section line appears to be
closed off to the east by drill hole CSD031, but remains open to
the west. With the high grades returned in CSD032, another drill
hole is tentatively planned west of CSD032 to undercut that
hole.
"CSD030, located on a section line 400 metres (1,312 feet)
northwest of CSD032, is important as it returned +800 metres
(+2,624 feet) of economic tenor gold-copper mineralization. As the
mineralized body remains untested to the west of CSD030, further
step out drilling is under consideration in that direction.
"Based on our drilling to date, we are increasingly confident
that Caspiche is one of the best Chilean gold-copper discoveries in
many years. Drilling is continuing, with three rigs operating on a
24 hour/day basis to meet a second quarter 2009 timeline for
completing a NI 43-101 compliant resource estimate."
Detailed drilling results are as follows:
---------------------------------------------------------------------------
From To Width Gold Copper
---------------------------------------
Hole No. (m) (m) (m) (g/t) (%) Status Zone
---------------------------------------------------------------------------
CSD032 95.0 1,025(i) 930.0 0.89 0.31 Finals Sulphide Gold
Copper Zone
---------------------------------------------------------------------------
Including 537.0 1,025.0(i) 488.0 1.30 0.44 Finals Sulphide Gold
Copper Zone
---------------------------------------------------------------------------
---------------------------------------------------------------------------
CSD030 94.0 138.0 44.0 0.17 0.01 Finals Oxide Gold Only
Zone
---------------------------------------------------------------------------
CSD030 138.0 954.55 816.6 0.67 0.22 Finals Sulphide Gold
(BOH) Copper Zone
---------------------------------------------------------------------------
---------------------------------------------------------------------------
CSD031 44.0 166.0 122.0 0.22 0.01 Finals Oxide Gold Only
Zone
---------------------------------------------------------------------------
CSD031 166 628.1 462.1 0.35 0.15 Finals Sulphide Gold
Copper Zone
---------------------------------------------------------------------------
Including 532 628.1 96.1 0.59 0.30 Finals Sulphide Gold
Copper Zone
---------------------------------------------------------------------------
(i) 342.4m of assays remaining from this hole
Click here to view related plans and cross-sections:
http://www.exeterresource.com/images/gallery/plans/Plan_68.pdf.
Quality Control and Assurance
Drill intercepts presented above are drill intersection widths
and may not represent the true widths of mineralization. Gold and
copper assay results presented have not been calculated using a
gold cut-off grade, or with any cutting of high values. All diamond
drill core samples are split on regular two metre intervals and
represent either sawn half HQ-size or NQ-size core. Reverse
circulation drill samples are collected using a cyclone in one
metre intervals; all samples are then composited into two or four
metre samples. Gold samples were prepared and assayed by fire assay
(50 gram charge). Copper was assayed with a four acid digestion
followed by atomic absorption spectroscopy. The primary laboratory
is ALS Chemex in Chile, an ISO-9001:2000 certified laboratory.
Standard, blank and duplicate samples are used throughout the
sample sequence as checks for the exploratory reverse circulation
and diamond drilling.
Justin Tolman, Exeter's Caspiche Project Manager and a
"qualified person" within the definition of that term in National
Instrument 43-101, Standards of Disclosure for Mineral Projects
("NI 43-101"), has supervised the preparation of the technical
information contained in this news release.
About Exeter
Exeter Resource Corporation is a Canadian mineral exploration
company focused on the discovery and development of gold and silver
properties in South America. The Company had $23 million in its
treasury as at September 30, 2008.
The Caspiche gold-copper discovery is situated in the Maricunga
gold district of Chile, between the Refugio mine (Kinross Gold
Corp.) and the giant Cerro Casale gold deposit (Barrick Gold Corp.
and Kinross Gold Corp.). Drilling is currently underway to produce
an interim NI 43-101 compliant inferred resource estimate in the
second quarter of 2009. The initial resource target is large,
reflecting the scale of similar gold and/or gold-copper porphyry
systems in the immediate area.
Exeter's priority on its Cerro Moro high grade gold-silver
property in Argentina is to focus exploration on the Escondida
vein, where drilling has returned multiple drill intercepts of
12-18 g/t gold equivalent(ii) over potentially mineable widths. The
results from current drilling will be used to produce a NI 43-101
compliant resources estimate, expected during the second quarter of
2009. Exeter will continue to develop its conceptual models so that
on receipt of a NI 43-101 resources estimate, it can advance the
project to the scoping study level.
No site work is planned on the Don Sixto gold-silver project in
Argentina over the next quarter. The Company will continue to work
with provincial authorities and with representatives of other
mining companies, to effect amendment to the 2007 legislation that
banned the use of cyanide in mining operations in Mendoza
Province.
(ii) Note: Gold equivalent grade is calculated by dividing the
silver assay result by 60, adding it to the gold value and assuming
100% metallurgical recovery.
You are invited to visit the Exeter web site at
www.exeterresource.com.
EXETER RESOURCE CORPORATION
Bryce Roxburgh, President and CEO
Safe Harbour Statement - This news release contains
"forward-looking information" and "forward-looking statements"
(together, the "forward-looking statements") within the meaning of
applicable securities laws and the United States Private Securities
Litigation Reform Act of 1995, including the Company's belief as to
the extent and timing of its drilling programs and exploration
results, the potential tonnage and grades of deposits, timing and
establishment of resources estimates, potential for financing its
activities, potential production from its properties and expected
cash reserves. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to vary from
any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors that could cause
actual results to differ materially from the forward-looking
statements include, among others, risks associated with project
development; the need for additional financing; operational risks
associated with mining and mineral processing; fluctuations in
metal prices; title matters; uncertainties and risks related to
carrying on business in foreign countries; environmental liability
claims and insurance; reliance on key personnel; the potential for
conflicts of interest among certain officers, directors or
promoters of the Company with certain other projects; the absence
of dividends; currency fluctuations; competition; dilution; the
volatility of the Company's common share price and volume; tax
consequences to U.S. investors; and other risks and uncertainties,
including those described in the Company's Annual Information Form
for the financial year ended December 31, 2007, dated March 28,
2008 filed with the Canadian Securities Administrators and
available at www.sedar.com. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. All statements are made as of the date
of this news release and the Company is under no obligation to
update or alter any forward-looking statements except as required
under applicable securities laws.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this news release.
Contacts: Exeter Resource Corporation B. Roxburgh President
(604) 688-9592 or Toll Free: 1-888-688-9592 Exeter Resource
Corporation Rob Grey VP Corporate Communications (604) 688-9592 or
Toll Free: 1-888-688-9592 (604) 688-9532 (FAX) Email:
exeter@exeterresource.com Website: www.exeterresource.com
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