Exeter expands new gold zone west of known Caspiche resource
26 Janeiro 2010 - 12:30PM
PR Newswire (US)
VANCOUVER, Jan. 26 /PRNewswire-FirstCall/ -- Exeter Resource
Corporation (AMEX:XRA, TSX:XRC, Frankfurt: EXB - "Exeter" or the
"Company") is pleased to announce that drilling 500 metres ("m")
(1,640 feet ("ft")) west of the Caspiche gold-copper porphyry
deposit in Chile is encountering a new area of continuous gold
mineralization. Drill hole CSD044 has intersected 300m (984 ft) at
0.5 grams per metric ton ("g/t") gold (0.015 oz/t) from a depth of
244m (800 ft). Mineralization in this area, now referred to as the
MacNeill Zone, remains open to the north, south and west, and to
depth, under unmineralized cover. Two step-out drill holes are now
testing the target north and south of hole CSD044. Partial results
(further assays awaited) are available from 4 new drill holes
designed to both expand the known Caspiche inferred resource, and
to increase confidence in that resource by infill drilling. The new
results include: - CSD043 intersected 788m (2,585 ft) at 0.74 g/t
gold (0.022 oz/t) and 0.31% copper from a depth of 260m (853 ft)
(results awaited for the bottom 120m (394 ft) section of the hole).
This drill hole is now the most southerly hole defining the higher
grade central zone. - CSD047 intersected 739m (2,425 ft) at 0.5 g/t
gold (0.015 oz/t) and 0.15% copper from a depth of 252m (827 ft),
including 240m (787 ft) at 0.83 g/t gold (0.024 oz/t) and 0.09%
copper from a depth of 260m (853 ft). This important drill hole is
on the most northerly section line of the known higher grade zone,
and extends that area of mineralization west towards the MacNeill
Zone (click here for drill hole plan
http://exeterresource.cmail4.com/t/y/l/olyhkd/l/n). Assays for the
bottom 200m of the hole are awaited. Drill hole CSD041A appears to
mark the southern limit to economic tenor mineralization in the
deposit. CSD048 is an in-fill hole to upgrade the known inferred
resource in the higher grade zone. Detailed drilling results from
this press release are summarised as follows:
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Hole # From To Width Gold Copper
------------------------------------ Status Zone (m) (m) (m) (g/t)
(%)
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CSD044 244 544 300 0.50 0.08 Finals Sulphide Gold Copper Zone
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Including 244 274 30 1.25 0.1 Finals Sulphide Gold Copper Zone
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CSD041A# 570 1,198 628 0.27 0.17 Finals Sulphide Gold Copper Zone
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CSD043# 0 260 260 0.25 0.03 Finals Oxide Gold Only Zone
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260 1,048 788 0.74 0.31 Finals Sulphide Gold Copper Zone
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CSD047# 252 991 739 0.50 0.15 Finals Sulphide Gold Copper Zone
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Including 260 500 240 0.83 0.09 Finals Sulphide Gold Copper Zone
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CSD048# 30 154 124 0.39 0.01 Finals Oxide Gold Only Zone
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154 998 844 0.59 0.24 Finals Sulphide Gold Copper Zone
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Including 376 732 356 0.84 0.25 Finals Sulphide Gold Copper Zone
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Intercepts not calculated using a gold cut-off. # - Only partial
assay results received, remainder pending. Exeter's Project Manager
Justin Tolman stated "The impact of the new MacNeill zone on the
mineral resource and project economics is yet to be determined. It
could prove to be important, as it is located close to the boundary
of the AMEC Whittle open pit used to define the current NI43-101
inferred resource*. "Our geologists note that the MacNeill zone
appears to be similar geologically to nearby "heap leachable"
Maricunga gold projects. We will perform first pass metallurgical
testwork on CSD044 and the mineralized section of CSD042 to test if
this mineralization could contribute to the leachable component of
the project. "Six drill rigs continue to operate at Caspiche on a
24 hour basis. We are close to completing a program of 7 large
diameter PQ drill holes to recover oxide zone samples for advanced
column leach testing. "We have completed approximately 5,000m
(16,404 ft) of the 25,000m (82,021 ft) program proposed this season
as at the end of 2009. Our goal remains to increase the component
of Indicated Resources for the central, higher grade core, and to
expand the size of the total resource. "We have scheduled AMEC to
prepare an interim resource estimate for Caspiche for late Q1 to
early Q2. A new NI43-101 mineral resource estimate for the full
drilling season remains scheduled for September 2010." Quality
Control and Assurance Drill intercepts, where presented, are drill
intersection widths and may not represent the true widths of
mineralization. Individual 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. Any 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 by ICP with an automatic four acid digestion followed by
atomic absorption spectroscopy for samples with values above 0.2%
copper. The primary laboratory is ACME Analytical Laboratories in
Chile, an ISO-9001:2000 certified laboratory. Standard, blank and
duplicate samples are used throughout the sample sequence as
quality control checks for the exploratory reverse circulation and
diamond drilling. About Exeter Exeter is a Canadian mineral
exploration company focused on the discovery and development of
gold and silver properties in South America. The Company has C$77
million in its treasury. On January 19, 2010, the Board approved a
proposal to undertake a spin-out transaction pursuant to which the
assets of Exeter would be separated into two highly focused
companies. Under the terms of the proposed transaction, Exeter will
retain all assets relating to the Caspiche gold-copper discovery in
Chile and will transfer to a new corporation the Cerro Morro
project and other exploration properties in Argentina. The proposal
will be voted on by shareholders at a shareholders meeting to be
held on March 4th. On the Caspiche Project in Chile, an inferred
mineral resource estimate of 1,117 Mt (million metric tons) at a
grade of 0.55 grams per metric ton gold and 1.12 grams per metric
ton silver including 1,017 Mt at a grade of 0.22% copper was
announced in September 2009. This equates to in-situ inferred
resources of 19.6 million ounces of gold, 40 million ounces of
silver and 4.84 billion pounds of copper (a total of 32.4 million
gold equivalent ounces*). Drilling with six rigs is underway to
expand and upgrade the resource. On the Cerro Moro Project in
Argentina, an inferred mineral resource estimate of 646,000 ounces
gold equivalent** at a grade of 18 g/t gold equivalent** was
announced mid-2009. Exeter continues to drill with 3 rigs to
upgrade inferred resources to indicated resources on the Escondida
vein. A new Cerro Moro resource estimate is scheduled for April
2010, to be followed by a mine development study in Q2-2010. These
studies will form the basis of a mine development decision and the
submission of the project to Provincial authorities for permitting.
Exploration drilling will continue through 2010. Matthew Williams
and Justin Tolman are each considered a "qualified person" within
the definition of that term in National Instrument 43-101,
Standards of Disclosure for Mineral Projects, have supervised the
preparation of the technical information contained in this news
release. You are invited to visit the Exeter web site at
http://www.exeterresource.com/. EXETER RESOURCE CORPORATION Bryce
Roxburgh President and CEO * Gold ("Au") equivalence for copper
("Cu") and silver ("Ag") was calculated by Exeter using assumed
metal prices of US$800/ounce ("oz") for Au, US$12/oz for Ag and
US$2/pound ("lb") for Cu. The formula to calculate Au equivalence
for Cu was pounds of Cu multiplied by 2 and divided by 800; Au
equivalence for Ag was calculated using the formula oz of Ag
multiplied by 12 and divided by 800, and in both cases assumes 100%
recovery. Reported grades and metric tons have been rounded (see
news release NR 9-22 dated October 20, 2009). ** Inferred mineral
resource estimate of 1,098 Mt containing 371,000 ounces gold at a
grade of 10.5 g/t and 19.2 million ounces silver at a grade of 545
g/t for 646,000 ounces gold equivalent at a grade of 18 g/t gold
equivalent. Gold equivalent is calculated by dividing the silver
assay result by 70, adding it to the gold value and assuming 100%
metallurgical recovery (see news release NR 9-14 dated July 8,
2009). 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, various studies
including engineering, environmental, infrastructure and other
studies, and exploration results, budgets for its exploration
programs, the potential tonnage, grades and content of deposits,
timing, establishment and extent of resources estimates, potential
for financing its activities, potential production from and
viability of its properties, expected cash reserves and the
expected benefits of the proposed spin-out transaction. These
forward-looking statements are made as of the date of this news
release. Users of forward-looking statements are cautioned that
actual results may vary from the forward-looking statements
contained herein. While the Company has based these forward-looking
statements on its expectations about future events as at the date
that such statements were prepared, the statements are not a
guarantee of the Company's future performance and are subject to
risks, uncertainties, assumptions and other factors which could
cause actual results to differ materially from future results
expressed or implied by such forward-looking statements. Such
factors and assumptions include, amongst others, the effects of
general economic conditions, the price of gold, silver and copper,
changing foreign exchange rates and actions by government
authorities, uncertainties associated with legal proceedings and
negotiations and misjudgements in the course of preparing
forward-looking information. In addition, there are also known and
unknown risk factors which could cause the Company's actual
results, performance or achievements to differ materially from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Known risk factors include 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, 2008, dated March 27, 2009 filed
with the Canadian Securities Administrators and available at
http://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. The Company is under no obligation to
update or alter any forward-looking statements except as required
under applicable securities laws. NEITHER THE TSX NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS NEWS RELEASE DATASOURCE: Exeter
Resource Corporation CONTACT: B. Roxburgh, President or Rob Grey,
VP Corporate Communications, Tel: (604) 688-9592, Fax: (604)
688-9532, Toll-free: 1-888-688-9592, Suite 1260, 999 West Hastings
St., Vancouver, BC, Canada, V6C 2W2,
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