Exeter Resource Corporation (TSX VENTURE: XRC)(NYSE Amex:
XRA)(FRANKFURT: EXB) ("Exeter" or the "Company") is pleased to
report on progress from its in-fill drilling program on the high
grade Escondida vein at Cerro Moro in Santa Cruz Province,
Argentina.
Assays from a batch of 14 diamond drill holes on the Escondida
vein include bonanza grades in drill holes MD475 and MD479, two
holes that represent extensions to reported high grade
mineralization in the Escondida Far West sector. This portion of
the Escondida vein accounts for approximately 40% of the currently
defined Escondida Zone resource.
Detailed drilling results using a 1 g/t gold equivalent(i)
cut-off grade:
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Gold Gold
From To Width Gold Silver Equivalents Equivalents
Drill Hole (m) (m) (m) (g/t) (g/t) (i)(g/t) (i)(oz/ton)
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Escondida West Sector
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MD467 165.60 166.94 1.34 11.1 384 16.5 0.48
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including 166.06 166.59 0.53 26.0 880 38.6 1.12
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Escondida Far West Sector
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MD468 62.00 64.60 2.60 13.6 675 23.2 0.67
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including 62.80 64.00 1.20 26.1 1,221 43.6 1.26
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MD469 122.60 129.12 6.52 6.6 310 11.1 0.32
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including 125.86 128.36 2.50 14.9 694 24.9 0.72
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MD471 203.87 204.23 0.36 6.2 18 6.5 0.19
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and 205.91 206.58 0.67 8.5 1,303 27.1 0.79
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MD474 131.00 133.10 2.10 5.1 562 13.1 0.38
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including 131.00 131.65 0.65 14.0 1,653 37.6 1.09
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MD475 138.75 140.25 1.50 63.3 5,111 136.3 3.95
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including 139.36 139.80 0.44 138.0 8,085 253.5 7.35
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MD476 149.65 151.80 2.15 4.1 324 8.7 0.25
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including 149.65 150.20 0.55 8.6 532 16.2 0.47
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MD479 114.00 115.35 1.35 5.8 562 13.8 0.40
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and 117.95 119.15 1.20 138.9 4,978 210.0 6.09
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including 117.95 118.60 0.65 203.9 8,432 324.4 9.41
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MD480 194.85 195.15 0.30 4.0 405 9.7 0.28
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MD481 176.40 180.00 3.60 5.5 581 13.8 0.40
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including 177.63 178.25 0.62 26.3 2,840 66.9 1.94
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including 177.93 178.25 0.32 47.1 5,382 124.0 3.60
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MD483 232.00 233.00 1.00 6.8 83 8.0 0.23
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and 238.20 239.08 0.88 5.9 21 6.2 0.18
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MD484 159.34 160.54 1.20 3.2 88 4.5 0.13
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MD487 21.00 22.30 1.30 2.1 68 3.0 0.09
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MD489 10.45 11.80 1.35 5.6 8 5.7 0.17
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(i) Gold equivalent grade is calculated by dividing the silver assay result
by 70, adding it to the gold value and assuming 100% metallurgical
recovery.
Exeter recently announced an initial inferred mineral resource
estimate of 646,000 ounces gold equivalent(ii) at a grade of 18
grams per tonne ("g/t") (0.52 ounces per ton ("oz/ton") gold
equivalent(ii). The current focus is to advance drilling on the
Escondida vein zone, which contains 519,000 ounces gold
equivalent(ii) at a grade of 34 g/t (1.0 oz/ton) gold
equivalent(ii). In particular, the Company expects that the program
will generate the data necessary to upgrade the recently announced
"inferred resource" to an "indicated resource" by Q1, 2010. This is
an essential step towards completing a scoping study for developing
a high grade mining operation on the property.
In the Far West sector of the Escondida vein, the Company has
drilled a total of 24 diamond core holes to confirm the exceptional
grades previously announced in that sector. Of the 14 drill holes
announced in this news release, 13 are from that sector and are
represented on the following longitudinal drill section.
Click here for a diagram showing the Long Section for Escondida
Far West:
http://www.exeterresource.com/images/gallery/plans/Plan_78.pdf
Drill hole MD467, on the West sector, successfully intersected
high grade mineralization 140 metres ("m") (459 ft) vertically
below surface, thereby demonstrating the potential for deeper high
grades in that area.
Results are awaited from infill drilling on the West, Central
and East sectors of the Escondida vein, where an additional 95
diamond drill holes for approximately 4,800 m (15,744 ft) are being
logged and assayed. The majority of these holes are shallow and
represent an approximate 20 x 20 m (65 x 65 ft) "staggered" pattern
to assist with preliminary mine scoping models. Significant results
will be released during August and September as the assays are
collated and verified.
Click here for a diagram showing the Drill Hole Plan for
Escondida:
http://www.exeterresource.com/images/gallery/plans/Plan_79.pdf
Progress on the Escondida Fomicruz Property
Due to a delay in the arrival of a reverse circulation
percussion (RC) rig the Company used the available diamond rig to
conduct a 300 m (984 ft) program to confirm that the prospective
Escondida structure extends onto the Fomicruz joint venture
property. The rig was sited well into the Fomicruz lands, some 320
m (1,050 ft) northwest of the last hole drilled by Exeter at
Escondida Far West. The Escondida structure was successfully
located under 40 m of gravel cover, confirming our geophysical
interpretation that the Escondida structure has an untested strike
length of some 2.3 kilometres (1.43 miles) on the Fomicruz property
(a distance similar to that drill tested to date at Escondida).
The Company has contracted a RC drill rig to drill a minimum of
15 holes (2,000 m (6,560 ft) program) on the Fomicruz lands. This
program is scheduled to commence early next month with initial
results to follow in September.
Quality Control and Assurance
Drill widths presented above are drill intersection widths and
may not represent the true widths of mineralization.
Gold assay results presented above are preliminary and have been
calculated using a 1.0 g/t gold equivalent cut-off grade(i), with
no cutting of high grades. All diamond drill core samples are split
on regular metre intervals or on geological contacts and represent
sawn half HQ-size core. Samples were prepared at the Acme
Analytical Laboratories ("AcmeLabs") preparation facility in
Mendoza, Argentina and assayed by fire assay (50 gram charge) at
the AcmeLabs laboratory in Chile, both ISO-9001:2000 certified
laboratories.
Check assaying of all samples assaying greater than 1.0 g/t gold
is completed by AcmeLabs. Samples returning greater than 10 g/t
gold and/or greater than 100 g/t silver are assayed using
gravimetric analyses. Standard and blank samples are used
throughout the sample sequence as checks for the diamond drilling
reported in this release. Standard, blank and duplicate samples are
used throughout the sample sequence as checks for the RC percussion
drilling.
Assaying by the screen fire assay method has been implemented in
conjunction with standard 50 gram fire assaying, for diamond drill
cores that contain visible gold. The procedure for screen fire
assaying involves crushing and sieving of a nominal 1,000 gram
sample to a particle size of 100 microns. All material which does
not pass through the 100 micron sieve is then assayed. Two fire
assays are undertaken on the undersize material as a check on
homogeneity. The total gold content is then calculated.
Matthew Williams, Exeter's Exploration Manager and a "qualified
person" within the definition of that term in National Instrument
43-101, Standards of Disclosure for Mineral Projects, 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 has C$30 million in its
treasury.
The Caspiche gold-copper discovery(iii) 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.). Over 16,500 m were drilled during
the 2008/2009 drill season. The program focussed on delineating the
external boundaries of Caspiche. A second National Instrument
43-101 compliant resource estimate, which incorporates the results
from drilling completed subsequent to December 31, 2008, is
expected to be available in September 2009.
On its Cerro Moro Project in Argentina, Exeter recently
announced an initial inferred mineral resource estimate of 646,000
ounces gold equivalent(ii) at a grade of 18 g/t gold
equivalent(ii). To date, Exeter has drilled over 100 infill holes
on the Escondida vein structure in order to upgrade the sectors of
the inferred resource that might be scheduled for early mining.
Drilling will continue through 2009. Plans include drilling of a
possible extension of the Escondida zone on the adjacent Fomicruz
joint venture property. Engineering, environmental and
infrastructure studies are being advanced ahead of a scoping study
in 2010.
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) Inferred mineral resource estimate of 1,098,000 metric tons 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 09-14
dated July 8, 2009).
(iii) Inferred mineral resource estimate of 449.9 million tonnes from the
oxide and gold-copper zone contains 8.7 million ounces gold at a grade
of 0.6 g/t and 375.9 million tonnes from the gold-copper zone only
contains 2 billion pounds of copper at a grade of 0.25% (see news
release NR 09-09 dated March 24, 2009).
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 and work programs and
exploration results, the potential size and shape of deposits,
timing, establishment and extent of resources estimates, potential
for financing its activities, potential production from its
properties and expected cash reserves. 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 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
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 VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHNAGE) ACCEPTS 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 604.688.9532 (FAX) Exeter
Resource Corporation Rob Grey VP Corporate Communications
604.688.9592 or Toll Free: 1.888.688.9592 604.688.9532 (FAX)
exeter@exeterresource.com www.exeterresource.com
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