- Published: 02 February 2009
- Written by Editor
Exeter Resource Corporation: Drilling at Caspiche Returns Excellent Gold Grades-System Remains Open
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:
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From To Width Gold Copper
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Hole No. (m) (m) (m) (g/t) (%) Status Zone
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CSD032 95.0 1,025(i) 930.0 0.89 0.31 Finals Sulphide Gold
Copper Zone
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Including 537.0 1,025.0(i) 488.0 1.30 0.44 Finals Sulphide Gold
Copper Zone
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CSD030 94.0 138.0 44.0 0.17 0.01 Finals Oxide Gold Only
Zone
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CSD030 138.0 954.55 816.6 0.67 0.22 Finals Sulphide Gold
(BOH) Copper Zone
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CSD031 44.0 166.0 122.0 0.22 0.01 Finals Oxide Gold Only
Zone
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CSD031 166 628.1 462.1 0.35 0.15 Finals Sulphide Gold
Copper Zone
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Including 532 628.1 96.1 0.59 0.30 Finals Sulphide Gold
Copper Zone
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(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: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.exeterresource.com
SOURCE: Exeter Resource Corporation
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