VANCOUVER, BRITISH COLUMBIA (AMEX: XRA)(FRANKFURT: EXB)
("Exeter" or the "Company") is pleased to report that diamond drill
hole CSD-015, on its Caspiche gold/copper porphyry project in
Chile, has returned an intersection of 632.1 meters (2,074 feet) at
a grade of 0.70 grams per tonne gold (0.020 ounces per ton) from a
depth of 57.95 meters (190 feet).
The gold-copper mineralized zone results for hole CSD-015
received to date include the following:
- 576 meters ("m") (1,890 feet ("ft")), from a depth of 114
meters (374 ft), at a grade of 0.74 grams per tonne ("g/t") (0.02
ounces per ton ("oz/ton")) gold and 0.28% copper; including,
- 152m (499 ft), from a depth of 456m (1,496 ft), at a grade of
0.93 g/t (0.027 oz/ton) gold and 0.30% copper reflecting increasing
grades with depth.
The drill hole continued in porphyry style mineralization to a
final depth of 1,001m (3,284 ft). Assay results are awaited for the
remaining 369.3m (1,212 ft) of the hole.
Assay results received for the gold/copper mineralized zone for
diamond drill hole CSD-014, located 400m south east of CSD-015,
include the following:
- 592.7m (1,945 ft), from a depth of 148m (485 ft), at a grade
of 0.44 g/t (0.012 oz/ton) gold and 0.25% copper; including
- 130.67m (429 ft), from a depth of 610m (2,001 ft), at a grade
of 0.60 g/t (0.017 oz/ton) gold and 0.23% copper, also reflecting
increasing gold grades with depth.
The only other Exeter drill hole to test the top of the
gold/copper zone was reverse circulation percussion ("RC") hole
CSR-013 (results previously reported) which was located 250m (820
ft) to the east of CSD-015. That drill hole intersected 130m (426
ft) at a grade of 0.87 g/t (0.026 oz/ton) gold and 0.22% copper in
sulphide mineralization. The intercept started at a depth of 214m
(702 ft) and extended to the final depth of the hole at 344m (1,128
ft), the depth capacity of the RC rig.
Results reported today are the first diamond drill test results
for the gold/copper mineralization which underlies the near
surface, potentially heap leachable, gold blanket. All holes are
drilled at a declination of 60 degrees to 060 North.
Potential Near-Surface Heap Leachable Gold Deposit
Partial results for the near surface, potential leachable, zone
in hole CSD-014 (results previously reported), include the interval
from 0m to 60m (197 ft) at a grade of 0.7 g/t (0.020 oz/ton) gold.
Results have now been received for copper, and the potential heap
leachable zone now includes the interval from 0m to 148m (486 ft)
at a grade of 0.57 g/t (0.017 oz/ton) gold and 0.02% copper.
In hole CSD-015, the near surface zone has been partially eroded
with the remaining oxide zone of 56m (183 ft), from a depth of 58m
(190 ft), at a grade of 0.35 g/t (0.010 g/t) gold. RC hole CSR-013
(results previously reported) also intersected the potentially
leachable surface zone from a depth of 40m (131ft) to 214m (702
ft), returning 174m (571 ft) at a grade of 0.88 g/t (0.026 oz/ton)
gold. Preliminary metallurgical testing by independent laboratory,
SGS Laboratories, Santiago, Chile, has indicated the potential to
heap leach gold from this near surface material.
Caspiche Mineralized Intercepts to Date
--------------------------------------------------------------------------
NEAR SURFACE LEACHABLE GOLD GOLD-COPPER MINERALIZATION
-----------------------------------------------------------------
Cop-
From To Width Gold Copper From To Width Gold per
-----------------------------------------------------------------
HOLE (m) (m) (m) (g/t) (%) (m) (m) (m) (g/t) (%)
--------------------------------------------------------------------------
CSR-013 40.00 214.00 174.00 0.88 0.007 214.00 344.00 130.00 0.87 0.22
--------------------------------------------------------------------------
CSD-014 0.00 148.00 148.00 0.57 0.016 148.00 740.67 592.67 0.44 0.25
--------------------------------------------------------------------------
CSD-015 57.95 114.00 56.05 0.35 0.017 114.00 1001.35 887.35 Pend Pend
(i) (i)
--------------------------------------------------------------------------
(i) Partial results received to date include 576m (1,890 ft) grading 0.74
g/t gold and 0.28% copper from a depth of 114m to 690m.
Exeter's Chief Geologist, Glen Van Kerkvoort, stated: "Our
emerging view of Caspiche is that the mineralized system is
geologically very similar to that of the Cerro Casale deposit. The
similarities are based on the alteration assemblage, host rocks and
intensity of mineralization. The comparison is important, as Cerro
Casale has a grade of 0.69 g/t (0.020 oz/ton) gold and 0.25% copper
(based on a mineral reserve of 22.9 million oz gold and 5.8 billion
pounds of copper (Kinross Gold NI 43-101 Report, March 21 2007) -
1,031,000,000 metric tons at a grade of 0.69 g/t gold and 0.25%
copper). Also at Cerro Casale, a gold oxide, potentially heap
leachable blanket overlies the gold-copper porphyry, analogous to
the disposition of gold and copper mineralization at Caspiche.
"CSD-015 intersected potassic alteration to its final depth of
1,001m (3,284 ft), suggesting it is located centrally within the
large porphyry system at Caspiche, whereas CSD-014 intersected
phyllic alteration suggesting it is located nearer the edge of the
porphyry system; assays have now confirmed this interpretation.
"We are currently using very large drill "step-outs" to better
delineate the geometry of this large porphyry system, which is
covered by gravels and a near surface gold rich oxide blanket.
"CSD-016 is sited midway between CSD-014 and CSD-015 (200m (656
ft) from each) and is currently at a depth of 691.7m (2,269 ft). It
will better define the boundary between the potassic and phyllic
alteration zones.
"CSD-018 is located some 500m (1,640 ft) northwest of CSD-015
targeting a strong geophysical anomaly to ascertain the possible
limit of the porphyry system in that direction, or alternatively
the presence of a new system along the north west structure which
may control emplacement of porphyries in a similar manner to the NW
structures controlling emplacement of other clusters in the
region.
"We have currently drilled about 2,500m (8,200 ft) of the 6,000m
(19,685 ft) diamond and 1,200 (3,900 ft) RC percussion metres we
hope to drill this field season at Caspiche. The two diamond rigs
are now accompanied by an RC rig on site, the latter being
dedicated mainly to defining oxide, potentially heap leachable
mineralization, while the two diamond drills will focus on deep
drilling of the sulphide porphyry mineralization.
"With three rigs now operating our exploration program is
building momentum and will lead to a steady flow of assay results
through the season."
To view the Caspiche Drilling Update please click on the
following link: http://media3.marketwire.com/docs/exeter1.pdf
To view the CSD015 - Summary Log please click on the following
link: http://media3.marketwire.com/docs/exeter2.pdf
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 not been
calculated using a gold cut-off grade, or with any cutting of high
grades.
All diamond drill core samples are split on regular two metre
intervals and represent either sawn half HQ-size or NQ-size core.
Gold samples were prepared and assayed by fire assay (50 gram
charge) whilst copper was assayed with a four acid digestion and
atomic absorption spectroscopy (AAS). 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.
Glen Van Kerkvoort, Exeter's Chief Geologist 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 Cerro Moro Gold-Silver Project (100% owned by Exeter) in
Santa Cruz Province, Argentina is generating high grade to 'bonanza
grade' drilling results within an extensive epithermal vein system,
located 130 kilometres (80 miles) east of the Cerro Vanguardia gold
mine. Drilling will continue through 2008 using as a minimum three
drill rigs. Our focus is to establish a high grade gold-silver
resource amenable to open pit mining. In March, 2008, Exeter signed
a "Heads of Agreement" with Fomicruz, the Santa Cruz Mining
Company, whereby Fomicruz may attain a 5% equity interest in Cerro
Moro on permitting, and Exeter may earn an 80% equity interest in
favourable tenure surrounding Cerro Moro currently controlled by
Fomicruz.
The Company currently has two diamond rigs and one RC rig
drilling its Caspiche gold porphyry project in Chile, located
between the Refugio mine (Kinross Mining Corp) and the giant Cerro
Casale gold project (Barrick Gold Corp and Kinross Mining
Corp).
As a result of recent political developments in Mendoza
Province, Argentina, the further development of the advanced Don
Sixto Gold Project has been put on hold. The Company has filed suit
in the Mendoza Courts to challenge the constitutionality of new
legislation, which has the effect of banning conventional mining in
the province. The Company will continue to work with authorities in
Mendoza, and with representatives of other mining companies, to
effect legislative amendment.
In 2008, Exeter plans to explore other gold-silver targets in
prospective regions of Patagonian Argentina and Chile. The Company
gained a broad foothold in the region through separate strategic
alliances with Cerro Vanguardia S.A. (an AngloGold Ashanti
subsidiary), and Rio Tinto Mining and Exploration Chile.
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 timing of its drilling programs, exploration results and
metallurgical recoveries. 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; and tax
consequences to U.S. investors; and other risks and uncertainties,
including those described in the Company's Annual Report on Form
20-F for the financial year ended December 31, 2006, dated April 2,
2007 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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