Exeter Resource Corporation (TSX VENTURE: XRC)(NYSE Amex:
XRA)(FRANKFURT: EXB) - "Exeter" or the "Company") is pleased to
report on progress on its in-fill drilling of the high grade
Escondida Vein at Cerro Moro, Santa Cruz Province, Argentina.
Results have now been received from 50 diamond drill holes from
the Escondida West, Central and East sectors, with the results of
an additional 45 drill holes from these sectors awaited. 33 of the
drill holes have returned significant results, with 9 holes
returning the bonanza (multi-ounce) gold and silver grades that
characterize Escondida. The highlights are shown in the following
table.
Selected bonanza grade drilling results using a 1 gram per tonne
("g/t") gold equivalent(i) cut-off grade:
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Gold Gold
Drill From To Width Gold Silver Equivalents(i) Equivalents(i)
Hole (m) (m) (m) (g/t) (g/t) (g/t) (oz/ton)
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MD492 10.00 14.60 4.60 101.1 2,507 136.9 3.97
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including 11.92 13.30 1.38 323.1 7,349 428.1 12.41
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MD493 44.50 46.60 2.10 42.9 1,247 60.8 1.76
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including 44.90 45.90 1.00 71.1 2,100 101.1 2.93
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including 50.56 50.92 0.36 40.3 804 51.8 1.50
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MD499 7.00 13.60 6.60 32.5 555 40.4 1.17
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including 9.20 13.10 3.90 53.7 900 66.6 1.93
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including 9.60 10.90 1.30 111.7 2,012 140.5 4.07
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MD501 30.00 31.00 1.00 12.0 9 12.1 0.35
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and 48.00 52.85 4.85 12.7 109 14.3 0.41
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including 48.64 49.00 0.36 75.0 499 82.1 2.38
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MD529 13.00 18.60 5.60 9.5 249 13.0 0.38
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including 15.84 16.41 0.57 83.9 1,303 102.5 2.97
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MD530 17.50 20.27 2.77 28.8 420 34.8 1.01
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including 17.90 18.47 0.57 135.4 1,499 156.8 4.55
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MD534 11.33 13.88 2.55 32.4 1,570 54.8 1.59
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including 11.63 12.12 0.49 160.4 7,272 264.3 7.66
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MD538 36.00 37.00 1.00 8.4 2 8.5 0.25
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and 48.66 51.00 2.34 83.2 2,257 115.5 3.35
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including 48.66 48.96 0.30 465.5 16,625 703.0 20.39
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MD549 53.40 56.04 2.64 39.5 458 46.0 1.33
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including 55.24 55.54 0.30 333.7 3,861 388.9 11.28
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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.
Click here to view a table showing the 33 drill holes that
contain significant results:
http://www.exeterresource.com/images/gallery/plans/Table_80.pdf.
Of the remaining 17 diamond drill holes completed, 10 holes
returned narrow and/or low grade intersections and seven holes were
poorly mineralized. All 50 drill holes are represented on the
following long sections and plans.
Click here to view diagrams of the project sections and plans:
http://www.exeterresource.com/images/gallery/plans/Plan_81.pdf.
Exeter has also completed a further 26 diamond drill holes on
the high grade Escondida Far West sector. Following sample
preparation and assaying, results from these holes together with
the additional 45 holes from the East, Central and West sectors
drilled to date, will be released.
Progress on the Escondida Fomicruz Property
A reverse circulation percussion (RC) rig arrived on site in
early August to commence scout drilling of a potential northwest
extension of the Escondida mineralized structure onto the adjacent
Fomicruz JV property. To date three holes have been drilled, with
progress delayed by the need to penetrate a layer of weakly
consolidated Tertiary marine sediments up to 50 metres thick. The
Company is continuing to delineate the Escondida structure, and
results to date have confirmed Exeter's interpretation of the
geophysical data.
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 ("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 has C$30 million in its
treasury.
The Caspiche gold-copper discovery(ii) 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 metres were drilled
during the 2008/2009 drill season. The program focussed on
delineating the external boundaries of Caspiche. An initial NI
43-101 compliant resource estimate was released in March 2009. A
second NI 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(iii) at a grade of 18 g/t gold
equivalent(iii). 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 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).
(iii) Inferred mineral resource estimate of 1,098,000 tonnes
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).
You are invited to visit the Exeter web site at
www.exeterresource.com. To view the video version of this press
release along with many others click on the "Watch Video News"
button found on the right hand side of Exeter's homepage.
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 EXCHANGE) 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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