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.
Results have been received from an additional 40 diamond drill
holes from the Escondida West, Central, East and Fomicruz sectors.
Of 23 drill holes returning significant results, 9 returned bonanza
gold and silver grades (all from the West, Central and East
sectors), as displayed in the following table.
Selected bonanza drilling results using a 1 gram per tonne
("g/t") gold equivalent(i) cut-off grade:
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Gold Gold
Equiva- Equiva-
Drill From To Width Gold Silver lents(i) lents(i)
Hole (m) (m) (m) (g/t) (g/t) (g/t) (oz/ton)
------------------------------------------------------------------
MD506 54.00 56.36 2.36 129.8 3,889 185.4 5.38
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Including 54.74 55.04 0.30 749.7 16,318 982.8 28.50
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MD532 44.83 47.12 2.29 210.1 417 216.1 6.27
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Including 45.90 46.50 0.60 709.8 1,129 725.9 21.05
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MD535 41.95 43.25 1.30 46.9 915 60.0 1.74
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Including 41.95 42.40 0.45 94.8 1,282 113.1 3.28
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MD548 22.32 23.35 1.03 61.3 1,406 81.4 2.36
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Including 22.32 22.62 0.30 134.6 3,367 182.7 5.30
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MD553 38.08 40.22 2.14 80.7 1,943 108.5 3.15
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Including 38.08 38.74 0.66 243.7 5,929 328.4 9.52
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MD563 36.86 42.00 5.14 6.2 680 16.0 0.46
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Including 39.19 39.57 0.38 50.4 6,310 140.5 4.07
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MD568 10.35 13.72 3.37 45.2 320 49.8 1.44
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Including 13.08 13.72 0.64 222.9 511 230.2 6.68
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MD569# 6.00 10.75 4.75 33.5 855 45.7 1.33
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Including 7.84 9.51 1.67 92.7 2,284 125.3 3.63
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MD580 62.65 64.87 2.22 38.9 1,106 54.7 1.59
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Including 64.35 64.87 0.52 133.0 4,151 192.3 5.58
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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.
#Drill hole MD569 also intersected mineralization greater than
1.0 g/t gold equivalent from surface to 3.00 metres ("m")
however the recoveries were significantly less than reporting
requirements.
To view the full table with all 23 significant holes, please
visit the following link:
http://www.exeterresource.com/images/gallery/plans/Table_85.pdf.
Of the 17 diamond drill holes with less significant results, 7
holes returned narrow and/or low grade intersections and 10 holes
were poorly mineralized. The results from 6 holes at the Escondida
Central and West sectors are awaited.
The locations of the 40 drill holes reported are represented on
the following plans and long sections.
To view the sections and plans, please visit the following link:
http://www.exeterresource.com/images/gallery/plans/Plan_84.pdf.
An additional 44 in-fill diamond drill holes have been drilled
at the Escondida Far West sector. Results for the holes will be
released following processing, sampling and assaying.
Drilling Progress on the Escondida Fomicruz Property
A reverse circulation percussion (RC) drill rig has completed an
initial exploratory test of the potential northwest extension of
the Escondida mineralized structure on the Escondida Fomicruz joint
venture property. The rig firstly drilled through the blanket of
Tertiary marine sediments before testing the underlying volcanic
stratigraphy. Ten drill sections that included 11 RC holes and 2
diamond holes were drilled within a strike length of 1,600 m (160 m
intervals).
The position of the Escondida structure was determined for each
drill section, with assays now available for the first three holes.
Drill hole MRC600, located 160 m northwest of the last mineralized
Escondida Far West sector hole designated MD405 (1.62 m at a grade
of 2.53 g/t gold and 100 g/t silver), returned 2.0 m at a grade of
1.8 g/t gold and 1.2 g/t silver, from a down hole depth of 141.0 m.
Importantly, MRC600 was terminated at 146.0 m but was not sampled
below 143 m due to poor sample recoveries.
On the next drill section, 160 m northwest of MRC600, drill hole
MD587 was sited too far to the northeast to hit the Escondida
structure. A follow-up hole, MD588, sited as a step back hole,
successfully intercepted the target but failed to return
significant mineralization.
Cerro Moro Project Manager, Fernando Chacon noted "Based on our
experience to the southeast, subtle anomalous pathfinder element
geochemistry in holes MD588 and MRC600 suggests these holes
intersected the Escondida structure immediately above the precious
metal precipitation zone of the epithermal system. The diamond
drill is currently drilling 40 m spaced holes between MD405 and
MRC600, with a series of deeper holes planned."
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, 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 Acme Labs. 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.
On the Caspiche Project in Chile, Exeter recently announced an
inferred mineral resource estimate of 1,117 Mt (million metric
tons) at a grade of 0.55 grams per metric ton gold and 3.81 grams
per metric ton silver including 1,017 Mt at a grade of 0.22%
copper. This equates to in-situ inferred resources of 19.6 million
ounces of gold, 137 million ounces of silver and 4.84 billion
pounds of copper (a total of 33.7 million gold equivalent
ounces(ii). Drilling to expand and upgrade the resource estimate is
scheduled to commence in October 2009.
On the 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). Exeter has drilled over 150 in-fill holes on the
Escondida Vein structure to upgrade inferred resources to indicated
resources for priority areas for a 2010 scoping study. Drilling
will continue through 2009, as will engineering, environmental and
infrastructure studies.
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)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 9-19 dated
September 14, 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 9-14 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 here "Watch Video News":
http://www.youtube.com/user/ExeterResourceCorp.
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, various studies
including engineering, environmental and infrastructure 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 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, 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 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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