VANCOUVER, BRITISH COLUMBIA (AMEX: XRA)(FRANKFURT: EXB)
("Exeter" or the "Company") reports that diamond drilling has
returned 3.55 metres (11.6 feet) at a grade of 471.9 grams per
tonne gold (13.68 ounces per ton) 400 metres (1,312 feet) southeast
of the previously known high grade mineralization on the Escondida
vein system. This is the highest grade drill intersection returned
to date at Cerro Moro in Santa Cruz Province, Argentina and opens
an additional potential 2.3 kilometre (1.4 miles) southern
extension to the high grade mineralized Escondida Vein which had
previously been traced over a distance of two kilometres (1.2
miles).
Silver assays for this new drill hole, MD373, are awaited but
visual logging suggests that the silver grade will be similarly
high.
Significant new results from drilling on the Escondida trend
include the following:
- 3.55 metres ("m") (11.6 feet ("ft")) at a grade of 471.9 grams
per tonne ("g/t") gold (13.68 oz/ton), from a down hole depth of
150.45 m (493.6 ft), including
- 1.20 m (3.9 ft) at a grade of 841.4 g/t gold (24.40 oz/ton) in
hole MD373;
- 3.0 m (9.8 ft) at a grade of 11.2 g/t gold (0.32 oz/ton) and
308 g/t silver (8.9 oz/ton), for a gold equivalent grade(i) of 16.4
g/t (0.48 oz/ton), from a down hole depth of 94.0 m (308.4 ft),
including
- 1.0 m (3.3 ft) at a grade of 28.6 g/t gold (0.83 oz/ton) and
620 g/t silver (18.0 oz/ton), for a gold equivalent grade(i) of
38.9 g/t (1.13 oz/ton), from a down hole depth of 95.0 m (311.7
ft), in hole MRC254;
- 1.0 m (3.3 ft) at a grade of 32.6 g/t gold (0.95 oz/ton) and
167 g/t silver (4.8 oz/ton), for a gold equivalent grade(i) of 35.4
g/t (1.03 oz/ton), from a down hole depth of 57.0 m (187.0 ft),
and
- 1.78 m (5.8 ft) in a second vein at a grade of 10.5 g/t gold
(0.30 oz/ton) and 477 g/t silver (13.8 oz/ton), for a gold
equivalent grade(i) of 18.4 g/t (0.53 oz/ton), from a down hole
depth of 130.22 m (427.2 ft), including
- 0.98 m (3.2 ft) at a grade of 18.3 g/t gold (0.53 oz/ton) and
797 g/t silver (23.1 oz/ton), for a gold equivalent grade(i) of
31.6 g/t (0.92 oz/ton), from a down hole depth of 130.22 m (427.2
ft), in hole MD260.
Drill holes MRC178 and 254 have extended the previously known
mineralization at Escondida by 160 m (525 ft) along strike to the
northwest, while holes MD258A and MD260 have increased the depth of
the Escondida Central Zone by 60 m (197 ft). (refer to table of
drilling results below).
Exeter's Exploration Manager, Matt Williams, commented: "The
bonanza intersection in MD373 was a "blind discovery" below shallow
reverse circulation ("RC") percussion holes that tested a
south-eastern extension of the Escondida structure beneath gravel
cover which was predicted by geophysical surveys.
"The RC hole above MD373 returned only slightly anomalous gold
values, however, with this latest result, the discovery of ore
grade mineralization below low grade near-surface material is
becoming increasingly frequent at Escondida.
"Exeter's detailed ground magnetic data are interpreted to show
that the Escondida structure continues for an additional two
kilometres (1.2 miles) to the southeast of MD373 for a total trend
length of 4.3 kilometres (2.6 miles).
"The Escondida vein system is the primary gold structure that we
have delineated to date at Cerro Moro, and we will continue to
drill test it for additional bonanza grade zones at depth and along
strike. We are currently compiling drilling results for other
mineralized veins at Cerro Moro which will be released when the
data has been verified and interpreted.
"We experienced reporting delays at Cerro Moro while we gave
sample preparation and assay priority to our Caspiche Project.
Concurrently, we also conducted a major assaying program of
duplicate samples and/or sample pulps for statistical purposes.
With the delays behind us, we now expect to receive assay results
more quickly, enabling us to report important results
regularly."
Detailed Drilling Results - Escondida Vein:
--------------------------------------------------------------------------
From To Width Gold Silver Gold Equivalent(i)
Drill Hole (m) (m) (m) (g/t) (g/t) (g/t) (oz/ton)
--------------------------------------------------------------------------
MD373 150.45 154.00 3.55 471.9 pending pending pending
--------------------------------------------------------------------------
including 150.75 151.95 1.20 841.4 pending pending pending
--------------------------------------------------------------------------
MRC178(S ii) 126.67 128.84 2.17 5.1 249 9.3 0.27
--------------------------------------------------------------------------
including 127.61 128.30 0.69 13.4 637 24.0 0.70
--------------------------------------------------------------------------
MD259A(ii) 185.96 194.95 8.99 2.0 211 5.5 0.16
--------------------------------------------------------------------------
including 194.25 194.95 0.70 17.9 2,003 51.3 1.49
--------------------------------------------------------------------------
MRC254(ii) 94.0 97.0 3.0 11.2 308 16.4 0.48
--------------------------------------------------------------------------
including 95.0 96.0 1.0 28.6 620 38.9 1.13
--------------------------------------------------------------------------
MD258 157.0 159.0 2.0 2.9 28 3.5 0.10
--------------------------------------------------------------------------
and 201.7 210.0 8.3 1.7 72 2.9 0.08
--------------------------------------------------------------------------
including 201.7 204.0 2.3 3.3 31.3 3.8 0.11
--------------------------------------------------------------------------
including 206.0 207.0 1.0 3.2 261 7.6 0.22
--------------------------------------------------------------------------
and 217.9 218.9 1.0 6.1 365 12.2 0.35
--------------------------------------------------------------------------
including 218.6 218.9 0.3 14.3 749 26.8 0.78
--------------------------------------------------------------------------
and 226.75 227.10 0.35 11.7 1,230 32.2 0.93
--------------------------------------------------------------------------
and 229.8 234.0 4.2 1.4 86 2.8 0.08
--------------------------------------------------------------------------
MD260(# ii) 57.0 60.0 3.0 11.5 72 12.7 0.37
--------------------------------------------------------------------------
including 57.0 58.0 1.0 32.6 167 35.4 1.03
--------------------------------------------------------------------------
and 130.22 132.00 1.78 10.5 477 18.4 0.53
--------------------------------------------------------------------------
including 130.22 131.20 0.98 18.3 797 31.6 0.92
--------------------------------------------------------------------------
and 134.00 135.00 1.00 1.5 3 1.6 0.05
--------------------------------------------------------------------------
MD262 72.00 73.00 1.00 4.1 353 10.0 0.29
--------------------------------------------------------------------------
(i) Gold equivalent grade for silver in this news release is calculated by
dividing the silver assay by 60 and assumes 100% metallurgical
recovery.
(S) Although MRC178 is designated as a RC percussion drill hole, the
intersection presented in the above table represents diamond drill
core.
(#) The intersection from 57.0 to 60.0 metres represents mineralization
within the RC percussion pre-collar portion of the diamond drill hole.
(ii) Drill holes MRC178, MD259A, MRC254, and MD260 have not previously been
reported in an Exeter news release, or interpreted in context with
newer results. The results from these holes were however summarised in
the National Instrument 43-101 compliant Technical Report titled
"Technical Report, Cerro Moro Project, Santa Cruz Province,
Argentina", by J. Perkins and M. Williams with an effective date of
April 28, 2008. The report can be viewed on Exeter's web site
(www.exeterresource.com) or on SEDAR (www.sedar.com). In this news
release all intervals are calculated at a 0.5 g/t gold cut-off except
MD373 where a 1.0 g/t gold cut-off was used.
In this news release all intervals are calculated at a 0.5 g/t gold cut-off
except MD373 where a 1.0 g/t gold cut-off was used.
To view attached map please click on the following link:
http://media3.marketwire.com/docs/xrc0729.pdf
Cerro Moro Exploration Update
An additional 20 diamond drill holes have been drilled on the
main mineralized portion of the Escondida structure over a 1.5
kilometre (0.9 mile) strike length on a 80 by 80 m (260 ft) pattern
(approx.). All 20 drill holes intersected the structure, extending
the entire zone to an average vertical depth of 150 to 200 m (492 -
656 ft) from surface. The deepest hole to date has intersected
visible mineralized veining at a vertical depth of approximately
300 m (984 ft) from surface. The assay results for this drilling
are pending.
Drilling is continuing on the 700 m (2,300 ft) long Gabriela
silver vein, located approximately three kilometres (1.9 miles)
northeast of the Escondida Zone. A total of seven new diamond drill
holes have been completed to date with another five planned
(depending on results). Current drill hole spacing ranges from 80
by 80 m (260 by 260 ft), to 160 by 160 m (525 by 525 ft). The
deepest hole intersecting visible mineralized veining to date is at
a vertical depth of 220 metres (722 ft) from surface. Assay results
are pending for all of these drill holes.
Drilling has also been conducted on many of the other Cerro Moro
vein systems, including the Loma Escondida, Silvia, Esperanza and
Patricia prospects; results are either pending or are currently
being compiled.
One of the three drill rigs currently on site has been dedicated
to reconnaissance drilling, with over 30 (predominantly RC
percussion) holes drilled to date. This drilling has tested
anomalous surface geochemistry and gravel covered targets with
geological and/or geophysical signatures analogous to known
mineralized veins. Results are either pending or are currently
being compiled.
The assay results of over 50 drill holes are expected over the
coming weeks, and following verification and compilation, the
significant results will be updated regularly in news releases.
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 with no
cutting of high grades. Reverse circulation drill samples are
collected using a cyclone in one metre intervals; most samples are
then composited into three metre samples. All diamond drill core
samples are split on regular metre intervals or on geological
contacts and represent sawn half HQ-size core. Samples for MD373
were prepared and assayed by the screen fire assay method at the
ACME Analytical Laboratories Limited in Mendoza, Argentina. The
remaining samples were prepared at the ALS Chemex preparation
facility in Mendoza, Argentina and assayed by fire assay (50 gram
charge) at the ALS Chemex laboratory in Chile, all ISO-9001:2000
certified laboratories.
Check assaying of all samples assaying greater than 1.0 g/t gold
is completed by ALS Chemex. 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 reverse
circulation 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.
Other
The Company has received shareholder approval for the issuance
of 200,000 bonus shares to Mr. Paul Cholakos, Exeter's Chief
Operating Officer, pursuant to his engagement contract. The bonus
shares vest at a rate of 8,333 per month over the term of Mr.
Cholakos contract.
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 $30 million in its
treasury.
The Company has secured rigs for a planned +40,000 m (+125,000
ft) drilling program on its Caspiche Gold-Copper Project in Chile
(option over 100%), expected to commence in the first week of
October 2008 (weather permitting). The project is located between
the Refugio mine (Kinross Gold Corp.) and the giant Cerro Casale
gold-copper project (Barrick Gold Corp. and Kinross Gold Corp.).
Details of the planned program will be reported in September.
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. Drilling is continuing with three drill rigs. Our
focus is to establish a high grade gold-silver resource amenable to
open pit mining by March, 2009.
As a result of anti-mining legislation passed in 2007 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 the new
legislation, which has the effect of banning conventional gold
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.
The Company has a broad foothold in the Patagonia 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 extent and timing of its drilling programs, exploration results
and establishment of resources. 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 Information Report 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:
exeter@exeterresource.com Website: www.exeterresource.com
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