🕐05.11.09 - 15:19 Uhr
Exeter Discovers New High Grade Zone at Cerro Moro
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Exeter Discovers New High Grade Zone at Cerro Moro
Vancouver, B.
C., November 5, 2009 – Exeter Resource Corporation
(NYSE-Amex:XRA, TSX:XRC, Frankfurt: EXB – "Exeter" or the
"Company") is pleased to report the discovery of a new high grade
zone to the west of all previously known high grade
mineralization on the Escondida vein at Cerro Moro, Santa Cruz
Province, Argentina.
Of six drill holes from the new zone with significant assays, the
best result to date is from hole MD666, sited 20 metres ("m")
(65.6 feet ("ft")) from the boundary of the Fomicruz joint
venture property.
In that hole a 2.43 m (7.97 ft) interval, from
a down hole depth of 254.15 m (833.8 ft), assayed 13.3 grams
/tonne ("g/t") (0.39 ounce / short ton ("oz/t")) gold and 699 g/t
(20.27 oz/t) silver for a gold equivalent grade* of 25 g/t (0.73
oz/t).
The interval included 0.40 m (1.31 ft) assaying 56.6 g/t
(1.64 oz/t) gold and 2,473 g/t (71.72 oz/t) silver (gold
equivalent 98 g/t (2.84 oz/t)).
Significantly, the vein is
situated in a hanging wall structure above the structural
position that typically hosts the Escondida vein.
Results from 24 new diamond drill holes, 14 of which returned
significant results, have been received from the new zone and
the nearby Escondida Far West sector.
As expected the results
include bonanza grade intercepts such as MD617 and MD633.
Selected significant and bonanza drilling results using a 1 g/t
gold equivalent* cut-off grade:
Drill Hole From
(m) To
(m) Width
(m) Gold
(g/t) Silver
(g/t) Gold
Equivalents*
(g/t) Gold
Equivalents*
(oz/ton) Escondida Far West Sector MD611 164.55 167.00 2.45 4
.5 130 6.7 0.19 including 164.55 165.35 0.80 11.6 229 15.4 0.45
MD617 103.80 110.00 6.20 94.9 4,428 168.7 4.89 including 106
.15 107.95 1.80 319.2 14,365 558.6 16.20 including 107.00 107
.95 0.95 550.1 23,012 933.6 27.07 MD618 132.10 135.30 3.20 15.9
1,619 42.9 1.24 including 133.55 134.42 0.87 47.4 4,798 127.4
3.69 MD620 179.07 179.97 0.90 8.8 597 18.8 0.55 including
179.48 179.97 0.49 13.9 969 30.1 0.87 MD633 157.97 160.38 2.41
70.7 4,454 144.9 4.20 including 158.32 158.81 0.49 118.5 9,977
284.8 8.26 and 159.60 159.92 0.32 220.1 10,561 396.1 11.49
MD635 108.00 113.12 5.12 4.8 452 12.4 0.36 including 112.75
113.12 0.37 35.1 3,761 97.8 2.84 MD640 50.34 57.29 6.95 8.6
821 22.3 0.65 including 53.57 56.00 2.43 22.0 2,155 58.0 1.68
including 53.95 55.00 1.05 41.7 3,858 106.0 3.07 MD642 104.00
105.37 1.37 8.1 599 18.0 0.52 including 104.55 104.85 0.30 16
.7 1,127 35.5 1.03
New Zone extending on to the Fomicruz Joint Venture property
MD652 197.53 200.64 3.11 3.9 229 7.8 0.23 including 199.00 200
.00 1.00 9.0 502 17.4 0.50 MD653 206.76 207.22 0.46 4.3 13 4.5
0.13 and 208.89 210.40 1.51 7.2 198 10.5 0.30 MD655 232.73
233.83 1.10 1.2 146 3.7 0.11 including 232.73 233.00 0.27 3.3
300 8.3 0.24 MD658 259.46 260.40 0.94 3.4 177 6.3 0.18 MD666
240.00 240.83 0.83 5.2 74 6.5 0.19 and 242.80 244.60 1.80 6.5
370 12.7 0.37 including 243.56 244.00 0.44 21.1 1,199 41.1 1
.19 and 254.15 256.58 2.43 13.3 699 25.0 0.73 including 254
.45 254.85 0.40 56.6 2,473 97.8 2.84 and 258.00 259.00 1.00 8
.7 31 9.2 0.27 and 298.69 299.58 0.89 3.2 63 4.3 0.12 MD667
312.40 312.70 0.30 4.35 262 8.7 0.25
*Gold equivalent grade is calculated by dividing the silver assay
result by 60, adding it to the gold value and assuming 100%
metallurgical recovery.
Exeters Chairman, Yale Simpson stated "Our current drilling
program is focussing on the high grade Escondida vein, and its
immediate surrounds, particularly to the northwest.
This program
is proving to be successful, a rewarding outcome as this area is
the site for initial mine planning.
"Drilling west of MD405, the most westerly of the Far West Sector
drill holes, has intersected similar grades but over a greater
width.
In this area drilling will continue to focus on
confirming, both at depth and laterally, the potential for
addition high grade mineralization.
"Drilling and data interpretation is discovering veins within
both footwall and hanging wall structures.
One such vein, in
historical drill hole MD260 at Escondida West, assayed 16.9 g/t
gold over 2 m, some 60 m into the hanging wall.
The structure
has now been determined to have a co-incident geophysical
anomaly suggesting untested strike and depth potential.
In
addition, two other historical drill holes, MD089 and MD106 at
Escondida Central, intersected significant mineralization 10 m
below the main structure (1.25 m at a grade of 67.4 g/t gold and
2,659 g/t silver in MD089, and 3.0m at a grade of 9.5 g/t gold
and 1,1018 g/t silver in MD106).
"We now have 3 rigs on site, with 2 deployed on infill drilling
to upgrade inferred resources to indicated resource status, and
to test the strike extension of known mineralized structures.
The 3rd rig is currently drilling for water as part of our
engineering program.
A 4th rig to assist with the infill
drilling will be on site within the next week."
Of the 11 diamond drill holes with less significant results,
holes MD612, MD614, MD615, MD621, MD629, MD632, MD637 AND MD638
returned narrow and/or low grade intersections.
Drill holes
MD623, MD626, and MD630 were poorly mineralized.
The results
from 36 holes at the Escondida Far West and Far East Sectors are
awaited.
The locations of the 14 drill holes reported are represented on
the following plans and long sections.
Click Here for the sections and plans
.
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, Exeters 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$29 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 1.12
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, 40 million ounces of silver and 4.84
billion pounds of copper (a total of 32.4 million gold
equivalent ounces**.
Drilling to expand and upgrade the resource
estimate commenced this month.
On the Cerro Moro Project in Argentina, Exeter recently announced
an initial inferred mineral resource estimate of 646,000 ounces
gold equivalent*** at a grade of 18 g/t gold equivalent***.
Exeter has drilled nearly 200 infill 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.
**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 tonnes have been rounded (see news release
NR 9-19 dated September 14, 2009).
***Inferred mineral resource estimate of 1,098,000 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
EXETER RESOURCE CORPORATION
Bryce Roxburgh
President and CEO
For further information, please contact:
B.
Roxburgh, President or
Rob Grey, VP Corporate Communications
Tel: 604.688.9592 Fax: 604.688.9532
Toll-free: 1.888.688.9592
Suite 1260, 999 West Hastings St.
Vancouver, BC Canada V6C 2W2
[]
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,
infrastructure and other 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 Companys 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
Companys 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
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and insurance; reliance on key personnel; the potential for
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absence of dividends; currency fluctuations; competition;
dilution; the volatility of the Companys common share price and
volume; tax consequences to U.S.
investors; and other risks and
uncertainties, including those described in the Companys 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.
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