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Exeter Expands New Gold Zone West of Known Caspiche Resource
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Exeter Expands New Gold Zone West of Known Caspiche Resource
Vancouver, B.C., January 26, 2009 – Exeter Resource Corporation
(AMEX:XRA, TSX:XRC, Frankfurt: EXB – "Exeter" or the "Company")
is pleased to announce that drilling 500 metres ("m") (1,640
feet ("ft")) west of the Caspiche gold-copper porphyry deposit in
Chile is encountering a new area of continuous gold
mineralization.
Drill hole CSD044 has intersected 300m (984 ft)
at 0.5 grams per metric ton ("g/t") gold (0.015 oz/t) from a
depth of 244m (800 ft).
Mineralization in this area, now
referred to as the MacNeill Zone, remains open to the north,
south and west, and to depth, under unmineralized cover.
Two
step-out drill holes are now testing the target north and south
of hole CSD044.
Partial results (further assays awaited) are available from 4 new
drill holes designed to both expand the known Caspiche inferred
resource, and to increase confidence in that resource by infill
drilling.
The new results include:
CSD043 intersected 788m (2,585 ft) at 0.74 g/t gold (0.022 oz/t)
and 0.31% copper from a depth of 260m (853 ft) (results awaited
for the bottom 120m (394 ft) section of the hole).
This drill
hole is now the most southerly hole defining the higher grade
central zone.
CSD047 intersected 739m (2,425 ft) at 0.5 g/t gold
(0.015 oz/t) and 0.15% copper from a depth of 252m (827 ft),
including 240m (787 ft) at 0.83 g/t gold (0.024 oz/t) and 0.09%
copper from a depth of 260m (853 ft).
This important drill hole
is on the most northerly section line of the known higher grade
zone, and extends that area of mineralization west towards the
MacNeill Zone ( click here for drill hole plan
).
Assays for the bottom 200m of the hole are awaited.
Drill hole CSD041A appears to mark the southern limit to economic
tenor mineralization in the deposit.
CSD048 is an in-fill hole
to upgrade the known inferred resource in the higher grade zone.
Detailed drilling results from this press release are summarised
as follows:
Hole No.
From (m) To (m) Width (m) Gold (g/t) Copper (%) Status
Zone CSD044 244 544 300 0.50 0.08 Finals Sulphide Gold Copper
Zone Including 244 274 30 1.25 0.1 Finals Sulphide Gold Copper
Zone CSD041A# 570 1,198 628 0.27 0.17 Finals
Sulphide Gold Copper Zone CSD043# 0 260 260
0.25 0.03 Finals Oxide Gold Only Zone 260 1,048 788 0.74 0
.31 Finals Sulphide Gold Copper Zone CSD047#
252 991 739 0.50 0.15 Finals Sulphide Gold Copper Zone
Including 260 500 240 0.83 0.09 Finals Sulphide Gold Copper Zone
CSD048# 30 154 124 0.39 0.01 Finals Oxide
Gold Only Zone 154 998 844 0.59 0.24 Finals Sulphide Gold
Copper Zone Including 376 732 356 0.84 0.25 Finals Sulphide
Gold Copper Zone
Intercepts not calculated using a gold cut-off.
# – Only partial assay results received, remainder pending.
Exeters Project Manager Justin Tolman stated "the impact of the
new MacNeill zone on the mineral resource and project economics
is yet to be determined.
It could prove to be important, as it
is located close to the boundary of the AMEC Whittle open pit
used to define the current NI43-101 inferred resource*.
"Our geologists note that the MacNeill zone appears to be similar
geologically to nearby "heap leachable" Maricunga gold projects.
We will perform first pass metallurgical testwork on CSD044 and
the mineralized section of CSD042 to test if this mineralization
could contribute to the leachable component of the project.
"Six drill rigs continue to operate at Caspiche on a 24 hour
basis.
We are close to completing a program of 7 large diameter
PQ drill holes to recover oxide zone samples for advanced column
leach testing.
"We have completed approximately 5,000m (16,404 ft) of the 25
,000m (82,021 ft) program proposed this season as at the end of
2009.
Our goal remains to increase the component of Indicated
Resources for the central, higher grade core, and to expand the
size of the total resource.
"We have scheduled AMEC to prepare an interim resource estimate
for Caspiche for late Q1 to early Q2.
A new NI43-101 mineral
resource estimate for the full drilling season remains scheduled
for September 2010".
Quality Control and Assurance
Drill intercepts, where presented, are drill intersection widths
and may not represent the true widths of mineralization.
Individual gold and copper assay results presented have not been
calculated using a gold cut-off grade, or with any cutting of
high values.
All diamond drill core samples are split on regular
two metre intervals and represent either sawn half HQ-size or
NQ-size core.
Any reverse circulation drill samples are collected
using a cyclone in one metre intervals; all samples are then
composited into two or four metre samples.
Gold samples were
prepared and assayed by fire assay (50 gram charge).
Copper was
assayed by ICP with an automatic four acid digestion followed by
atomic absorption spectroscopy for samples with values above 0.2%
copper.
The primary laboratory is ACME Analytical Laboratories in
Chile, an ISO-9001:2000 certified laboratory.
Standard, blank and
duplicate samples are used throughout the sample sequence as
quality control checks for the exploratory reverse circulation
and diamond drilling.
About Exeter
Exeter is a Canadian mineral exploration company focused on the
discovery and development of gold and silver properties in South
America.
The Company has C$77 million in its treasury.
On January 19, 2010, the Board approved a proposal to undertake a
spin-out transaction pursuant to which the assets of Exeter
would be separated into two highly focused companies.
Under the
terms of the proposed transaction, Exeter will retain all assets
relating to the Caspiche gold-copper discovery in Chile and will
transfer to a new corporation the Cerro Morro project and other
exploration properties in Argentina.
The proposal will be voted
on by shareholders at a shareholders meeting to be held on March
4th.
On the Caspiche Project in Chile, 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 was announced in
September 2009.
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 with six rigs is underway to expand
and upgrade the resource.
On the Cerro Moro Project in Argentina, an inferred mineral
resource estimate of 646,000 ounces gold equivalent** at a grade
of 18 g/t gold equivalent** was announced mid-2009.
Exeter
continues to drill with 3 rigs to upgrade inferred resources to
indicated resources on the Escondida vein.
A new Cerro Moro resource estimate is scheduled for April 2010,
to be followed by a mine development study in Q2-2010.
These
studies will form the basis of a mine development decision and
the submission of the project to Provincial authorities for
permitting.
Exploration drilling will continue through 2010.
Matthew Williams and Justin Tolman are each considered 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.
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
[]
*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 9-22 dated October 20, 2009).
**Inferred mineral resource estimate of 1,098 Mt 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).
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,
expected cash reserves and the expected benefits of the proposed
spin-out transaction.
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 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 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.
NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
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