🕐03.05.10 - 15:55 Uhr
Exeter Reports New Drilling at Caspiche Gold-Copper Project
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Exeter Reports New Drilling at Caspiche Gold-Copper Project
Vancouver, B.C., May 3, 2010 – Exeter Resource Corporation (AMEX
:XRA, TSX:XRC, Frankfurt: EXB – "Exeter" or the "Company") is
pleased to announce drilling results that expand the central
high grade zone within the Caspiche porphyry.
New results include:
Drill hole CSD061 intersected 850m (2,789 ft) at a grade of 0.76
g/t gold (0.022 oz/t) and 0.17% copper from a depth of 134m (440
ft), including 552m (1,804 ft) at 1.00 g/t gold (0.029 oz/t) and
0.19% copper from a depth of 412m (1,351 ft).
Drill hole CSD058 intersected 1,152m (3,780 ft) at a grade of 0
.50 g/t gold (0.015 oz/t) and 0.31% copper from a depth of 118m
(387 ft), including, 530m (1,739 ft) at 0.61 g/t gold (0.018 oz/t
) and 0.45% copper from a depth of 586m (1,922 ft).
Drill hole CSD060 intersected 580m (1,902 ft) at a grade of 0.47
g/t gold (0.014 oz/t) and 0.20% copper from a depth of 129m (423
ft), including, 294m (965 ft) at 0.60 g/t gold (0.017 oz/t) and
0.22% copper from a depth of 165m (541 ft).
Holes CSD061 and CSD058 were drilled on the same section line (
Figures 1 and 2
whereas CSD060 is located approximately 550 m to the west.
All
holes are within or marginal to the resource shells documented
in the latest NI43-101 compliant mineral resource estimate
completed by AMEC International.
Justin Tolman, Caspiche Project Manager stated "Our drilling
objectives are twofold: firstly to lift the inferred category
mineralization into the indicated category, and secondly to
expand the total gold-copper resource.
These new results will
contribute to us meeting both objectives.
"CSD061 and CSD058 reflect excellent results from the higher
grade zone within the main porphyry.
They not only confirm the
good grades from the earlier drill sections 100m to the north
and south, but also extend the higher grades to the east.
In
addition, the copper grades in CSD058 show a marked increase in
this south eastern extension to the known mineralization.
A step
out hole, CSD066, is currently being drilled 200m further east
to test for additional extensions in this area ( Figure 2
"CSD060 is also a very important intersection as it was
originally drilled to define the limits of the low grade
intrusive unit that marks the western edge of the main deposit.
CSD060 returned a broad, well mineralized intercept over its
entire length rather than an expected low grade intrusive body.
The spatial extent of the low grade unit has now been
substantially reduced, which is expected to translate to a
larger volume of economic tenor mineralization within the
resource shell.
"The six drill rigs on site have now drilled +15,000m subsequent
to the data included in the last resource.
We are currently
drilling the final sequence of holes before closing down for the
southern winter in May."
Results from drill holes CSD058, CSD060 and CSD061 are the most
material of 14 new drill holes now available for Caspiche.
All
drilling results from the season to date are available on the
Company website at
Details of significant new drill holes are tabulated below:
Hole No.
From To Width Gold Copper Zone (m) (m) (m) (g/t) (%)
CSD061 102 134 32 0.19 0.01 Oxide Gold Only Zone 134 984
850 0.76 0.17 Sulphide Gold Copper Zone Including 412 964 552
1.00 0.19 Sulphide Gold Copper Zone CSD058 56
118 62 0.26 0.01 Oxide Gold Only Zone 118 1170 1052 0.5 0.31
Sulphide Gold Copper Zone Including 586 1116 530 0.61 0.45
Sulphide Gold Copper Zone CSD060 59 129 70 0
.44 0.01 Oxide Gold Only Zone 129 709 580 0.47 0.20 Sulphide
Gold Copper Zone Including 162 459 294 0.60 0.22 Sulphide Gold
Copper Zone
Intercepts not calculated using a gold cut-off.
Justin Tolman, Exeters Caspiche Project Manager and a "qualified
person" within the definition of that term in 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 exploration and development of the
Caspiche project in Chile.
The Company has C$41 million in its
treasury.
The Caspiche gold-copper discovery is situated in the Maricunga
gold district of Chile, between the Refugio mine (Kinross Gold
Corp.) and the Cerro Casale gold deposit (Barrick Gold Corp.
and
Kinross Gold Corp.).
Current drilling will lead to an updated
NI43-101 compliant resource estimate in September 2010.
On April 6, 2010, Exeter announced a new mineral resource
estimate for the Caspiche Porphyry comprised of an indicated
resource of 785 Mt (million metric tons) at a grade of 0.57 g/t
gold and 1.33 g/t silver, including 690 Mt at a grade of 0.23%
copper.
This equates to in-situ indicated resources of 14.3 M
(million) ounces of gold, 33.6 M ounces of silver and 3.5 billion
pounds of copper (a total of 23.9 M gold equivalent ounces*).
In addition to the indicated resource, is an inferred mineral
resource of 688 Mt at a grade of 0.45 g/t gold and 1.21 g/t
silver, including 675 Mt at a grade of 0.19% copper.
This
equates to in-situ inferred resources of 10.0 M ounces of gold,
26.7 M ounces of silver and 2.9 billion pounds of copper (a
total of 17.8 M gold equivalent ounces*).
Metallurgy, engineering, water, infrastructure and environmental
studies are continuing.
An update on these studies is included
in the NI43-101 report which has been filed on SEDAR and posted
to the Companys website.
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
[]
*AMEC chose to report the resource above a Au equivalent cutoff.
For this they used prices of US$950/oz for Au and $2.30/lb for
Cu.
The formula used to calculate Au equivalents is Au(g/t) + Cu
(%) * (Cu Price [$/lb]/Au Price [$/oz]) * (Rec Cu/Rec Au)*0
.06857*10000.
Where Rec = % recovery and 0.06857 = conversion g
*lb/oz.
Au and Cu are the block kriged Au and Cu grades.
Projected metallurgical recoveries were 75% and 85% for Au and
Cu respectively in sulphide material and 50% for Au in the oxide
zone.
Recoveries are based on benchmarking of similar deposits.
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, the Companys 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, permitting
submission and timing and expected cash reserves.
These forward
-looking statements are made as of the date of this news release.
Readers are cautioned not to place undue reliance on forward
-looking statements, as there can be no assurance that the future
circumstances, outcomes or results anticipated in or implied by
such forward-looking statements will occur or that plans,
intentions or expectations upon which the forward-looking
statements are based will occur.
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 that such future events will
occur and are subject to risks, uncertainties, assumptions and
other factors which could cause events or outcomes to differ
materially from those expressed or implied by such forward
-looking statements.
Such factors and assumptions include, among
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 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 the ability to obtain
any necessary approvals, waivers, consents and other
requirements necessary or desirable to permit or facilitate the
proposed Arrangement, the risk that any applicable conditions of
the proposed transaction may not be satisfied, 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, 2009, dated March 30, 2010 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.
Cautionary Note to United States Investors - The information
contained herein and incorporated by reference herein has been
prepared in accordance with the requirements of Canadian
securities laws, which differ from the requirements of United
States securities laws.
In particular, the term "resource" does
not equate to the term "reserve".
The Securities Exchange
Commissions (the "SEC") disclosure standards normally do not
permit the inclusion of information concerning "measured mineral
resources", "indicated mineral resources" or "inferred mineral
resources" or other descriptions of the amount of mineralization
in mineral deposits that do not constitute "reserves" by U.S.,
unless such information is required to be disclosed by the law
of the Companys jurisdiction of incorporation or of a
jurisdiction in which its securities are traded.
U.S.
investors
should also understand that "inferred mineral resources" have a
great amount of uncertainty as to their existence and great
uncertainty as to their economic and legal feasibility.
Disclosure of "contained ounces" is permitted disclosure under
Canadian regulations; however, the SEC normally only permits
issuers to report mineralization that does not constitute
"reserves" by SEC standards as in place tonnage and grade without
reference to unit measures.
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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