Vancouver, B.C., January 13, 2009 - Exeter Resource
Corporation (AMEX:XRA, TSX-V:XRC, Frankfurt:EXB - "Exeter"
or the "Company") reports
further lateral and depth extensions to the known gold-copper system at its
Caspiche project in the Maricunga district, Chile. Drilling results include 372.0
meters (1,220.2
feet) at a grade of 0.85 grams per tonne
gold (0.025 ounces
per ton) and 0.47% copper, in drill hole CSD028. The deposit
remains open to the south, northwest and at depth. New results include:
CSD028, drilled to test the southwestern limits of mineralization,
which intersected:
- 862.1 metres ("m") (2,827.7 feet ("ft")) at a
grade of 0.54
grams per tonne ("g/t") gold (0.016 ounces
per ton ("oz/ton")) and 0.29% copper, from a depth of 208.0
m (682.2 ft), to the bottom of the hole, in
the primary gold-copper zone, including,
- 372.0 m (1,220.2
ft) at a grade of 0.85 g/t gold (0.025 oz/ton)
and 0.47% copper, from a down hole depth
of 600.0 m
(1,968.0 ft),
and
CSD029, drilled to test the northeastern limits of mineralization,
which intersected:
- 72.0 m (236.2 ft)
at a grade of 0.52 g/t gold (0.015 oz/ton), from a down hole depth of 66.0 m (216.5 ft) to 138.0 m (452.6 ft) in the
oxide (gold only) zone followed by
- 581.1 m (1,906.0
ft) at a grade of 0.50 g/t gold (0.015 oz/ton)
and 0.19% copper, from a down hole depth
of 138.0 m
(452..6 ft) to the bottom of the hole, in the primary gold-copper zone.
Drill hole CSD028 is located 200 m (656 ft) to the southwest, and behind hole
CSD016 (previously reported in a news release dated April 30, 2008 as 92 m (301.8 ft) at a grade of
0.41 g/t gold (0.012 oz/ton) in the oxide zone, followed by 626 m (2,053.3 ft) at a grade
of 1.08 g/t gold (0.031 oz/ton) and 0.43% copper in the primary zone). Hole
CSD028 demonstrates good vertical continuity of the mineralization and
extends the known system to a depth of 900 m (2,952 ft).
Importantly, hole CSD028 identified a far more extensive zone of
copper-rich mineralization than previously recognised, with intercepts
greater than 200 m
(656 ft)
assaying over 0.5% copper. Overall hole CSD028 shows a significantly higher
copper to gold ratio for the deeper part of the porphyry system (at least on
this drill section).
Drill hole CSD029 is located 200 m (656 ft) to the northeast, and in front of
hole CSD016. It extends the known limits of mineralization on this drill
section by at least 150 m
(492 ft)
further to the northeast. Grade continuity of mineralization was again good,
except for the final 20 m
(65.6 ft)
of the hole that assayed <0.25 g/t gold and <0.1% copper. This low
grade rock is interpreted to represent the northeast edge of the system.
The upper half of hole CSD029 intersected strongly altered volcanic
rocks, followed by early stage microdioritic intrusive rocks at depth. The
fact that this hole did not intersect a significant width of "primary
porphyry rock" demonstrates that potentially economic grades extend well
into the wallrocks of the porphyry system.
Several holes are currently being drilled, logged or assayed (see
Figure 1) and additional results will be released as they become available.
Exeter's Chairman, Yale Simpson, stated, "The results from hole CSD028 show excellent
gold-copper grades continuing to below a depth of 900 metres (2,952 ft), with an
unexpected increase in copper grades deeper in the porphyry system. This
increase is not visually evident from our core logging of other drill
sections.
"Our results to date continue to demonstrate the size potential
of Caspiche and support our decision to "size the deposit" based on
widely spaced drill holes. Both the oxide gold and primary gold-copper zones
still remain open for expansion. Drilling is continuing, with three rigs
operating on a 24 hour/day basis to meet a second quarter 2009 timeline for
completing a NI 43-101 compliant resource estimate."
Detailed drilling results are as follows:
Hole No.
|
From (m)
|
To (m)
|
Width (m)
|
Gold (g/t)
|
Copper (%)
|
Status
|
Zone
|
CSD028
|
208.0
|
(1070.1) BOH
|
862.1
|
0.54
|
0.29
|
Finals
|
Sulphide Gold Copper Zone
|
Including
|
600.0
|
972.0
|
372.0
|
0.85
|
0.47
|
Finals
|
Sulphide Gold Copper Zone
|
|
CSD029
|
66.0
|
138.0
|
72.0
|
0.52
|
0.01
|
Finals
|
Oxide Gold Only Zone
|
CSD029
|
138.0
|
719.1 (BOH)
|
581.1
|
0.50
|
0.19
|
Finals
|
Sulphide Gold Copper Zone
|
To enlarge the above
diagram, please click on it.
Figure 1 Plan view of deposit showing previous and current drilling, plus the
section line across
holes CSD028, CSD016 and CSD029.
To enlarge the above
diagram, please click on it.
Figure 2 Drill section showing results and interpreted gold equivalent grade
contours for
holes CSD028, CSD016, CSD029 and CSR019.
Click here to view
interpreted schematic Geology for the Drill section shown in figure 2
Click here to view
Caspiche drill holes in 3D on COREBOX
Quality Control and Assurance
Drill intercepts presented above are drill intersection widths and may not
represent the true widths of mineralization. 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. 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
with a four acid digestion followed by atomic absorption spectroscopy. The
primary laboratory is ALS Chemex in Chile, an ISO-9001:2000 certified
laboratory. Standard, blank and duplicate samples are used throughout the
sample sequence as checks for the exploratory reverse circulation and diamond
drilling.
Justin Tolman, Exeter's Caspiche Project
Manager and a "qualified person" within the definition of that term
in National Instrument 43-101, Standards
of Disclosure for Mineral Projects ("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 discovery and development of gold and silver properties in South
America. The Company had $23 million in its treasury as at September 30,
2008.
The Caspiche
gold-copper discovery is situated in the Maricunga gold
district of Chile, between the Refugio mine (Kinross Gold Corp.) and the
giant Cerro Casale gold deposit (Barrick Gold Corp. and Kinross Gold Corp.).
Drilling is currently underway to produce an interim NI 43-101 compliant
inferred resource estimate in the second quarter of 2009. The initial
resource target is large, reflecting the scale of similar gold and/or
gold-copper porphyry systems in the immediate area.
Exeter's priority on its Cerro Moro high grade gold-silver property
in Argentina is to focus exploration on the Escondida vein, where drilling
has returned multiple drill intercepts of 12-18 g/t gold equivalent* over
potentially mineable widths. The results from current drilling will be used
to produce a NI 43-101 compliant resources estimate, expected during the second
quarter of 2009. Exeter will continue to develop its conceptual models so
that on receipt of a NI 43-101 resources estimate, it can advance the project
to the scoping study level.
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.
* Note: Gold equivalent grade is
calculated by dividing the silver assay result by 60, adding it to the gold
value and assuming 100% metallurgical recovery.
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 V6C2W2
exeter@exeterresource.com
|
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 statements
regarding the extent and timing of drilling programs, anticipated exploration
results, the potential size of the Caspiche deposit, the potential grade and
continuity of mineralization, and timing and establishment of resources
estimates. 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; 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, 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