Vancouver, B. C.,
January 15, 2008 – Exeter Resource Corporation (AMEX:XRA, TSX-V:XRC,
Frankfurt: EXB – “Exeter” or the “Company”) reports that diamond drilling at its Cerro Moro project in Santa Cruz
Province, Argentina, has intersected bonanza gold and silver grades
indicating an extension to the mineralized vein zone. The new drill holes,
which are centred 500
metres (1,640 feet) northwest, and on strike of the
previously defined Escondida zone, potentially
extend the total mineralized zone to 1,500 metres (4,920 feet).
Significant
results from two new diamond drill holes, MD216 and MD218, include:
- 7.53
metres
(“m”) (24.7 feet) at 33.2 grams/tonne (“g/t”) gold (0.96
oz/ton) and 2,219 g/t silver
(54.94 oz/ton), a gold
equivalent grade* of 70.21 g/t (2.05 oz/ton), from a
down hole depth of 94.0
m (308.3 feet), including
- 2.76 m (9.05 feet)
at 86.7 g/t gold
(2.5 oz/ton) and 5,915 g/t
silver (145.84 oz/ton), a gold equivalent grade* of 185.3 g/t (5.40
oz/ton), from a down hole depth of 97.87 m (321.0 feet) in
hole MD216;
and
- 3.42 m (11.2 feet)
at 53.3 g/t gold
(1.55 oz/ton) and 3,403 g/t
silver (98.7 oz/ton), a gold equivalent grade* of 110.1 g/t (3.21
oz/ton), from a down hole depth of 152.4 m (500.0 feet) in
hole MD218.
These holes were
drilled below discovery drill hole MRC175, a reverse circulation percussion
hole for which significant gold assay results were announced on November 26,
2007. Significant silver assays recently received, increased the gold
equivalent grade by 44 percent, include:
- 6.0 m (19.7 feet)
at 11.5 g/t gold
(0.34 oz/ton) and 311 g/t
silver (9.06 oz/ton), a gold equivalent grade * of 16.6 g/t gold
(0.49 oz/ton) from a down hole depth of 68.0 m (223.1 feet),
including
- 2.0 m (6.6 feet) at 31.1 g/t gold (0.91
oz/ton) and 746 g/t silver (21.76
oz/ton), a gold equivalent
grade * of 43.5
g/t gold (1.27 oz/ton), from a down hole depth of 71.0 m (233.0 feet).
Diamond holes
MD216 and MD218 are located on the same section line as MRC175, at vertical
depths of approximately 70 m
and 110 m
respectively. A shallow drill hole, MD206, that tested the vein above (nearer
surface) MRC175, intersected lower grades, including 2.8 m (9.2 feet) at 2.4 g/t
gold (0.07 oz/ton) and 193 g/t silver(5.6 oz/ton), a gold equivalent grade*
of 5.6 g/t (0.16 oz/ton) from a down hole depth of 38.45 m (111.5 feet).
Exeter’s Chairman, Yale Simpson commented: “The discovery
of bonanza gold and silver grades on the strike extension of the known Escondida mineralization demonstrates the remarkable
potential of the Cerro Moro veins. Again, the grade of mineralization is
high, greatly enhanced by the silver content, and very importantly the widths
of high grade mineralization are greater than in the zones previously
drilled.
“The new discovery
is concealed by thirty to forty metres of gravel and low grade
mineralization, indicating that the mineralized body has not been eroded. Visual
results, from exploratory drill holes along strike, indicate that the new
high grade zone has a possible minimum strike length of 240 metres, with the
zone remaining untested for some 400 metres to the southeast, before the
previously announced western part of the Escondida
zone is reached.
“Assays currently
awaited are from a hole drilled beneath MD218, and two step-out drill holes 80 metres to the
northwest. In addition, assays from two holes drilled to the southeast (along
strike) are expected very shortly.
“Drilling to
extend the Escondida vein system is continuing
using one of the three rigs currently on the property.”
Additional results
from new diamond holes drilled on the western end of the main Escondida vein (located 400 m southeast of drill
holes MD216 and MD218) include:
- 1.6 m (5.3 feet)
at 6.5 g/t gold
(0.19 oz/ton) and 620 g/t
silver (18.08 oz/ton), a gold equivalent grade* of 16.9 g/t (0.49
oz/ton) from a down hole depth of 41.0 m (134.5 feet),
including
- 0.4 m (1.3 feet)
at 21.1 g/t gold
(0.62 oz/ton) and 2,060 g/t
silver (60.08 oz/ton), a gold equivalent grade* of 55.4 g/t (1.61
oz/ton), from a down hole depth of 42.2 m (138.5 feet) in hole
MD149; and
- 2.4 m (7.87 feet)
at 6.1 g/t gold
(0.21 oz/ton) and 230 g/t
silver (6.71 oz/ton), a gold equivalent grade* of 11.0 g/t (0.32
oz/ton), from a down hole depth of 34.9 m (114.5 feet) in
hole MD169.
* 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. Troy
oz/ short ton calculated at grams per metric tonne divided by 34.2857 and
rounded to 2 decimal places.
To enlarge the
above map, please click on it.
Detailed Drilling
Results:
New results for the Escondida Northwest Extension
are included in the table below.
|
Drill Hole
|
From
(m)
|
To
(m)
|
Width
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Gold
Equivalent
|
|
g/t*
|
oz/ton
|
|
Escondida Northwest Drilling
|
|
MRC175
|
68.00
|
74.00
|
6.00
|
11.5
|
311
|
16.65
|
0.49
|
|
including
|
71.00
|
73.00
|
2.00
|
31.1
|
746
|
43.54
|
1.27
|
|
MD206
|
18.66
|
19.45
|
0.79
|
2.7
|
348
|
8.47
|
0.25
|
|
MD206
|
38.85
|
41.25
|
2.40
|
2.7
|
166
|
5.48
|
0.16
|
|
MD216
|
94.00
|
101.53
|
7.53
|
33.2
|
2,219
|
70.21
|
2.05
|
|
including
|
97.87
|
100.63
|
2.76
|
86.7
|
5,915
|
185.30
|
5.40
|
|
which
includes
|
98.48
|
99.10
|
0.62
|
234.0
|
13,945
|
466.41
|
13.53
|
|
MD218
|
138.00
|
144.00
|
6.00
|
0.6
|
37
|
1.26
|
0.04
|
|
MD218
|
152.40
|
155.82
|
3.42
|
53.3
|
3,403
|
110.07
|
3.21
|
|
including
|
152.40
|
153.51
|
1.11
|
86.9
|
4,608
|
163.71
|
4.75
|
|
and
|
154.57
|
155.34
|
0.77
|
106.0
|
7,800
|
236.00
|
6.84
|
New results are
also available for several holes on the Escondida
structure (southeast of the new discovery) and are included in the table
below.
|
Drill Hole
|
From
(m)
|
To
(m)
|
Width
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Gold
Equivalent
|
|
g/t*
|
oz/ton
|
|
MD145
|
50.43
|
50.75
|
0.32
|
3.6
|
228
|
7.38
|
0.21
|
|
MD148
|
130.63
|
134.00
|
3.37
|
2.1
|
14
|
2.32
|
0.07
|
|
MD148
|
140.00
|
141.00
|
1.00
|
0.8
|
95
|
2.40
|
0.07
|
|
MD149
|
41.00
|
42.55
|
1.55
|
6.5
|
620
|
16.86
|
0.49
|
|
including
|
42.15
|
42.55
|
0.40
|
21.1
|
2,060
|
55.43
|
1.61
|
|
MD151
|
98.40
|
99.20
|
0.80
|
11.6
|
26
|
12.05
|
0.35
|
|
MD152
|
99.40
|
100.17
|
0.77
|
9.4
|
92
|
10.88
|
0.32
|
|
MD169
|
34.85
|
37.25
|
2.40
|
6.1
|
230
|
11.03
|
0.32
|
|
including
|
35.70
|
37.25
|
1.55
|
8.6
|
295
|
13.56
|
0.39
|
|
MD171
|
17.00
|
18.00
|
1.00
|
0.6
|
170
|
3.39
|
0.10
|
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 0.5 g/t gold
cut-off grade, 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 were prepared at the ALS Chemex preparation
facility in Mendoza and assayed by fire assay (50 gram charge) at the
ALS Chemex 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 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.
Glen Van
Kerkvoort, Exeter’s Chief Geologist 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 Cerro Moro Gold-Silver Project (100%
owned by Exeter) in Santa Cruz Province, Argentina is generating high grade
to 'bonanza grade' drilling results from an extensive epithermal vein system,
located 130
kilometres (80 miles) east of the Cerro Vanguardia gold
mine. Drilling will continue through 2008 using as a minimum three drill
rigs. Our focus is to establish a high grade gold-silver resource amenable to
open pit mining.
In Chile, the
Company has started a major drilling program on its Caspiche gold porphyry project,
located between the Refugio mine (Kinross Mining Corp) and the giant Cerro
Casale gold project (Barrick Gold Corp and Kinross Mining Corp).
As a result of
recent political developments 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 new
legislation, which has the effect of banning conventional 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.
In 2008, Exeter
will drill other gold-silver targets in prospective regions of Patagonian Argentina and Chile.
The Company gained a broad foothold in the 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
|
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 statements", within the meaning of the United
States Private Securities Litigation Reform Act of 1995, including the
Company's belief as to the timing of its drilling programs on its projects
and results from mineral samples from its Cerro Moro project. These
statements reflect the Company's current belief and are based upon currently
available information. Actual results could differ materially from those
described in this news release as a result of numerous factors, some of which
are outside of the control of the Company.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS NEWS RELEASE