Vancouver, B.C., June 15, 2009 - Exeter Resource
Corporation (NYSE-AMEX:XRA, TSX-V:XRC, Frankfurt:EXB - "Exeter" or
the "Company") reports that drill hole CSD039a has returned 876 metres (2,874 ft) at a grade
of 0.75 grams per tonne ("g/t") gold (0.022 ounces per ton
("oz/ton")) and 0.29% copper, including a 582 metre (1,909 ft)
section assaying 1.00 g/t gold (0.029 oz/ton) and 0.36% copper.
This new drill hole tested the continuity of mineralization to depth below
previous holes with shallower intercepts.
CSD039a, a steep hole, was drilled in a south westerly
direction, opposite to the north easterly bearing of most other holes drilled
this season. The oxide zone intercept returned low grades (see table below)
in contrast to good grades in the lower sulphide zone intercept. The
bulked intercepts are as follows:
- 876 metres ("m") (2,874 ft) at a
grade of 0.75 g/t gold (0.022 oz/ton) and 0.29% copper,
from a down hole depth of 126 m (413 ft) to 1,002 m (3,287ft), including
- 582 m (1,909 ft) at a grade of 1.00 g/t gold
(0.029 oz/ton) and 0.36% copper to a depth of 1,002 m (3,286
ft).
Approximately 250 m (800 ft) of this intercept is
vertically below mineralization reported in the interim mineral resource
estimate announced on March 24, 2009. That resource estimate, based on
drilling to year end 2008, was 450 million tonnes containing 8.7 million
ounces of gold and 2.1 billion pounds of copper*.
CSD037 was drilled to test a section 200 m beneath CSD032.
It is interpreted to have intersected the western margin of mineralization on
this drill section. Results include:
- 708 m (2,322 ft) at a grade of 0.50 g/t gold
(0.015 oz/ton) and 0.22% copper, from 434 m (1,423 ft) to
1,142 m (3,746 ft) down hole.
CSD037 intersected mainly sediments and volcanic
breccias which host mineralization peripheral to the main diorite porphyry
intrusion. Previously reported drill hole CSD032, drilled 200 m east of CSD037,
was within the diorite porphyry from 830 to 1,270 m depth and returned a 1,214 m (3,982 ft) intercept, at
a grade of 0.90 g/t gold (0.026 oz/ton) and 0.33% copper (see
news release NR 09-04 dated February 25, 2009).
CSD038, drilled at the very south eastern edge of the
system, was designed to test the south eastern limits of mineralization. This
hole intersected a younger, weakly mineralized inter-mineral phase porphyry
unit over its entire length.
Drilling has now been suspended through the winter
and is expected to resume in October. All drilling data for Caspiche will be
used to calculate an updated, National Instrument 43-101 ("NI
43-101") compliant, mineral resources estimate which is expected to be
released in September 2009.
Exeter's Caspiche Project Manager, Justin Tolman, stated, "Drill hole CSD039a
demonstrates the continuity of higher grade mineralization between the drill
sections located 100 metres to the north and south. The intersection from
this drill hole should increase the size of the favourable diorite porphyry
unit and the associated higher grade gold-copper zone (when compared to our
earlier geological modelling).
"We can now infer a steep southwest plunge to
the higher grade zone within Caspiche. This interpretation could be amended
going forward as potentially important assays from drill hole CSD036a to the
northwest are pending. Furthermore, we were unable to complete drill hole
CSD041 located in the far south western part of the drilling grid. That hole
was designed to further test the model for a high grade zone but was
prematurely abandoned at 560 metres (1,836 ft) due to technical issues with
the drilling rig. We did see, however, encouraging veining and alteration
near the bottom of the hole, just before it was terminated. It will be
redrilled very early next season.
Our interpretation is that the Caspiche porphyry remains open to the south
west and plunging to depth.
"The 16,500 metres (54,120 ft) drilled this
season brings the total drilled to date to 23,500 metres (77,080 ft). We have
significantly extended the limits of the system beyond the mineralized
envelope reported in the interim resource estimate announced on March 24,
2009. We anticipate that this extension will be reflected in the next
estimate by AMEC International expected in September.
"Drilling will continue next season with the
aim of further extending the limits of the mineralized system."
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
|
CSD039a
|
66
|
126
|
60
|
0.22
|
0.01
|
Finals
|
Oxide Gold Only Zone
|
|
126
|
1,002
|
876
|
0.75
|
0.29
|
Finals
|
Sulphide Gold Copper Zone
|
including
|
418
|
1,002
|
584
|
1.00
|
0.36
|
Finals
|
Sulphide Gold Copper Zone
|
|
|
|
|
|
|
|
|
CSD037
|
434
|
1142
|
708
|
0.50
|
0.22
|
Finals
|
Sulphide Gold Copper Zone
|
|
|
|
|
|
|
|
|
CSD038
|
15
|
220
|
205
|
0.16
|
0.02
|
Finals
|
Oxide Gold Only Zone
|
|
220
|
560.4
|
340.4
|
0.11
|
0.03
|
Finals
|
Sulphide Gold Copper Zone
|
|
|
|
|
|
|
|
|
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related plans and cross-sections
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. Diamond drill core samples are routinely 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 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 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 has C$34 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
giant Cerro Casale gold deposit (Barrick Gold Corp. and Kinross Gold Corp.).
Drilling has ceased for the southern winter. A second NI 43-101 compliant
resources estimate is expected in September 2009..
Exeter's priority on its Cerro Moro high grade gold-silver
property in Argentina is the Escondida vein where drilling
has returned multiple intercepts of 12-18 g/t gold equivalent** over
potentially mineable widths. The results from drilling to December 2008 are
being used to produce a NI 43-101 compliant resources estimate, expected for
release late in the second quarter of 2009.
Drilling on the high grade Escondida vein
recommenced in April, with over 50 new drill holes currently unreported.
Separately, the Company is awaiting a drilling permit to test possible north
western extensions of the Escondida vein on the adjacent Fomicruz JV lands.
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.
* Inferred mineral resource estimate of 449.9
million tonnes from the oxide and gold-copper zones contains 8.7 million
ounces gold at a grade of 0.6 g/t and 375.9 million tonnes from the
gold-copper zone only contains 2 billion pounds of copper at a grade of 0.25%
(see new release NR 09-09 dated March 24, 2009).
** Note: Gold equivalent grade at Cerro Moro 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
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