Vancouver, B. C.,
March 18, 2008 – Exeter Resource Corporation (AMEX:XRA, TSX-V:XRC, Frankfurt:
EXB – “Exeter” or the “Company”) reports that results from extension
drilling on the Gabriela and Patricia veins at its Cerro Moro project in
Santa Cruz Province, Argentina have confirmed that the veins are high grade
silver discoveries.
Four scout reverse circulation percussion
(“RC”) drill holes have extended the strike length of the Gabriela Vein to 700 metres
(2,297 feet), from the last reported length of 200 metres. Significant new
results from MRC264, located 400 metres to the northwest of previously
announced drilling results include the following:
- 9.0 metres (“m”) (29.5 feet) at 196 grams per tonne (“g/t”) silver (5.68 ounces (“oz”) per ton) and
1.5 g/t gold (0.04 oz/ton), a silver equivalent grade**
of 286 g/t (8.3 oz/ton), from
a down hole depth of 39.0 m (127.9 feet), including
- 3.0 m (9.8 feet) at 314 g/t silver (9.11 oz/ton) and 3.0 g/t
gold (0.09 oz/ton), for a silver equivalent grade** of 494 g/t
(14.3 oz/ton), in hole MRC264.
Based on visual logs drill hole MRC267,
sited 160 metres (525 feet) to the northwest of MRC264 on the Gabriela Vein, has also
intersected mineralization. Assay results will be released upon compilation
and verification.
Scout RC drilling on the Patricia Vein (three step out
drill holes) has also confirmed it to be a silver discovery, and has extended
its minimum strike length by 450 metres (1,476 feet) to approximately 600
metres. Significant new results include:
- 2.0 m (6.6 feet) at 1,238 g/t silver (35.90 oz/ton) and 8.6
g/t gold (0.25 oz/ton), for a silver equivalent grade** of 1,758 g/t
(51oz/ton), from a down
hole depth of 38.0 m (124.7 feet) in hole MRC202.
Elsewhere on Cerro Moro, one RC drill hole
and two diamond core extensions to previous RC holes have extended the strike
length of the Silvia Gold Vein
to at least 200 metres (656 feet). Significant new results include:
- 1.74
m (5.7 feet) at 12.2 g/t gold (0.35 oz/ton) and 37 g/t silver (1.07
oz/ton), for a gold equivalent grade* of 12.8 g/t (0.37 oz/ton), from a
down hole depth of 111.4 m (365.6 feet) in hole MRC154***.
Exeter’s Chairman Yale Simpson stated:
“The discovery of silver dominant veins at Cerro Moro is perhaps to be
expected given the broad extent of the epithermal vein system, and the
elevated to bonanza silver grades already discovered on the Escondida vein.
The high grade silver result in Patricia Vein drill hole MRC202 is
particularly significant as it extends the silver discovery 120 metres to the
west of an earlier high grade hole (MD067), that intersected 0.96 m (3.2
feet) at 1,383 g/t silver (40.11 oz/ton) and 11.5 g/t gold (0.33 oz/ton) –
Cerro Moro 43-101 Report .
“The Patricia Vein extensions are entirely
covered by shallow marine tertiary sedimentary cover, a feature that is
characteristic of the western portion of the property. The success of our
program in finding “blind” silver mineralization under such extensive cover
demonstrates the advances we have made in our geological understanding of the
Cerro Moro vein system.
“We are getting closer to defining our
priorities for in-fill follow-up drilling of the more than 20 targets
identified outside of the Escondida Vein. When we are at that point we will
bring a fourth drill onto the project to accelerate the resource definition
program.”
To enlarge the above maps, please click on it
Detailed Drilling
Results:
Drill
Hole
|
From
(m)
|
To
(m)
|
Width
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Silver
Equivalent
(g/t)**
|
Gabriela
Silver Vein
|
MD179
|
29.58
|
32.00
|
2.42
|
2.2
|
286
|
418
|
including
|
30.65
|
31.44
|
0.79
|
4.3
|
440
|
698
|
MRC264
|
39.0
|
48.0
|
9.0
|
1.5
|
196
|
286
|
including
|
39.0
|
42.0
|
3.0
|
3.0
|
314
|
494
|
MRC266
|
54.0
|
56.0
|
2.0
|
2.4
|
317
|
461
|
Patricia
Silver Vein
|
MRC202
|
38.0
|
40.0
|
2.0
|
8.6
|
1,238
|
1,751
|
MRC207
|
59.0
|
61.0
|
2.0
|
2.0
|
194
|
314
|
MRC219
|
36.0
|
38.0
|
2.0
|
2.9
|
3
|
177
|
Drill
Hole
|
From
(m)
|
To
(m)
|
Width
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Gold
Equivalent
(g/t)*
|
Silvia
Gold Vein
|
MRC154***
|
74.15
|
74.45
|
0.3
|
25.6
|
138
|
27.9
|
and
|
111.43
|
113.17
|
1.74
|
12.2
|
37
|
12.8
|
including
|
111.43
|
112.40
|
0.97
|
21.4
|
53
|
22.3
|
MRC156****
|
85.68
|
86.19
|
0.51
|
7.9
|
67
|
9.0
|
MRC187*****
|
10.0
|
11.0
|
1.0
|
7.3
|
2
|
7.3
|
and
|
50.0
|
51.0
|
1.0
|
1.4
|
6
|
1.5
|
Note: All intervals calculated at a 0.5
g/t gold cut-off
* Gold equivalent grade for silver in this
news release is calculated by dividing the silver assay by 60 and assumes
100% metallurgical recovery.
** Silver equivalent grade is calculated
by multiplying the gold assay result by 60, adding it to the silver value and
assumes 100% metallurgical recovery.
*** MRC denotes a percussion drill hole,
however this new intersection represents a diamond core extension to a
previous hole.
**** The results of RC percussion drill
hole MRC156 were initially released on 18 December 2007. This new
intersection represents a diamond core extension of the hole.
***** MRC187 also intersected
mineralization greater than 0.5 g/t gold between the interval 54.0 to 57.0
metres but the recoveries were significantly less than required for reporting
requirements. In addition drill hole MRC190 (refer to plan) intersected
mineralization well above 0.5 g/t gold between the interval 64.0 to 67.0
metres but the recoveries were also significantly less than required for
reporting requirements.
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..
Bryce Roxburgh, Exeter’s CEO and President
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 within 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.
The Company currently has three rigs
drilling its Caspiche gold porphyry
project in Chile, 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 plans to explore 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
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 timing of its drilling programs and exploration
results. 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; and tax consequences to U.S. investors; and
other risks and uncertainties, including those described in the Company’s
Annual Report on Form 20-F for the financial year ended December 31, 2006,
dated April 2, 2007 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.
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