Vancouver,
B. C., July 29, 2009 - Exeter Resource Corporation (AMEX:XRA, TSX-V:XRC,
Frankfurt: EXB - "Exeter" or the "Company") is
pleased to report on progress from its in-fill drilling program on the high
grade Escondida vein at Cerro Moro in Santa Cruz Province, Argentina.
Assays
from a batch of 14 diamond drill holes on the Escondida vein include bonanza
grades in drill holes MD475 and MD479, two holes that
represent extensions to reported high grade mineralization in the Escondida
Far West sector. This portion of the Escondida vein accounts for
approximately 40% of the currently defined Escondida Zone resource.
Detailed
drilling results using a 1 g/t gold equivalent* cut-off grade:
Drill Hole
|
From
(m)
|
To
(m)
|
Width
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Gold Equivalents*
(g/t)
|
Gold Equivalents*
(oz/ton)
|
Escondida
West Sector
|
MD467
|
165.60
|
166.94
|
1.34
|
11.1
|
384
|
16.5
|
0.48
|
including
|
166.06
|
166.59
|
0.53
|
26.0
|
880
|
38.6
|
1.12
|
Escondida
Far West Sector
|
MD468
|
62.00
|
64.60
|
2.60
|
13.6
|
675
|
23.2
|
0.67
|
including
|
62.80
|
64.00
|
1.20
|
26.1
|
1,221
|
43.6
|
1.26
|
MD469
|
122.60
|
129.12
|
6.52
|
6.6
|
310
|
11.1
|
0.32
|
including
|
125.86
|
128.36
|
2.50
|
14.9
|
694
|
24.9
|
0.72
|
MD471
|
203.87
|
204.23
|
0.36
|
6.2
|
18
|
6.5
|
0.19
|
and
|
205.91
|
206.58
|
0.67
|
8.5
|
1,303
|
27.1
|
0.79
|
MD474
|
131.00
|
133.10
|
2.10
|
5.1
|
562
|
13.1
|
0.38
|
including
|
131.00
|
131.65
|
0.65
|
14.0
|
1,653
|
37.6
|
1.09
|
MD475
|
138.75
|
140.25
|
1.50
|
63.3
|
5,111
|
136.3
|
3.95
|
including
|
139.36
|
139.80
|
0.44
|
138.0
|
8,085
|
253.5
|
7.35
|
MD476
|
149.65
|
151.80
|
2.15
|
4.1
|
324
|
8.7
|
0.25
|
including
|
149.65
|
150.20
|
0.55
|
8.6
|
532
|
16.2
|
0.47
|
MD479
|
114.00
|
115.35
|
1.35
|
5.8
|
562
|
13.8
|
0.40
|
and
|
117.95
|
119.15
|
1.20
|
138.9
|
4,978
|
210.0
|
6.09
|
including
|
117.95
|
118.60
|
0.65
|
203.9
|
8,432
|
324.4
|
9.41
|
MD480
|
194.85
|
195.15
|
0.30
|
4.0
|
405
|
9.7
|
0.28
|
MD481
|
176.40
|
180.00
|
3.60
|
5.5
|
581
|
13.8
|
0.40
|
including
|
177.63
|
178.25
|
0.62
|
26.3
|
2,840
|
66.9
|
1.94
|
including
|
177.93
|
178.25
|
0.32
|
47.1
|
5,382
|
124.0
|
3.60
|
MD483
|
232.00
|
233.00
|
1.00
|
6.8
|
83
|
8.0
|
0.23
|
and
|
238.20
|
239.08
|
0.88
|
5.9
|
21
|
6.2
|
0.18
|
MD484
|
159.34
|
160.54
|
1.20
|
3.2
|
88
|
4.5
|
0.13
|
MD487
|
21.00
|
22.30
|
1.30
|
2.1
|
68
|
3.0
|
0.09
|
MD489
|
10.45
|
11.80
|
1.35
|
5.6
|
8
|
5.7
|
0.17
|
* Gold equivalent grade is
calculated by dividing the silver assay result by 70, adding it to the gold
value and assuming 100% metallurgical recovery.
Exeter
recently announced an initial inferred mineral resource estimate of 646,000
ounces gold equivalent** at a grade of 18 grams per tonne ("g/t")
(0.52 ounces per ton ("oz/ton") gold equivalent**.
The current focus is to advance drilling on the Escondida vein zone, which
contains 519,000 ounces gold equivalent** at a grade of 34 g/t (1.0 oz/ton)
gold equivalent**. In particular, the Company expects that the program will
generate the data necessary to upgrade the recently announced "inferred
resource" to an "indicated resource" by Q1, 2010. This is an
essential step towards completing a scoping study for developing a high grade
mining operation on the property.
In the Far West sector of
the Escondida vein, the Company has drilled a total of 24 diamond core holes
to confirm the exceptional grades previously announced in that sector. Of the
14 drill holes announced in this news release, 13 are from that sector and
are represented on the following longitudinal drill section.
Click here for a diagram showing the Long Section for
Escondida Far West
Drill hole MD467, on the
West sector, successfully intersected high grade mineralization 140 metres
("m") (459 ft) vertically below surface, thereby demonstrating the
potential for deeper high grades in that area.
Results are awaited from
infill drilling on the West, Central and East sectors of the Escondida vein,
where an additional 95 diamond drill holes for approximately 4,800 m (15,744
ft) are being logged and assayed. The majority of these holes are shallow and
represent an approximate 20 x 20 m (65 x 65 ft) "staggered" pattern
to assist with preliminary mine scoping models. Significant results will be
released during August and September as the assays are collated and verified.
Click here for a diagram showing the Drill Hole Plan
for Escondida
Progress
on the Escondida Fomicruz Property
Due to a delay in the arrival of a reverse circulation percussion (RC) rig
the Company used the available diamond rig to conduct a 300 m (984 ft)
program to confirm that the prospective Escondida structure extends onto the
Fomicruz joint venture property. The rig was sited well into the Fomicruz lands,
some 320 m (1,050 ft) northwest of the last hole drilled by Exeter at
Escondida Far West. The Escondida structure was successfully located under 40
m of gravel cover, confirming our geophysical interpretation that the
Escondida structure has an untested strike length of some 2.3 kilometres
(1.43 miles) on the Fomicruz property (a distance similar to that drill
tested to date at Escondida).
The Company has contracted
a RC drill rig to drill a minimum of 15 holes (2,000 m (6,560 ft) program) on
the Fomicruz lands. This program is scheduled to commence early next month
with initial results to follow in September.
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 1.0 g/t gold
equivalent cut-off grade*, with no cutting of high grades. 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 Acme
Analytical Laboratories ("AcmeLabs") preparation facility in
Mendoza, Argentina and assayed by fire assay (50 gram charge) at the AcmeLabs
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 AcmeLabs. 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 RC percussion 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..
Matthew Williams, Exeter's
Exploration Manager 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 Company has C$30 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.).
Over 16,500 m were drilled during the 2008/2009 drill season. The program
focussed on delineating the external boundaries of Caspiche. A second
National Instrument 43-101 compliant resource estimate, which incorporates
the results from drilling completed subsequent to December 31, 2008, is
expected to be available in September 2009.
On its Cerro Moro Project
in Argentina, Exeter recently announced an initial inferred mineral resource
estimate of 646,000 ounces gold equivalent** at a grade of 18 g/t gold
equivalent**. To date, Exeter has drilled over 100 infill holes on the
Escondida vein structure in order to upgrade the sectors of the inferred
resource that might be scheduled for early mining. Drilling will continue
through 2009. Plans include drilling of a possible extension of the Escondida
zone on the adjacent Fomicruz joint venture property. Engineering,
environmental and infrastructure studies are being advanced ahead of a
scoping study in 2010.
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 1,098,000 metric tons containing 371,000 ounces gold at
a grade of 10.5 g/t and 19.2 million ounces silver at a grade of 545 g/t for
646,000 ounces gold equivalent at a grade of 18 g/t gold equivalent. Gold
equivalent is calculated by dividing the silver assay result by 70, adding it
to the gold value and assuming 100% metallurgical recovery (see news release
NR 09-14 dated July 8, 2009).
*** Inferred mineral resource estimate of 449.9 million tonnes from the oxide
and gold-copper zone 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 news release NR 09-09 dated March 24, 2009).
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
|