Vancouver, B. C., September 1, 2009 - Exeter Resource Corporation
(AMEX:XRA, TSX-V:XRC, Frankfurt: EXB - "Exeter" or the
"Company") is pleased to
report on progress on its in-fill drilling of the high grade Escondida Vein at Cerro Moro, Santa Cruz Province,
Argentina.
Results have now been received from 50 diamond drill holes from the Escondida West, Central and East sectors, with the
results of an additional 45 drill holes from these sectors awaited. 33 of the
drill holes have returned significant results, with 9 holes returning the
bonanza (multi-ounce) gold and silver grades that characterize Escondida. The highlights are shown in the following
table.
Selected bonanza grade drilling results using a 1 gram per tonne
("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)
|
MD492
|
10.00
|
14.60
|
4.60
|
101.1
|
2,507
|
136.9
|
3.97
|
including
|
11.92
|
13.30
|
1.38
|
323.1
|
7,349
|
428.1
|
12.41
|
MD493
|
44.50
|
46.60
|
2.10
|
42.9
|
1,247
|
60.8
|
1.76
|
including
|
44.90
|
45.90
|
1.00
|
71.1
|
2,100
|
101.1
|
2.93
|
including
|
50.56
|
50.92
|
0.36
|
40.3
|
804
|
51.8
|
1.50
|
MD499
|
7.00
|
13.60
|
6.60
|
32.5
|
555
|
40.4
|
1.17
|
including
|
9.20
|
13.10
|
3.90
|
53.7
|
900
|
66.6
|
1.93
|
including
|
9.60
|
10.90
|
1.30
|
111.7
|
2,012
|
140.5
|
4.07
|
MD501
|
30.00
|
31.00
|
1.00
|
12.0
|
9
|
12.1
|
0.35
|
and
|
48.00
|
52.85
|
4.85
|
12.7
|
109
|
14.3
|
0.41
|
including
|
48.64
|
49.00
|
0.36
|
75.0
|
499
|
82.1
|
2.38
|
MD529
|
13.00
|
18.60
|
5.60
|
9.5
|
249
|
13.0
|
0.38
|
including
|
15.84
|
16.41
|
0.57
|
83.9
|
1,303
|
102.5
|
2.97
|
MD530
|
17.50
|
20.27
|
2.77
|
28.8
|
420
|
34.8
|
1.01
|
including
|
17.90
|
18.47
|
0.57
|
135.4
|
1,499
|
156.8
|
4.55
|
MD534
|
11.33
|
13.88
|
2.55
|
32.4
|
1,570
|
54.8
|
1.59
|
including
|
11.63
|
12.12
|
0.49
|
160.4
|
7,272
|
264.3
|
7.66
|
MD538
|
36.00
|
37.00
|
1.00
|
8.4
|
2
|
8.5
|
0.25
|
and
|
48.66
|
51.00
|
2.34
|
83.2
|
2,257
|
115.5
|
3.35
|
including
|
48.66
|
48.96
|
0.30
|
465.5
|
16,625
|
703.0
|
20.39
|
MD549
|
53.40
|
56.04
|
2.64
|
39.5
|
458
|
46.0
|
1.33
|
including
|
55.24
|
55.54
|
0.30
|
333.7
|
3,861
|
388.9
|
11.28
|
* Gold equivalent grade is calculated by dividing the silver assay
result by 70, adding it to the gold value and assuming 100% metallurgical
recovery.
Click here to view a
table showing the 33 drill holes that contain significant results
Of the remaining 17 diamond drill holes completed, 10 holes returned
narrow and/or low grade intersections and seven holes were poorly
mineralized. All 50 drill holes are represented on the following long
sections and plans.
Click here to view
diagrams of the project sections and plans
Exeter has also completed a further 26 diamond drill holes
on the high grade Escondida Far West sector. Following
sample preparation and assaying, results from these holes together with the
additional 45 holes from the East, Central and West sectors drilled to date,
will be released.
Progress on the Escondida Fomicruz Property
A reverse circulation percussion (RC) rig arrived on site in early
August to commence scout drilling of a potential northwest extension of the Escondida mineralized structure onto the adjacent Fomicruz JV property. To date three holes have been
drilled, with progress delayed by the need to penetrate a layer of weakly
consolidated Tertiary marine sediments up to 50 metres thick. The
Company is continuing to delineate the Escondida
structure, and results to date have confirmed Exeter's interpretation of the geophysical
data.
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 ("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$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 metres were
drilled during the 2008/2009 drill season. The program focussed on delineating
the external boundaries of Caspiche. An initial NI
43-101 compliant resource estimate was released in March 2009. A second NI 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 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).
*** Inferred mineral resource estimate of 1,098,000 tonnes 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).
You are invited to visit the Exeter
web site at www.exeterresource.com. To view the video version of this press release
along with many others click on the "Watch
Video News" button found on the right hand side of Exeter's homepage.
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 extent and timing of its drilling and work programs and
exploration results, the potential size and shape of deposits, timing,
establishment and extent of resources estimates, potential for financing its
activities, potential production from its properties and expected cash
reserves. These forward-looking statements are made as of the date of this
news release. Users of forward-looking statements are cautioned that actual
results may vary from the forward-looking statements contained herein. While
the Company has based these forward-looking statements on its expectations
about future events as at the date that such statements were prepared, the
statements are not a guarantee of the Company's future performance and are
subject to risks, uncertainties, assumptions and other factors which could
cause actual results to differ materially from future results expressed or
implied by such forward-looking statements. Such factors and assumptions
include, amongst others, the effects of general economic conditions, the
price of gold and copper, changing foreign exchange rates and actions by
government authorities, uncertainties associated with legal proceedings and
negotiations and misjudgements in the course of preparing forward-looking
information. In addition, there are also known and unknown risk factors which
could cause the Company's actual results, performance or achievements to
differ materially from any future results, performance or achievements expressed
or implied by the forward-looking statements. Known risk factors include
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, 2008, dated March 27, 2009 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. 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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PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE
EXCHNAGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS
RELEASE