SECOND DRILL ARRIVES ON CASPICHE GOLD-COPPER PORPHYRY PROPERTY
Vancouver, B. C., January 24, 2008 – Exeter Resource Corporation
(AMEX:XRA, TSX-V:XRC, Frankfurt: EXB – “Exeter” or the “Company”)
reports that exploration on its Caspiche project, in
the Maricunga region of Chile,
will intensify with the arrival of a second diamond drill on the weekend.
The first
drill hole for 2008, hole CSD014, was collared 9 metres (“m”) behind
reverse circulation percussion (RC) hole CDH-05* drilled in 1997 by previous
explorers. CSD014 was designed, in part, to verify the earlier results from
CDH-05 and, most importantly, to intersect the favourable porphyry at depth.
The hole is currently at a depth of 425 m and continues to intersect porphyry style
stockwork mineralization.
Drill hole
CDH-05* is reported to have intersected 56 m at a grade of 1.0 gram per tonne (“g/t”)
gold from 0 m
to 56 m
followed by 144 m
at a grade of 0.5 g/t gold from 56
m to 200
m with the final 2 m sample returning 0.78 g/t gold and 0.43
percent (%) copper.
Upon
completion of drill hole CSD014, Exeter
plans to drill CSD015, a step-back hole 150 m from RC drill hole
CSDH013 completed by Exeter
in early 2007. The new hole is important, as CSDH013 returned a 304 m intersection (reported
in Exeter release 07-14
on May 24, 2007) of 0.9 g/t gold from 40 m to 344 m (down hole
depth). The final 2 m
sample returned 0.8 g/t gold indicating that the mineralization was open to
depth.
Hole
CSD015 has a planned depth of 650
m and is designed to establish the depth continuity of
gold mineralization. Importantly, the use of a diamond core drill (as opposed
to the earlier RC drilling) will give the site geologists a far better
understanding of the nature and controls of the gold-copper mineralization.
The second
rig will drill step-out hole CSD016, located 150 m from historic RC drill
hole CDH-03*. CDH-03, drilled to a depth of 326 m, returned a 76 m intersection at 0.5 g/t
gold from 28 m
to 104 m,
a 68 m
intersection at 0.4 g/t gold from 104
m to 172
m and a 154
m intersection at 0.6 g/t gold from 172 m to 326 m. The final 2 m of the hole returned an
assay of 1.0 g/t gold and 0.29% copper. Drill hole CSD016 has a planned depth
of 650 m
and will test both the lateral and depth continuity of mineralization
intersected by CSDH013.
The
first phase of a ground magnetic survey has been completed on the property. The
new imagery clearly defines a 1.0 kilometre diameter magnetic high emanating
from a deep source that appears to be centred on the mineralization at Caspiche. Additionally, geophysical contractor Zonge of Chile is conducting a resistivity survey over the
property. Preliminary results indicate a resistive body coincides with the
magnetic high. The survey is due for completion by month end.
To enlarge the above map, please click on it.
Quality Control and Assurance
The assayed mineralization reported for Exeter
drill holes is the drill intersection width and may not represent the true
width of mineralization. Assay results have been calculated using a 0.5 g/t
gold equivalent cut-off grade, with no cutting of high grades. Exeter’s
reverse circulation drill samples are collected using a cyclone in two metre
intervals; no compositing is undertaken at the rig. Gold samples were prepared
and assayed by fire assay (50
gram charge) and ICP-MS used for copper at the ACME
laboratory in Santiago, an
ISO-9001:2000 certified laboratory. Standard, blank and duplicate samples are
used throughout the sample sequence as checks for the exploratory reverse
circulation drilling.
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.
While the
Company has no reason to doubt the accuracy of the historical results from
drill holes CDH-03 and CDH-05 presented herein, the Company can provide no
assurance as to the accuracy of any such results until they have been confirmed
by its own exploration. In addition,
these results and the work that generated them,
pre-date the enactment of Canadian Securities’ Administrators’ National
Instrument 43-101, Standards of
Disclosure for Mineral Projects (“NI 43-101”) and, accordingly, may not meet the requirements of that policy.
* holes
drilled by Minera Newcrest Chile
Limitada.
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
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