🕐13.10.09 - 15:45 Uhr
Exeter Reports on 25 New Drill Holes at Cerro Moro
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Exeter Reports on 25 New Drill Holes at Cerro Moro
Vancouver, B.
C., October 13, 2009 – Exeter Resource Corporation
(AMEX:XRA, TSX-V:XRC, Frankfurt: EXB – "Exeter" or the "Company")
is pleased to further report on progress from its in-fill
drilling program on the high grade Escondida gold-silver vein at
Cerro Moro in Santa Cruz Province, Argentina.
Results have been received from an additional 25 diamond drill
holes from the Escondida West, Central, and Far West sectors.
Of
21 drill holes returning significant results, 9 returned bonanza
gold and silver grades, including drill hole MD601 with 4.36
metres ("m") (14.3 feet) at 177.5 grams per tonne ("g/t") (5.15
oz/ton) gold equivalent*.
All bonanza grade holes are from the
Far West and Central sectors and are displayed in the following
table.
Selected bonanza drilling results using a 1 g/t gold equivalent*
cut-off grade:
Click Here for the Table Showing all 21 Significant Holes.
*Gold equivalent grade is calculated by dividing the silver assay
result by 60, adding it to the gold value and assuming 100%
metallurgical recovery.
Click Here for the Table Showing all 21 Significant Holes.
The remaining 4 diamond drill holes returned narrow and/or low
grade intersections.
All 25 drill holes are represented on the
following long sections and plans.
Click Here for the Diagrams Showing the Sections and Plans.
An additional 27 infill diamond drill holes have been drilled at
the Escondida Far West sector.
These holes bring the total
Escondida infill drilling program to 165 diamond drill holes for
marginally over 15,000 m of core (as at the end of September).
Exeter Chairman, Yale Simpson stated "The Far West zone defines
the western portion of the previously announced NI43-101
compliant inferred resource on the Escondida vein.
Diamond
drilling is currently in progress immediately to the west on the
Escondida-Fomicruz property.
Exeter is earning an 80% interest
in the property in a joint venture with Fomento Minera de Santa
Cruz Sociedad del Estado the provincial mining company owned by
the government of Santa Cruz Province.
"Since its news release dated September 22, 2009, Exeter has
completed 6 diamond drill holes at Escondida-Fomicruz.
Exeter
decided to start systematic diamond drilling on the property
based on our interpretation that the "boiling zone" within which
gold-silver precipitates, would be immediately below drill hole
MRC600.
Results will be announced later in October."
Progress on the Escondida-Fomicruz Property
Eight diamond and eleven reverse circulation drill holes have
been completed to date for 3,180 m.
Should assay data confirm
preliminary geological interpretations, diamond drilling will
continue to "drill off" the new zone.
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, Exeters 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.
On the Caspiche Project in Chile, Exeter recently announced an
inferred mineral resource estimate of 1,117 Mt (million metric
tons) at a grade of 0.55 g/t gold (grams per metric ton) and 1
,017 Mt at a grade of 0.22% copper.
This equates to in-situ
inferred resources of 19.6 million ounces of gold and 4.84
billion pounds of copper.
Drilling to expand and upgrade the
resource estimate is scheduled to commence in October 2009.
On the 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***.
Exeter has drilled 165 infill holes on the Escondida vein
structure to upgrade the inferred resource to an indicated
resource category.
This area will be given priority in the
scheduled 2010 scoping study.
Drilling will continue through
2009, as will engineering, environmental and infrastructure
studies.
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 9-14 dated July 8, 2009).
You are invited to visit the Exeter web site at www
.exeterresource.com view the
video version of this press release along with many others click
here " Watch Video News
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
[]
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 programs,
various studies including engineering, environmental,
infrastructure and other studies, and exploration results,
budgets for its exploration programs, the potential tonnage,
grades and content of deposits, timing, establishment and extent
of resources estimates, potential for financing its activities,
potential production from and viability of 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 Companys 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, silver 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
Companys 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 Companys common share price and
volume; tax consequences to U.S.
investors; and other risks and
uncertainties, including those described in the Companys 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS NEWS RELEASE
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