🕐25.05.10 - 15:42 Uhr
Exeter Reports New Drilling at Caspiche Gold-Copper Project - High Grade Zone E
xpands and Remains Open
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Exeter Reports New Drilling at Caspiche Gold-Copper Project
High Grade Zone Expands and Remains Open
Vancouver, B.C., May 25, 2010 – Exeter Resource Corporation (AMEX
:XRA, TSX:XRC, Frankfurt: EXB – "Exeter" or the "Company") is
pleased to announce that drilling is continuing to expand the
high grade zone within the Caspiche deposit.
New results include:
Drill hole CSD062 intersected 624m (2,047 ft) at 0.85 g/t gold (0
.025 oz/t) and 0.28% copper from a depth of 424m (1,391 ft),
including 400m (1,312 ft) at 1.00 g/t gold (0.029 oz/t) and 0.33
% copper from a depth of 544m (1,784 ft).
Drill hole CSD063 intersected 868m (2,848 ft) at 0.60 g/t gold (0
.017 oz/t) and 0.33% copper from a depth of 404m (1,325 ft),
including 400m (1,312 ft) at 0.69 g/t gold (0.020 oz/t) and 0.38
% copper from a depth of 594m (1,948 ft).
Holes CSD062 (Figure 2) and CSD063 (Figure 3) were drilled as
step-backs beyond the previous limits of drilling on the eastern
side of the known resource.
The two holes were drilled 200m (656
ft) grid north and south respectively (Figure 1) from the well
mineralized drill section reported on May 3, 2010 (news release
NR 10-13).
Both new holes are within or marginal to the resource
shells documented in the latest NI 43-101 compliant mineral
resource estimate.
Click here for the 3 Figures
Justin Tolman, Caspiche Project Manager stated "Our drilling
objectives are twofold: firstly to lift the inferred category
mineralization into the indicated category, and secondly to
expand the total gold-copper resource.
These new results will
contribute to us meeting both objectives.
"CSD062 and CSD063 reflect excellent results at a higher grade
than was indicated by our current block model of the deposit.
As
such they are likely to extend the higher grade central core of
the system to the east.
Furthermore, as noted in our last
release, copper grades continue to increase markedly to the east
relative to other parts of the deposit.
Clearly further drilling
to the east of CSD062 is required to define the limits of the
deposit.
"Additional step-back holes, CSD070 and CSD068, were drilled 200m
and 400m (656 ft and 1,312 ft) further east respectively of
CSD063, to test for further extensions to the economic tenor
mineralization (Figure 3).
Visually the drill cores show an
intensity of veining and potassic alteration which is generally
indicative of better grades.
Assays are awaited.
"Drilling subsequent to the last resource estimate now exceeds 20
,000m.
Results from the remaining 12 deep drill holes will be
released as results are available.
"Drilling has now been suspended until October due to the onset
of winter conditions.
We currently plan an additional 10,000m of
drilling to further increase the component of indicated
resources and to define the eastern limit to the deposit."
All drilling results from the season to date are available on the
Company website at
Details of significant new drill holes are tabulated below:
Hole No.
From To Width Gold Copper Zone (m) (m) (m) (g/t) (%)
CSD062 424 1048 624 0.85 0.28 Sulphide Gold Copper Zone
Including 544 944 400 1.00 0.33 Sulphide Gold Copper Zone
CSD063 404 1272 868 0.60 0.33 Sulphide Gold Copper
Zone Including 594 994 400 0.69 0.38 Sulphide Gold Copper Zone
Intercepts not calculated using a gold cut-off.
Justin Tolman, Exeters Caspiche Project Manager and a "qualified
person" within the definition of that term in 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 exploration and development of the
Caspiche project in Chile.
The Company has C$41 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 Cerro Casale gold deposit (Barrick Gold Corp.
and
Kinross Gold Corp.).
Current drilling will lead to an updated NI
43-101 compliant resource estimate in September 2010.
On April 6, 2010, Exeter announced a mineral resource estimate
for the Caspiche Porphyry comprised of an indicated resource of
785 Mt (million metric tons) at a grade of 0.57 g/t gold and 1
.33 g/t silver, including 690 Mt at a grade of 0.23% copper.
This
equates to in-situ indicated resources of 14.3 M (million)
ounces of gold, 33.6 M ounces of silver and 3.5 billion pounds
of copper (a total of 23.9 M gold equivalent ounces*).
In addition to the indicated resource, is an inferred mineral
resource of 688 Mt at a grade of 0.45 g/t gold and 1.21 g/t
silver, including 675 Mt at a grade of 0.19% copper.
This
equates to in-situ inferred resources of 10.0 M ounces of gold,
26.7 M ounces of silver and 2.9 billion pounds of copper (a
total of 17.8 M gold equivalent ounces*).
Metallurgy, engineering, water, infrastructure and environmental
studies are continuing.
An update on these studies is included
in the NI 43-101 report which has been filed on SEDAR and posted
to the Companys website.
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 V6C 2W2
[]
*AMEC chose to report the resource above a Au equivalent cutoff.
For this they used prices of US$950/oz for Au and $2.30/lb for
Cu.
The formula used to calculate Au equivalents is Au(g/t) + Cu
(%) * (Cu Price [$/lb]/Au Price [$/oz]) * (Rec Cu/Rec Au)*0
.06857*10000.
Where Rec = % recovery and 0.06857 = conversion g
*lb/oz.
Au and Cu are the block kriged Au and Cu grades.
Projected metallurgical recoveries were 75% and 85% for Au and
Cu respectively in sulphide material and 50% for Au in the oxide
zone.
Recoveries are based on benchmarking of similar deposits.
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, the Companys 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, permitting
submission and timing and expected cash reserves.
These forward
-looking statements are made as of the date of this news release.
Readers are cautioned not to place undue reliance on forward
-looking statements, as there can be no assurance that the future
circumstances, outcomes or results anticipated in or implied by
such forward-looking statements will occur or that plans,
intentions or expectations upon which the forward-looking
statements are based will occur.
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 that such future events will
occur and are subject to risks, uncertainties, assumptions and
other factors which could cause events or outcomes to differ
materially from those expressed or implied by such forward
-looking statements.
Such factors and assumptions include, among
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 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 the ability to obtain
any necessary approvals, waivers, consents and other
requirements necessary or desirable to permit or facilitate the
proposed Arrangement, the risk that any applicable conditions of
the proposed transaction may not be satisfied, 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, 2009, dated March 30, 2010 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.
Cautionary Note to United States Investors - The information
contained herein and incorporated by reference herein has been
prepared in accordance with the requirements of Canadian
securities laws, which differ from the requirements of United
States securities laws.
In particular, the term "resource" does
not equate to the term "reserve".
The Securities Exchange
Commissions (the "SEC") disclosure standards normally do not
permit the inclusion of information concerning "measured mineral
resources", "indicated mineral resources" or "inferred mineral
resources" or other descriptions of the amount of mineralization
in mineral deposits that do not constitute "reserves" by U.S.,
unless such information is required to be disclosed by the law
of the Companys jurisdiction of incorporation or of a
jurisdiction in which its securities are traded.
U.S.
investors
should also understand that "inferred mineral resources" have a
great amount of uncertainty as to their existence and great
uncertainty as to their economic and legal feasibility.
Disclosure of "contained ounces" is permitted disclosure under
Canadian regulations; however, the SEC normally only permits
issuers to report mineralization that does not constitute
"reserves" by SEC standards as in place tonnage and grade without
reference to unit measures.
NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
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