Exeter Resource Corporation (TSX:XRC)(NYSE MKT:XRA)(NYSE
Amex:XRA)(FRANKFURT:EXB) ("Exeter" or the "Company") is pleased to
announce that the initial results from the first 7 drill holes at
the Angeles property in northern Sonora state, Mexico have
intersected significant gold, silver, copper, lead and zinc
mineralization. Drilling has initially targeted the La Bonanza
area, a site of historical mining at the turn of the 1900's.
Importantly, the current drilling program is the first ever to test
the Angeles property.
Drilling has tested 100 metres of a possible 3,000 metre strike
length of identified surface mineralization at Angeles. All drill
holes to date have intersected the Angeles structure, the main
target of historical mining. Drill holes AD13-03 and AD13-07 are
the deepest down dip intersections below surface (about 160
metres), and exhibit the highest gold, silver and base metal grades
encountered to date.
Exeter's Co-Chairman, Bryce Roxburgh, stated, "Initial drill
results at the Bonanza zone confirm our initial interpretation that
the Angeles project has the potential to host significant gold,
silver and base metal mineralization. Over the past 12 months
Exeter has reviewed a significant number of projects and selected
this unique property, which has been overlooked for a century."
Highlights of assays from AD13-03 and AD13-07 include the
following:
Hole AD13-07 - Section C
----------------------------------------------------------------------------
AuEq
Interval Au Ag (1) Cu Pb Zn % Pb-Zn
From To (metres) g/t g/t g/t % % % Combined
----------------------------------------------------------------------------
166.15 169.70 3.55 3.93 62.7 5.18 0.74 1.22 0.63 1.84
Including:
166.15 168.65 2.50 5.50 85.8 7.21 1.04 1.68 0.87 2.55
167.05 168.65 1.60 8.17 120.2 10.58 1.57 2.58 0.88 3.46
Hole AD13-03 - Section A
----------------------------------------------------------------------------
AuEq
Interval Au Ag (1) Cu Pb Zn % Pb-Zn
From To (metres) g/t g/t g/t % % % Combined
----------------------------------------------------------------------------
146.00 152.20 6.20 2.81 64 4.09 0.55 1.16 0.90 2.06
Including:
147.00 152.20 5.20 3.33 72 4.77 0.65 1.36 0.95 2.31
147.00 148.15 1.15 7.38 141 10.20 0.64 2.50 1.92 4.42
To view the corresponding long section and drill cross sections,
please visit the following link:
http://media3.marketwire.com/docs/875859.pdf
The current program is about 60% through the first year budget
of $1 million. Subsequent to completing the above drilling, the
drill rig moved 1.1 kilometre to the west (along the same Angeles
structure), where 4 holes were recently completed. Additional
drilling is scheduled at the Bonanza zone to test on the strike
extension of mineralization, and the trend of higher grade
mineralization with increasing depth.
Exeter is currently funding a CAD$1.0 million committed
exploration program at Angeles, which is largely related to a
planned 2,500 metres of drilling at the Bonanza and La Verde target
areas, pursuant to an agreement whereby it can earn up to 70% in
the Angeles property. For agreement details see Exeter's news
release dated March 4, 2013.
A complete list of drill hole intercepts is found in the
following table:
Hole AD13-01 - Section A
----------------------------------------------------------------------------
Au
Interval Au Ag Eq(1) Cu Pb Zn % Pb-Zn
From To (metres) g/t g/t g/t % % % Combined
----------------------------------------------------------------------------
76.50 81.00 4.50(i) 0.20 8.6 0.37 0.35 0.14 0.07 0.22
Including
76.50 77.50 1.00 0.40 13.0 0.66 1.12 0.16 0.13 0.29
111.80 112.00 0.20 9.62 88.0 11 0.71 3.12 0.52 3.64
(i) This interval contains open stoping, and what appears to be caved
material. Reliability of the overall intercept is questionable.
Hole AD13-02 - Section A
----------------------------------------------------------------------------
AuEq
Interval Au Ag (1) Cu Pb Zn % Pb-Zn
From To (metres) g/t g/t g/t % % % Combined
----------------------------------------------------------------------------
123.00 124.00 1.00 1.36 12.4 1.60 0.11 0.16 0.12 0.28
130.10 131.10 1.00 0.43 90.0 2.23 0.37 0.82 0.34 1.15
Hole AD13-03 - Section A
----------------------------------------------------------------------------
AuEq
Interval Au Ag (1) Cu Pb Zn % Pb-Zn
From To (metres) g/t g/t g/t % % % Combined
----------------------------------------------------------------------------
146.00 152.20 6.20 2.81 63.8 4.09 0.55 1.16 0.90 2.06
Including:
147.00 152.20 5.20 3.33 71.8 4.77 0.65 1.36 0.95 2.31
147.00 149.00 2.00 5.18 94.4 7.07 1.03 1.59 1.27 2.86
147.00 148.15 1.15 7.38 141.0 10.20 0.64 2.50 1.92 4.42
151.00 152.20 1.20 5.46 136.0 8.18 0.73 3.03 1.60 4.63
Hole AD13-04 - Section B
----------------------------------------------------------------------------
AuEq
Interval Au Ag (1) Cu Pb Zn % Pb-Zn
From To (metres) g/t g/t g/t % % % Combined
----------------------------------------------------------------------------
131.60 132.70 1.10(i) 2.67 144.0 5.55 0.46 0.37 0.67 1.04
(i) 0.70 metres of fault gouge next to this interval was not recovered, due
to drill circulation water washing fines.
Hole AD13-05 - Section B
----------------------------------------------------------------------------
AuEq
Interval Au Ag (1) Cu Pb Zn % Pb-Zn
From To (metres) g/t g/t g/t % % % Combined
----------------------------------------------------------------------------
81.50 86.00 4.50 2.23 49.2 3.21 0.64 1.50 0.49 1.99
Including:
81.50 84.00 2.50 3.12 74.5 4.61 0.93 2.51 0.44 2.95
82.65 84.00 1.35 4.64 126.2 7.17 1.47 4.03 0.34 4.37
Hole AD13-06 - Section C
----------------------------------------------------------------------------
AuEq
Interval Au Ag (1) Cu Pb Zn % Pb-Zn
From To (metres) g/t g/t g/t % % % Combined
----------------------------------------------------------------------------
86.20 91.25 5.05 0.27 11.9 0.51 0.26 1.01 1.08 2.09
Including
87.90 91.25 3.35 0.35 9.9 0.55 0.38 1.47 1.45 2.92
88.85 89.90 1.05 0.65 17.2 0.99 1.04 3.89 2.00 5.89
88.85 89.35 0.50 0.47 23.6 0.94 1.95 7.61 3.74 11.35
Hole AD13-07 - Section C
----------------------------------------------------------------------------
AuEq
Interval Au Ag (1) Cu Pb Zn % Pb-Zn
From To (metres) g/t g/t g/t % % % Combined
----------------------------------------------------------------------------
166.15 169.70 3.55 3.93 62.7 5.18 0.74 1.22 0.63 1.84
Including:
166.15 168.65 2.50 5.50 85.8 7.21 1.04 1.68 0.87 2.55
167.05 168.65 1.60 8.17 120.2 10.58 1.57 2.58 0.88 3.46
167.55 168.65 1.10 11.02 87.2 12.76 1.39 3.47 0.16 3.63
Notes:
1. A silver to gold ratio of 50:1 was used for AuEq calculations.
Metallurgical recoveries and net smelter returns are assumed to be 100%
for these calculations.
2. Drill intervals reported are down hole intercepts. True widths are yet to
be determined but are interpreted to range between 75-100%.
3. San Marco Resources is the project operator until Exeter earns an initial
51% interest.
4. Copper, lead and zinc values are not included in Au Eq calculations.
5. Drill core recovery of the announced mineralized zones is generally
greater than 90%, unless otherwise noted.
6. Drilling is proceeding with HQ drill core unless otherwise noted.
7. Assay intervals were selected using visuals of geology and
mineralization. No cut-off grade was used.
Quality Control and Assurance
Blanks and certified standards were inserted into the sample
stream as part of San Marco's quality assurance and control
program, which complies with National Instrument 43-101
requirements. The analyzes reported were carried out at ALS Chemex
Laboratories located in North Vancouver, B.C., using industry
standard analytical techniques. For gold, samples are first
analyzed by fire assay and atomic absorption spectroscopy ("AAS").
Samples that return values greater than 10 g/t gold using this
technique are then re-analyzed by fire assay but with a gravimetric
finish. Silver is first analyzed by Inductively Coupled Plasma -
Atomic Emission Spectroscopy ("ICP-AES"). Samples that return
values greater than 100 g/t silver by ICP-AES are then re analyzed
by HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES finish.
The technical information contained in this press release has
been verified, and this news release has been approved, by Exeter's
CEO, Wendell Zerb, P.Geol., a 'qualified person' for the purpose of
National Instrument 43-101, Standards of Disclosure for Mineral
Projects of the Canadian Securities Administrators.
About Exeter
Exeter is a Canadian mineral exploration and development
company. Its principal focus is the advancement of its 100% owned
Caspiche gold-copper project in Chile. Caspiche is one of the
largest undeveloped gold-copper deposits in the America's and is
situated in the Maricunga gold district, between the Maricunga mine
(Kinross Gold Corp.) and the Cerro Casale gold-copper deposit
(Barrick Gold Corp. and Kinross Gold Corp.). The Company continues
to evaluate new opportunities related to the advancement of
Caspiche, and new industry wide opportunities with the objective of
securing properties, which offer near term discovery potential.
Exeter has completed pre-feasibility studies that demonstrate
the potential for commercializing Caspiche. The Company currently
has cash reserves of CAD$47 million and no debt.
You are invited to visit the Exeter web site at
www.exeterresource.com.
EXETER RESOURCE CORPORATION
Wendell Zerb, P.Geol., President and CEO
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 in relation to the
Company's belief as to the extent and timing of its drilling
programs, various studies including pre-feasibility studies,
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, availability of water, power, surface rights and
other resources, permitting submission and timing, potential to
acquire new projects 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 negotiations and
misjudgments in the course of preparing forward-looking
information. In addition, there are 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; including risks associated
with the failure to satisfy the requirements of the Company's
agreement with Anglo American on its Caspiche project which could
result in loss of title; 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,
2012 dated April 1, 2013 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 Commission's (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. standards, unless such
information is required to be disclosed by the law of the Company's
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) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Contacts: Exeter Resource Corporation W. Zerb CEO 604-688-9592
or Toll Free: 1-888-688-9592 604-688-9532 (FAX) Exeter Resource
Corporation Rob Grey VP Corporate Communications 604-688-9592 or
Toll Free: 1-888-688-9592 604-688-9532 (FAX) Exeter Resource
Corporation Suite 1660, 999 West Hastings St. Vancouver, BC Canada
V6C 2W2exeter@exeterresource.com www.exeterresource.com
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