Exeter Resource Corporation (NYSE MKT:XRA)(TSX:XRC)(FRANKFURT:EXB)
("Exeter" or the "Company") is pleased to announce additional and
final results from the Phase One exploration drill campaign at the
Angeles property in northern Sonora state, Mexico.
Three additional step-out drill holes at La Bonanza zone,
AD13-09 to AD13-11, have been completed. Highlight drill hole
AD13-09 is a 200 metre step-out to the east of previously reported
hole AD13-07 and 250 metres east of hole AD13-08. Assay results
from drill hole AD13-09 are as follows:
Hole AD13-09
Interval Au Ag AuEq Cu Pb Zn % Pb-Zn
From To (metres) g/t g/t g/t % % % Combined
----------------------------------------------------------------------------
234.85 237.45 2.60 7.0 24 7.5 0.93 1.05 0.92 1.96
Including:
235.30 236.85 1.55(i) 10.8 20 11.3 0.88 1.36 1.16 2.51
(i) Core recovery is estimated to be 55%
Drill hole AD13-10 collared an additional 200 metres to the east
of AD13-09 intersected the Angeles structure and returned 1.35
metres grading 0.94 g/t gold and 15.0 g/t silver. Drill hole
AD13-11, a 180 metre step-out to the west of AD13-03, encountered
anomalous silver and copper.
Surface exploration at Angeles commenced during the summer of
2012, and resulted in the discovery of the mineralized Angeles
fault structure over approximately 3,000 metres of strike length.
Assay results of surface sampling and from historic underground
workings have been previously disclosed.
Since drilling commenced in April, 2013, 11 holes have been
completed at the La Bonanza zone and 4 at the La Verde zone, 1.1 km
to the west of La Bonanza. Assays from the first 8 holes at La
Bonanza were previously disclosed (News Releases dated May 23, 2013
and July 8, 2013).
Notes:
1. A silver to gold ratio of 50:1 was used for gold equivalent ("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 Inc is the project operator until Exeter earns an
initial 51% interest.
4. Copper, lead and zinc values are not included in AuEq calculations.
5. Drill core recovery of the announced mineralized zones is generally
greater than 90%, unless otherwise noted.
6. Drilling is with HQ drill core unless otherwise noted.
7. Assay intervals are selected based on geological observations of the
structure and no cut-off grade is used.
Drill hole locations for the La Bonanza zone can be viewed on a
long section by clicking here.
A complete list of drill hole intercepts for the Angeles
property can be found by clicking here.
The 2013 Phase 1 exploration program at Angeles is now 100%
complete. Exeter has substantially completed $1 million in
committed exploration expenditures at Angeles for 2013 pursuant to
an agreement whereby Exeter can earn up to 70% in the Angeles
property from San Marco Resources Inc (TSX VENTURE:SMN). For
agreement details see Exeter's news release dated March 4,
2013.
La Buena Project Update
Preparation is underway for initial drilling to commence at the
La Buena project, Mexico. Recently completed expansion IP
geophysics has successfully complimented previous IP work centred
on the Julia zone, the principal drill target at La Buena. Exeter
has committed to first year expenditures of C$1.4 million, which
includes a property scale IP geophysics program (completed) and
2,500 metres of drilling. Plans are to commence the 2,500 metre
drilling in early September, initially targeting the Julia zone.
The Julia zone has similar geological, geochemical and geophysical
characteristics to other mineral deposits in the area, including
Penasquito and Camino Rojo.
The La Buena property consists of an 8,500 hectare land package
located in an active mining region within northern Zacatecas State,
Mexico. The property is 5 km north of Goldcorp's La Negra/Noche
Buena deposit and 9 km north of its Penasquito mine.
Exeter has the option to earn 60% in the La Buena property from
San Marco. For agreement details see Exeter's news release dated
March 4, 2013.
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. Core samples are split using a hydraulic splitter,
with one half retained in secure storage for logging, and the other
half sent to ALS Chemex Lab in Hermosillo, Sonora, Mexico. All
samples are prepared using the PREP -31 method. 125 gram pulps are
sent to ALS Chemex Lab. in Vancouver, B.C. A 30 gram split is
analyzed for gold, using the Au-AA23 method. Sample results greater
than 10 ppm are re-assayed, using AA23 fire assay and gravimetric
finish. For silver, copper, lead and zinc, a multi-element, four
acid digestion (ME - ICP 61) is used. For initial assays of silver
greater than 100 ppm, copper, lead and zinc greater than 10,000 ppm
(over limits), the OG62 method is used for re-analysis.
Matthew Williams, Exeter's Exploration Manager and a "qualified
person" ("QP") within the definition of that term in National
Instrument 43-101, Standards of Disclosure for Mineral Projects,
has verified the technical information that forms the basis for
this news release.
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 known 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.
The Company currently has cash reserves of C$44 million and no
debt.
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 potential to establish new opportunities for
the advancement of Caspiche, exploration results, timing of
exploration and drilling at La Buena, 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 Wendell 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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