Exeter Reports: Drilling Commences at La Buena Project, Mexico
September 17 2013 - 6:00AM
Marketwired
Exeter Resource Corporation (TSX:XRC)(NYSE MKT:XRA)(FRANKFURT:EXB)
("Exeter" or the "Company") is pleased to report that the first
hole of the initial drill program at the La Buena project, Mexico,
has commenced. This initial drill program is targeting the Julia
zone at La Buena, which hosts a large scale geophysical target,
elevated rock geochemistry and prospective geology.
The La Buena property, held under option from San Marco
Resources Inc., consists of an 8,500 hectare land package located
in an active mining region within northern Zacatecas State, Mexico.
The property is 5 kilometres ("km") north of Goldcorp's La
Negra/Noche Buena deposit and 9 km north of its Penasquito mine.
The Julia zone has similar geological, geochemical and geophysical
characteristics to other mineral deposits in the area, including
Penasquito and Camino Rojo.
A recently completed property wide 3D IP geophysics program
conducted by SJ Geophysics has reconfirmed that the Julia zone is
host to the strongest near surface IP chargeability anomaly
identified to date. The survey covered an area of over 35 square
kilometres ("km2") on the La Buena property and outlined a series
of potentially new areas of mineralization. The program
successfully incorporated IP data from 2010 and 2011 with the new
3D IP data to develop a model that provides near surface resolution
and additional information about the depth extent of the
geophysical anomalies in the area. Work to date indicates that the
Julia zone high chargeability anomaly is as close as 75 metres
("m") to surface and extends beyond 400 m vertically. The zone is
also associated with a series of intersecting structures, and
coincident elevated surface geochemistry (gold, silver, base
metal).
Two areas at the Julia zone have been identified for initial
drill testing. The first drill hole is designed to test a
coincident chargeability high, low resistivity feature situated
within the central region of a higher resistive zone rimming a
topographical high feature. The second drill hole planned will
target intersecting structural lineaments broadly associated with
high chargeability zones. In addition, magnetic data reveals the
presence of an elevated magnetic anomaly which appears to surround
the central chargeability high. Furthermore, the region to the east
of the Julia zone has been identified as having potential for
additional drill targets.
The Julia zone geophysics can be viewed by clicking here:
http://exeterresource.com/pdf/release/release_130917a.pdf.
A location map of La Buena and the Julia zone can be viewed by
clicking here:
http://exeterresource.com/pdf/release/release_130917b.pdf.
The current 2,500 m drill program underway at La Buena is
expected to be completed in Q4/13. Assay results are expected to be
released following the completion of a series of drill holes.
Exeter has the option to earn 60% in the La Buena property from San
Marco and has committed to first year expenditures of C$1.4
million, which includes the now completed property scale IP
geophysics program and the 2,500 m of drilling that is currently
underway. San Marco is responsible for conducting exploration
activities. For agreement details see Exeter's news release dated
March 4, 2013.
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$43 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)
www.exeterresource.com
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