Wow That's some Rich ChileWow, that’s some rich Chile. One of Canaccord Adams Senior Mining Analyst Wendell Zerb’s favourite stories jumped yesterday on an otherwise down day for the markets. Exeter, which is a junior exploration company focused on precious metal properties in Argentina and Chile, released an interim NI 43-101 compliant mineral resource estimate for its 100%-owned Caspiche project in Chile. The inferred resource measures a total of 8.73 million oz Au and 2.1 billion lbs Cu, for a total AuEq resource of 13.63 million oz (using US$750/oz Au, US$1.75/lb Cu). The resource grade was in line with Zerb’s expectations, averaging 0.61 g/t Au and 0.25% Cu in the sulphide zone (375.9 million tonnes) and 0.55 g/t Au in the oxide zone (74 million tonnes). The potentially heap leach amenable oxide zone represents 1.3 million oz Au of the total resource. Zerb’s interim expectations were for 1.50 million oz Au in oxide resources, and 4.95 million oz AuEq in the near surface sulphide zone (above 400m) to be outlined at Caspiche. He also accounted for 5.30 million oz AuEq to be outlined longer term, as deep sulphide mineralization. The Caspiche deposit remains open, especially to the SW and to depth. The initial resource is based on drilling to the end of 2008. Significant drill intercepts were not incorporated in the resource, including drill hole CSD032 with 1,214
metres at 0.90 g/t Au and 0.33% Cu. An updated mineral resource estimate, including drilling data to May 2009, is expected in September 2009. Zerb raised his target price on Exeter following yesterday’s results.
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