News - Chile DiscoveryExeter Drilling Returns Major Gold/Copper Intersections on Caspiche Porphyry Discovery in Chile
09:01 EDT Wednesday, March 26, 2008
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 26, 2008) - ExeterResource Corporation (TSX VENTURE:XRC)(AMEX:XRA)(FRANKFURT:EXB)("Exeter" or the "Company") is pleased to report that diamond drillhole CSD-015, on its Caspiche gold/copper porphyry project in Chile,has returned an intersection of 632.1 meters (2,074 feet) at a grade of0.70 grams per tonne gold (0.020 ounces per ton) from a depth of 57.95meters (190 feet).
The gold-copper mineralized zone results for hole CSD-015 received to date include the following:
- 576 meters ("m") (1,890 feet ("ft")), from a depth of 114 meters(374 ft), at a grade of 0.74 grams per tonne ("g/t") (0.02 ounces perton ("oz/ton")) gold and 0.28% copper; including,
- 152m (499 ft), from a depth of 456m (1,496 ft), at a grade of 0.93g/t (0.027 oz/ton) gold and 0.30% copper reflecting increasing gradeswith depth.
The drill hole continued in porphyry style mineralization to a finaldepth of 1,001m (3,284 ft). Assay results are awaited for the remaining369.3m (1,212 ft) of the hole.
Assay results received for the gold/copper mineralized zone fordiamond drill hole CSD-014, located 400m south east of CSD-015, includethe following:
- 592.7m (1,945 ft), from a depth of 148m (485 ft), at a grade of 0.44 g/t (0.012 oz/ton) gold and 0.25% copper; including
- 130.67m (429 ft), from a depth of 610m (2,001 ft), at a grade of0.60 g/t (0.017 oz/ton) gold and 0.23% copper, also reflectingincreasing gold grades with depth.
The only other Exeter drill hole to test the top of the gold/copperzone was reverse circulation percussion ("RC") hole CSR-013 (resultspreviously reported) which was located 250m (820 ft) to the east ofCSD-015. That drill hole intersected 130m (426 ft) at a grade of 0.87g/t (0.026 oz/ton) gold and 0.22% copper in sulphide mineralization.The intercept started at a depth of 214m (702 ft) and extended to thefinal depth of the hole at 344m (1,128 ft), the depth capacity of theRC rig.
Results reported today are the first diamond drill test results forthe gold/copper mineralization which underlies the near surface,potentially heap leachable, gold blanket. All holes are drilled at adeclination of 60 degrees to 060 North.
Potential Near-Surface Heap Leachable Gold Deposit
Partial results for the near surface, potential leachable, zone inhole CSD-014 (results previously reported), include the interval from0m to 60m (197 ft) at a grade of 0.7 g/t (0.020 oz/ton) gold. Resultshave now been received for copper, and the potential heap leachablezone now includes the interval from 0m to 148m (486 ft) at a grade of0.57 g/t (0.017 oz/ton) gold and 0.02% copper.
In hole CSD-015, the near surface zone has been partially erodedwith the remaining oxide zone of 56m (183 ft), from a depth of 58m (190ft), at a grade of 0.35 g/t (0.010 g/t) gold. RC hole CSR-013 (resultspreviously reported) also intersected the potentially leachable surfacezone from a depth of 40m (131ft) to 214m (702 ft), returning 174m (571ft) at a grade of 0.88 g/t (0.026 oz/ton) gold. Preliminarymetallurgical testing by independent laboratory, SGS Laboratories,Santiago, Chile, has indicated the potential to heap leach gold fromthis near surface material.
Caspiche Mineralized Intercepts to Date
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NEAR SURFACE LEACHABLE GOLD GOLD-COPPER MINERALIZATION
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Cop-
From To Width Gold Copper From To Width Gold per
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HOLE (m) (m) (m) (g/t) (%) (m) (m) (m) (g/t) (%)
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CSR-013 40.00 214.00 174.00 0.88 0.007 214.00 344.00 130.00 0.87 0.22
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CSD-014 0.00 148.00 148.00 0.57 0.016 148.00 740.67 592.67 0.44 0.25
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CSD-015 57.95 114.00 56.05 0.35 0.017 114.00 1001.35 887.35 Pend Pend
(i) (i)
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(i) Partial results received to date include 576m (1,890 ft) grading 0.74
g/t gold and 0.28% copper from a depth of 114m to 690m.
Exeter's Chief Geologist, Glen Van Kerkvoort, stated: "Our emergingview of Caspiche is that the mineralized system is geologically verysimilar to that of the Cerro Casale deposit. The similarities are basedon the alteration assemblage, host rocks and intensity ofmineralization. The comparison is important, as Cerro Casale has agrade of 0.69 g/t (0.020 oz/ton) gold and 0.25% copper (based on amineral reserve of 22.9 million oz gold and 5.8 billion pounds ofcopper (Kinross Gold NI 43-101 Report, March 21 2007) - 1,031,000,000metric tons at a grade of 0.69 g/t gold and 0.25% copper). Also atCerro Casale, a gold oxide, potentially heap leachable blanket overliesthe gold-copper porphyry, analogous to the disposition of gold andcopper mineralization at Caspiche.
"CSD-015 intersected potassic alteration to its final depth of1,001m (3,284 ft), suggesting it is located centrally within the largeporphyry system at Caspiche, whereas CSD-014 intersected phyllicalteration suggesting it is located nearer the edge of the porphyrysystem; assays have now confirmed this interpretation.
"We are currently using very large drill "step-outs" to betterdelineate the geometry of this large porphyry system, which is coveredby gravels and a near surface gold rich oxide blanket.
"CSD-016 is sited midway between CSD-014 and CSD-015 (200m (656 ft)from each) and is currently at a depth of 691.7m (2,269 ft). It willbetter define the boundary between the potassic and phyllic alterationzones.
"CSD-018 is located some 500m (1,640 ft) northwest of CSD-015targeting a strong geophysical anomaly to ascertain the possible limitof the porphyry system in that direction, or alternatively the presenceof a new system along the north west structure which may controlemplacement of porphyries in a similar manner to the NW structurescontrolling emplacement of other clusters in the region.
"We have currently drilled about 2,500m (8,200 ft) of the 6,000m(19,685 ft) diamond and 1,200 (3,900 ft) RC percussion metres we hopeto drill this field season at Caspiche. The two diamond rigs are nowaccompanied by an RC rig on site, the latter being dedicated mainly todefining oxide, potentially heap leachable mineralization, while thetwo diamond drills will focus on deep drilling of the sulphide porphyrymineralization.
"With three rigs now operating our exploration program is buildingmomentum and will lead to a steady flow of assay results through theseason."
To view the Caspiche Drilling Update please click on the following link: https://media3.marketwire.com/docs/exeter1.pdf
To view the CSD015 - Summary Log please click on the following link: https://media3.marketwire.com/docs/exeter2.pdf
Quality Control and Assurance
Drill widths presented above are drill intersection widths and maynot represent the true widths of mineralization. Gold assay resultspresented above are preliminary and have not been calculated using agold cut-off grade, or with any cutting of high grades.
All diamond drill core samples are split on regular two metreintervals and represent either sawn half HQ-size or NQ-size core. Goldsamples were prepared and assayed by fire assay (50 gram charge) whilstcopper was assayed with a four acid digestion and atomic absorptionspectroscopy (AAS). The primary laboratory is ALS Chemex in Chile, anISO-9001:2000 certified laboratory. Standard, blank and duplicatesamples are used throughout the sample sequence as checks for theexploratory reverse circulation and diamond drilling.
Glen Van Kerkvoort, Exeter's Chief Geologist and a "qualifiedperson" within the definition of that term in National Instrument43-101, Standards of Disclosure for Mineral Projects, has supervisedthe preparation of the technical information contained in this newsrelease.
About Exeter
Exeter Resource Corporation is a Canadian mineral explorationcompany focused on the discovery and development of gold and silverproperties in South America.
The Cerro Moro Gold-Silver Project (100% owned by Exeter) in SantaCruz Province, Argentina is generating high grade to 'bonanza grade'drilling results within an extensive epithermal vein system, located130 kilometres (80 miles) east of the Cerro Vanguardia gold mine.Drilling will continue through 2008 using as a minimum three drillrigs. Our focus is to establish a high grade gold-silver resourceamenable to open pit mining. In March, 2008, Exeter signed a "Heads ofAgreement" with Fomicruz, the Santa Cruz Mining Company, wherebyFomicruz may attain a 5% equity interest in Cerro Moro on permitting,and Exeter may earn an 80% equity interest in favourable tenuresurrounding Cerro Moro currently controlled by Fomicruz.
The Company currently has two diamond rigs and one RC rig drillingits Caspiche gold porphyry project in Chile, located between theRefugio mine (Kinross Mining Corp) and the giant Cerro Casale goldproject (Barrick Gold Corp and Kinross Mining Corp).
As a result of recent political developments in Mendoza Province,Argentina, the further development of the advanced Don Sixto GoldProject has been put on hold. The Company has filed suit in the MendozaCourts to challenge the constitutionality of new legislation, which hasthe effect of banning conventional mining in the province. The Companywill continue to work with authorities in Mendoza, and withrepresentatives of other mining companies, to effect legislativeamendment.
In 2008, Exeter plans to explore other gold-silver targets inprospective regions of Patagonian Argentina and Chile. The Companygained a broad foothold in the region through separate strategicalliances with Cerro Vanguardia S.A. (an AngloGold Ashanti subsidiary),and Rio Tinto Mining and Exploration Chile.
You are invited to visit the Exeter web site at www.exeterresource.com.
EXETER RESOURCE CORPORATION
Bryce Roxburgh, President and CEO
Safe Harbour Statement - This news release contains "forward-lookinginformation" and "forward-looking statements" (together, the"forward-looking statements") within the meaning of applicablesecurities laws and the United States Private Securities LitigationReform Act of 1995, including the Company's belief as to the timing ofits drilling programs, exploration results and metallurgicalrecoveries. Forward-looking statements involve known and unknown risks,uncertainties and other factors which may cause the actual results,performance or achievements of the Company to vary from any futureresults, performance or achievements expressed or implied by theforward-looking statements. Factors that could cause actual results todiffer materially from the forward-looking statements include, amongothers, risks associated with project development; the need foradditional financing; operational risks associated with mining andmineral processing; fluctuations in metal prices; title matters;uncertainties and risks related to carrying on business in foreigncountries; environmental liability claims and insurance; reliance onkey personnel; the potential for conflicts of interest among certainofficers, directors or promoters of the Company with certain otherprojects; the absence of dividends; currency fluctuations; competition;dilution; the volatility of the Company's common share price andvolume; and tax consequences to U.S. investors; and other risks anduncertainties, including those described in the Company's Annual Reporton Form 20-F for the financial year ended December 31, 2006, datedApril 2, 2007 filed with the Canadian Securities Administrators andavailable at www.sedar.com. Although the Company has attempted toidentify important factors that could cause actual actions, events orresults to differ materially from those described in forward-lookingstatements, there may be other factors that cause actions, events orresults not to be as anticipated, estimated or intended. There can beno assurance that forward-looking statements will prove to be accurate,as actual results and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not placeundue reliance on forward-looking statements. All statements are madeas of the date of this news release and the Company is under noobligation to update or alter any forward-looking statements except asrequired under applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Exeter Resource Corporation
B. Roxburgh
President
(604) 688-9592 or Toll Free: 1-888-688-9592