Exeter Announces Step-Out Drill Results From Completed Phase One Drilling at
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/20/13 -- 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:
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
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
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,
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,
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
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
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.
Exeter Resource Corporation
604.688.9592 or Toll-free: 1.888.688.9592
Exeter Resource Corporation
VP Corporate Communications
604.688.9592 or Toll-free: 1.888.688.9592
Exeter Resource Corporation
Suite 1660, 999 West Hastings St.
Vancouver, BC Canada V6C 2W2
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