Partial results (further assays awaited) are available from 4 new drill holes designed to both expand the known Caspiche inferred resource, and to increase confidence in that resource by infill drilling. The new results include:
- CSD043 intersected 788m (2,585 ft) at 0.74 g/t gold (0.022 oz/t) and
0.31% copper from a depth of 260m (853 ft) (results awaited for the
bottom 120m (394 ft) section of the hole). This drill hole is now the
most southerly hole defining the higher grade central zone.
- CSD047 intersected 739m (2,425 ft) at 0.5 g/t gold (0.015 oz/t) and
0.15% copper from a depth of 252m (827 ft), including 240m (787 ft)
at 0.83 g/t gold (0.024 oz/t) and 0.09% copper from a depth of 260m
(853 ft). This important drill hole is on the most northerly section
line of the known higher grade zone, and extends that area of
mineralization west towards the MacNeill Zone (click here for drill
hole plan http://exeterresource.cmail4.com/t/y/l/olyhkd/l/n). Assays
for the bottom 200m of the hole are awaited.
Drill hole CSD041A appears to mark the southern limit to economic tenor mineralization in the deposit. CSD048 is an in-fill hole to upgrade the known inferred resource in the higher grade zone.
Detailed drilling results from this press release are summarised as follows:
------------------------------------------------------------------------- Hole # From To Width Gold Copper ------------------------------------ Status Zone (m) (m) (m) (g/t) (%) ------------------------------------------------------------------------- CSD044 244 544 300 0.50 0.08 Finals Sulphide Gold Copper Zone ------------------------------------------------------------------------- Including 244 274 30 1.25 0.1 Finals Sulphide Gold Copper Zone ------------------------------------------------------------------------- ------------------------------------------------------------------------- CSD041A# 570 1,198 628 0.27 0.17 Finals Sulphide Gold Copper Zone ------------------------------------------------------------------------- ------------------------------------------------------------------------- CSD043# 0 260 260 0.25 0.03 Finals Oxide Gold Only Zone ------------------------------------------------------------------------- 260 1,048 788 0.74 0.31 Finals Sulphide Gold Copper Zone ------------------------------------------------------------------------- ------------------------------------------------------------------------- CSD047# 252 991 739 0.50 0.15 Finals Sulphide Gold Copper Zone ------------------------------------------------------------------------- Including 260 500 240 0.83 0.09 Finals Sulphide Gold Copper Zone ------------------------------------------------------------------------- ------------------------------------------------------------------------- CSD048# 30 154 124 0.39 0.01 Finals Oxide Gold Only Zone ------------------------------------------------------------------------- 154 998 844 0.59 0.24 Finals Sulphide Gold Copper Zone ------------------------------------------------------------------------- Including 376 732 356 0.84 0.25 Finals Sulphide Gold Copper Zone ------------------------------------------------------------------------- Intercepts not calculated using a gold cut-off. # - Only partial assay results received, remainder pending.
"Our geologists note that the MacNeill zone appears to be similar geologically to nearby "heap leachable" Maricunga gold projects. We will perform first pass metallurgical testwork on CSD044 and the mineralized section of CSD042 to test if this mineralization could contribute to the leachable component of the project.
"Six drill rigs continue to operate at Caspiche on a 24 hour basis. We are close to completing a program of 7 large diameter PQ drill holes to recover oxide zone samples for advanced column leach testing.
"We have completed approximately 5,000m (16,404 ft) of the 25,000m (82,021 ft) program proposed this season as at the end of 2009. Our goal remains to increase the component of Indicated Resources for the central, higher grade core, and to expand the size of the total resource.
"We have scheduled AMEC to prepare an interim resource estimate for Caspiche for late Q1 to early Q2. A new NI43-101 mineral resource estimate for the full drilling season remains scheduled for
Quality Control and Assurance
Drill intercepts, where presented, are drill intersection widths and may not represent the true widths of mineralization. Individual gold and copper assay results presented have not been calculated using a gold cut-off grade, or with any cutting of high values. All diamond drill core samples are split on regular two metre intervals and represent either sawn half HQ-size or NQ-size core. Any reverse circulation drill samples are collected using a cyclone in one metre intervals; all samples are then composited into two or four metre samples. Gold samples were prepared and assayed by fire assay (50 gram charge). Copper was assayed by ICP with an automatic four acid digestion followed by atomic absorption spectroscopy for samples with values above 0.2% copper. The primary laboratory is ACME Analytical Laboratories in
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EXETER RESOURCE CORPORATION Bryce Roxburgh President and CEO * Gold ("Au") equivalence for copper ("Cu") and silver ("Ag") was calculated by Exeter using assumed metal prices of US$800/ounce ("oz") for Au, US$12/oz for Ag and US$2/pound ("lb") for Cu. The formula to calculate Au equivalence for Cu was pounds of Cu multiplied by 2 and divided by 800; Au equivalence for Ag was calculated using the formula oz of Ag multiplied by 12 and divided by 800, and in both cases assumes 100% recovery. Reported grades and metric tons have been rounded (see news release NR 9-22 dated October 20, 2009). ** Inferred mineral resource estimate of 1,098 Mt containing 371,000 ounces gold at a grade of 10.5 g/t and 19.2 million ounces silver at a grade of 545 g/t for 646,000 ounces gold equivalent at a grade of 18 g/t gold equivalent. Gold equivalent is calculated by dividing the silver assay result by 70, adding it to the gold value and assuming 100% metallurgical recovery (see news release NR 9-14 dated July 8, 2009).
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 the Company's belief as to the extent and timing of its drilling programs, various studies including engineering, environmental, infrastructure and other studies, and exploration results, budgets for its exploration programs, the potential tonnage, grades and content of deposits, timing, establishment and extent of resources estimates, potential for financing its activities, potential production from and viability of its properties, expected cash reserves and the expected benefits of the proposed spin-out transaction. These forward-looking statements are made as of the date of this news release. Users of forward-looking statements are cautioned that actual results may vary from the forward-looking statements contained herein. 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 of the Company's future performance and are subject to risks, uncertainties, assumptions and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such factors and assumptions include, amongst 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 legal proceedings and negotiations and misjudgements in the course of preparing forward-looking information. In addition, there are also 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; 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
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SOURCE Exeter Resource Corporation