VANCOUVER, British Columbia, Dec 05, 2005 (BUSINESS WIRE) --
Exeter Resource Corporation (TSX VENTURE:XRC)(FWB:EXB) reports new drilling results that confirm the continuity and the predicted grade of mineralization within the three ore-grade zones tested to date at its La Cabeza gold project in Argentina. The results are from an ongoing 5000 metre definition drilling program, which is now approximately 65% complete.
The main objective of the definition drilling program is to raise the confidence level of previously estimated "inferred" resources to "indicated" or "measured" resources. In addition, the program is testing potential extensions of mineralisation within the current conceptual pits. The program is only one component of an ongoing three-rig resource expansion program. Other components include the discovery of new resources under sand cover, and step-out drilling to discover extensions and parallel veins to the outcropping vein zones.
Exeter's Chairman, Yale Simpson, commented: "Our 2005 definition drilling has been an unqualified success to date. It is confirming both the mineralization and the geological models developed for the La Cabeza gold deposit. In addition, importantly, extensions to mineralization are being confirmed and waste rock in our conceptual open pits is being replaced with rock potentially categorized as ore in the resource models."
Detailed Results
Significant results received to date from drilling at the Luna, Ojo, and Cuello Zones are set out below. Results from additional drilling will be announced as the program proceeds:
Luna Zone
Definition drilling on the Luna Zone has concentrated on in-fill drilling in the centre area of the deposit to confirm the continuity of mineralization (drill holes; LCD-67, LCD-68, LCD-70, and LCP-181). Other drilling provided infill in the central zone (drill holes; LCD-65, LCD-66 and LCD-69) and tested the interpreted northeast extensions of shallow dipping mineralisation (drill holes; LCD-64 and LCP-182). Previous drill hole LCP-149 was extended to further investigate the south-eastern zone. Additional reverse circulation and diamond drilling is now planned at both the north-eastern and south-eastern zones.
Luna Zone - Significant Gold Results------------------------------------------------Hole From To Width GradeNo. (m) (m) (m) (g/t)------------------------------------------------LCD-64 0 9 9 4.3------------------------------------------------ 88.0 89.7 1.7 2.0------------------------------------------------ 95.0 96.0 1.0 1.2------------------------------------------------LCD-65 4.75 25.00 20.25 3.4------------------------------------------------ 28.0 31.3 3.3 3.2------------------------------------------------ 43.7 45.0 1.3 2.3------------------------------------------------ 60 64 4.0 3.8------------------------------------------------ 68 69.75 1.75 3.4------------------------------------------------ 75.65 81.0 5.35 2.3------------------------------------------------ 83.0 85.0 2 1.0------------------------------------------------LCD-66 50.0 51.0 1 3.1------------------------------------------------ 52 53 1 1.1------------------------------------------------ 58 59 1 13.1------------------------------------------------ 60 70 10 3.7------------------------------------------------LCD-67 6.0 11 5 1.4------------------------------------------------ 12.9 15 2.1 1.4------------------------------------------------ 29 33.9 4.9 4.6------------------------------------------------ 39 41.14 2.14 1.8------------------------------------------------ 47.87 50 2.13 1.6------------------------------------------------ 72 73 1 2.6------------------------------------------------ 76 77 1 2.2------------------------------------------------ 80 81 1 3.2------------------------------------------------LCD-68 0 3 3 2.3------------------------------------------------ 14 16.35 2.35 1.6------------------------------------------------ 20.35 26 5.65 2.1------------------------------------------------ 35 39 4 2.3------------------------------------------------ 45 50 5 1.7------------------------------------------------ 54 62.3 8.3 2.2------------------------------------------------ 68.72 71 2.28 3.8------------------------------------------------ 72 81 9 6.3------------------------------------------------ 85 86 1 1.4------------------------------------------------ 104 105 1 1.1------------------------------------------------LCD-69 9.5 14.9 5.4 1.1------------------------------------------------ 16.75 28.2 11.45 10.2------------------------------------------------ 35 36 1 1.4------------------------------------------------LCD-70 38 39.4 1.4 1.1------------------------------------------------ 82.7 86.65 3.95 1.4------------------------------------------------ 90 91 1 2.0------------------------------------------------ 93.2 94 0.8 3.1------------------------------------------------ 103 103.7 0.7 1.5------------------------------------------------ 107.35 108 0.65 2.5------------------------------------------------ 112 112.9 0.9 1.7------------------------------------------------ 118 121.15 3.15 4.0------------------------------------------------LCP-181 1 34 33 5.2------------------------------------------------ including 1 16 15 9.6------------------------------------------------ and 73 82 9 1.1------------------------------------------------LCP-182 1 10 9 0.9------------------------------------------------ including 1 4 3 1.2------------------------------------------------ 40 46 6 1.3------------------------------------------------ 88 103 15 1.3------------------------------------------------ including 91 94 3 4.1------------------------------------------------LCP-149 Extension 69 72 3 7.7------------------------------------------------ 81 84 3 3.0------------------------------------------------
Regular whole core samples of HQ-size diamond drill core, in representative rock types (in both mineralised and un-mineralised rocks), have been collected and dispatched to the University of San Juan (San Juan Province, Argentina) for simple compression tests. Assay results for these intervals are presently unavailable.
Ojo Zone
Definition drilling on the Ojo Zone has concentrated on testing the southern limit of mineralisation (to the south of an unmineralised dike) and mineralisation in the underlying sedimentary (basement) rocks (drill holes; LCD-72, LCD-74, LCP-191 and the extension to LCD-56). Drill hole LCD-71 was sited to test the interpreted north-eastern extension of mineralisation. The results indicate that mineralisation in fact continues to the south, southwest and northeast, and that additional drill holes are now necessary to define the conceptual pit limits. This interpretation to the south and southwest is supported by the results from the recent RAB drilling (See Press Release dated December 1, 2005).
OJO Zone - Significant Gold Results------------------------------------------------Hole From To Width GradeNo. (m) (m) (m) (g/t)------------------------------------------------LCD-56 Extension 42 45 3 3.3------------------------------------------------ 71 72 1 1.1------------------------------------------------ 72 73 1 See Below------------------------------------------------ 73 74 1 2.2------------------------------------------------LCD-71 5 6 1 2.4------------------------------------------------ 15 16 1 1.8------------------------------------------------ 17 18 1 1.6------------------------------------------------ 19 20 1 1.7------------------------------------------------ 21 24 3 10.8------------------------------------------------ including 23 24 1 28.8------------------------------------------------ 29 30 1 2.2------------------------------------------------ 34 36 2 1.5------------------------------------------------ 36 37.05 1.05 See Below------------------------------------------------ 37.05 40.3 3.95 2.8------------------------------------------------LCD-72 0 12 12 2.2------------------------------------------------ 39 51 12 6.5------------------------------------------------ 56 58 2 1.1------------------------------------------------ 64 65 1 1.2------------------------------------------------ 80 81 1 1.1------------------------------------------------ 84 87 3 1.8------------------------------------------------LCD-74 19 21 2 1.3------------------------------------------------ 25 27 2 1.0------------------------------------------------ 28 32 4 1.1------------------------------------------------ 36 43 7 1.3------------------------------------------------ 44 45 1 1.2------------------------------------------------ 47 48 1 1.3------------------------------------------------ 52 55.42 3.42 2.5------------------------------------------------ 74.45 77 2.55 2.1------------------------------------------------LCP-191 22 25 3 2.4------------------------------------------------
As noted above, regular whole core samples of HQ-size diamond drill core, in representative rock types (in both mineralised and un-mineralised rocks), have been collected and dispatched to the University of San Juan (San Juan Province, Argentina) for simple compression tests. Assay results for these intervals are presently unavailable, and when located within a mineralised intersection, have been noted in the above table.
Cuello Zone
Definition drilling at Cuello has concentrated on defining the southern and northern limits of the main Cuello vein system within the conceptual open pit. Drill holes LCP-157 and LCD-163 were designed to define the southern limit of the main vein. The two holes suggest the vein is continuing to the south and that additional holes are now required. The remaining holes in the table were designed to test the northern limit of the main vein. Results indicate marginal grades that will define the northern limit of the conceptual pit.
Cuello Zone - Significant Gold Results------------------------------------------------Hole From To Width GradeNo. (m) (m) (m) (g/t)------------------------------------------------LCP-157 22 25 3 5.5------------------------------------------------LCD-163 76.7 79 2.3 1.5------------------------------------------------ including 77.2 77.75 0.55 4.5------------------------------------------------LCP-159 54 72 18 0.8------------------------------------------------ including 57 60 3 1.3------------------------------------------------ including 63 66 3 1.5------------------------------------------------ 84 90 6 2.2------------------------------------------------ 99 108 9 1.5------------------------------------------------LCP-167 52 58 6 1.3------------------------------------------------ 67 70 3 1.8------------------------------------------------ 79 82 3 1.2------------------------------------------------LCP-168 18 36 18 1.1------------------------------------------------LCP-172 71 83 12 1.3------------------------------------------------LCP-173 13 16 3 1.7------------------------------------------------
Quality Control and Assurance
The assay results presented above are preliminary and have been calculated using a 0.5 grams per tonne ("g/t") gold cut-off grade. All reverse circulation samples were collected using a cyclone in one metre intervals and the majority then composited into three metre samples. All diamond drill core samples are split on regular metre intervals or on geological contacts and represent sawn half HQ-size core. Samples were then prepared at the ALS Chemex preparation facility in Mendoza and assayed by fire assay (50 gram charge) at the ALS Chemex laboratory in Chile.
Check assaying of all samples assaying greater than 1.0 g/t gold will be completed by ALS Chemex. Standard, blank and duplicate samples are used throughout the sample sequence as checks. Note that the widths presented above are drill intersection widths and may not represent true widths.
Matthew Williams, Exeter's Exploration Manager and a "qualified person" within the definition of that term in National Instrument 43-101, Standards of Disclosure for Mineral Projects, has supervised the preparation of the technical information contained in this news release.
About Exeter
Exeter is a technically-advanced, Canadian gold exploration company, focused on the discovery of epithermal gold-silver properties in Argentina and Chile. The current three-rig, drilling program at its advanced La Cabeza gold project is a key component of project development activities that include engineering, metallurgical, hydrological, and environmental studies.
In the prospective, Patagonia region of Argentina, Exeter has a strategic partnership with Cerro Vanguardia S.A, an AngloGold Ashanti subsidiary. The agreement provides Exeter with an option over 25 epithermal gold-silver properties.
In southern Chile, Exeter has a strategic agreement with Rio Tinto Mining and Exploration Limited over epithermal gold prospects within an 800 square kilometre area. Prospecting of epithermal gold targets is currently underway.
In the Maricunga district of northern Chile, Exeter has a strategic agreement with Anglo American Limitada and Mantos Blancos S.A. on 7 epithermal gold properties.
You are invited to visit the Exeter web site at www.exeterresource.com.
EXETER RESOURCE CORPORATION
Bryce Roxburgh, President
Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission ("SEC") permits mining companies in their filings with the SEC to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this news release, such as "inferred resource", that the SEC guidelines strictly prohibit us from including in our filing with the SEC. U.S. investors are urged to consider closely the disclosure contained in our Form 20-F Registration Statement, File No. 000-51016. You can review and obtain copies of our filings from the SEC's website at www.sec.gov/edgar.shtml.
Safe Harbour Statement - This news release may contain certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements reflect our current belief and are based upon currently available information. Actual results could differ materially from those described in this news release as a result of numerous factors, some of which are outside of the control of Exeter.
The TSX Venture Exchange does not accept responsibility for the ad equacy or accuracy of this news release.
Exeter Resource Corporation (TSX VENTURE:XRC) (FRANKFURT:EXB)
SOURCE: Exeter Resource Corporation
Exeter Resource Corporation Bryce Roxburgh President (604) 688-9592 or Toll Free: 1-888-688-9592 OR Exeter Resource Corporation Rob Grey Investor Relations (604) 688-9592 or Toll Free: 1-888-688-9592 Fax: (604) 688-9532 exeter@exeterresource.com www.exeterresource.com
