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Market: TSX| AMEX.NYSE
Sector: Gold Mining
Epic: .XRC
News: Latest news
Web Site: Exeter Resource Corporation
Other Articles: 26-01-201019-01-201019-01-2010

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Exeter Resource Corporation

Exeter Resource Corporation

Exeter Resource Corporation is one of the most active exploration and mine development companies operating in South America. The Company has C$30 million in cash, no debt and two principal assets: the Caspiche gold-copper porphyry discovery and the Cerro Moro high-grade gold-silver deposit.

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Thursday, November 05, 2009

Exeter Resources finds bonanza gold grades at Cerro Moro project, Argentina

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Exeter Resource Corporation (AMEX: XRA, TSX: XRC, Frankfurt: EXB) reported new bonanza grade gold discoveries to the west of the previously known high grade mineralization on the Escondida vein at Cerro Moro, Santa Cruz Province, Argentina.

The Cerro Moro project is located in north-eastern Santa Cruz Province, approximately 70kms southwest of Puerto Deseado. Tha latest drilling has yielded bonanza rated gold grading. The total infill drilling programme has completed 165 diamond drill holes to date, recovering 15,000m of core samples for testing.

So far, Exeter’s drilling programme has yielded results from 24 new diamond drill holes across both the newly discovered mineralized zone and the nearby Escondida Far West sector. Of the 24 holes, 14 have returned significant results.

Six of the fourteen drill holes were from the new zone. At the new discovery the best result to date is from hole MD666. The exploration hole is sited 20 metres from the boundary of the Fomicruz joint venture property.

In MD666, a 2.43 m interval from a down hole depth of 254.15m assayed 13.3 grams per tonne gold and 699 grams per tonne silver. The interval included a higher concentrated mineralization of 0.40m assaying 56.6 grams per tonne gold and 2,473 grams per tonne silver.

Significantly, at the new zone the vein is situated in a hanging wall structure above the structural position that typically hosts the Escondida vein.

At the Escondida Far West sector, drill results included bonanza grade intercepts as expected following the previous drilling results in the area. Exploration holes MD617 and MD633 both intercepted varying grading up to the highest concentration of 550 grams per tonne gold across 0.95 meters.

MD617 intercepted 6.2 meters with an average grade of 94.9 grams per tonne of gold and 14,365 grams per tonne of silver, while MD633 intercepted 2.4 meters with an average grade of 70.7 grams per tonne.

Exeter's chairman Yale Simpson commented: "Our current drilling program is focussing on the high grade Escondida vein, and its immediate surrounds, particularly to the northwest. This program is proving to be successful, a rewarding outcome as this area is the site for initial mine planning ... We now have 3 rigs on site, with 2 deployed on infill drilling to upgrade inferred resources to indicated resource status, and to test the strike extension of known mineralized structures.”

According to Yale Simpson, the 3rd rig is currently drilling for water as part of the engineering program and a 4th rig is being mobilized to assist with the infill drilling within the next week.

The latest discovery adds to a number of developments that the emerging exploration company has reported over recent weeks. Last week Exeter Resources was promoted to the senior exchange in Toronto from the Ventures exchange. In a statement last Tuesday, Yale Simpson stated that the new listing was more appropriate for institutional investors and the Exeter’s current market capitalisation ‘reflects the on-going success’ of the company’s operations in Chile and Argentina.

Exeter has C$30 million in cash, no debt and two principal assets: The Caspiche gold-copper porphyry discovery and the Cerro Moro high-grade gold-silver deposit.

The Caspiche project represents the larger of the two. In September, Exeter published a NI 43-101 compliant resource statement for The Caspiche, which estimated in-situ inferred resources of 19.6 million ounces of gold, 137 million ounces of silver and 4.84 billion pounds of copper.

Recently the company began a new 20,000 meter drilling program The Caspiche. The purpose of the program is to define further value in the National Instrument 43-101 compliant inferred mineral resource.

The current drilling programme has two objectives, firstly to define the outer limits of the deposit, beyond the drill holes completed to date. The second objective is to in-fill drill the higher grade central zone to bring it up to an “indicated resource” category. It is intended that the in-fill drilling will confirm the integrity of the coherent central zone that contains a large proportion of the inferred resources.

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