EXETER DISCOVERS NEW HIGH GRADE GOLD VEIN AT LA CABEZA
Exeter Resource Corporation (TSX-V: XRC, Frankfurt: EXB) reports that ongoing resource expansion drilling at its La Cabeza gold project in Argentina has discovered a hidden high-grade vein within the Central Vein Zone. Reverse circulation drill hole LCP-213 intersected 3 metres at a grade of 24.0 grams per tonne (”g/t”) gold from a vein interpreted to be sub-parallel to the known high grade veins that constitute the Central Vein Zone (”CVZ”).
The vein is untested over a minimum potential strike length of 150 metres. Separately, diamond drill hole LCD-111, also in the CVZ, has now confirmed the interpreted southerly plunge of known high- grade mineralization in the area, intersecting 1.0 metre grading 64.1 g/t gold at a down hole depth of 77.8 metres. Drill hole LCP-213 similarly confirmed the structural plunge, intersecting 3 metres of vein grading 15.8 g/t gold at a down hole depth of 45 metres. The CVZ is one of several mineralized zones at La Cabeza that are being drilled in sufficient detail to finalize engineering and feasibility evaluations of the project. This zone is considered to be of particular importance to the project because of its high grade and proximity to surface. The zone may represent the northerly extension of the Cuello vein system that contains a significant portion of the known project resources.
The CVZ was not included in the 2005 Development Study. Details of the Drilling The 700 metre-wide CVZ comprises at least five veins that have been individually identified by Exeter geologists. Drilling results have been received and interpreted for three new diamond drill holes and one new reverse circulation drill hole for the Labio East Vein. In addition drilling results are available for two diamond drill holes from the Labio West Vein. Refer to Exeter web site link (http://www.exeterresource.com/images/gallery/plans/plans_13.pdf) or click on the below thumbnail for information on these drilling results. Significant assay results from the latest Central Vein Zone drilling are as follows: Vein Drill Hole From (metres) To (metres) Width (metres) Gold grade (g/t) Labio East LCP-213 45 48 3 24.0 including 45 46 1 55.5 62 65 3 15.8 LCD-77 30.0 32.0 2.0 2.5 LCD-109 73.8 79 5.2 1.0 LCD-111 77.2 79.8 2.6 26.5 including 77.8 78.8 1.0 64.1 Labio West LCD-75 29.1 32.0 2.9 4.2 including 30.0 30.7 0.7 9.8 LCD-76 45.2 45.8 0.6 19.0 55.0 56.0 1.0 4.3 69.0 71.1 2.1 2.0 At Labio East reverse circulation drill hole LCP-213 tested the vein zone 25 metres below LCP-199 and confirmed the southern high grade plunge within the vein system. Significantly, this drill hole also intersected high grade mineralization in a non-outcropping, sub-parallel vein located east of the main vein at Labio East. The new vein is untested for approximately 150 metres to the south. Diamond drill hole LCD-109 tested the vein zone 25 metres below LCP-188 and also supports the southerly high grade plunge to this vein. Drill hole LCD-77 confirmed the continuity of the gold mineralization to a vertical depth of approximately 25 metres. The hole was sited mid-way between two previous drill holes, located approximately 30 metres to the north and 30 metres to the south. Diamond drill hole LCD-111 was a second step back hole and successfully intersected the plunging high grade zone at depth. Additional drilling is planned at Labio East and is planned to continue to delineate the high grade plunge of the mineralization and to test the potential southern extensions of both the main Labio East vein system and the new high grade discovery within the sub parallel vein. At Labio West diamond drill holes LCD-75 and LCD-76 have tested a 70 metre long segment of the more than 200 metre long zone. The drill holes intersected three intervals of gold mineralization at vertical depths, between 20 and 50 metres. Additional drilling is scheduled.
Detailed Re-assaying of Select Drill Holes Mineralized sections of three previously-announced drill holes have been re-assayed as one metre drill intercepts to verify the 3 metre composite intercepts reported earlier. The following analyses confirm the high gold grades representative of the Labio East Vein. Vein Drill Hole From (metres) To (metres) Width (metres) Gold grade (g/t) Labio East LCP-188 29 38 9 40.9 including 32 35 3 114.8 41 44 3 2.1 LCP-198 35 40 5 13.0 including 37 38 1 39.7 LCP-199 32 34 2 29.6 including 32 33 1 40.7 Quality Control and Assurance The gold assay results presented above are preliminary and have been calculated using a 0.5 g/t gold cut-off grade, with no cutting of high grades. All reverse circulation drill samples were collected using a cyclone in one metre intervals and most then composited into three metre samples. For selected drill holes the original drill samples are re-sampled at one metre intervals as a quality control check against the composite samples, to provide more detail for selected mineralized zones, and also to provide multi-element assay data to assist with the interpretation of the zones. All reverse circulation assay results in this news release represent the one metre re-assaying of the original drill samples. Samples were 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 drill 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 and silver properties in Argentina and Chile. The current, four-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 12 epithermal gold-silver properties in Santa Cruz, Rio Negro and Chubut provinces. Results from drilling on one of these properties, the Verde Silver Project, are awaited. In Chile, Exeter is prospecting some 50 gold and silver targets under strategic agreements with Rio Tinto Mining and Exploration Limited. In the Maricunga district of Chile, Exeter has a strategic agreement with Minera Anglo American Chile Limitada and Empresa Minera de Mantos Blancos S.A. (collectively Anglo American) on epithermal gold properties. You are invited to visit the Exeter web site at www.exeterresource.com. Exeter Resource Corporation Bryce Roxburgh, President Rob Grey, Investor Relations Suite 301, 700 West Pender Street, Vancouver, B.C. Canada V6C 1G8 Tel: 604.688.9592 Fax: 604.688.9532 Toll-free: 1.888.688.9592 email@example.com 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 http://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 referring to the current and future size, development, and commercial viability of the La Cabeza gold project. 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 ADEQUACY OR ACCURACY OF THIS NEWS RELEASE