Vancouver, British Columbia, December 3, 2013 - Exeter Resource Corporation (NYSE-MKT: XRA, TSX: XRC, Frankfurt: EXB - (“Exeter” or the “Company”) is pleased to announce the current status of exploration activity on the La Buena in the North of the Mexican state of Zacatecas. La Buena is a 8.500 hectare property located 9 km north of Peñasquito mine, operated by Goldcorp. Since mid-September, the first diamond drilling and a recently completed gravity measurement took place. These studies were based on previous work that identified geological, geochemical, and geophysical similarities to other resource deposits in the area. The results of these recent exploration activities, which confirm a model similar to that of Peñasquito and Camino Rojo, have led to the discovery of additional potential drill targets.
In connection with the first drilling was also carried out a gravity measurement, which is on one Area around 25 km² east and south of the zone Julia concentrated. This measurement has identified a number of new targets where low gravity zones hit high-chargeability zones. At Peñasquito, a similar geophysical link was established and gold, silver and zinc mineralization were discovered.
Further drilling is planned and results are expected to be available in 1. Quarter 2014.
The results of the recent gravity measurement and the location of the holes at Julia can be found here.
The diamond drill program launched in mid-September (see news release from the 17, September 2013) was designed to examine the initial targets around the Julia Zone through a series of wells. So far, two holes have been completed, one in the central core and one in the northern region; the geological data obtained from these wells is very promising.
Hole LBD13-02, which was drilled on the northern flank of the Julia Zone, intersected extensive gold, silver and zinc mineralization with low grade ore grades embedded in altered rocks from the Carocol Formation (Peñasquito bedrock). Well-developed debris zones, massive sulphide veins and fracture fillings with pyrite, sphalerite, galena and low copper gravel inclusions dominate the mineralization. If one compares the characteristics of gold / zinc mineralization and associated alteration in hole LBD13-02 with those of other deposits in the area, it is likely that this mineralization is the edge of a much higher mineralized zone.
Hole LBD13-01 was drilled to test a higher chargeability zone in the center of the Julia Zone. Anomalous gold and base metal values were determined. The high chargeability anomaly is associated with increased pyrite levels (20%), which are mainly found in intrusive passes and thresholds.
An overview of the drill results can be found here.
Exeter has the option to acquire a 60% interest in the La Buena concession from San Marco Resources Inc. (“San Marco” SMN: TSX-V) and has committed to invest C $ 1,4 million in the first year. This investment also relates to the now completed IP measurement and gravity measurement to determine geophysical data as well as an initial drilling program. San Marco is responsible for exploration.
Exeter has notified San Marco that it will withdraw from the joint venture for the Angeles concession in Sonora, Mexico, due to adverse market conditions.
Quality control and quality assurance
As part of its Quality Assurance and Quality Control Program, which complies with the requirements of National Instrument 43-101, San Marco has also included blanks and certified standards in the sample stream. The core samples are split hydraulically. One half will be archived in a secure storage area, the other half will be sent to the laboratory of ALS Chemex in Zacatecas (Zacatecas State, Mexico). All samples are processed using the PREP-31 procedure. The sample material (units of 125 g) is sent to the ALS Chemex laboratory in Vancouver, British Columbia. A gap sample of 30 g is analyzed for gold content by Au-AA23 method. All samples with a gold content above 10 ppm are subjected to a second analysis (AA23 fire assay and gravimetric finish). The silver, copper, lead and zinc values are determined by means of a multi-element analysis using four acids (ME - ICP 61). Samples that have silver values in excess of 100 ppm or copper, lead and zinc values greater than 10.000 ppm (in excess of the threshold) during initial analysis are also analyzed using the OG62 method.
Matthew Williams, who is the Exploration Manager and Qualified Person at Exeter under NI 43-101 (Standards of Disclosure for Mineral Projects), has confirmed the technical foundation on which this news release is based.
About Exeter
Exeter is a Canadian company specializing in the exploration and development of mineral resources. The focus of activity is the development of the Caspiche gold-copper project in Chile, where the company has all rights. Caspiche is one of the largest undeveloped gold-copper deposits in the Americas currently known. It is located 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 will continue to explore new opportunities as part of the expansion of the Caspiche project.
The company currently has a cash balance of 41 million CDN $ and is entirely debt free.
EXETER RESOURCE CORPORATION
Wendell Zerb, P. Geol
President & CEO
More information about:
Wendell Zerb, CEO or
Rob Gray, VP Corporate Communications
Tel: + 1 604-688-9592 Fax: + 1 604-688-9532
Tel: + 1-888-688-9592 (toll-free)
Suite 1660, 999 West Hastings St.
Vancouver, BC Canada V6C 2W2
ppgad@pucrs.br
Safe Harbor Statement: This press release contains forward-looking information and statements (collectively referred to as "forward-looking statements") within the meaning of applicable securities laws and the US Private Securities Litigation Reform Act of 1995. It also includes assumptions by the Company regarding the possibility of exploiting new opportunities for Caspiche development, exploration results, timing of exploration and drilling at La Buena, the possibility of acquiring new projects and estimated cash reserves. These forward-looking statements are effective as of the date of this press release. Readers are strongly advised not to rely unreservedly on forward-looking statements. There can be no assurance that the future circumstances or results anticipated or implied in such forward-looking statements will be effective or that the plans, intentions or expectations upon which the forward-looking statements are based will arise. Although the Company relies in its forward-looking statements on expectations regarding future events as of the date these statements are made, these statements are not guarantees that such future events will materialize and are therefore subject to risks, uncertainties, assumptions and other factors may cause the events or results to be materially different from those expressed in such forward-looking statements. implied differ. Such factors and assumptions include, among others Effects of the general economic situation, prices of gold, silver and copper, changes in exchange rates, interventions by government authorities and uncertainties in connection with negotiations or Bad valuations in the course of preparing forward-looking statements. In addition, there are known and unknown risk factors that could cause the Company's actual results, performance or achievements to differ materially from the future results, performance or achievements described in the forward-looking statements. For example, known risk factors include risks associated with project development, including risks associated with non-compliance with the requirements of the agreement between the Company and Anglo American for the Caspiche project, which could result in a loss of ownership, the need for additional funding , Mining and commodity processing operating risks, fluctuations in metal prices, ownership claims, uncertainties and risks associated with conducting business abroad, environmental liability and insurance matters, reliance on key workers, potential conflicts of interest between particular managers, directors or promoters of the Company certain other projects, missing dividends, currency fluctuations, competition, dilution, volatility of the company's common stock price and volume implications for US investors, as well as other risks and uncertainties, including in the company's annual report from 1. April 2013 for the via 31. December 2012 ending financial year will be explained. This report has been filed with the Canadian Securities Regulatory Commission and is available at www.sedar.com. The Company has endeavored to identify important factors that could cause actual events or results to differ materially from those contained in the forward-looking statements. However, other factors may cause the events or results to not be as expected, estimated or intended. There can be no assurance that any forward-looking statements will prove to be accurate. Actual results and future events may differ materially from such statements. Readers are cautioned not to rely unreservedly on forward-looking statements. The company is under no obligation to update forward-looking statements unless required by applicable laws.
Cautionary Note to US Investors - The information contained herein and the information referred to herein was prepared in accordance with the provisions of the securities laws of Canada, which differ from the provisions of the securities laws of the United States. In particular, the term “resource” should not be equated with the term “reserve”. The Securities Exchange Commission's (“SEC”) disclosure requirements usually do not allow information regarding “Measured Resources,” “Indicated Resources,” or “Inferred Resources” or other descriptions of mineralized amounts in the deposits that by US standards are not “ Reserves ", are listed in the documents to be submitted. This is permissible if the disclosure of this information is necessary under the laws of the country in which the company has its registered office or of the country in which the company's securities are traded. US investors should also bear in mind that “inferred resources” are subject to great uncertainties as to their existence and their eligibility from an economic and legal point of view. A publication of the “contained ounces” is a publication permitted by Canadian regulations. The SEC, on the other hand, usually only allows issuers to report mineralization that does not qualify as “reserves” for the purposes of SEC regulations, in terms of pro forma tonnages and ore grades and without reference to any unit of measure.
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