Exeter Resource cuts more bonanza grades at La Cabeza
Exeter Resource Corp (TSX-V:XRC) (OTC: EXRCF)
Shares Issued 20,329,429
Last Close 11/15/2005 $1.09
Wednesday November 16 2005 - News Release
Mr. Bryce Roxburgh reports
EXETER RESOURCE CORPORATION: EXPANSION DRILLING INTERSECTS BONANZA GOLD GRADES AT LA CABEZA
Exeter Resource Corp. has intersected additional bonanza-grade intersections while resource expansion drilling on the La Cabeza gold project in Argentina. The latest drill results are from the Central Vein zone and include 60.5 grams per tonne gold (1.75 ounces per ton) over a drill hole intercept of six metres (19.7 feet) in one vein and 33.9 grams per tonne gold (1.0 ounce per ton) over three metres (10 feet) in another vein.
The Central Vein zone comprises a series of veins, referred to as the Mercedes and Labio vein systems, located midway between the important Cuello and Ojo mineralized zones, where drilling to date has established resources being modelled for early development. None of the veins in the Central Vein zone was included in previous development studies for the project.
Detailed results
Significant preliminary assay results from the initial seven drill holes testing the Central Vein zone are as follows:
SIGNIFICANT RESULTS -- CENTRAL VEIN ZONE
Hole From To Width Grade
m m m gpt
LCP-162 19 28 9 2.5
including 22 25 3 5.0
LCP-165 4 7 3 2.7
LCP-184 32 47 15 7.6
including 41 44 3 33.9
LCP-185 54 57 3 10.9
LCP-188 30 45 15 24.8
including 30 36 6 60.5
LCP-189 18 24 6 4.0
LCP-194 100 106 6 5.1
The Mercedes vein, first announced in Exeter news issued in Stockwatch dated Aug. 24, 2005, has now been drilled for the first time and defined over a minimum strike length of 200 metres. Drill hole LCP-162, sited in the central part of the vein, intersected nine metres at a grade of 2.5 grams per tonne gold from a downhole depth of 19 metres (including three metres at a grade of 5.0 grams per tonne gold from 22 metres). Drill hole LCP-184, sited 25 metres behind LCP-162 to test the mineralization at depth, intersected a wider zone at three times the gold content: 15 metres at a grade of 7.6 grams per tonne gold, from 32 metres (includes three metres at a grade of 33.9 grams per tonne gold from 41 metres. Drill hole LCP-185, sited at the northern end of the Mercedes vein, intersected three metres at a grade of 10.9 grams per tonne gold, from a downhole depth of 54 metres. At the southern end of the vein, drill hole LCP-165 intersected three metres at a grade of 2.7 grams per tonne gold, from a downhole depth of four metres.
Drill hole LCP-188 on the Labio East vein confirms an interpreted structural control on mineralization. The LCP-188 intersection was 15 metres at a grade of 24.8 grams per tonne gold, from a depth of 30 metres (including six metres at a grade of 60.5 grams per tonne gold). The vein has a mapped strike length of plus-300 metres and, to date, has been tested by only 10 drill holes.
Drill hole LCP-189 on the Labio West vein confirms a potential southern extension of mineralization previously intersected 25 metres to the north. The new drill hole intersected six metres at a grade of 4.0 grams per tonne gold, from a depth of 18 metres. Drill hole LCP-194, located behind LCP-189 to test the mineralization at depth, intersected six metres at a grade of 5.1 grams per tonne gold, at a downhole depth of 100 metres. The vein has a mapped strike length of plus-200 metres and has been tested by only five drill holes.
The new drilling suggests that the Central Vein zone may have considerably greater significance than had been thought previously. Prior to the current exploration program, the zone had been exposed to only nominal survey drilling. With these initial assay results, follow-up drilling is now being scheduled.
Progress of the drilling program
The objective of the La Cabeza resource expansion drilling program is to increase the project's current resource estimates by identifying new open pit mineralization. Drilling is nearing the halfway mark of a planned total of 14,000 metres (46,000 feet). The three-rig program includes diamond, reverse-circulation and RAB bedrock sampling holes. A large number of samples have been collected and assay results are awaited.
The assay results presented above are preliminary and have been calculated using a 0.5-gram-per-tonne-gold cut-off grade. Check assays are awaited. The mineralized widths presented above are drill intersection widths and may not represent true widths. Results for additional exploration drilling, including, in particular, the RAB results, will be announced in Stockwatch as assay results are received and compiled.
Qualified person
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.
© 2005 Canjex Publishing Ltd. |
