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Exeter Resource Corporation: Initial Drilling at Angeles Confirms Potential of Mineralized Structure

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Exeter Resource Corporation (TSX:XRC)(NYSE MKT:XRA)(NYSE Amex:XRA)(FRANKFURT:EXB) is pleased to announce that the initial results from the first 7 drill holes at the Angeles property in northern Sonora state, Mexico have intersected significant gold, silver, copper, lead and zinc mineralization. Drilling has initially targeted the La Bonanza area, a site of historical mining at the turn of the 1900’s. Importantly, the current drilling program is the first ever to test the Angeles property.
 

Drilling has tested 100 metres of a possible 3,000 metre strike length of identified surface mineralization at Angeles. All drill holes to date have intersected the Angeles structure, the main target of historical mining. Drill holes AD13-03 and AD13-07 are the deepest down dip intersections below surface (about 160 metres), and exhibit the highest gold, silver and base metal grades encountered to date.
 

Exeter’s Co-Chairman, Bryce Roxburgh, stated, “Initial drill results at the Bonanza zone confirm our initial interpretation that the Angeles project has the potential to host significant gold, silver and base metal mineralization. Over the past 12 months Exeter has reviewed a significant number of projects and selected this unique property, which has been overlooked for a century.”
 

Highlights of assays from AD13-03 and AD13-07 include the following:

 



Hole AD13-07 - Section C
----------------------------------------------------------------------------
                                            AuEq
                    Interval    Au     Ag     (1)   Cu    Pb    Zn   % Pb-Zn
From            To   (metres)  g/t    g/t    g/t     %     %     %  Combined
----------------------------------------------------------------------------
166.15      169.70      3.55  3.93   62.7   5.18  0.74  1.22  0.63      1.84
Including:
166.15      168.65      2.50  5.50   85.8   7.21  1.04  1.68  0.87      2.55
167.05      168.65      1.60  8.17  120.2  10.58  1.57  2.58  0.88      3.46


Hole AD13-03 - Section A
----------------------------------------------------------------------------
                                            AuEq
                    Interval    Au     Ag     (1)   Cu    Pb    Zn   % Pb-Zn
From            To   (metres)  g/t    g/t    g/t     %     %     %  Combined
----------------------------------------------------------------------------
146.00      152.20      6.20  2.81     64   4.09  0.55  1.16  0.90      2.06
Including:
147.00      152.20      5.20  3.33     72   4.77  0.65  1.36  0.95      2.31
147.00      148.15      1.15  7.38    141  10.20  0.64  2.50  1.92      4.42
 

 

 

The current program is about 60% through the first year budget of $1 million. Subsequent to completing the above drilling, the drill rig moved 1.1 kilometre to the west (along the same Angeles structure), where 4 holes were recently completed. Additional drilling is scheduled at the Bonanza zone to test on the strike extension of mineralization, and the trend of higher grade mineralization with increasing depth.
 

Exeter is currently funding a CAD$1.0 million committed exploration program at Angeles, which is largely related to a planned 2,500 metres of drilling at the Bonanza and La Verde target areas, pursuant to an agreement whereby it can earn up to 70% in the Angeles property. For agreement details see Exeter’s news release dated March 4, 2013.

 

A complete list of drill hole intercepts is found in the following table:

 



Hole AD13-01 - Section A
----------------------------------------------------------------------------
                                              Au
                    Interval    Au     Ag   Eq(1)   Cu    Pb    Zn   % Pb-Zn
From            To   (metres)  g/t    g/t    g/t     %     %     %  Combined
----------------------------------------------------------------------------
76.50        81.00    4.50(i) 0.20    8.6   0.37  0.35  0.14  0.07      0.22
Including
76.50        77.50      1.00  0.40   13.0   0.66  1.12  0.16  0.13      0.29
111.80      112.00      0.20  9.62   88.0     11  0.71  3.12  0.52      3.64

(i) This interval contains open stoping, and what appears to be caved
    material. Reliability of the overall intercept is questionable.


Hole AD13-02 - Section A
----------------------------------------------------------------------------
                                            AuEq
                    Interval    Au     Ag     (1)   Cu    Pb    Zn   % Pb-Zn
From            To   (metres)  g/t    g/t    g/t     %     %     %  Combined
----------------------------------------------------------------------------
123.00      124.00      1.00  1.36   12.4   1.60  0.11  0.16  0.12      0.28
130.10      131.10      1.00  0.43   90.0   2.23  0.37  0.82  0.34      1.15


Hole AD13-03 - Section A
----------------------------------------------------------------------------
                                            AuEq
                    Interval    Au     Ag     (1)   Cu    Pb    Zn   % Pb-Zn
From            To   (metres)  g/t    g/t    g/t     %     %     %  Combined
----------------------------------------------------------------------------
146.00      152.20      6.20  2.81   63.8   4.09  0.55  1.16  0.90      2.06
Including:
147.00      152.20      5.20  3.33   71.8   4.77  0.65  1.36  0.95      2.31
147.00      149.00      2.00  5.18   94.4   7.07  1.03  1.59  1.27      2.86
147.00      148.15      1.15  7.38  141.0  10.20  0.64  2.50  1.92      4.42
151.00      152.20      1.20  5.46  136.0   8.18  0.73  3.03  1.60      4.63


Hole AD13-04 - Section B
----------------------------------------------------------------------------
                                            AuEq
                    Interval    Au     Ag     (1)   Cu    Pb    Zn   % Pb-Zn
From            To   (metres)  g/t    g/t    g/t     %     %     %  Combined
----------------------------------------------------------------------------
131.60      132.70    1.10(i) 2.67  144.0   5.55  0.46  0.37  0.67      1.04

(i) 0.70 metres of fault gouge next to this interval was not recovered, due
    to drill circulation water washing fines.


Hole AD13-05 - Section B
----------------------------------------------------------------------------
                                            AuEq
                    Interval    Au     Ag     (1)   Cu    Pb    Zn   % Pb-Zn
From            To   (metres)  g/t    g/t    g/t     %     %     %  Combined
----------------------------------------------------------------------------
81.50        86.00      4.50  2.23   49.2   3.21  0.64  1.50  0.49      1.99
Including:
81.50        84.00      2.50  3.12   74.5   4.61  0.93  2.51  0.44      2.95
82.65        84.00      1.35  4.64  126.2   7.17  1.47  4.03  0.34      4.37


Hole AD13-06 - Section C
----------------------------------------------------------------------------
                                            AuEq
                    Interval    Au     Ag     (1)   Cu    Pb    Zn   % Pb-Zn
From            To   (metres)  g/t    g/t    g/t     %     %     %  Combined
----------------------------------------------------------------------------
86.20        91.25      5.05  0.27   11.9   0.51  0.26  1.01  1.08      2.09
Including
87.90        91.25      3.35  0.35    9.9   0.55  0.38  1.47  1.45      2.92
88.85        89.90      1.05  0.65   17.2   0.99  1.04  3.89  2.00      5.89
88.85        89.35      0.50  0.47   23.6   0.94  1.95  7.61  3.74     11.35


Hole AD13-07 - Section C
----------------------------------------------------------------------------
                                            AuEq
                    Interval    Au     Ag     (1)   Cu    Pb    Zn   % Pb-Zn
From            To   (metres)  g/t    g/t    g/t     %     %     %  Combined
----------------------------------------------------------------------------
166.15      169.70      3.55  3.93   62.7   5.18  0.74  1.22  0.63      1.84
Including:
166.15      168.65      2.50  5.50   85.8   7.21  1.04  1.68  0.87      2.55
167.05      168.65      1.60  8.17  120.2  10.58  1.57  2.58  0.88      3.46
167.55      168.65      1.10 11.02   87.2  12.76  1.39  3.47  0.16      3.63


Notes:

1. A silver to gold ratio of 50:1 was used for AuEq calculations.
   Metallurgical recoveries and net smelter returns are assumed to be 100%
   for these calculations.
2. Drill intervals reported are down hole intercepts. True widths are yet to
   be determined but are interpreted to range between 75-100%.
3. San Marco Resources is the project operator until Exeter earns an initial
   51% interest.
4. Copper, lead and zinc values are not included in Au Eq calculations.
5. Drill core recovery of the announced mineralized zones is generally
   greater than 90%, unless otherwise noted.
6. Drilling is proceeding with HQ drill core unless otherwise noted.
7. Assay intervals were selected using visuals of geology and
   mineralization. No cut-off grade was used.
 

 

 

Quality Control and Assurance
 

Blanks and certified standards were inserted into the sample stream as part of San Marco’s quality assurance and control program, which complies with National Instrument 43-101 requirements. The analyzes reported were carried out at ALS Chemex Laboratories located in North Vancouver, B.C., using industry standard analytical techniques. For gold, samples are first analyzed by fire assay and atomic absorption spectroscopy (“AAS”). Samples that return values greater than 10 g/t gold using this technique are then re-analyzed by fire assay but with a gravimetric finish. Silver is first analyzed by Inductively Coupled Plasma – Atomic Emission Spectroscopy (“ICP-AES”). Samples that return values greater than 100 g/t silver by ICP-AES are then re analyzed by HF-HNO3-HCLO4 digestion with HCL leach and ICP-AES finish.
 

The technical information contained in this press release has been verified, and this news release has been approved, by Exeter’s CEO, Wendell Zerb, P.Geol., a ‘qualified person’ for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
 

About Exeter
 

Exeter is a Canadian mineral exploration and development company. Its principal focus is the advancement of its 100% owned Caspiche gold-copper project in Chile. Caspiche is one of the largest undeveloped gold-copper deposits in the America’s and is situated 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 continues to evaluate new opportunities related to the advancement of Caspiche, and new industry wide opportunities with the objective of securing properties, which offer near term discovery potential.
 

Exeter has completed pre-feasibility studies that demonstrate the potential for commercializing Caspiche. The Company currently has cash reserves of CAD$47 million and no debt.

Posted May 24, 2013

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