Exeter Resource Corporation (AMEX: XRA) is a Canadian-based mineral exploration company focused on the discovery and development of gold and silver properties in South America. The company is primarily interested in the discovery, evaluation and subsequent mining of gold and silver deposits, mainly in Argentina and Chile. Exeter Resource owns no producing properties and consequently has no operating income or cash flow from the properties they hold.
Exeter’s core property is the 100-percent owned Cerro Moro Gold-Silver Project, located in Santa Cruz Province, Argentina. Drilling has continued using three drill rigs. The company’s first high-grade discovery on the property was the Escondida vein, followed by the Loma Escondida vein, and later the Escondida vein extensions. Within the property, Exeter has generated high-grade to “bonanza grade” drilling results from an extensive epithermal vein system, located 80 miles east of the Cerro Vanguardia gold mine. The company has identified an additional 20 vein targets that are currently being drill tested in their discovery drilling program.
The Caspiche Project, in which the company has an option to own 100% from Anglo American Chile Limitada, is located 8 miles south of Kinross Gold’s Refugio mine, a 6 million-plus ounce gold reserve, and 6 miles north of the very large Cerro Casale gold-copper deposit, a 24 million ounce gold reserve. Exeter’s Caspiche discovery is classified as a “gold-copper porphyry,” a type of deposit common to many of the world’s largest open pit gold-copper mining operations. A number of drill holes indicated the mineralized volume of the Capische property is very substantial by industry standards.
Exeter continues to drill other gold-silver targets throughout the regions of Patagonian Argentina and Chile. The company has gained a strong presence in the region through separate strategic alliances with Cerro Vanguardia, an AngloGold Ashanti subsidiary, and Rio Tinto Mining and Exploration Chile.
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