PROJECTS
Please click project names on the map above, or headings below for more detailed information.
ARGENTINA AND CHILE
Maricunga:
In October of 2005 Exeter signed an option agreement with Anglo American Chile Limitada and Mantos Blancos S.A. (collectively "Anglo American") over a number of prospective gold projects in the Maricunga metallogenic belt of Chile, including the Caspiche Project comprising an area of over 12.6 square kilometres. The terms of the agreement provide for increasing annual drilling and exploration commitments over five years.
Following discovery of the Caspiche central porphyry style gold-copper mineralisation in May 2007, Exeter has drilled over 25,000m on the property including a number of widely spaced deep drillholes which have intersected potentially ore grade mineralisation to depths of over 1000 vertical metres (3,300 feet). On Spetember 14,2009 an updated NI43-101 compliant resource statement was released using all available drilling conducted to end 2008-2009 drill season. The inferred resource is 19.6 million ounces gold, 4.84 billion pounds of copper, and 137 million ounces of silver.
Exeter has now fulfilled the total expenditure and drilling requirements for the full term of the option agreement. It currently proposes to exercise the option for 100% ownership in January, 2010 which will trigger advance annual payments of $250,000 deductible from future royalties. Anglo American will be entitled to a 3% net smelter return from production.
A new $13 million dollar work program is planned for the next 12 month period to September 2010 designed to expand and upgrade the resource along with concurrent infrastructure, metallurgical, engineering and environmental studies.
Patagonia:
Exeter has executed a strategic agreement with Cerro Vanguardia S.A. (CVSA) to acquire subject to a due diligence, the rights to all CVSA'S exploration projects, except those surrounding its Cerro Vanguardia gold mine in Patagonia, Argentina. The agreement provides Exeter with a unique opportunity to explore and develop an entire suite of partially tested gold properties in a very promising, yet little explored mineral district of South America. CVSA is owned 92.5% by AngloGold Ltd. (AngloGold) and 7.5% by Fomicruz S.E., the Santa Cruz provincial mining company. For further information on the CVSA agreement, click here.
Cerro Moro (Exeter 100%) is the most advanced of 12 epithermal gold and silver properties. Drilling is continuing with 3 rigs currently on site at Cerro Moro , with a view to establishing a high grade gold-silver resource amenable to open pit mining. The Company has drilled over 25,000 meters on the property to March 2008, and is commencing internal resource and scoping studies.
In March 2008, the Company announced a deal with the Santa Cruz Government owned mining company Fomento Minera de Santa Cruz Sociedad del Estado (“Fomicruz SE”) whereby Fomicruz SE will acquire a 5% interest in the Cerro Moro project upon receipt of all required development and mining permits. The Company also has a right to earn up to 80% equity in Fomicruz SE’s exploration leases adjoining Cerro Moro, by funding US$10 million exploration expenses.
In addition to drilling Cerro Moro, the company has focused drilling to date on Verde and Cerro Puntudo projects in Santa Cruz Province. Drilling and advanced exploration on projects in Rio Negro province has been deferred. Prior to November, 2006, a total of 7820 meters were drilled by Exeter at Cerro Puntudo and Verde.
Rosarita:
The project is located 110 kilometers west-northwest of San Juan City, the provincial capital of San Juan Province in western Argentina. Estelar Limited (Exeter's wholly owned subsidiary) holds mining rights to 29.3 sq. km. of mineral property. The property has excellent road access year round. The Rosarita property was initially explored by Argentina Mineral Development (AMD) and Battle Mountain Gold. BMC withdrew from the joint venture after its take-over by Newmont. Intrepid Minerals later acquired the Casposo gold-silver discovery, located immediately north of Rosarita. There is a 2% NSR due to AMD from production on the project.
Quispe:
Exeter has identified porphyry-style gold and copper mineralization at the Quispe prospect in Catamarca Province. Exploration on the property has included geological mapping, Landsat interpretation, an airborne magnetic/radiometric geophysical survey, ground geophysical surveys (magnetics, gradient array and dipole-dipole IP), rock chip and trench geochemical sampling. This work has provided several well defined exploration targets.
El Salado:
The El Salado prospect is located in the Uspallata Graben which is a major extensional basin developed in the Precordillera of Argentina. The Graben is over 300 kilometers long in a north-south direction, extending from Uspallata in northern Mendoza province, to north of Rodeo in San Juan province. The Graben is host to a number of mineralized porphyry and epithermal systems, the location of which is controlled by north-westerly and north-easterly fault structures. Examples of porphyry copper districts include Paramillos, San Jorge-Yalguaraz, Castano Nuevo, and Chita, with El Salado near the northern extremity of the Graben. Exeter intends to re-examine the results from previous detailed drilling of the El Salado project in the light of escalating metal prices.
Magallanes
The company has an agreement with Rio Tinto Mining and Exploration Limited ("Rio Tinto"), of Santiago, Chile, an affiliate of the Rio Tinto group of companies. Exeter has the right to acquire the mineral rights to, and explore some 48 gold geochemical anomalies identified by Rio Tinto in the Magallanes area in southern Chile. Rio Tinto will then have once only right on any project to take a 60% interest after 500 meters have been drilled, or retain a 1% NSR the anomalies were generated in the course of a reconnaissance exploration program by Rio Tinto in 1990/1991 that covered a large area of southern Chile. Mineral rights have recently been secured on behalf of Exeter. Reconnaissance exploration of epithermal-style gold, copper/gold porphyry and massive sulphide targets will be conducted through the southern summer field seasons in 2006 and 2007.
Cochrane
Exeter has five concessions covering 15 square kilometers at Confluencia in the Cochrane area which cover a low sulphidation epithermal vein system. No drilling has yet been carried out on the property. These are held solely by Exeter. Exploration mapping and sampling was completed over a portion of the project in February 2007. It is planned to complete mapping of this project before the end of 2007.
Don Sixto (La Cabeza):
As a result of political developments in Mendoza Province, Argentina, the further development of the advanced Don Sixto Gold Project has been put on hold. The Company is reviewing its legal recourse for damages suffered and will continue to work with authorities in Mendoza, and with representatives of other mining companies, to effect legislative change.
The project now has over 60,000 meters of drilling and preliminary development studies have been completed. It is located in southern Mendoza Province in central western Argentina at an altitude of 1200 meters. The climate is semi-arid, allowing good year-round access. Resources are being estimated by independent consultants, Hellman and Schofields, and will be released in July/August, 2007. Exeter has the right to 100% of the property subject only to a royalty, capped at US$1.0 million.
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