Projects Overview
To view information on Argentinean Projects including Cerro Moro, previously held by Exeter and subject to the spin out to new entity, Extorre Gold Mines Limited (XG), please proceed to the XG website; click here.
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 45,000m 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 April 6, 2010 an updated NI43-101 compliant resource statement was released using all available drilling results to February 6th, 2010. The major milestone for this resource was the maiden announcement of both indicated and inferred resources at the project. This interim indicated resource is 14.3 million ounces of gold, 33.6 million ounces of silver and 3.5 billion pounds of copper. The new inferred resource contains an additional 10.0 million ounces of gold, 26.7 million ounces of silver and 2.9 billion pounds of copper.
The new gold equivalent endowment of Caspiche using only gold and Copper now stands at a total of 23.9 million gold equivalent ounces INDICATED and a further 17.8 million gold equivalent ounces INFERRED*.
A final 2010 resource is scheduled for completion at the end of Q3, 2010.
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 within 60 days from January 31st, 2011 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 10 month $22 million dollar work program from March through December 2010 is designed to expand and upgrade the resource along with concurrent infrastructure, metallurgical, engineering and environmental studies.
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 were conducted through the southern summer field seasons in 2006 and 2007 leading to a focus on the Zodiac Project.