Vancouver – Exeter Resource Corp. (XRC-V) is excited about a deal it struck with Rio Tinto (RTP-N) that allows it to explore the major’s regional geochemical gold anomalies in southern Chile.
The agreement covers 800-sq.-km of ground considered prospective for epithermal gold and silver mineralization.
Exeter can earn 100% in any of the properties once it completes 10,000 metres of drilling, subject to a back-in right by Rio for a 60% property interest. If Rio backs in, it must pay Exeter three times the amount spent on exploration of the project to that point. Rio retains a 1% net smelter return from production, if it decides not to back-in.
The junior plans to begin exploration on the southern Chilean ground under the direction of its resident geologist who has 24 years of exploration experience in the Pacific Rim.
Exeter has a similar strategic partnership with an AngloGold (AU-N) -affiliate that provides it an option to earn into numerous epithermal gold-silver properties in Argentina.Exeter plans to begin follow-up work on the Cerro Puntudo project after receiving encouraging results in February.
The company’s most advanced project, La Cabeza in Mendoza province, contains an inferred resource of 720,000 oz. gold, in 12 million tonnes that grade 1.8 grams gold, at a cut-off of 0.5 gram. A pre-feasibility study on La Cabeza is slated for completion in June.
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