Exeter Resource Corporation: Big Gold, Copper & Silver Discovery in Northern Chile
By: Simon Russell, GoldSeek Mining Analyst
Exeter Resource Corporation [NYSE: XRC; TSX: XRA] is led by an accomplished management team, has about $68 million in cash and a tight share structure so despite volatility in the market their downside risk appears minimal, while their upside is enormous. When Exeter’s team of mine finders went hunting for an elephant sized gold deposit in the northern Chile’s emerging Maricunga porphyry belt they bagged a woolly mammoth at Caspiche.
The results of Caspiche’s Prefeasibility Study were announced in January 2012, providing investors with many examples of how this project’s enormous Proven and Probable Reserves of 19.3 million ounces of gold, 4.62 billion pounds of copper and 41.5 million ounces of silver are currently on sale. These Reserves of 30.1 million gold equivalent ounces contained within over 1 billion tonnes of ore is the largest Feasibility stage gold deposit in Chile not owned by a major mining company. Caspiche is also strategically located in the booming Maricunga district between Barrick and Kinross properties so this deposit is an obvious acquisition target with potential for a much higher $/ounce in the ground valuation.