The program, contracted to Synergy Drilling, is designed to improve the definition of the known oxide gold zone and other potentially leachable gold zones currently not included in the oxide gold heap leach mine plan.
While the gold oxide zone is well defined by previous drilling, the current program will bring confidence levels to feasibility standards, a necessary component of the company’s plan to move Caspiche oxides to a production decision.
In a 2014 preliminary economic assessment it was envisaged that the heap leach oxide gold project would produce an average of 122,000 ounces of gold equivalent annually over a planned 10 year mine life.
Exeter also stated that it currently has cash reserves of C$16 million and no debt.
Story by ProactiveInvestors