Precise location of treasure in Eastern Canberra (5)

I believe the answer is:

exact

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'precise' is the definition.
(I know that precise can be written as exact)

I don't understand how the remainder of the clue works.

Can you help me to learn more?

(Other definitions for exact that I've seen before include "Precise, accurate" , "Absolutely accurate or correct" , "correct in every detail" , "Correct; insist on" , "Precise; extort" .)

I've seen this clue in the Sydney Morning Herald.

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