Cayden Resources (CVE:CYD) unveiled positive drill results Friday from its Quartz Mountain property near Fallon, Nevada, US, sending shares up more than 2.6 percent.
The results are from eight step out holes that followed up on
significant grades and widths of silver and base metal mineralization
found in holes reported last month.
Highlights of the latest results included 18.3 metres of 119 grams
per tonne (g/t) silver, 0.3 g/t gold, 0.32% copper, 2.73% zinc, and
1.89% lead in hole QM-0023.
In addition, hole QM-0017 returned 4.6 metres of 198 g/t silver, 0.97
g/t gold, 0.33% copper, 3.56% lead, and 1.45% zinc, while hole QM-0022
hit 10.6 metres of 96 g/t silver, 3.08% lead and 0.34% zinc.
"We are very pleased to see the continuation of higher grade
mineralization at the Quartz Mountain San Rafael target and look forward
to drilling some of the other large targets on the property later this
year," said president and CEO, Ivan Bebek.
"With our ongoing aggressive programs at Morelos Sur and continued
results out of Nevada, we expect 2012 to be a year that we could
potentially deliver significant new discoveries on both our properties.
"We look forward to releasing further results from both exploration programs in the coming months."
mineralized intercepts reported to date for the Nevada property hail
from a total of 24 holes that have tested the Quartz Mountain
mineralized system over an area of 350 by 150 metres.
The majority of holes encountered intercepts greater than 30 g/t
silver, Cayden said, and in excess of 1% combined lead and zinc.
Cayden is now in the midst of finishing its phase one drill program
and expects assays from four more holes in the coming weeks, after which
time it will determine a geologic model for mineralization and design
the next phase of drilling.
The company is also starting a soil-sampling program with a crew of
two project geologists and four field assistants to test other areas of
Many of these prospective areas include historic workings, which have
returned high-grade precious and base metal values from dump grab
samples that are interpreted to be coincident with geophysical anomalies
and trends, the company said.
The Quartz Mountain project consists of an option with Vancouver
based Railhead Resources, under which Cayden can earn either a 50 or 60
percent interest in three groups of Nevada silver-gold exploration
The property is comprised of three claim groups for a total of 60 square kilometres.
Earlier this month, Cayden unveiled initial results from its drill
program at the Las Calles target and its trench program at the La
Magnetita and La Joya targets, each located on the Morelos Sur gold
project, located in the Nukay mining district of central Guerrero State
in southern Mexico.
Significant results at the Las Calles target included LCDD0093, which
intersected 14.0 metres grading 4.2 grams per tonne (g/t) gold,
including 2.0 metres at 16.0 g/t gold. The hole also intersected 6.5
metres grading 0.62 g/t gold.
Other notable results included LCDD0091, which returned 6.0 metres grading 0.69 g/t gold, and 5.0 metres grading 0.828 g/t gold.