Junior miner Cayden Resources (CVE:CYD) Friday reported additional drill results from the Las Calles target at its Morelos Sur Gold property, in Mexico.
Morelos Sur Gold project rests in the Nukay mining district of central
Guerrero State. It currently hosts 15 million gold ounces between two
separate projects. The Morelos project has NI 43-101 gold resource of
The latest drill hole was drilled deeper than
any prior core holes in the area and intercepted a lower zone of
mineralization that the company has been targeting.
LCDD0094 intercepted 1.02 grams per tonne of gold (g/t) and 209 g/t
silver over 41.7 metres. This also includes 0.38 percent copper.
are pleased to see the hypothesized deeper zone at our Las Calles
target return such significant mineral values between two producing
pits," chief executive Ivan Bebek said.
"The success of the
holes in the Las Calles target gives room for significant value to be
added in the near term. We are also very pleased to see the increasing
strength of the La Magnetita target ahead of an initial 6,000 meter
Cayden said results occur in and at the contact
of a fractured and iron oxide-rich diorite sill. It added other drill
completed in the area, but assays are pending.
hole supports the hypotheses of the existence of a deeper, higher grade
lateral extension of the ore body currently being mined on the adjacent
property, the company said.
In addition, the company also
announced on Friday it received first soil results from the La Magnetita
target, which indicate an area of gold mineralization that exceeds 1.4
kilometres in strike length.
Cayden is waiting for about four
square km of further results on the La Magnetita soil grid. Also the
miner has extended the inital La Magnetita trench further into an area
of anomalous soils and has cut additional surrounding trenches and
expects results shortly.
The company’s share price went up nine
cents, or 5.29 percent, climbing to $1.79 apiece in trade on Toronto’s
junior venture exchange.