Thursday, 17 May 2012

Cayden identifies significant gold in soil Anomaly at La Magnetita

Cayden Resources (CVE:CYD) Wednesday identified "significant gold" in a soil anomaly at its La Magnetita deposit at its Morelos Sur Project in Mexico.

The exploration company has now received over 1,200 assays from its La Magnetita and La Joya soil program which indicate an extensive gold anomalous area that is up to 5 km in an East-West direction by 2 km in a North-South direction.

"We are very impressed with the extent of the gold in soil anomaly. We now see what appears to be a hydrothermal system at La Magnetita, rather than the two previously described as La Magnetita and La Joya, Cayden's president and CEO Ivan Bebek said.

"The extensive surface work done to date, which coincides with the large magnetic anomaly previously revealed by airborne geophysics, strongly enhances the odds of discovering a very large gold deposit in this prolific area.

"We are planning to commence our drill program in May once we receive the outstanding trench results. Cayden is continuing to drill at Las Calles and expects to release more results from there in the near future."

Cayden said the soil anomaly strongly suggests that the La Magnetita and La Joya targets are part of the same very large hydrothermal system. Cayden is currently planning a drill program in the western portion of the La Magnetita anomaly where the most extensive surface work has been completed.

There are presently over 2,000 meters of trench samples in the assay lab and the company is creating a detailed geologic map from outcrop and trench exposures that it will use to refine drill targets.

Cayden anticipates drilling a minimum of 6,000 meters by reverse circulation once all the trench assays have been received.

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