Junior mining exploration company Cayden Resources (CVE:CYD) announced Thursday that it has received new trench assays from the La Magnetita prospect at its flagship Morelos Sur gold project in Guerro, Mexico.
Highlights include 24 metres of 1.65 grams per tonne (g/t) gold, 25 metres of 0.72 g/t gold, and 25 metres of 0.52 g/t gold.
The company reported that the intercepts are in the western part of the five kilometre long soil anomaly at the site.
To date, approximately one kilometre of the anomaly has had extensive
road and trench construction, with the mineralized trenches occurring
over a 700 metre strike length.
An additional 363 trench samples are pending assay, and will be released shortly, the company said.
Cayden has also been constructing a detailed geologic map of the La Magnetita area and has begun drill pad construction.
The company anticipates drilling at La Magnetita to commence within a week’s time.
"Despite only receiving assays from less than 20% of the extensive La
Magnetita gold-in-soil anomaly, we are excited to begin drilling while
simultaneously continuing the expansion of our trench and road network
to fully cover this large anomaly," said Cayden’s president and CEO,
"Cayden is also continuing its drill program at Las Calles and expects to release more results from there in the near future."
The company focuses on the acquisition, exploration and development
of precious metal projects located throughout the Americas, currently
having three projects located in Guerrero and Jalisco, Mexico, and
Earlier in May, Cayden identified "significant gold" in a soil
anomaly at the La Magnetita deposit. The company had received over 1,200
assays from its La Magnetita and La Joya soil program, which indicated
an extensive gold anomalous area that is up to 5 kilometres in an
east-west direction by 2 kilometres in a north-south direction.
Cayden said at the time that the soil anomaly strongly suggests that
the La Magnetita and La Joya targets are part of the same very large
Shares of Cayden increased 3.48 percent to $1.19 Thursday morning.