Wednesday, 6 June 2012

Cayden Resources starts drilling on La Magnetita target at Morelos Sur project

Junior mining explorer Cayden Resources (CVE:CYD) announced Wednesday that it has mobilized a reverse circulation drill rig and has started drilling at its La Magnetita target.
La Magnetita is part of Cayden’s Morelos Sur gold project in Guerrero State, Mexico.
The drill program will test the depth extensions of prior 24-58 metre long + 0.5 grams per tonne (g/t) gold trench intercepts.
The area from which trench results have been received so far covers roughly 20 percent of the initial 5 km long, strong gold in soil anomaly, the company said.
Last month, the miner 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 km in an east-west direction, by 2 km in a north-south direction.
Cayden currently has several assays in the lab from new trenches, which will likely provide additional targets for the company in the near future, it said.
The company started at La Magnetita with a fairly raw prospect underlain by a "very prospective" magnetic anomaly.
Each successive stage of exploration, from stream sediments, to soils and trenching, successfully identified gold anomalies, supporting the theory that the target could host a large gold deposit similar to the others discovered in the Guerrero Gold Belt, Cayden said.
"The opportunity to drill La Magnetita is significant, as it is rare to find so many consistent preliminary indicators in a prolific world class gold belt," said Cayden’s chief geologist, Dan McCoy.
The company announced last week the release of new trench assays from the La Magnetita prospect. Highlights included 24 metres of 1.65 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 were in the western part of the five kilometre long soil anomaly at the site.
An additional 363 trench samples are pending assay, and will be released shortly, the company said in the middle of last month.
"The exploration target at La Magnetita is centered on a hydrothermal system impressive for its size, strength, and continuity. Drilling will add the important third dimension and a test of its bulk tonnage potential," added Cayden’s director, David Jones.
Jones is credited with the discovery of the Los Filos gold-skarn deposit, which became Mexico's largest producing gold mine.
Cayden focuses on the acquisition, exploration and development of precious metal projects located throughout the Americas. It currently has three projects located in Guerrero and Jalisco, Mexico, and Nevada, USA.

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