Cayden Resources (CVE:CYD) said Wednesday it has received more than 2,000 additional results from its La Magnetita soil program, increasing the area of the gold-in-soil anomaly to over 7.3 square kilometres.
La Magnetita is part of
Cayden’s Morelos Sur gold project in Guerrero State, Mexico, where the
company started drilling last month.
The geochemical, and over 100 parts per billion (ppb) anomaly also remains open in most directions, the company said.
new soils revealed extensive areas that have "highly elevated gold
values", Cayden noted, including north-south trending gold values of
more than 500 ppb, with strike lengths of up to 1.6 kilometres.
higher-grade anomalies are coincident with north-south intrusive dikes,
iron oxide-quartz alteration and veining within the limestone, and
taken together, show an area over 1.5 square kilometres where
gold-in-soil averages in excess of 500 ppb.
This area is still open to the east and south, Cayden added.
continue to be impressed with the size and strength of the La Magnetita
hydrothermal system," said Cayden's president and CEO, Ivan Bebek, in a
"As we complete more surface exploration, the target
areas are consistently growing. We believe that we have an excellent
chance of discovering a significant gold deposit with our drilling
Indeed, in the western anomalies where Cayden is
currently drilling, the company's geologists took a grab sample assaying
more than 27 grams per tonne (g/t) gold, in an area where Cayden has
soils exceeding 1 g/t gold.
The gold explorer is now drilling
these areas of anomalous gold-in-soil and trenches in the western
portion of the La Magnetita target, and is starting additional trenching
and road building in the eastern area.
The company is also continuing to extend its soil program in the directions where the anomaly remains open.
said it expects to release additional results from its Las Calles
drilling shortly, with the La Magnetita drill results to be released
later this summer.
In June, the first batch of
trench assays from the La Magnetita prospect 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
Cayden currently has three projects located in Guerrero and Jalisco, Mexico, and Nevada, USA.