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Tuesday, 25 September 2012
Cayden Resources starts drilling at La Magnetita East
Cayden Resources (CVE:CYD) says it has started drilling on its La Magnetita East target at the Morelos Sur gold property in Guerrero State, Mexico.
The drilling will inititally consist of 4,000 to 5,000 metres to test what the company calls the "highly mineralized" four square kilometre heart of the more than 500 parts per billion (ppb) gold-in-soil anomaly.
Cayden also said Tuesday it has received additional rock and mapping results from the La Magnetita East area, which include over 20 new bedrock samples that returned grades as high as 9.4 grams per tonne (g/t) gold, and 982 g/t silver.
"We are very impressed with the coincident results of the geologic mapping, rock samples and the highly prospective nature of the strongly anomalous multi-element soil anomaly at our La Magnetita East target," said chief geologist for Cayden, Dan McCoy.
"The strength of the soil and rock values as well as the presence of the right kinds of lithology and alteration are very encouraging as we believe that this is one of the best undrilled targets we have seen on our property to date.
"We are very excited for commencement of the core drilling program," he added.
Indeed, last week, Cayden said that soil and rock results “significantly increased” the size of the La Magnetita gold anomaly at its Morelos Sur project.
The company said the results from the eastern part of La Magnetita increased the size of the gold-in-soil anomaly from 5.0 by 3.7 kilometres to over 5.4 by 5.4 kilometres.
The miner also noted last week that the limited reverse circulation drilling completed to date on the western side of the La Magnetita anomaly has not returned any significant results as of yet.
On the company's El Barqueno project, Cayden said today a VTEM airborne geophysical survey is underway, as well as "extensive" surface programs. An initial drilling program at the project is expected to begin early next year.
Cayden is a junior mining company focused on precious metal projects in North America.
Last month, the company increased a non-brokered financing it announced previously from $4.2 million to nearly $5.1 million due to increased demand.