VANCOUVER, April 24, 2014 /CNW/ - Cayden Resources Inc. (TSX.V:CYD) ("Cayden" or the "Company") is pleased to announce results for the first seven drill holes from the Pena de Oro target at the Company's El Barqueno Gold Property in Jalisco State, Mexico. Drilling highlights include 27 meters of 4.46 g/t Au from surface in Hole 43 and 12 meters of 4.77 g/t Au in hole 47. All seven holes hit significant gold intercepts. Please see Figure 1 below or www.caydenresources.com for a drill location map.
The Company is currently drilling at Pena de Oro with 2 rigs and as a result of the success of the current drill program and previous trenching at Pena de Oro, an additional 4,000 meters of drilling is planned for the target totaling approximately 6,000 meters in the Company's Phase 1 exploration drill program. There are currently 10 additional holes in the lab for analysis.
Permitting efforts are ongoing throughout the El Barqueno concessions to allow better access to multiple targets already identified by the Company that are planned to be drilled over the next 12 months.
Table 1 - Drill results from the Pena de Oro target at El Barqueño starting from BDD00042 (hole 42):
|Hole ID||From||To||Width||Au g/t||Ag g/t||Cu %|
As a result of the considerable land position totaling over 460 square kilometers and the identification of large, mineralized vein breccia and stockwork systems, the Company is undertaking a two-phase drilling approach with each identified target. The initial phase will focus on the exploration of multiple outcropping mineralized targets with a goal of confirming surface/subsurface mineralization and structure identification. A second phase will focus on delineation drilling as well as further step-outs along strike where the large vein systems are projected. President and CEO Ivan Bebek states: "We are very pleased with the initial results at Pena de Oro, our second of nine highly prospective targets identified. The Azteca and Pena de Oro results indicate a great level of consistency and growing predictability for the potential discovery of higher-grade gold deposits from surface throughout the El Barqueño concessions. The upcoming year will be exciting for Cayden shareholders as the Company continues to aggressively explore and drill multiple surface gold targets throughout El Barqueño".
Qualified Person - David Hladky, P. Geo. is the Qualified Person with respect to NI 43-101 at Barqueño. All core from this release is drilled at HQ diameter and is sawed or split into equal halves on site. All samples are assayed using standard 30 gram fire assay with atomic absorption finish by Acme Labs in Vancouver, Ca. QA/QC programs using internal standard samples, field and lab duplicates, re-assays, and blanks indicate good accuracy and precision in a large majority of standards assayed. As the mapped mineralized corridors strike EW to ENE, the drill holes were designed to have azimuths perpendicular or close to perpendicular to the strike with the exception of BDD0044, which was drilled obliquely to hit a target not accessible from the permitted pad. As this is the first drill program by Cayden, the dips of the structures are not entirely known but are believed to dip steeply to moderately based on mapping and historical work, and thus the true widths of the intercepts are estimated to be 60-90% of the true width, with the exception of BDD0044, which is probably 40% of trues widths. Intercepts were calculated assuming a bulk-mining scenario. No intercepts were reported that averaged less than 0.5 g/t Au (rounded) and no intercepts have more than five consecutive meters of less than 0.2 g/t, or begin or end with values less than 0.2 g/t, excepting BDD0045, where the intercept was extended to include high copper values.
About Cayden Resources - Cayden is a junior mining company focused on delivering shareholder value through the acquisition, exploration and development of precious metal projects in Mexico. The management team at Cayden is highly experienced with an impressive track record of success in the discovery, development and financing of mineral projects. Cayden is also strongly committed to the highest standards for environmental management, social responsibility, health and safety for its employees and neighboring communities. Cayden trades on the TSX Venture Exchange under the symbol "CYD" and under CDKNF on the OTCQX Exchange. For more information on Cayden Resources, please visit our website at www.caydenresources.com
Forward Looking and other Cautionary Information - Neither the TSX Venture Exchange nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release. This release includes certain statements that may be deemed "forward-looking statements". Forward-looking information is information that includes implied future performance and/or forecast information including information relating to, or associated with, exploration and or development of mineral properties. These statements or graphical information involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different (either positively or negatively) from any future results, performance or achievements expressed or implied by such forward-looking statements. Investors should review the Company's AIF which is available at www.sedar.com
Image with caption: "Figure 1 - Drill Map of Pena De Oro Target (CNW Group/Cayden Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20140424_C4958_PHOTO_EN_39587.jpg
SOURCE: Cayden Resources Inc.
For further information:
Ivan Bebek, President, CEO and Director