VANCOUVER, Feb. 26, 2014 /CNW/ - Cayden Resources Inc. (TSX.V:CYD) ("Cayden" or the "Company") is pleased to announce results from the Company's ongoing Phase 1 core drilling program at its 100% optioned El Barqueño Gold Project in Jalisco State, Mexico. Drilling highlights include 44 meters of 2.34 g/t Au in hole 37 and 23 meters of 2.43 g/t Au in hole 28. These holes extend the prospective mineralization previously encountered in holes 3 and 4 (please see attached map and table below).
The first 37 of 41 holes at the Azteca target area have tested approximately 1.2 km of the 2.2 km prospective strike length to date with a maximum true depth of 200 meters. All the holes drilled in the Azteca target, with the exception of two holes, have penetrated the mineralized structures and have intersected significant gold mineralization.
Table 1 - Drill results from the Azteca target area at El Barqueño (BDD00037 = hole 37):
|HOLE||From||To||Width (m)||Au (g/t)||Ag (g/t)||Cu %|
|BDD0032||no significant intercepts|
Cayden has completed its Phase 1 drilling program at the Azteca target with a total of 41 holes drilled totaling 6,336 meters, 4 holes are currently pending assay. The Azteca drill results received to date indicate continuous mineralization throughout multiple structures along with several areas that contain significantly larger widths and grades at fault intersections. The Azteca target remains open along strike in both directions and at depth; a second phase of drilling is being designed to expand drilling along the projected strike length and will commence once permits are received.
The Company is moving the drill to its Pena d'Oro target where Cayden's technical team has had the opportunity to discover some exceptional surface results which include trenches both within historic workings and beyond them along strike (see news release from August 22nd, 2013).
Ivan Bebek, President and CEO commented: "We are very pleased with the results to date from the Phase 1 drill program at our Azteca target and look forward to a second phase program which we believe will considerably expand the mineralization along strike and at depth. We are also excited to begin an initial drill program at the Peña d'Oro target that will commence shortly. In the past six months, our technical team has done an exceptional job of exploring just over half of the three El Barqueño concessions primarily at surface with the exception of drilling at the Azteca target. The results of the exploration and the interpretation of the geology is starting to reveal district scale exploration potential with a pipeline of 8 additional outcropping targets."
Cayden will be attending the PDAC Mining Convention in Toronto, Ontario and will have two booths for Session A (Sunday March 2 and Monday March 3), Booth #2421A is in the Investor Exchange and Booth #5001 is located inside the Core Shack. President and CEO, Ivan Bebek will also be giving a 15 minute presentation on Exploration and Development on Tuesday, March 4 at 10:20am in room 803AB. We welcome anyone registered for the PDAC or in Toronto to please come and join us.
Qualified Person - David Hladky, P. Geo. is the Qualified Person with respect to NI 43-101 at Barqueño. All core 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, BC. 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. As this is the first drill program by Cayden, the dips of the mineralized structures are not entirely known. However, based on mapping and previous drilling, all intercepts released herein are believed to be 60-100% of true width. Intercepts are calculated assuming a bulk-mining scenario, with a width cutoff of 5 meters and grade cutoff of 0.5 g/t Au (intercepts of 3-4 meters width are also stated if they exceed 5 m * Au g/t grade widths). 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.
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". 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 - El Barqueño Drill Map (CNW Group/Cayden Resources Inc.)". Image available at: http://photos.newswire.ca/images/download/20140226_C7371_PHOTO_EN_37149.jpg
SOURCE: Cayden Resources Inc.
For further information:
Ivan Bebek, President, CEO and Director