Sign up USA
Proactive Investors - Run By Investors For Investors

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

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.

View full CYD profile View Profile

Cayden Resources Timeline

Related Articles

July 26 2017
David Busch discussed exploration plans at Proactive's CEO Sessions.
January 15 2018
Anglo Asian Mining has been pressing ahead with plans to boost production at its mines in Azerbaijan
picture of mine interior
January 15 2018
Caledonia retains operational control of Blanket and ownership of 49% of the mine in Zimbabwe

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright ©, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use