TSX VENTURE : CYD
March 23, 2012 10:51 ET
Cayden Intersects 18.3 Meters of 119 g/t Silver, 2.73% Zinc and 1.89% Lead at its Quartz Mountain Project, Nevada
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2012) - Cayden Resources Inc. (TSX VENTURE:CYD) ("Cayden" or the "Company") is pleased to announce it has received additional assay results from reverse circulation drilling at the Quartz Mountain property near Fallon, Nevada, USA. These results come from eight step-out holes that follow up on the significant grades and widths of silver and base-metal mineralization encountered in the initial holes reported on February 15, 2012. The mineralized intercepts reported to date come from a total of 24 holes that have drill tested the Quartz Mountain mineralized system over an area of 350 by 150 meters. The majority of holes have encountered intercepts greater than 30 g/t Ag and in excess of 1% combined Pb and Zn. The current holes encountered gold mineralization up to 0.97 g/t over 4.6 meters. Highlights from the most recent results include:
Cayden's President and CEO Ivan Bebek states: "We are very pleased to see the continuation of higher grade mineralization at the Quartz Mountain San Rafael target and look forward to drilling some of the other large targets on the property later this year. With our ongoing aggressive programs at Morelos Sur and continued results out of Nevada, we expect 2012 to be a year that we could potentially deliver significant new discoveries on both our properties. We look forward to releasing further results from both exploration programs in the coming months."
On Behalf of the Board,
Ivan Bebek, President and CEO
Qualified Person and QA/QC
Gary DeShutter, M.Sc., P. Geo. is the Qualified Person with respect to NI 43-101 at Quartz Mountain. Reverse circulation samples were taken at five foot (1.5 m) intervals utilizing drilling and sampling techniques widely accepted in resource definition studies of base and precious metal deposits. All reverse circulation drill samples are assayed using standard 30 gram fire assay with atomic absorption finish for gold and by nitric aqua regia digestion, and inductively coupled plasma - atomic emission spectroscopy (ICP - AES) for the other elements reported; all sample preparation and analyses are completed by ALS Minerals Labs in Reno Nevada and Vancouver, British Columbia. QA/QC programs using internal lab and external standard samples, re-assays, and blanks indicate good accuracy and precision in a large majority of standards assayed. Based on historical reports of stopping activities, mineralization in the area drilled is believed to be primarily shallow to moderately dipping. Six of the eight holes were drilled vertically and two were drilled at minus 75 degrees. Thus the widths suggested by the intercepts are believed to be approximate true width to within 40%.
About the Quartz Mountain Project
The Quartz Mountain project consists of an option with Vancouver based Railhead Resources Ltd. ("Railhead"), a private resource explorer, under which Cayden can earn either a 50% or 60% interest in three groups of Nevada silver-gold exploration properties, which Railhead has the right to acquire from an underlying owner. The Property consists of three claim groups for a total of 60 square kilometers over which many small historical workings are present. Cayden and Railhead have performed soil, rock sampling, and geophysical surveys over other portions of the property and are currently in the process of refining multiple targets into a drill ready stage.
About Cayden Resources
Cayden is a well financed junior mining company focused on delivering shareholder value through the acquisition, exploration and development of precious metal projects located throughout the Americas. 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, and 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
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
To view Figures 1 and 2 please click on the following link: http://media3.marketwire.com/docs/CYDFigures.pdf
- 18.3 meters of 119 g/t Ag, 0.3 g/t Au, 0.32% Cu, 2.73% Zn, and 1.89% Pb (QM-0023)
- 4.6 meters of 198 g/t Ag, 0.97 g/t Au, 0.33% Cu, 3.56% Pb, 1.45% Zn (QM-0017)
- 10.6 meters of 96 g/t Ag, 3.08% Pb, and 0.34% Zn (QM-0022).
| Table 1: Significant drill intercepts from Quartz Mountain* | |||||||||||
| Hole ID | From (metres) | To (metres) | Width (metres) | Au (g/t) | Ag (g/t) | Zn (%) | Pb (%) | Cu (%) | Mo (%) | Ag Eq (g/t) | Ag Eq (OPT) |
| QM0017 | 39.6 | 44.2 | 4.6 | 0.97 | 198.03 | 1.45% | 3.56% | 0.33% | 0.04% | 374.39 | 13.21 |
| QM0017 | 59.4 | 60.9 | 1.5 | 0.07 | 50.90 | 0.23% | 2.00% | 0.39% | 0.15% | 166.06 | 5.86 |
| QM0018 | 54.9 | 57.9 | 3.0 | 0.10 | 136.00 | 3.84% | 4.56% | 0.07% | 0.02% | 302.26 | 10.66 |
| QM0018 | 79.2 | 80.7 | 1.5 | 0.02 | 70.10 | 0.18% | 1.63% | 0.01% | 0.13% | 140.21 | 4.95 |
| QM0019 | 48.8 | 50.3 | 1.5 | 0.01 | 49.70 | 1.61% | 0.77% | 0.11% | 0.00% | 101.82 | 3.59 |
| QM0019 | 59.4 | 60.9 | 1.5 | 0.38 | 32.50 | 1.76% | 0.23% | 0.32% | 0.01% | 114.74 | 4.05 |
| QM0022 | 36.6 | 47.2 | 10.6 | 0.18 | 96.24 | 0.34% | 3.08% | 0.11% | 0.03% | 183.67 | 6.48 |
| QM0022 | 53.3 | 57.9 | 4.6 | 0.14 | 51.20 | 0.08% | 1.06% | 0.05% | 0.02% | 88.04 | 3.11 |
| QM0023 | 42.7 | 61.0 | 18.3 | 0.30 | 118.50 | 2.73% | 1.89% | 0.32% | 0.03% | 248.59 | 8.77 |
| QM0023 | 105.2 | 106.7 | 1.5 | 0.24 | 40.20 | 0.32% | 1.06% | 0.02% | 0.21% | 137.59 | 4.85 |
| QM0024 | 64.0 | 67.0 | 3.0 | 0.10 | 39.00 | 0.08% | 0.16% | 0.01% | 0.04% | 60.34 | 2.13 |
| *Silver equivalent grades have been determined using the approximate spot rate for each metal at the time of the release (assuming 100% recoveries). The metal prices applied in the conversion are as follows: Gold - $1,650/Ounce; Silver - $32.20/Ounce; Zinc - $0.92/lb; Lead - $0.93/lb; Copper - $3.85/lb; Molybdenum Oxide - $14.50/lb. The silver equivalent grades are presented for comparative purposes only and are not intended to assess economic feasibility. |
On Behalf of the Board,
Ivan Bebek, President and CEO
Qualified Person and QA/QC
Gary DeShutter, M.Sc., P. Geo. is the Qualified Person with respect to NI 43-101 at Quartz Mountain. Reverse circulation samples were taken at five foot (1.5 m) intervals utilizing drilling and sampling techniques widely accepted in resource definition studies of base and precious metal deposits. All reverse circulation drill samples are assayed using standard 30 gram fire assay with atomic absorption finish for gold and by nitric aqua regia digestion, and inductively coupled plasma - atomic emission spectroscopy (ICP - AES) for the other elements reported; all sample preparation and analyses are completed by ALS Minerals Labs in Reno Nevada and Vancouver, British Columbia. QA/QC programs using internal lab and external standard samples, re-assays, and blanks indicate good accuracy and precision in a large majority of standards assayed. Based on historical reports of stopping activities, mineralization in the area drilled is believed to be primarily shallow to moderately dipping. Six of the eight holes were drilled vertically and two were drilled at minus 75 degrees. Thus the widths suggested by the intercepts are believed to be approximate true width to within 40%.
About the Quartz Mountain Project
The Quartz Mountain project consists of an option with Vancouver based Railhead Resources Ltd. ("Railhead"), a private resource explorer, under which Cayden can earn either a 50% or 60% interest in three groups of Nevada silver-gold exploration properties, which Railhead has the right to acquire from an underlying owner. The Property consists of three claim groups for a total of 60 square kilometers over which many small historical workings are present. Cayden and Railhead have performed soil, rock sampling, and geophysical surveys over other portions of the property and are currently in the process of refining multiple targets into a drill ready stage.
About Cayden Resources
Cayden is a well financed junior mining company focused on delivering shareholder value through the acquisition, exploration and development of precious metal projects located throughout the Americas. 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, and 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
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
To view Figures 1 and 2 please click on the following link: http://media3.marketwire.com/docs/CYDFigures.pdf
Neither the TSX Venture Exchange nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.
