Cayden Discovers New Lower Zone Containing Significant Gold, Silver and Copper at Las Calles
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/30/12 -- Cayden Resources Inc. (TSX VENTURE: CYD) ("Cayden" or the "Company") is pleased to announce that it has received an additional drill result from drilling at the Las Calles target at the Morelos Sur Gold property, Mexico. The drill hole was drilled deeper than any of the previous core holes in the area and intercepted a lower zone of mineralization that the Company has been targeting. The drill hole (LCDD0094) returned an intercept of 41.7 meters of 1.02 g/t Au, 209 g/t Ag, and 0.38% Cu which occurs in and at the contact of, an extremely fractured and iron oxide-rich diorite sill. Additional drill holes have been completed in the area and assay results are pending. This hole supports the hypotheses of the existence of a deeper, higher grade lateral extension of the ore body currently being mined on the adjacent property. The drill hole locations are shown at www.caydenresources.com. Drilling at Las Calles is ongoing utilizing three drills.
Table 1. New Intercepts from Las Calles Drilling
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Width Au Ag Cu Au equiv Ag equiv
Hole ID From To (m) (g/t) (g/t) (%) (g/t) (g/t)
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LCDD0094 89.9 102.0 12.2 1.56 74 0.04 2.99 157
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LCDD0094 259.0 264.0 5.0 1.64 90 0.43 4.00 207
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LCDD0094 302.2 344.9 41.7 1.02 209 0.38 5.60 263
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(i) Silver and Gold equivalent grades have been determined using the approximate spot rate for each metal at the time of the release. The metal prices applied in the conversion are as follows: Gold - $1682/Ounce; Silver - $32.5/Ounce; Copper - $3.85/lb, assuming 100% recoveries. The silver and gold equivalent grades are presented for comparative purposes only and are not intended to assess economic feasibility.
La Magnetita Target Update
The Company has received its first soil results from the La Magnetita target, which are coincident with previously released trench results (see NR dated March 5th, 2012). These geochemical soil results indicate an area of gold mineralization that now exceeds 1.4kms in strike length. The Company is waiting for approximately 4 square km of further results on the La Magnetita soil grid. Cayden has also extended the initial La Magnetita trench further into the area of the anomalous soils and has cut additional surrounding trenches for which results are expected shortly.
Cayden's President and CEO Ivan Bebek states: "We are very pleased to see the hypothesized deeper zone at our Las Calles target return such significant mineral values between two producing pits. The success of the holes in the Las Calles target give room for significant value to be added in the near term. We are also very pleased to see the increasing strength of the La Magnetita target ahead of an initial 6000 meter drill program."
David Hladky, P. Geo., is the Qualified Person with respect to NI 43-101 at Morelos Sur. All core is drilled at HQ or NQ 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. Intercepts were calculated using a minimum of a 0.2 g/t cut off at beginning and end of the intercept and allowing for no more than six consecutive samples (six meters) of less than 0.2 g/t Au. The Company has not yet determined the true width for each hole, but based on previous Grupo Mexico drilling, most of the true widths at Mina Verde are believed to be at least 70% of the drilled widths.
On Behalf of the Board,
Ivan Bebek, President and CEO
About Cayden Resources
Cayden is a 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, visit: http://media3.marketwire.com/docs/cyd330_F1-2.pdf.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Cayden Resources Inc.
Ivan Bebek
President and CEO
604.683.8193 or Toll Free 800.863.8655
604.683.8194 (FAX)
info@caydenresources.com
www.caydenresources.com
