Cayden Resources Intersects 15.2 meters of 188 g/t Silver, 5.3% Zinc and 4.7% Lead at its Quartz Mountain Project
Vancouver, British Columbia � February 15th, 2012 � Cayden Resources Inc. (TSX.V: CYD) (�Cayden� or the �Company�) is pleased to announce it has received assay results from its reverse circulation drilling completed at the Quartz Mountain property near Fallon, Nevada, USA where Cayden has been targeting an area of historic silver-lead-zinc production. The 16 holes assayed to date, drill tested over 350 meters of strike length of the Quartz Mountain mineralized system with the majority encountering greater than 30 g/t Ag and in excess of 1% combined Pb and Zn. Highlights include:
- 15.2 meters of 188 g/t Ag, 5.3% Zn, and 4.7% Pb (QM-0013)
- 4.6 meters of 305.6 g/t Ag, 4.42% Zn, and 9.69% Pb (QM-0015)
- 38.1 meters of 29.7 g/t Ag, 2.32% Zn, and 0.6% Pb (QM-004).
Please see table 1 for additional results, and figures 1 and 2 for drill hole locations. Cayden is continuing its Phase 1 drill program at the present time and expects assays from at least 8 more holes in the coming months.
Table 1: Significant drill intercepts from Quartz Mountain*
|
Hole ID |
From
(m) |
To
(m) |
Width
(m) |
Au
(g/t) |
Ag
(g/t) |
Zn
(%) |
Pb
(%) |
Cu
(%) |
Mo
(%) |
Ag Eq
(g/t) |
Ag Eq
(OPT) |
|
|
|
|
|
|
|
|
|
|
|
|
|
QM-0001 |
121.9 |
125.0 |
3.0 |
0.53 |
40.20 |
0.04% |
0.63% |
0.05% |
0.01% |
85.86 |
3.03 |
|
QM-0002 |
44.2 |
45.7 |
1.5 |
0.05 |
48.40 |
1.36% |
1.05% |
0.06% |
0.00% |
98.19 |
3.46 |
|
QM-0002 |
70.1 |
74.7 |
4.6 |
0.01 |
13.63 |
1.86% |
0.02% |
0.01% |
0.01% |
51.04 |
1.80 |
|
QM-0003 |
44.2 |
51.8 |
7.6 |
0.03 |
12.84 |
2.73% |
0.13% |
0.08% |
0.01% |
73.45 |
2.59 |
|
Including |
44.2 |
45.7 |
1.5 |
0.04 |
28.10 |
5.21% |
0.53% |
0.04% |
0.03% |
145.45 |
5.13 |
|
QM-0003 |
64.0 |
67.1 |
3.0 |
0.03 |
20.47 |
3.97% |
0.33% |
0.06% |
0.02% |
109.45 |
3.86 |
|
QM-0004 |
19.8 |
57.9 |
38.1 |
0.09 |
29.69 |
2.32% |
0.59% |
0.12% |
0.00% |
96.49 |
3.40 |
|
Including |
38.1 |
42.7 |
4.6 |
0.11 |
70.13 |
7.28% |
1.99% |
0.13% |
0.01% |
252.72 |
8.91 |
|
Including |
50.3 |
57.9 |
7.6 |
0.23 |
68.38 |
6.04% |
1.06% |
0.35% |
0.01% |
235.39 |
8.30 |
|
QM-0005 |
68.6 |
77.7 |
9.1 |
0.06 |
31.52 |
0.39% |
0.52% |
0.03% |
0.04% |
68.34 |
2.41 |
|
Including |
74.7 |
77.7 |
3.0 |
0.07 |
49.80 |
0.31% |
0.95% |
0.08% |
0.06% |
105.99 |
3.74 |
|
QM-0005 |
77.7 |
89.9 |
12.2 |
Mine working encountered |
|
|
|
|
|
|
QM-0005 |
89.9 |
91.4 |
1.5 |
0.05 |
328.00 |
0.69% |
2.77% |
0.42% |
0.02% |
432.50 |
15.26 |
|
QM-0005 |
91.4 |
94.5 |
3.0 |
Mine working encountered |
|
|
|
|
|
|
QM-0005 |
94.5 |
106.7 |
12.2 |
0.00 |
34.18 |
3.33% |
0.58% |
0.07% |
0.04% |
124.62 |
4.40 |
|
Including |
103.6 |
106.7 |
3.0 |
0.00 |
71.90 |
8.47% |
1.59% |
0.17% |
0.09% |
295.90 |
10.44 |
|
QM-0006 |
91.4 |
99.1 |
7.6 |
0.02 |
11.84 |
3.48% |
0.17% |
0.01% |
0.01% |
83.60 |
2.95 |
|
QM-0006 |
99.1 |
102.1 |
3.0 |
Mine working encountered |
|
|
|
|
0.00 |
|
QM-0006 |
102.1 |
105.2 |
3.0 |
0.21 |
11.15 |
2.96% |
0.23% |
0.02% |
0.02% |
86.67 |
3.06 |
|
QM-0007 |
74.7 |
77.7 |
3.0 |
0.00 |
28.40 |
0.58% |
0.73% |
0.02% |
0.01% |
57.04 |
2.01 |
|
QM-0007 |
96.0 |
100.6 |
4.6 |
0.14 |
110.97 |
3.36% |
2.67% |
0.11% |
0.04% |
247.43 |
8.73 |
|
QM-0008 |
68.6 |
76.2 |
7.6 |
0.26 |
102.14 |
0.21% |
2.09% |
0.14% |
0.16% |
227.62 |
8.03 |
|
QM-0008 |
79.2 |
82.3 |
3.0 |
0.17 |
151.30 |
0.15% |
4.43% |
0.07% |
0.24% |
337.73 |
11.91 |
|
QM-0008 |
94.5 |
99.1 |
4.6 |
0.22 |
41.97 |
3.33% |
0.58% |
0.07% |
0.04% |
124.61 |
4.40 |
|
QM-0009 |
77.7 |
79.2 |
1.5 |
0.01 |
17.00 |
0.14% |
0.25% |
0.03% |
0.01% |
31.17 |
1.10 |
|
QM-0009 |
83.8 |
85.3 |
1.5 |
0.01 |
18.60 |
0.26% |
0.49% |
0.01% |
0.00% |
33.90 |
1.20 |
|
QM-0013 |
51.8 |
67.1 |
15.2 |
0.15 |
188.23 |
5.31% |
4.86% |
0.17% |
0.03% |
403.71 |
14.24 |
|
QM-0013 |
79.2 |
83.8 |
4.6 |
0.05 |
146.33 |
3.50% |
4.51% |
0.09% |
0.03% |
310.70 |
10.96 |
|
QM-0013 |
131.1 |
132.6 |
1.5 |
0.03 |
30.50 |
0.51% |
0.85% |
0.02% |
0.07% |
84.53 |
2.98 |
|
QM-0013 |
161.5 |
164.6 |
3.0 |
0.01 |
67.50 |
1.67% |
1.67% |
0.04% |
0.00% |
131.97 |
4.66 |
|
QM-0013 |
195.1 |
198.1 |
3.0 |
0.34 |
291.50 |
9.63% |
5.72% |
0.16% |
0.02% |
603.09 |
21.27 |
|
QM-0014 |
53.3 |
59.4 |
6.1 |
0.13 |
33.80 |
0.27% |
0.33% |
0.03% |
0.01% |
58.80 |
2.07 |
|
QM-0014 |
67.1 |
71.6 |
4.6 |
0.11 |
80.27 |
2.38% |
1.95% |
0.08% |
0.08% |
198.70 |
7.01 |
|
QM-0014 |
85.3 |
89.9 |
4.6 |
0.29 |
305.67 |
4.42% |
9.69% |
0.19% |
0.11% |
630.27 |
22.23 |
|
QM-0015 |
30.5 |
36.6 |
6.1 |
0.05 |
22.15 |
0.17% |
0.25% |
0.05% |
0.01% |
40.30 |
1.42 |
|
QM-0015 |
57.9 |
62.5 |
4.6 |
0.03 |
34.00 |
0.92% |
0.20% |
0.22% |
0.03% |
83.87 |
2.96 |
|
QM-0016 |
47.2 |
51.8 |
4.6 |
0.09 |
16.23 |
0.14% |
0.20% |
0.05% |
0.01% |
34.76 |
1.23 |
*Silver 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 - $1725/Ounce; Silver - $33.50/Ounce; Zinc - $0.95/lb; Lead - $0.97/lb; Copper - $3.85/lb; Molybdenum Oxide - $14.75/lb. The silver equivalent grades are presented for comparative purposes only and are not intended to assess economic feasibility.
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.
Morelos Sur
In addition to the Quartz Mountain drilling, Cayden continues to drill the Las Calles prospect on its Morelos Sur gold property in Mexico while actively advancing its La Magnetita and La Joya target areas through trenching and surface sampling. Initial results from the 2011 programs are expected shortly.
Cayden�s President and CEO Ivan Bebek states: �We are pleased with the initial results at Quartz Mountain and with the ongoing developments at Morelos Sur. 2012 is going to be a very eventful year for Cayden, as the company will be aggressively exploring both our Morelos Sur and Quartz Mountain properties throughout the year. We expect to be delivering significant results from the exploration programs in the coming months.�
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 stoping 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%.
On Behalf of the Board,
Ivan Bebek, President and CEO
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
Neither the TSX Venture Exchange nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.
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.
Figure 1: Quartz Mountain Claim Map
Figure 2: Quartz Mountain drill hole location map
