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Shares in Cayden Resources (CVE:CYD) dipped on Thursday despite the release of the most significant drill results yet from its Peña de Oro target at its El Barqueño property in Mexico.
After opening higher, by early afternoon trade the Vancouver-based junior was changing hands for $1.83, down 1.6% on the Toronto Exchange. Around 30,000 shares in the $86.7 million company had traded in line with usual daily average volumes.
Thursday’s lacklustre reaction to the results can probably be ascribed to the fact that the counter is already up a whopping 83% year to date after a string of good results from other zones at El Barqueño.
The company reported highlights from the Peña de Oro target including 45 meters of 4.06 g/t Au with 0.39% Cu in hole 76, 19 meters of 4.98 g/t Au with 0.26% Cu in hole 80, 20 meters of 2.58 g/t Au with 0.36% Cu in hole 73 and 30 meters of 1.70 g/t Au with 0.88% Cu in hole 78.
Peña de Oro is located within five kilometers from Cayden’s Azteca and Zapoteca targets, where a total of 41 drill holes and trenching defined a mineralized zone of roughly 1.3 kilometers.
Banded epithermal quartz vein with bladed quartz after calcite from Peña de Oro
The company said in a statement, the 41 holes released to date at Peña de Oro have only partially tested one of three mineralized structures identified within the target area:
“These results have increased the maximum vertical depth tested to 200 meters; the structure remains open at depth and along strike in both directions. Once additional permits are received (currently in process), an aggressive second phase of drilling will target the open strike length and depth extensions throughout the Peña de Oro area.”
The project area is located in the historic Guachinango Mining District in west-central Mexico, 130 kilometers west of Guadalajara in the state of Jalisco, and approximately 80 kilometers east of Puerto Vallarta.
Mine workings on the El Barqueño property go as far back as the 1550s. During the 1980’s open pit mining was conducted in the area producing an estimated 250,000 ounces of gold.
President and CEO Ivan Bebek said: “Peña de Oro has delivered the highest gram-meter intercept to date, demonstrating what the mineralized systems at El Barqueño are capable of delivering. We have a lot more to explore in all of our targets and are looking forward to an exciting year of aggressive exploration in what we believe is becoming a major gold and copper discovery.”
