Canaccord Genuity update on CYD Aug 31, 2011The following as issued as an exploration update by Canaccord Genuity Aug 31, 2011:
Cayden Resources Inc.
(CYD : TSX-V : C$2.60 | NOT RATED)
Cayden Resources is a junior gold exploration company under the stewardship of Ivan Bebek, President and CEO, and Shawn Wallace, Chairman. The company is focused on the exploration and advancement of the Morelos Sur Gold project in Mexico, adjacent to Goldcorp’s Los Filos and Bermajal mines.
Last week, Cayden released the results from 12 drill holes completed on the Morelos Sur project:
• Cayden reported 10 drill holes from the Mina Verde zone of the Morelos Sur project. The most significant result was Hole LCDD0024, which returned 11.8 metres grading 1.06 g/t gold and 49.7 g/t silver. This hole was drilled 500 metres to the northeast of the Mina Verde zone, and it returned the highest silver values reported to date from the Mina Verde zone. Overall, 10 holes returned 0.5-3.96 g/t gold over 5-22 metre intervals.
• The Bolinchi target is located two kilometres to the south of the Mina Verde zone, where Hole LCDD0035 returned 24 metres grading 0.71 g/t gold, and Hole LCD0062 returned 12 metres grading 0.51 g/t gold. The mineralization encountered was in higher level volcanic rocks, which is a new style of gold mineralization for the Morelos Sur project.
• Cayden has constructed drill roads and drill pads on the Mina Verde and La Hormiga targets, with further drilling to follow up the geochemical and geophysical data completed to date. The La Magnetita anomaly has had surface sampling completed where anomalous gold encountered in stream sediments. Drilling is to focus on the La Hormiga target and the Las Calles target in 2011, with the La Magnetita target to be drilled in January 2012.
• The company’s acquisition of the Quartz Mountain project is near completion, with drilling expected to begin in September 2011.
An analyst has not visited the properties held by Cayden Resources.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Cayden Resources Inc. is for risk accounts only. ## END OF COPY
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P.S. I am also very keen on Canada's newest gold producer Metanor, it is starting bulk sampling Q4 and Stantec has them set for 60K ounces per annum run rate by Q3 2012 and that is only at 2/3 capacity -- the plan is to then move it up. Here is recent insight https://www.marketwatch.com/story/research-report-metanor-resources-to-prepare-q4-bulk-sample-leading-to-60000-oz-per-annum-gold-production-2011-08-26 and recommended reading imo.