Vancouver gold junior pops on Mexico discovery
Shares in Cayden Resources (CVE:CYD) jumped 9% on Thursday in brisk trade after releasing maiden results from from its Peña de Oro target at its El Barqueño property in Jalisco State, Mexico.
In afternoon trade the Vancouver-based junior was changing hands at $1.86, up 5.7% on the Toronto Exchange, off its $1.92 high for the day. Around 190,000 shares in the $87.8 million company had traded, almost twice the usual daily average.
The counter is up a whopping 86% year to date after a string of good results from other zones at El Barqueño and completing bought deal financing in March for $9 million.
The company reported highlights from the Peña de Oro target with all seven drill holes intersecting significant gold mineralization, including 27 metres grading 4.46 g/t gold, 1.7 g/t silver and 0.09% copper and another returning 12 metres at 4.77 g/t gold with silver, copper results pending.
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.
Cayden is currently drilling at Peña de Oro with two rigs and thanks to today's intercepts will add 4,000 meters of drilling for a total 6,000 meters. There are also currently 10 additional holes in the lab for analysis.
President and CEO Ivan Bebek said: "We are very pleased with the initial results at Peña de Oro, our second of nine highly prospective targets identified. The Azteca and Peña de Oro results indicate a great level of consistency and growing predictability for the potential discovery of higher-grade gold deposits from surface throughout the El Barqueño concessions."