Cayden Resources is reporting positive results from an ongoing drilling program at the El Barqueño gold property in Jalisco, Mexico, where it holds an option to earn a 100% interest. The company is currently drilling the Peña de Oro target with two rigs, and, as a result of the success of the program, has increased planned drilling on the target to 6,000 m.
Drilling highlights at Peña de Oro have included an intercept of 27 m of 4.46 g/mt gold from surface. The strike length of mineralization now stands at more than 400 m, and the maximum vertical depth is 110 m.
Permitting efforts are ongoing throughout the El Barqueño concessions to allow better access to multiple targets identified by Cayden that it plans to drill over the next 12 months.
As a result of the considerable El Barqueño land position, totaling more than 460 km2, and identification of large, mineralized vein breccia and stockwork systems, Cayden is undertaking a two-phase drilling approach to each identified target. The initial phase will focus on exploration of multiple outcropping mineralized targets, with a goal of confirming surface/subsurface mineralization and structure identification. The second phase will focus on delineation drilling as well as further step-outs along strike where large vein systems are projected.
Global Cobalt Corp., a junior company headquartered in Vancouver, British Columbia, has commissioned Wardell Armstrong International to complete an NI 43-101 compliant resource report on its Karakul cobalt project in the Altai Republic of south-central Russia. The report will be based on the results of a 45-hole, 7,398-m Global Cobalt drill campaign, along with historical Russian data.
Global Cobalt suggests the Karakul deposit has the potential to be the world’s largest source of primary cobalt outside of the central African copper belt. Historic non-NI 43-101 compliant Russian estimates for the deposit stand at 14.9 million mt of 0.26%-cobalt-equivalent mineralization in nine sulphide bodies, with potential for expansion on strike and at depth.
The Karakul deposit is located 5 km from the Russia-Mongolia border. It is a hydrothermal polymetallic sulphide deposit that in addition to cobalt is attractive for its copper, bismuth, silver and tungsten mineralization. At least five parallel, north-south trending, structurally controlled sulphide zones are delineated and open at depth.
Mariana Resources initiated a 2,000-m drilling program at the Soledad gold-silver-copper prospect in Ancash Department, Peru, in early May. The program is Mariana’s first work toward completion of a 70% earn-in agreement signed with Condor Resources in early April.
Per the agreement, Mariana can earn a 70% interest in Soledad by completing cumulative exploration work of $4 million and making cumulative cash payments of $1.1 million to Condor, all prior to October 31, 2017. The agreement includes a mandatory drill program of 2,000 m to be completed prior to October 31, 2014.
On May 20, Mariana reported assays from a 33-m intersection in the first hole drilled in the program of 1% copper, 3.2 g/mt gold, and 23 g/mt silver, starting at 58 m, and a shorter interval, starting at 59 m, of 21 m grading 1.5% copper, 4.7 g/mt gold, and 34 g/mt silver. True widths of the mineralized intercepts had not been determined.
Drill targeting at the Soledad project is based on IP, magnetics, mapping, and geochemical sampling by Condor and mapping, channel sampling, and grid-based geochemistry by Mariana.