Cadan reports further 'payrun' from lateral development in T'Boli Gold-Silver Mine

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Cadan reports further 'payrun' from lateral development in T'Boli Gold-Silver Mine

Cadan Resources Corp. has defined a second "payrun" at its underground T'Boli gold-silver mine located in Mindanao, Philippines (first payrun of 52 metres at 9.2 grams per tonne gold over 2.21 metres) (see news release on April 8, 2011).

Cadan has been continuing lateral development along a number of vein systems so as to commence mining upon final approvals, which the company expects shortly. The 418 N vein has now been advanced 109 metres toward a target area previously defined by intense historical surface workings. Results from the new development face follow.

Highlights:

Development drive face sample returns including:

2.7 metres of 10.3 grams per tonne gold;

2.0 m of 17.0 g/t gold;

2.0 m of 25.2 g/t gold;

2.0 m of 11.7 g/t gold;

Bulk samples include 15.0 g/t, 10.7 g/t, 33.3 g/t, 8.4 g/t and 18.3 g/t gold.

The above highlights, together with supporting samples, defined a payrun of 47 metres averaging 12.2 grams per tonne gold over a width of 2.0 m. The payrun was from zero to 47 m. The next 52 m was in subore grade mineralization. The last 10 m shows increasing grades as the prospective target area is entered. The prospective target area has a strike length of 200 m. The development of this second payrun indicates that the vein systems are producing results in excess of expectations from the NI 43-101 resource. "These payruns will help kick start production once final approvals are granted," said Robert Butchart, chief executive officer and president.

All assays reported were prepared and assayed in the company's on-site laboratory. Samples are dried, jaw crushed and pulverized to 90 per cent minus 200 mesh. Gold assays were 50-gram fire assays with AAS finish.

The above technical information was prepared and verified by William Donald Goode, a member of the AusIMM and technical director of Cadan Resources. Mr. Goode has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information and opinions contained in this news release.

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Datum: 17.10.2011 - 08:29 Uhr
Sprache: Deutsch
News-ID 76486
Anzahl Zeichen: 2329

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