Vancouver, British Columbia–(Newsfile Corp. – June 30, 2017) – Cayenne Capital (CSE: CYC) is the latest new listing on the Canadian Securities Exchange, and trades under the symbol “CYC”. The company has an option to acquire a 100% interest in the Lode-Star Gold Project, which consists of 5 different mineral claims, located near Homes Lake, Monashee Area, 55 kilometres eastsoutheast of Lumby, British Columbia.
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The property, which covers an area of approximately 1,000 hectares is accessible via Highway 6 leading to a network of logging roads.
To earn its interest, the company is required to pay $105,000, issue 800,000 shares, and complete a minimum exploration expenditure, all in staged payments over a 5-year period.
Previous trenching carried out by Columbia Yukon Exploration in 2005, uncovered several gold bearing quartz veins. Soil grid coverage conducted in 2004 and 2005 identified several significant gold and arsenic soil anomalies.
Based on the existing targets, it is recommended that a 2-phase work program is implemented. The recommendation for Phase I is a $100,000 work program consisting of geological mapping, geochemical sampling, and prospecting, in conjunction with electromagnetic and magnetometer geophysical surveys. Contingent on positive results from the phase I exploration program, the NI 43-101 technical report recommends a $75,000 phase II program of development and exploration, to include 275 metres of core drilling, detailed geological mapping, and geochemical sampling.
The company raised gross proceeds of $400,000 through an IPO with Canaccord Genuity, issuing 4 million shares at $0.10 per share. The shares are currently bid at $0.10 and offered at $0.15, with 12.3 million shares outstanding.
For more information about the company, please contact Michael Dake, CEO, at 604-683-8610 or email firstname.lastname@example.org.
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