Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTC Pink: CYDVF) (Frankfurt: C1Z) ("Cypress" or the "Company") is pleased to announce that the spring 2014 exploration program on its wholly owned Gunman zinc oxide project, Nevada, has now been initiated. The 1140 acre Gunman zinc-silver-gold project is located directly west of Barrick`s Bald Mountain gold mine complex on the southern Carlin mineral trend in White Pine County, Nevada.
With the approval of the Bureau of Land Management (BLM) Nevada, Cypress has completed construction of access roads onto the property to allow for unrestricted mobility to the project. The Company is also establishing drill pads at specifically determined sites to allow for the drill contractor to move a Reverse Circulation (RC) drill rig onto the drill pads with relative ease and with a minimum of land disturbance therein facilitating a smooth start to the planned RC drill program announced by Cypress in a news release dated February 3, 1014.
Cypress Development Corp has contracted to New Frontier Drilling of Fallon, Nevada, to complete approximately 3000 feet of RC drilling in a Phase 1 program on the Gunman project. New Frontier will supply a track-mounted Foremost reverse circulation rig capable of drilling vertical holes to 600 foot depths. Cypress anticipates the mobilization of the drill rig and equipment to the Gunman project site shortly, with RC drilling to commence around May 1, 2014. All permits and environmental protocols have been satisfied and Cypress Development anticipates a well organized initial exploration program for the spring of 2014.
A surface sampling program has also been initiated on the newly staked adjacent ground which forms the northern extension of the Gunman property. The Company`s senior geologist, Mr. Robert Marvin, has mobilized to the Gunman project and is establishing an exploration grid to facilitate the systematic sampling of rock exposure on the north of the property.
Cypress will continue in its exploration efforts to delineate the RH North target area with the potential establishment of a mineralized zone similar to the existing high grade RH zinc-silver oxide discovery zone located approximately 1500 feet to the south in the middle of the property.
Mineralization at the Gunman project appears to be controlled by a series of well developed NNE trending fracture zones. This setting is seen in other locations along the Carlin and the Battle Mountain gold trends where the NS to NNE alignments of mineralized zones are located in cross cutting structural zones within or adjacent to the main NNW striking trends. The mineralization of the zinc-silver zones on the Gunman is located close to surface. The very high grade of zinc-silver mineralization seen in the RH zone is a compelling reason to continue exploration on the Gunman project.
Past surface sampling and drilling by Cypress on the Gunman property has resulted in the discovery of a series of zones of zinc-silver mineralization over a strike length of 2500 feet. The northern most mineralization known (hole GD-15) on the property was discovered at the end of the most recent drill program in 2007 and this mineralization remains essentially unexplored.
On March 18th, Cypress announced the completion of a National Instrument (NI) 43-101 Compliant Technical Report on the Gunman zinc-silver-gold project. For additional information please refer to the full report filed on SEDAR and on Cypress` web site dated March 17, 2014 and titled: GUNMAN ZINC-SILVER PROJECT NATIONAL INSTRUMENT 43-101 COMPLIANT TECHNICAL REPORT.
Significant zinc and silver assays previously reported by Cypress from the Gunman project include:
Hole ID
From
To
Intersection
Zn
Ag
GM-01
115ft
215ft
100ft
4.91%
1.0 oz/ton
Incl.
165ft
185ft
20ft
19.62%
3.5 oz/ton
and
355ft
385ft
30ft
10.03%
3.9 oz/ton
Incl.
355ft
365ft
10ft
23.37%
9.2 oz/ton
GM-07
70ft
205ft
135ft
6.98%
1.3 oz/ton
Incl.
115ft
150ft
35ft
14.73%
2.5 oz/ton
Incl.
185ft
195ft
10ft
21.68%
3.1 oz/ton
GM-08
130ft
250ft
120ft
2.69%
1.5 oz/ton
Incl.
185ft
205ft
20ft
12.61%
3.8 oz/ton
GM-09
120ft
345ft
225ft
4.01%
0.9 oz/ton
Incl.
175ft
190ft
15ft
14.67%
2.4 oz/ton
Incl.
245ft
260ft
15ft
11.98%
1.9 oz/ton
GM-25
150ft
155ft
5ft
6.17%
0.4 oz/ton
GM-26
0ft
250ft
250ft
11.04%
2.6 oz/ton
Incl.
130ft
205ft
75ft
26.88%
7.7 oz/ton
Incl.
175ft
180ft
5ft
33.45%
15.1 oz/ton
Incl.
190ft
200ft
10ft
29.34%
12.9 oz/ton
GM-27
0ft
250ft
250ft
2.81%
0.5 oz/ton
Incl.
185ft
200ft
15ft
14.36%
2.3 oz/ton
Incl.
195ft
200ft
5ft
28.53%
2.7 oz/ton
GM-28
0ft
210ft
210ft
8.12%
1.3 oz/ton
Incl.
85ft
175ft
90ft
14.18%
2.5 oz/ton
Incl.
135ft
170ft
35ft
20.93%
3.1 oz/ton
GM-29
0ft
270ft
270ft
2.45%
0.6 oz/ton
Incl.
40ft
65ft
25ft
10.30%
1.6 oz/ton
Incl.
140ft
160ft
20ft
9.07%
1.6 oz/ton
GM-30
30ft
65ft
35ft
5.01%
0.7 oz/ton
Incl.
35ft
50ft
15ft
11.17%
1.3 oz/ton
GM-31
40ft
85ft
45ft
3.50%
0.6 oz/ton
Incl.
45ft
55ft
10ft
13.60%
1.7 oz/ton
GM-32
50ft
170ft
120ft
9.10%
1.5 oz/ton
Incl.
75ft
130ft
55ft
16.51%
2.3 oz/ton
Incl.
100ft
125ft
25ft
22.63%
1.9 oz/ton
*oz = troy ounce
Robert Marvin, P.Geo., CPG, Exploration Manager for Cypress Development Corp. is the Qualified Person as defined by National Instrument 43-101 and has supervised both the project field work and the preparation of the technical information in this release.
In other news, Cypress Development and Skyharbour Resources Ltd. (SYH.V) announce that they have completed the sale of Skyharbour`s 20% interest in the 4,720-acre McKenzie Island gold property in Red Lake, Ontario to Cypress pursuant to the companies news releases dated March 18, 2014. In consideration for the 20% interest, Cypress has paid $25,000 in cash to Skyharbour. Cypress now holds a 100% interest in the McKenzie Island gold property.
Cypress Development Corp. is a diversified precious and base metals exploration and development company with properties in Red Lake, Ontario, Canada, and in Nevada, U.S.A. The Company is well funded with approximately $1.5 million in its treasury.
For further information contact myself or: Don Myers Director Cypress Development Corp. Telephone: 604-687-3376 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email: info@cypressdevelopmentcorp.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management`s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Cypress Development Corp. via GlobeNewswire HUG#1778491
