Cypress Development Corp.
Suite 1610 - 777 Dunsmuir Street
Vancouver, British Columbia V7Y 1K4
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
|November 03, 2004 |
|Drilling Planned In Red Lake, Ontario, Cypress Awaits Assays From Nevada |
|Drilling Planned On McKenzie Island Property, Red Lake, Ontario Cypress Awaits Assays From Gunman Project, Nevada |
Cypress Development Corp. (the Company) announces that the operator of its McKenzie Island property, Skyharbour Resources, intends to continue with a drill program on the Company's 5,100 acres McKenzie Island property jointly held by Cypress Development Corp. (CYP 80%) and Skyharbour (SYH 20%).
The companies acquired an additional 250 acres (the Patrie Block, May 2004) located on the east side of their McKenzie Island claims and then conducted a summer geological program of detailed mapping and sampling. Several dioritic intrusive bodies were identified along with zones of abundant xenoliths of volcanic and sedimentary rocks that have been identified in outcrops along the north margin of the Dome Stock. A large zone of calcite alteration along the northern part of the diorite may indicate proximity to an alteration system prospective for gold. What must be put in the context is that only about 10% of the property actually outcrops.
The Company's McKenzie Island property is adjacent on its east boundary to the major drill program in progress on the Gold Eagle property jointly held by Southern Star Resources and Exall Resources (see their news releases Oct. 20/04, Sept. 15/04, etc). It is assumed that the granodiorite structure that is being methodically drilled now by Southern Star / Exall, has the potential to continue to extend to the west onto the Cypress / Skyharbour property. The companies propose to drill approximately 2500 feet in 3-4 drill holes to ascertain the underlying geological features here on its Mckenzie Island project. The start up of this drill program is anticipated for the beginning of January 2005, as the start of Skyharbour's winter drill program.
Cypress Development Corp. also reports that the Company is awaiting assays from a Phase 2 work program on its Gunman project located in White Pine county, northeastern Nevada. A detailed geochemical sampling program was undertaken on the Gunman Property, to cover a strike length of approximately 1.5 kilometers that extends to the south of the known high-grade zinc/silver RH and RH South Zones that have been previously reported. The goal of this soil-sampling program is to further define and upgrade the existing data that had previously identified a very strong silver-mercury anomaly along with the presence of 3 other zinc-silver anomalies south of the RH zone, and to identify potential new drill targets.
Cypress Development Corp. is a diversified precious and base metal exploration and development company with a gold property in Red Lake, Ontario Canada, and a zinc-silver deposit in White Pine County, Nevada, U.S.A. The Company also holds an 11.4% interest in a company called South Voisey Bay Nickel Co. Ltd.
ON BEHALF OF THE BOARD OF DIRECTORS
DONALD C. HUSTON
For further information contact myself or:
Cypress Development Corp.
Toll Free: 800-567-8181
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
You can view the Next News Releases item: Fri Nov 12, 2004, Cypress Acquires Scorpion Gold Project, Nevada
You can view the Previous News Releases item: Wed Sep 29, 2004, Commencement of Phase 2 / 2004 Work Program, Gunman Project, Nevada
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