Drilling Update on Broulan Reef Bruce Channel / Red Lake Gold Project
Bruce Channel Red Lake, Ontario Map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=photos/Bruce_Channel_Photo.gif
Drill hole BR 09-2 is targeting the known gold hosted North / South Shear Zone that hosts the Bruce Channel deposit of Goldcorp and extends on to the Broulan Reef property. The deep hole drilling is allowing Cypress / Skyharbour to explore for high grade, gold zones at a depth of 2500 to 2900 metres just 800 metres south-southwest of Goldcorp's Bruce Channel gold deposit.
Chibougamau Diamond Drilling has now completed BR09--2 to a depth of 2738 metres and has maintained the hole is very good order and on track to intersect the targeted depth. Drillers have encountered blocky and fractured ground over a small interval at depth and have informed the companies the establishment of a wedge hole would be advisable. Therefore a wedge has been established at 2440 metres and drilling has resumed.
The companies are very pleased with the geology encountered so far.
The drill hole encountered the North-South shear at 2676 metres in the hole and continued to the point at 2738 metres. It consists of strongly sheared and brecciated carbonate and carbonate veins. Calcite is pervasive throughout. Strong biotite rich zones up to 10 meters thick occur within the shear. This may be remnants of highly altered mafic dikes. Magnetite as wisps and actinolite as fine disseminations occur in the lower part of the shear. The Bruce Channel gold deposits occur in the footwall of the extensive North South shear.
Cypress Development has also contracted to Quantec Geoscience to conduct a "Spartan" Deep Penetrating MT Survey on its acreage in the Bruce Channel area. The exploration objective of the Spartan MT logger survey at the Bruce channel is to detect structure, alteration zones and lithology potentially related to mineralization from depths of 2000 metres to 3000 metres. The mapping of the resistivity of the subsurface of the Broulan Reef project to significant depths and the follow up geological interpretations are expected to provide large new benefits to Cypress and Skyharbour in keeping with additional or new subsurface information provided from the survey.
David J. Busch, B.A., B.Sc., PGeo., Vice President of Explorations, is the qualified person under the meaning of National Instrument 43-101 and has reviewed the data in this News Release.
Don Huston, President and CEO of Cypress Development Corp., provided much more information on the potential of the Broulan Reef gold project in a Smartstox interview available at http://www.smartstox.com/interviews/cyp
About Cypress Development Corp.:
Cypress Development Corp. is a diversified precious and base metal exploration and development company with properties in Red Lake, Ontario, Canada, and in Nevada, U.S.A.
To find out more about Cypress Development Corp. (TSX-V: CYP), visit our website at www.cypressdevelopmentcorp.com
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a gold and base metal exploration company developing projects in the RED LAKE and RAINY RIVER districts of northwestern Ontario, Canada.
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH), visit the Company's website at www.skyharbourltd.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Don Huston"
DONALD C. HUSTON
President
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 news release may contain certain "Forward-Looking Statements" that may involve a number of 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. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.com .
First Option Payment to earn 100% of Twenty-One Silver-Gold Project in Mineral County, Nevada
Twenty-One Silver-Gold Project, Nevada location map:
http://www.cypressdevelopmentcorp.com/i/maps/21/Twenty-One-Silver-Gold-Production-Trend.jpg
The common shares issued are subject to a four month hold period under applicable securities laws, and imposed by the TSX Venture Exchange, expiring June 11, 2010.
In order to earn a 100% interest in the Property, the Company must make further cash payments of $15,000, issue an additional 100,000 common shares and incur $250,000 in exploration expenses over the three-year term of the Agreement.
About Cypress Development Corp.:
Cypress Development Corp. is a diversified precious and base metal exploration and development company with properties in Red Lake, Ontario, Canada, and in Nevada, U.S.A.
ON BEHALF OF THE BOARD OF DIRECTORS
"Don Huston"
DONALD C. HUSTON
President
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.
Cypress Development Options 100% of Twenty-One Silver-Gold Project in Mineral County, Nevada
The Twenty-One Silver-Gold Project sits 5 kilometres south of US Highway 95. Access to the property is by gravel roads. The Twenty-One property consists of two blocks of lode claims centered on an area of outcropping alteration and mineralization. The project sits on the direct east-northeast extension of the Mindora Silver-Gold Resources area.
Recent chip sampling of exposed quartz breccia veins has returned assay values from 211 g/t (6.5 ounces) silver to 1141 g/t (34.5 ounces) silver and up to 2 g/t gold. Andesitic and rhyolite sills, plugs, and dikes occur on the Twenty-One property. The mid-Miocene age intrusive activity in this district is considered to be highly favorable for the existence of both epithermal precious metal veins and related mineralization within carbonate wall rocks. Similar settings occur at other mining districts in the region. These districts include Tonapah, Paradise Peak and Santa Fe, which have a combined production of approximately 4 million ounces of gold and 500 million ounces of silver.
The high-grade mineralization, alteration and host rock units on the Twenty--One property are very similar to those found at the Santa Fe gold-silver deposit located 16 kilometres along a regional scale, mid Miocene age mineral trend to the north-northeast. The Santa Fe mine was mined by Corona and Homestake and produced approximately 450,000 ounces of gold and 700,000 ounces of silver from 10 million tons of near surface oxide ore in the late 1980's and early 1990's. A sulfide phase precious metal reserve remains in the Santa Fe Mine below the level of oxide ore mined.
Cypress Development continues to assess all available pertinent data and will conduct a detailed mapping and sampling program with the results leading to the establishment of a reverse circulation drill program in April to May 2010. The assay and mapping results to date are in themselves more than sufficient to warrant detailed exploration and drilling of the Twenty-One property.
Pursuant to the terms of the Option Agreement, Cypress has been granted an option to earn a 100% interest in and to the Twenty-One property for total consideration of USD$24,900, the issuance of 150,000 shares and exploration expenditures on the Property totaling USD$250,000 over the three-year term of the Agreement. The property is subject to a 2% net smelter return royalty ("NSR") in favour of the Optionor. The Company may purchase one-half of the NSR (1%) for the total consideration of USD$1,000,000.
David J. Busch, B.A., B.Sc., PGeo., Vice President of Explorations, is the qualified person under the meaning of National Instrument 43-101 and has reviewed the data in this News Release.
About Cypress Development Corp.:
Cypress Development Corp. is a diversified precious and base metal exploration and development company with properties in Red Lake, Ontario, Canada, and in Nevada, U.S.A.
To find out more about Cypress Development Corp. (TSX-V: CYP), visit our website at www.cypressdevelopmentcorp.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Jim Pettit"
JAMES G. PETTIT
Director
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 news release may contain certain "Forward-Looking Statements" that may involve a number of 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. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.com.
Cypress & Skyharbour Resume Drilling on Broulan Reef Bruce Channel / Red Lake Gold Project
Bruce Channel Red Lake, Ontario Map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=photos/Bruce_Channel_Photo.gif
Drilling was halted on the Broulan Reef property for the Christmas holiday. The drilling crews are now being mobilized by Chibougamau Drilling, Quebec, back into Red Lake. The companies anticipate drilling to resume January 13th, 2010. Drill hole BR 09-02 is at a depth of 1506 metres. Drilling will resume immediately on BR 09-02 and it is anticipated that the hole will be drilled to a depth of approximately 3000 metres. This hole is expected to be completed by the end of February.
Once this main mother hole is completed, a series of daughter (wedge) holes will be established at different depth intervals. This will allow Cypress and Skyharbour wide exposure to a north / south direction as well as the vertical component. This hole was planned by Cypress' and Skyharbour's management as a way to drill directly at the projection of the main ore controlling shear zone seen in the Goldcorp Bruce Channel gold deposit (BCD) to the immediate north.
Previous drilling on the Broulan Reef (Hole BR09-01) was designed to test for the presence of the north / south shear / breccia system that is host to the major Bruce Channel gold deposit now being developed by Goldcorp. The prospective structure has revealed the presence of an intense zone of shearing, brecciation and massive calcite-biottie-actinolite-ankorite veining within the mafic / ultramafic volcanic rocks of the Balmer formation located on the Broulan Reef property at a hole depth of approximately 2600 metres in BR09-01.
Cross section of Broulan Reef drill hole BR09-01 (looking North):
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/BR09-01.gif
Initial plotting of the new zone indicates that the structure is very likely the direct southern extension of the main controlling structure of Goldcorp's Bruce Channel gold deposit. The new zone is wide open in all directions on the Broulan Reef property. The companies believe that significant potential remains untested on their property. This potential lies at vertical depths of +2300 metres on the Broulan Reef property. The north / south shear zone target is believed capable of hosting a resource similar to that now being developed on the adjoining Goldcorp property.
Management considers the Broulan Reef property as a prime location for a gold discovery with excellent geological formations already encountered to date and that further extensive exploration via diamond drilling is fully justified.
David J. Busch, B.A., B.Sc., PGeo., Vice President of Explorations, is the qualified person under the meaning of National Instrument 43-101 and has reviewed the data in this News Release.
Don Huston, President and CEO of Cypress Development Corp., provided much more information on the potential of the Broulan Reef gold project in a Smartstox interview available at http://www.smartstox.com/interviews/cyp
About Cypress Development Corp.:
Cypress Development Corp. is a diversified precious and base metal exploration and development company with properties in Red Lake, Ontario, Canada, and in Nevada, U.S.A.
To find out more about Cypress Development Corp. (TSX-V: CYP), visit our website at www.cypressdevelopmentcorp.com
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a gold and base metal exploration company developing projects in the RED LAKE and RAINY RIVER districts of northwestern Ontario, Canada.
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH), visit the Company's website at www.skyharbourltd.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Don Huston"
DONALD C. HUSTON
President
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 news release may contain certain "Forward-Looking Statements" that may involve a number of 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. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.com .
Cypress Development Grants Stock Options
About Cypress Development Corp.:
Cypress Development Corp. is a diversified precious and base metal exploration and development company with properties in Red Lake, Ontario, Canada, and in Nevada, U.S.A.
ON BEHALF OF THE BOARD OF DIRECTORS
"Don Huston"
DONALD C. HUSTON
President
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.