Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTC Pink: CYDVF) (Frankfurt: C1Z) ("Cypress" or the "Company") is pleased to announce its plans for a 2014 Phase 2 exploration and drill program at its 100% owned Gunman zinc-silver oxide project in Nevada. The 1140 acre Gunman zinc-silver project is located directly west of Barrick's Bald Mountain gold mine complex on the southern Carlin mineral trend in White Pine County, Nevada.
Following a highly successful 2014 Phase 1 exploration and drill program at the Gunman project, Cypress is moving forward with a Phase 2 program. The very high grade zinc and silver drill intercepts returned from Phase 1 drilling at the RH Zone, with new exposures of the mineralization, has led to a conclusion that the spectacular oxide mineralization is likely a high grade polymetallic vein and breccia system and represents a very high quality zinc-silver project located in a very favorable geologic environment.
The 2014 Phase 2 exploration program will focus on three key target areas of the Gunman property in which Phase 1 results have been very encouraging. These three targets are:
- Delineation drilling at the RH Zone returned long, continuous intervals of very high grade, oxidized zinc and silver mineralization. Highlights include RC hole GMRC-9 which returned a 175 foot down hole interval of 12% zinc and 121 g/t silver and hole GMRC-5 which retuned a 55 foot interval of 21% zinc and 147 g/t silver.
The Phase 2 program will include approximately 10 additional holes along the periphery of the known RH Zone high grade mineralization. The holes will be located in identified block areas which have had no previous drilling.
- Surface sampling in the Far North Target Area has identified an area of outcropping, silicified limestone conglomerate that contains a well-developed zinc-arsenic and mercury anomaly based on first pass rock chip sampling. In addition, a single sample of leached, weathered rock collected in a dry wash down slope and to the east of this area returned 2.235% zinc. It is likely that this material was eroded from a source area within the northern portion of the property.
The Phase 2 program will include a focused prospecting effort to determine the source of the high grade float sample as well as to provide more detail in the area of the altered, outcropping and anomalous limestone conglomerate.
Five holes are being permitted in the Far North area within the altered outcrop target and in adjacent areas along the interpreted structural zone which connects the Main RH Zone area to the Far North Target area. The Far North Target area lies 6000 feet north of the RH Zone and Cypress views the area as highly prospective due to the results of the Phase 1 program. Discovery of significant bedrock zinc-silver mineralization there would immediately change the scope of the project.
- Outcropping copper oxide mineralization was sampled during Phase 1 and returned copper assays up to 10% copper along with very high arsenic values. This target area lies 300 feet west of the RH Zone and is known as the TQCU target area.
Gunman Outcropping Copper Oxide Mineralization:
The copper showing has been explored by historical shallow workings and is one segment of a 2500 to 3000 foot long zone of outcropping copper oxide mineralization hosted in a distinctive coarse grained sandstone unit. This copper mineralization flanks the zinc-silver mineralization delineated at the RH and RH South Zones.
Detailed prospecting and mapping of the showings west of the RH Zone will be done in order to target exploration drilling of the outcropping copper oxide mineralization. Two to three holes are planned.
The 2014 Phase 2 program is envisioned to consist of approximately 5000 feet of RC drilling at specific zinc, silver and copper oxide targets covering a 6000 foot strike length as described above. Focused prospecting and mapping will be done in early July. BLM permitting is underway. Cypress anticipates the drill program to start around August 1st.
The Gunman project is hosted by complex veining and brecciation zones localized along generally north-south trending faults. The total strike length containing mineralized positions along this trend is now approximately 9000 feet.
Cypress continues to believe the project represents one of the best exploration targets along the southern extension of the Carlin Trend. There are multiple examples along both the Carlin and Battle Mountain Trends of well mineralized and highly economic zones and mines located in structural environments essentially identical to that at the Gunman project. Specifically, many mines are localized in north-south trending faults zones on both the north and south flanks of these world class mineral belts in north central Nevada.
The 2014 Phase 2 exploration and delineation drill and prospecting program represents another step by Cypress Development along the way to identifying the full extent of the mineralized structural zone at its 100% owned Gunman project.
RH Zone 2014 Phase 1 Results
The assays from the 2014 Phase 1 drilling within the RH Zone are summarized in the table below.
Phase 1 RH Zone Zinc and Silver Assay Results
|Hole ID||From (ft)||To (ft)||Interval (ft)||Ag (g/t)||Zn (%)|
* All intervals above were computed from Chemex assay results of representative, 5 foot interval samples collected from the reverse circulation sample return. All intervals have been selected based on a 1% zinc lower cut-off. The intervals above are restricted to contain no more than one included interval that falls below the 1% zinc lower cut-off. No high grade cut has been applied. All samples were continuously collected from each 5 foot interval during drilling. The samples are large and average approximately 6 kilograms in weight.
* g/t = grams per metric tonne.
* The true width lengths are estimated to be approximately 65%-75% of down hole intervals.
As the table above indicates, zinc and silver mineralization occurs both as long, highly variable but completely continuous mineralized down hole intervals (Hole GMRC-9 for example) as well as holes with shorter intervals of strong mineralization separated by lower grade intervals (Hole GMRC-10 for example).
RH Zone Geologic Discussion
Evidence from both drilling and surface exposures of the RH Zone strongly suggests that the mineralization is structurally controlled and is focused within an envelope of hydrothermally altered, fractured and brecciated dolomite. Outcrop and drill data also indicate that the dolomite is of hydrothermal origin.
Data gathered during the 2014 Phase 1 drill program points strongly to base metal, precious metal veining within a focused zone of dolomite alteration, fracturing and brecciation forming within an active zone of faulting. Subsequent oxidation of the original poly metallic veining mineralization has produced significant down hole intervals of spectacular, silver rich, zinc and iron oxide gossans with local sulfide cast boxworks.
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.
About Cypress Development Corp.:
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 has approximately $1.1 million in its treasury.
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
DONALD C. HUSTON
For further information contact myself or:
Cypress Development Corp.
Toll Free: 800-567-8181
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.