Cypress Development Corp. (TSX: V.CYP, Stock Forum) had one of the most posted Bullboards on Stockhouse Friday morning, as the company and Skyharbour Resources (TSX: V.SYH, Stock Forum) provided an update on their ongoing drill program on the Broulan Reef gold project in the Red Lake gold camp in Northwestern Ontario.
The companies say they have received results from the 2nd wedge hole BR-08-3E, where a zone from 2177.8 metres to 2181.9 metres returned 2.47 grams per tonne gold over 4.1 metres, lying above the Thrust Package. A second zone from 2660 metres to 2661 metres returned 2.62 grams per tonne gold over 1 metre within a large zone of anomalous gold values from 2637 metres to 2665 metres, lying within the Thrust Package, say the companies.
The Broulan Reef property adjoins on strike to the south of the Cochenour/Bruce Channel gold deposit owned by Goldcorp.
“It has been speculated that the setting immediately below the Thrust Package is the host of some 6,000,000+ ounces of gold including the Bruce Channel, Finn Zone discoveries and the Couchenour Mine. Given the significant expansion of the area known to be underlain by the Thrust Package, the total number of ounces may be conservative. There are very few exploration plays in the world that are starting with this scale of indicated potential,” say the companies.
Cypress says the bulk of this resource has only begun to be defined in the last four years, the majority of the resource occurs below depths of 800 metres and will take some additional time to fully evaluate. “Grades typically rival those being mined by Goldcorp,” adds the company.
Shares of Cypress Development climbed 11.4% to 19.5 cents, while Skyharbour shares were unchanged at seven cents Friday.
On the Cypress Bullboard, TheWordofGod offered the following thoughts:
At first glance one can say that the grades are very low and over short intersections. Keep in mind that most of us, including myself, weren't expecting much from that hole. This current one should yield better results - not significantly better but better nonetheless. With the money we have in the bank we will have enough to drill another 2 holes before year end. At that point we should know what kind of real grades to expect from our property[sic].”
