VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 18, 2014) - Cypress Development Corp. (TSX VENTURE:CYP)(PINKSHEETS:CYDVF)(FRANKFURT:C1Z) is pleased to announce the completion of a National Instrument (NI) 43-101 Compliant Technical Report on the Company's wholly owned 1140 acre Gunman zinc-silver-gold project located directly west of Barrick's Bald Mountain gold mine complex on the southern Carlin mineral trend in White Pine County, Nevada.
Cypress Development's Gunman project is well located on the southern extent of the Carlin Trend and contains zones of carbonate replacement style, high grade zinc and silver oxide mineralization. Cypress intends to extend this type of mineralization along strike while also closely monitoring gold and trace element data. A planned 2014 Phase 1 drill program is expected to commence this spring.
Gunman zinc-silver project location map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=Maps/nevada.gif
SUMMARY OF GUNMAN ZINC-SILVER PROJECT NATIONAL INSTRUMENT 43-101 COMPLIANT TECHNICAL REPORT
Cypress Development prepared this Technical Report detailing base metal and precious metal exploration results on its 100% owned Gunman project.
Surface sampling and past drilling on the property by Cypress has resulted in the discovery of a series of zones of zinc and silver mineralization over a strike length of approximately 2500 feet. The northern most mineralization known on the property was discovered at the end of the most recent drill program in 2007 and this mineralization remains essentially unexplored.
The mineralization at Gunman appears to be of carbonate replacement style with central zones of massive mineralization being flanked by halos of partial replacement and veining. The replacements are now very strongly oxidized within 400 feet of surface. Sulfide mineralization, sphalerite, pyrite and argentite, is seen at the base of the oxidized portion of the high grade zones.
The high grade Gunman RH Zone lies in the central portion of the 2500 foot strike length of known mineralization. Mineralization within the RH Zone is spectacular for its zinc and silver grade, for the down hole interval length of the very high grade mineralization and for the continuous nature of zinc grades in excess of 5% accompanied by multi ounce silver values. The mineralization is also located close to surface.
Very impressive oxide zinc and silver mineralization was found in reverse circulation drilling of the RH Zone in several holes including hole GM-26 in August of 2000. The interval in GM-26 from 40 to 250 feet down hole, a 210 foot interval, including lower grade upper and lower contact zones, grades 13.1% zinc and 4 oz/t silver. This interval includes a 165 foot interval from 50 feet down hole to 215 feet down hole that assayed 16.6% zinc and 5 oz/t silver.
Mineralization at Gunman 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 Battle Mountain gold trends where north-south to NNE alignments of mineralization and ore zones are located in cross cutting structural zones within or adjacent to the main NNW striking trends.
The complex carbonate and calcareous clastic sediments that host the known mineralization lie in the east limb of a north striking syncline. This rock package dips steeply west into the nose of the syncline located in the western portion of the property. The syncline is cut by a series of well-developed N-S trending fault-fracture zones that appear to control the position of mineralization. Fracturing along the axis of the syncline is covered by the Cypress claim block but has not been explored by drilling to date and represents one of the high quality exploration targets on the property.
The very high grade of zinc and silver mineralization in the RH Zone is a compelling reason to continue exploration on the Gunman property. Five main exploration targets have been identified and exploration recommendations are made for each of them in this report. The five targets are:
- North RH Zone. Hole GD-15 intersected multiple zones of zinc-silver mineralization in a position approximately 1300 feet north of the RH Zone. The grade of the mineralization in the hole is from 0.5 to 2.0% zinc and has accompanying silver mineralization in the 5 to 15 ppm range. This low grade mineralization is very similar to that seen on both the east and west flanks of the RH Zone. 1200 feet of RC drilling in a position north and east of GD-15 is recommended.
- Confirmation drilling of the high grade RH Zone is recommended in order to provide high quality data for a resource estimation and to obtain large samples of mineralization for metal recovery studies. Approximately 1000 feet of RC drilling is needed.
- Down-dip exploration of the east limb of the syncline. No systematic exploration of the deeper extensions of the RH Zone has been done. It is recommended that an east-west fence of holes be completed into the footwall carbonaceous shale which underlies the known mineralization at the RH Zone. A total of 1800 feet of RC drilling is recommended.
- Syncline axis exploration west of the RH Zone. Surface mapping and analysis of detailed DEM and satellite imagery indicate that the axis of the syncline at Gunman is strongly fractured. No drilling of the axis of the fold has been done. Drill testing of the target in a position down-dip of the RH Zone would require two holes totalling 1400 feet.
- Surface sampling of carbonate rubble crop in the far north portion of the property, the Far North Target Area is strongly recommended as preliminary observations made during the staking of the north extension claims indicate that abundant altered carbonate rock rubble crop or near source float is present in a position roughly on strike with the known mineralization to the south. Identification of significant Zn or Ag mineralization in the north portion of the property would immediately increase the scope of the project.
A phased approach to the recommended work is the most efficient way to proceed. Phase 1 would include items 1 and 2 above, the very important exploration drilling around RH North discovery hole GD-15 and the confirmation drilling of the RH Zone. This would amount to the drilling of 8 - 10 holes and a total of 2200 feet of R-C drilling. The phase 1 program should also include surface sampling in the Far North Target Area as this area has the potential to materially change the scope of the project at a very modest cost.
The drilling of the down dip RH target and the syncline axis fracture zone target along with follow-up and further extension drilling at RH North is recommended to form the core exploration work of a Phase 2 program. Drilling of any high quality targets that could result from the Phase 1 surface sampling at the Far North Target area could also be added to Phase 2. Priorities will be identified based on Phase 1 results. The Phase 2 program would entail approximately 4000 feet of R-C drilling.
Significant zinc and silver assays previously reported by Cypress from the Gunman project include:
| Hole ID |
From |
To |
Intersection |
Zn |
Ag |
| 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-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 |
| 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 |
Other 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-24 |
60ft |
110ft |
50ft |
6.32% |
1.2 oz/ton |
| Incl. |
65ft |
80ft |
15ft |
16.76% |
1.9 oz/ton |
| GM-25 |
150ft |
155ft |
5ft |
6.17% |
0.4 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 |
| *oz = troy ounce |
For additional documentation of the data used in the Technical Report please refer to the full report filed on SEDAR and on Cypress' web site dated March 13, 2014 and titled: GUNMAN ZINC-SILVER PROJECT NATIONAL INSTRUMENT 43-101 COMPLIANT TECHNICAL REPORT.
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 is well funded with approximately $1.5 million in its treasury.
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.
To find out more about Cypress Development Corp. (TSX VENTURE:CYP), visit our website at www.cypressdevelopmentcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
DONALD C. HUSTON, President
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.