|By Marketwired .||
|May 27, 2014 07:00 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/27/14 -- Cypress Development Corp. (TSX VENTURE:CYP)(PINKSHEETS:CYDVF)(FRANKFURT:C1Z) ("Cypress" or the "Company") is pleased to announce that the Phase 1 2014 drill program at its wholly owned Gunman zinc-silver oxide project, Nevada, has been completed with all assays pending. The 1140 acre Gunman zinc-silver-gold project is located directly west of Barrick's Bald Mountain gold mine complex on the southern Carlin mineral trend in White Pine County, Nevada.
Three previous Reverse Circulation (RC) drill programs totaling approximately 38,000 feet have been completed by Cypress on the Gunman project with significant grades between 5% to 33% zinc and 0.5 to 15.0 oz per ton silver encountered in the RH Zone.
Gunman Project Southern Carlin Trend location map: www.cypressdevelopmentcorp.com/s/Image.asp?i=Maps/Gunman-43-101.jpg
Cypress carried out a thirteen hole 2014 Phase 1 RC drill program at its Gunman poly metallic property in White Pine County, Nevada. The thirteen holes totaled 3,540 feet and were targeted at three areas of the central portion of the property. Additional work completed during Phase 1 includes the initiation of a detailed stratigraphic study in the central portion of the property and prospecting in the far north exploration area, located 5000 feet north of the central portion of the property.
2014 Gunman RC Drill Hole Location Map: www.cypressdevelopmentcorp.com/s/Image.asp?i=Maps/Gunman-May-2014-RC-Plan-Map.jpg
Main RH Zone Area
Seven holes were drilled into the known, well developed oxide zinc and silver mineralization at the RH Zone. These holes were completed to provide confirmation assays in order to complete an independent NI 43-101 Compliant Resource Estimate and for the opportunity to collect additional data on the style of mineralization at the RH Zone. The holes drilled into the western portion of the RH Zone intersected the distinctive poly lithic, rounded grain sandstone which is known from outcrop along the western margin of the RH Zone. Below this clastic marker unit, a well fractured, brecciated and stock work veined dolomite unit is encountered. Well-developed gossanous zones were logged from near surface to an approximate depth of 220 feet. Carbonaceous dolomite was intersected at depth in all the RH Zone area holes.
Bedrock exposures created during construction of the RH Zone area drill pads have provided valuable, detailed data on the style of mineralization in the near surface portion of the RH Zone. Gossanous boxworks form irregular bands through the exposed, highly brecciated dolomite. These gossan zones are associated with quartz veinlet swarms and quartz, carbonate, iron oxide breccia matrix in fills. These textures and observed veining zone associated with the gossanous boxworks suggest that the mineralization in the near surface portion of the RH Zone has a strong component of quartz and poly-metallic sulfide veining.
The exposed brecciated and veined gossanous have been sampled and specimens have been selected for more detailed study of the mineralization. Identification of quartz-poly metallic sulfide veining in the rubble crop and scrapped out crop is new information that will have an impact on targeting of future drilling on the property.
North RH Area
Four holes were completed as wide step outs to the north and east of mineralization intercepted in a previous diamond drill hole in 2007. All four holes passed through a complex, well oxidized, carbonate cemented breccia zone and down into well oxidized, calcareous sandstone units. Oxidized sandy limestone units were found under the overlying clastic sedimentary units. Carbonaceous limestone and dolomite were intersected in all holes at depth.
2007 Gunman zinc-silver project, Nevada drill map: www.cypressdevelopmentcorp.com/s/Image.asp?i=Maps/CYP_Gunman_2007_Map.jpg
Vuggy sandstone and limestone clasts from the upper portions of two of these exploration holes contain local needle like crystals of the zinc oxide mineral hemimorphite.
The distinctive pellet clast sandstone exposed along the western margin of the RH Zone contains outcropping and subcropping copper oxide mineralization. Cypress has not previously explored the potential of this flanking zone of mineralization. The copper oxides are exposed along a 3000 foot strike length going south from the RH Zone area and continuing south of the known RH South Zone.
The exploration completed at the TQCU target during the Phase 1 program includes sampling of outcropping and sub cropping copper oxide mineralization and the drilling of two shallow RC holes. Further field work is planned to explore the details of the trend and controls on this mineralization.
The two completed RC holes passed through strongly oxidized pellet grain sandstone and down into well oxidized and locally gossanous sandy limestone.
Far North Area Reconnaissance Sampling Results
Reconnaissance rock chip sampling of the northern portion of the Gunman property was completed as part of the Phase 1 exploration program. A total of 42 samples were collected from outcrops, sub crop/rubble crop and float. The samples were assayed by ALS Chemex in Reno. The assay results show two very encouraging anomalies.
1. A single float sample collected in a dry wash 1500 feet east of the property boundary retuned a 2.24% Zn assay. The source of the sampled float is unknown but the slope direction of the dry stream bed indicated that the sample was transported from the property area to the east. 2. A significant cluster of highly anomalous Zinc-Arsenic-Mercury assays were returned from sampling of silicified and oxidized limestone conglomerate outcrops and rubble crops located approximately 5000 feet north of the RH Zone.
This multi-sample anomaly is hosted by the limestone conglomerate unit which caps the mineralized carbonates and siliciclastic rocks at the RH Zone, RH South Zone and the RH North Zone. While direct comparison of the zinc values in the new Far North Target results to the RH Zone area cannot be made due to complete erosion of the cap rock from the underlying mineralized sandy limestones, this cluster anomaly is a very promising development.
Low cost, direct sampling of altered outcrops has proven to be effective as an exploration tool at the Gunman project.
2007 Gunman zinc-silver project, Nevada drill map: www.cypressdevelopmentcorp.com/s/Image.asp?i=Maps/CYP_Gunman_2007_Map.jpg
Mineralization at the Gunman project 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 the Battle Mountain gold trends where the NS to NNE alignments of mineralized zones are located in cross cutting structural zones within or adjacent to the main NNW striking trends. The mineralization of the zinc-silver zones on the Gunman is located close to surface. The very high grade of zinc-silver mineralization seen in the RH Zone is a compelling reason to continue exploration on the Gunman project.
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.
On March 18th, Cypress announced the completion of a National Instrument (NI) 43-101 Compliant Technical Report on the Gunman zinc-silver-gold project. For additional information please refer to the full report filed on SEDAR and on Cypress' web site dated March 17, 2014 and titled: GUNMAN ZINC-SILVER PROJECT NATIONAL INSTRUMENT 43-101 COMPLIANT TECHNICAL REPORT.
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 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.
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