Cypress Development Corp. / Cypress Development Corp. : Cypress
Drills 175 feet of 12% Zinc and 121 g/t Silver at Gunman Project in
Nevada . Processed and transmitted by NASDAQ OMX Corporate
Solutions. The issuer is solely responsible for the content of this
announcement.
Suite 1610 - 777 Dunsmuir Street,
Vancouver, BC, Canada, V7Y 1K4
www.cypressdevelopmentcorp.com
TSX-V Trading Symbol: CYPEmail:
info@cypressdevelopmentcorp.com June 12, 2014
Vancouver,
BC - Cypress Development Corp. (TSX-V: CYP) (OTC Pink:
CYDVF) (Frankfurt: C1Z) ("Cypress" or the "Company") is pleased to
announce results of a drill program completed as part of the 2014
Phase 1 exploration 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 BaldMountain gold mine
complex on the southern Carlin mineral trend in White Pine County,
Nevada.
Gunman Project Southern Carlin
Trend location map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=Maps/Gunman-43-101.jpg
Thirteen reverse circulation (RC)
drill holes were completed at the Gunman zinc-silver-copper project
in eastern White Pine County, Nevada. The drilling program totaled
3520 feet and was directed at three targets areas located in the
central portion of the property.
2014 Gunman
Project drill hole location map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=Maps/Gunman-May-2014-RC-Plan-Map.jpg
Gunman Project zone target
map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=Maps/Phase-1-Rock-Assays.jpg
RH Zone
Results
Infill and confirmation drilling within the RH Zone intersected
long intervals of strong dolomitic alteration containing abundant
gossanous iron oxide zones. Assays from five foot interval samples
within the oxide zone and adjacent fractured dolomitized limestone
show spectacular zinc and silver mineralization. The assays from
the drilling within the RH Zone are summarized in table 1
below.
Table
1: RH Zone Zinc and Silver Assay Results
Hole ID |
From (ft) |
To (ft) |
Interval (ft) |
Ag (g/t) |
Zn (%) |
GMRC-3 |
55 |
95 |
40 |
60.3 |
2.00 |
and |
140 |
155 |
15 |
33.5 |
3.20 |
GMRC-4 |
20 |
175 |
155 |
128.0 |
7.20 |
including |
125 |
175 |
50 |
87.7 |
17.09 |
including |
135 |
150 |
15 |
83.9 |
30.64 |
GMRC-5 |
5 |
205 |
200 |
63.3 |
8.90 |
including |
125 |
180 |
55 |
147.0 |
21.00 |
including |
150 |
165 |
15 |
100.1 |
32.20 |
GMRC-8 |
130 |
185 |
55 |
54.3 |
6.50 |
GMRC-9 |
50 |
225 |
175 |
121.0 |
12.00 |
including |
130 |
215 |
85 |
209.2 |
19.70 |
GMRC-10 |
55 |
80 |
25 |
24.2 |
4.60 |
and |
105 |
120 |
15 |
8.0 |
1.70 |
and |
140 |
155 |
15 |
5.9 |
1.20 |
and |
170 |
220 |
50 |
20.3 |
8.70 |
GMRC-11 |
0 |
150 |
150 |
18.3 |
3.10 |
and |
165 |
215 |
50 |
125.6 |
7.90 |
* 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).
Note that, as Table 2 below
indicates, for hole GMRC-9, the entire 175 foot down hole interval
that grades 121.0 g/t silver and 12.00% zinc does not contain a
single interval grading less than 1% zinc.
Table
2: Complete 5 Foot Interval Assays for a portion of Hole
GMRC-9
Hole ID |
From(ft) |
To(ft) |
sample weight (kg) |
Ag g/t |
Zn % |
GMRC-9 |
50 |
55 |
4.12 |
26.1 |
5.19 |
GMRC-9 |
55 |
60 |
9.86 |
9.3 |
3.17 |
GMRC-9 |
60 |
65 |
9.44 |
16.9 |
2.65 |
GMRC-9 |
65 |
70 |
11.40 |
13.3 |
5.92 |
GMRC-9 |
70 |
75 |
8.54 |
13.6 |
2.09 |
GMRC-9 |
75 |
80 |
9.76 |
16.7 |
3.51 |
GMRC-9 |
80 |
85 |
4.24 |
45.5 |
6.40 |
GMRC-9 |
85 |
90 |
9.34 |
33.9 |
6.42 |
GMRC-9 |
90 |
95 |
8.04 |
31.0 |
3.76 |
GMRC-9 |
95 |
100 |
16.08 |
20.4 |
1.84 |
GMRC-9 |
100 |
105 |
7.30 |
82.8 |
8.49 |
GMRC-9 |
105 |
110 |
13.60 |
35.0 |
3.20 |
GMRC-9 |
110 |
115 |
5.50 |
45.3 |
7.19 |
GMRC-9 |
115 |
120 |
7.52 |
63.2 |
9.29 |
GMRC-9 |
120 |
125 |
5.04 |
30.1 |
2.51 |
GMRC-9 |
125 |
130 |
10.02 |
124.0 |
9.03 |
GMRC-9 |
130 |
135 |
5.04 |
154.0 |
22.10 |
GMRC-9 |
135 |
140 |
8.34 |
146.0 |
25.60 |
GMRC-9 |
140 |
145 |
5.52 |
299.0 |
36.30 |
GMRC-9 |
145 |
150 |
9.42 |
156.0 |
27.90 |
GMRC-9 |
150 |
155 |
3.52 |
92.7 |
16.80 |
GMRC-9 |
155 |
160 |
11.14 |
54.3 |
3.91 |
GMRC-9 |
160 |
165 |
5.90 |
70.4 |
3.37 |
GMRC-9 |
165 |
170 |
9.26 |
143.0 |
5.93 |
GMRC-9 |
170 |
175 |
6.04 |
327.0 |
14.85 |
GMRC-9 |
175 |
180 |
8.30 |
371.0 |
15.55 |
GMRC-9 |
180 |
185 |
4.26 |
345.0 |
22.30 |
GMRC-9 |
185 |
190 |
9.46 |
192.0 |
16.90 |
GMRC-9 |
190 |
195 |
5.18 |
272.0 |
24.10 |
GMRC-9 |
195 |
200 |
7.42 |
379.0 |
27.90 |
GMRC-9 |
200 |
205 |
4.32 |
276.0 |
22.80 |
GMRC-9 |
205 |
210 |
10.30 |
231.0 |
33.21 |
GMRC-9 |
210 |
215 |
6.12 |
49.1 |
15.45 |
GMRC-9 |
215 |
220 |
9.44 |
50.3 |
2.91 |
GMRC-9 |
220 |
225 |
4.18 |
24.8 |
1.09 |
*
Detailed Notes on Chemex Assay Procedures Used: A basic aqua
regia-ICP multi-element package was run on 50 gram splits from 250
gram master pulps. Intervals assaying >100 grams/tonne
silver and/or 1% zinc were rerun using a complete aqua regia
digestion followed by ICP-AES analysis. Intervals assaying
greater than 30% zinc following complete aqua regia digestion were
then re-assayed from a fresh 50 gram pulp using classical titration
methods.
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.
RH North
Target Results and Geologic Discussion
Four holes were completed in the grass roots exploration stage RH
North target area in the Phase 1 2014 program. Three of the
holes were completed on 90 to 300 foot step outs from the RH North
discovery hole GD-15, which was completed in 2007. Hole
GMRC-2 intersected an 80 foot wide interval of low grade zinc and
silver mineralization. A five foot interval within the low
grade intersection returned 1.28% zinc and 6.6 g/t silver. Hole
GMRC-2 assays show that the hole was still in low grade
mineralization with the last assay interval from 295 to 300 feet
returning 7.1 g/t silver and 0.29% zinc.
The exploration of the RH North
target area remains at a reconnaissance stage as only seven holes
have been completed to date. Low grade (<1% zinc and 10 g/t
silver) mineralization has been encountered in two of the seven
holes. Both of the broadly mineralized holes also contain
narrow intervals of zinc mineralization of >1%. The host rocks
at the RH North target area are very similar to those at the RH
Zone, located 1500 feet to the south.
Results to date indicate
significant down hole intervals of mineralization in both oxidized
and reduced limestone is present in the target area. This
setting is considered highly favorable for the presence of much
higher grade mineralization. Geologic compilation of results
is underway in an effort to identify additional drill targets at
the RH North target area.
Far North
Target Area Surface Sampling Results
Interpretation
As has been recently reported, Cypress completed a reconnaissance
surface rock chip sampling program in the far northern portion of
the Gunman project early on in the Phase 1 2014 exploration. The
assay results of the sampling have been previously reported (see
news release June 4, 2014).
Two important results from the ICP
assays of these samples are:
1.
A sample of bleached, weathered float collected in a dry stream bed
2000 feet east of the Gunman property boundary assayed 22350 ppm
zinc or 2.235% zinc. The stream bed drains from an area of hills
within the Far North Target area on the Gunman property.
2.
A cluster of outcrop samples of silicified and strongly oxidized
limestone conglomerate contain highly anomalous zinc, arsenic and
mercury. Scattered bismuth anomalies also occur in samples from the
anomaly area. This anomaly cluster lies in the Far North Target
area and is hosted by the limestone conglomerate unit which caps
the strongly mineralized sandy dolomite and limestone in the RH
area.
The results show strong evidence
for the continuation of the known, structurally controlled
mineralization at Gunman. The outcropping silicified and
geochemically anomalous carbonates are located approximately 6000
feet north of the RH Zone. No previous exploration or
drilling is known to have been conducted in this area.
A strong case for a structural
connection between the RH Zone and the Far North anomaly area can
be made from strong, linear features seen in contoured topographic
data as well as in detailed digital elevation data. The host
rock for the anomaly area is definitely the limestone conglomerate
that stratigraphically overlies the high grade mineralization at
the RH Zone.
These results are very encouraging
as they point to a large extension of the known mineralized system
at Gunman which now stretches from the Far South Zone, north
through the RH South, RH and RH North zones and then further north
to the new Far North target area, a total indicated strike length
of approximately 9000 feet.
TQCU Copper
Target Results
Two shallow angle holes from a common collar were added to the
Phase 1 program to conduct initial sub surface exploration of a
well-developed copper oxide showing located 300 feetwest of the RH
Zone. The copper showing has been explored by historical
shallow workings. Grab samples from one these pits at TQCU
returned very high copper assays as was recently reported (see news
release June 4, 2014 "Cypress Samples Up to 10% Copper").
The TQCU target 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 and silver
mineralization delineated at the RH and RH South Zones.
Gunman
Outcropping Copper Oxide Mineralization:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=/photos/gunman/pic006.jpg
The two holes intersected strongly
oxidized sandstone and underlying limestone. It is possible a
cross fault has offset the mineralization. Detailed sampling and
mapping of the copper mineralization is planned to better define
drill targets.
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
"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
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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.
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Cypress Development Corp. via Globenewswire
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