Cypress Development Corp. : Cypress Commissions Maiden NI 43-101 Resource Estimate for Gunman Zinc-Silver Project in Nevada,...
21 January 2014 - 11:00PM
Cypress Development Corp. / Cypress Development Corp. : Cypress
Commissions Maiden NI 43-101 Resource Estimate for Gunman
Zinc-Silver Project in Nevada, Stakes Additional Claims . Processed
and transmitted by NASDAQ OMX Corporate Solutions. The issuer is
solely responsible for the content of this announcement.
Suite 2230 - 885 West Georgia
Street, Vancouver, BC, Canada, V6C 3E8
www.cypressdevelopmentcorp.com
TSX-V Trading Symbol: CYPEmail:
info@cypressdevelopmentcorp.com January 21, 2012
Vancouver,
BC - Cypress Development Corp. (TSX-V: CYP) (OTC Pink:
CYDVF) (Frankfurt: C1Z) is pleased to announce it has commissioned
an Independent National Instrument (NI) 43-101 Compliant Technical
Report & Resource Estimate for its 100% owned Gunman
zinc-silver project located northeast of Eureka, Nevada. The
Company is also in the process of acquiring additional adjacent
lode mining claims through staking covering the potential north and
south strike extensions of the known high grade zinc-silver
mineralization found at the Gunman project. Cypress' Gunman
zinc-silver project is located between the prolific Carlin and
Battle Mountain trends in White Pine County, Nevada.
Gunman zinc-silver project location
map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=Maps/nevada.gif
Don Huston, President of Cypress
commented: "The Gunman project is a high-quality asset in Cypress'
portfolio with significant upside exploration potential. Three RC
drill programs totaling approx. 38,000 feet have been completed by
the Company on the project with significant grades between 5% to
33% zinc and 0.5 to 15.0 oz per ton silver over considerable widths
encountered. There is a bullish outlook for the zinc market due to
ongoing demand growth and an impending supply shortage coincident
with the closures of numerous major mines globally. More than 2
million tons of required new zinc supply is forecasted by 2016 yet
there are very few new zinc mines in the development pipeline. We
believe there will be strong upward pressure on the price of the
commodity and the high grade, shallow Gunman zinc-silver project
offers Cypress and its shareholders leveraged exposure to this
potential price increase."
Significant Gunman high-grade
zinc-silver results:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=Maps/holes.gif
Cypress has commissioned Riverbend
Geological Services to complete an independentNI 43-101 Technical
Report and Mineral Resource Estimatefor theCompany's 100% owned
Gunman zinc-silver project in Nevada USA.
The near surface Gunman RH North
Zone was a new discovery found by drilling vertically through the
over lying gravel deposits and into the mineralized limestone
beneath. Follow-up work was limited due to adverse market
conditions with numerous untested targets remaining. The strike of
the known zinc and silver mineralized zones at the Gunman property
is approximately 4,200 feet.
Additional drilling is being
planned to further delineate the Gunman high grade RH zone and
assess nearby targets on strike. Cypress intersected >1% zinc
mineralization on a 1500 foot NNE stepout in the last hole drilled
in 2007. Grades in that hole are very similar to those found on the
east and west flanks of the main high grade RH zone. The
mineralization is carbonate replacement type and is almost
exclusively zinc oxide. Strong potential exists to identify
additional high grade zinc-silver mineralization at the Gunman
project.
Gunman zinc oxide zones looking
west:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=Maps/gunmnprspc.gif
The mineralization at Cypress'
Gunman property appears to be structurally controlled along a range
front fault zone that strikes NNE. The mineralization
consists of very high grade zinc oxides and sulfides along with
silver, arsenic, gold and mercury mineralization within Permian age
limestone host rocks. Previously reported significant assays
from Cypress drilling include zinc values in the 5% to 30% per ton
range along with silver values of 0.5 oz to 15 oz per ton over
considerable widths. Gold values over 0.035 oz per ton also
occur locally within mineralized zones.
The Company announces that
pursuant to its stock option plan, Cypress has granted incentive
stock options to its various directors, officers, employees and
consultants to purchase up to an aggregate of 11,977,000 common
shares in the capital stock of the Company, exercisable for a
period of five years, at a price of $0.05 per share. The stock
options are subject to TSX Venture Exchange approval and
shareholder approval for insiders of the Company.
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.
Robert Marvin, P.Geo., CPG,
Exploration Manager for Cypress Development Corp. is the
Qualified Person as defined by National Instrument 43-101 and is
supervising both the project field work and the preparation of the
technical information in this release.
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
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
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.
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
HUG#1755894
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