Cypress Development Corp.

Cypress Development Corp.

March 25, 2014 07:00 ET

Cypress Receives Drilling Permits for Gunman Zinc-Silver Project, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 25, 2014) - Cypress Development Corp. (TSX VENTURE:CYP)(PINKSHEETS:CYDVF)(FRANKFURT:C1Z) is pleased to announce that the Company has been advised by the United States Department of the Interior (Bureau of Land Management (BLM) Nevada) that Cypress' application of a Notice of Intent to conduct exploration activity at its wholly owned 1140 acre Gunman zinc-silver-gold project in the Diamond Range, White Pine County, Nevada, has been received and approved by the BLM.

Gunman zinc-silver project, Nevada location map:

Southern Carlin Trend location map:

The Notice of Intent to explore on the Gunman project includes 8 drill sites and 3,775 feet of associated access roads. A financial bond has now been deposited with the BLM by Cypress and the Gunman project has been assigned BLM case file number NVN-092882.

Gunman zinc-silver project, Nevada claims map:

Cypress Development's Gunman project is well located on the southern extent of the Carlin Trend and contains carbonate replacement style, high grade zinc and silver oxide mineralization. It is the Company's intent to extend this type of mineralization along strike while also closely monitoring gold and trace element data. A planned 2014 Phase 1 Reverse Circulation (RC) drill program is expected to commence in early spring.

Cypress Development is now moving forward with a tendering process to select a drill contractor that will complete the 2014 Phase 1, RC drill program this spring. Phase 1 RC drilling will consist, in part, of a confirmation drill program of the high grade RH zone in order to provide high quality data to complete an independent resource estimation at Gunman and to obtain large samples of mineralization for metal recovery studies.

Cominco Ltd. conducted a due diligence investigation of the Gunman project following the discovery of very high zinc and silver mineralization by Cypress in 2000. As part of the due diligence work, Cominco conducted a series of zinc assays using an acetic acid leach method. The results indicate that zinc recovery from oxidized mineralization at Gunman by acetic acid leaching is excellent. A comparison chart of ICP assay vs. Acetic Acid Leach assay is presented below.

Comparison chart of ICP assay vs. Acetic Acid Leach assay:

HOLE NO. FROM FT TO FT ICP Zn% Acetic Acid Zn%
GM-26 50 55 2.06 1.38
GM-26 55 60 2.59 1.52
GM-26 60 65 1.17 0.88
GM-26 65 70 3.06 2.43
GM-26 70 75 2.66 2.12
GM-26 75 80 3.91 3.35
GM-26 80 85 8.05 7.13
GM-26 85 90 19.91 16.76
GM-26 90 95 18.25 15.54
GM-26 95 100 14.91 12.68
GM-26 100 105 10.49 9.5
GM-26 105 110 2.79 2.48
GM-26 110 115 2.16 1.68
GM-26 115 120 17.15 13.95
GM-26 120 125 5.68 5.09
GM-26 125 130 14.06 12.52
GM-26 130 135 19.16 16.48
GM-26 135 140 25.50 23.17
GM-26 140 145 28.02 27.49
GM-26 145 150 35.26 34.4
GM-26 150 155 28.32 27.39
GM-26 155 160 24.28 22.92
GM-26 160 165 24.16 20.87
GM-26 165 170 18.99 15.71
GM-26 170 175 23.80 20.22
GM-26 175 180 33.45 32.84
GM-26 180 185 22.99 21.97
GM-26 185 190 29.14 28.16
GM-26 190 195 23.59 21.93
GM-26 195 200 23.41 22.26
GM-26 200 205 37.44 36.48
GM-26 205 210 7.34 6.64
GM-26 210 215 12.62 7.63
Interval Average 16.56% 15.02%

The data indicate that a simple heap leach operation could very likely be effective in recovering zinc from oxide mineralization at Gunman. The data above represent only a simple bench scale study on small sample sizes. A more detailed study will be required to confirm and expand upon the very encouraging recovery data obtained by the simple acetic leach test.

Cypress will also explore, via RC drilling, ground adjacent to the RH North discovery hole GD-15 that intersected multiple zones of zinc-silver mineralization approximately 1300 feet north of the high grade RH zone along strike. In addition, the Company will conduct a surface sampling program of carbonate rubble crop in the Far North Target Area as preliminary observations made during recent staking indicate that abundant altered carbonate rock is present in a position on strike with the known high grade mineralization to the south. The sampling will be a soil sample grid and abundant rock chip sampling as a first pass. Identification of significant zinc-silver mineralization in the north portion of the Gunman property would immediately increase the scope of the project.

2007 Gunman zinc-silver project, Nevada drill map:

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.

Past surface sampling and drilling by Cypress on the Gunman property has resulted in the discovery of a series of zones of zinc-silver mineralization over a strike length of 2500 feet. The northern most mineralization known (hole GD-15) on the property was discovered at the end of the most recent drill program in 2007 and this mineralization remains essentially unexplored.

On March 18th, Cypress announced the completion and filing 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.

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 17, 2014 and titled: GUNMAN ZINC-SILVER PROJECT NATIONAL INSTRUMENT 43-101 COMPLIANT TECHNICAL REPORT.

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-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
GM-25 150ft 155ft 5ft 6.17% 0.4 oz/ton
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-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
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
*oz = troy ounce

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.

To find out more about Cypress Development Corp. (TSX VENTURE:CYP), visit our website at


Don Huston, President


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 for further information.

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