|By Marketwired .||
|January 21, 2014 07:00 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/21/14 -- Cypress Development Corp. (TSX VENTURE: CYP)(PINKSHEETS: 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:
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:
Cypress has commissioned Riverbend Geological Services to complete an independent NI 43-101 Technical Report and Mineral Resource Estimate for the Company'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 greater than 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:
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 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.