Category: Uncategorized
- Published: 29 November -0001
News Release: Drilling to Begin on High-Grade Gunman Zinc-Silver Project, Nevada; Cypress Development (73.13%) and Mid North Resources (26.87%)
Cypress Development Corp. has received confirmation that all permits are now in place to begin the first of three phases of reverse circulation and diamond drilling programs proposed for 2004, on the Gunman property located in Northeast Nevada. The Gunman property consists of 120 Federal lode claims totaling 2,400 acres, located on the east flank of the Diamond Range, White Pine County, approximately 40 miles NNE of Eureka, Nevada. The property is immediately adjacent to a paved highway and to electrical power.
Phase I drilling is to begin the week of April 19, 2004. The goal of the three phase 2004 drill program will be delineate extensions to the known high-grade oxide zinc-silver ore zone, the RH Zone, discovered during R-C drilling in 2000 - 2001. The Phase I work program includes a minimum of 7,300 feet of reverse circulation drilling with the targets along the open-ended NNW extension and SSE extension of the high-grade RH Zone. As well, known mineralization zones to the east and west of the RH Zone will be drill tested. The axis of the property scale syncline west of the RH Zone will also be tested. In addition to Phase I RC drilling, detailed surface mapping of the Middle Hill target area will be done to constrain the geometry and control of mineralization. The results of the mapping will be used to identify additional drill targets for the 2004 Phase II drilling program. Additional Phase I work will include road and site preparation for all planned 2004 drill sites.
The mineralization discovered on the Gunman Project to date, strongly resembles the oxide zinc-silver-lead-gold bonanzas that have been historically mined in the Eureka district, located 40 miles SSW of the property, Northeast Nevada.
The RH Zone is a tabular body of intensely oxidized, zinc-silver mineralization of apparent carbonate replacement origin. The zinc mineralization is primarily zinc oxide (smithsonite and hemimorphite). As partially delineated by the 2000 drill program, the RH Zone is approx. 300 feet long (NNW), 150 feet wide (ENE), and about 80 feet thick starting at or near surface and continues to be open along strike in both directions.
Cypress has completed 32 reverse circulation drill holes for a total of 17,370 feet on the Gunman property during 2000 that discovered the RH Zone, a high-grade zinc-silver oxide ore zone, where grades in excess of 25% zinc and 8 oz per ton silver were recovered over significant widths. Two ore zones have been discovered to date, both of which outcrop or sub-crop. The high-grade nature of the RH Zone oxide zinc and silver mineralization is illustrated in the graph below. Hole GM-26 is within the central portion of the currently delineated RH Ore Zone.
Hole GM-32 is at the extreme NNW edge of the known RH Ore Zone and shows the open-ended condition of the RH Deposit. Hole GM-09 is at the edge of the SSE portion of the RH Zone, where some of the largest composite thickness of oxide zinc-silver mineralization has occurred.
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Hole ID From To Intersection % Zn Oz/ton Ag
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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
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GM-32 50ft 170ft 120ft 9.10% 1.5 oz/ton
Incl. 75ft 130ft 55ft 146.51% 2.3 oz/ton
Incl. 100ft 125ft 25ft 22.63% 1.9 oz/ton
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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
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Other significant drill holes include:
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Hole ID From To Intersection % Zn Oz/ton Ag
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GM-01 115ft 215ft 100ft 4.91% 1.0 oz/ton
Incl. 165ft 185ft 20ft 19.62% 3.5 oz/ton
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GM-01 355ft 385ft 30ft 10.03% 3.9 oz/ton
Incl. 355ft 365ft 10ft 23.37% 9.2 oz/ton
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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
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GM-08 130ft 250ft 120ft 2.69% 1.5 oz/ton
Incl. 185ft 205ft 20ft 12.61% 3.8 oz/ton
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GM-24 60ft 110ft 50ft 6.32% 1.2 oz/ton
Incl. 65ft 80ft 15ft 16.76% 1.9 oz/ton
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GM-25 150ft 155ft 5ft 6.17% 0.4 oz/ton
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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
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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
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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
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GM-30 30ft 65ft 35ft 5.01% 0.7 oz/ton
Incl. 35ft 50ft 15ft 11.17% 1.3 oz/ton
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GM-31 40ft 85ft 45ft 3.50% 0.6 oz/ton
Incl. 45ft 55ft 10ft 13.60% 1.7 oz/ton
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A geological report on the Gunman Project, entitled 'Exploration Recommendations'dated January 15, 2004, was prepared by Robert D. Marvin, B.Sc., Geologist, of Red Rock Exploration Services, Reno, Nevada. The Report presents a project summary and the results of exploration planning done to guide a recommended, aggressive drilling program for 2004.
The Report has been filed on SEDAR and is available for viewing on the SEDAR website at www.sedar.com. It is the opinion of the project geologist that the RH Zone deposit can be significantly extended along trend to the NNW and is also open along trend to the SSE where some of the largest composite thickness of oxide zinc-silver mineralization has occurred on the Gunman property, and is possibly open at depth.
Oxide zinc-silver mineralization at the Gunman property is in the early stages of delineation. The high-grades of zinc-silver mineralization encountered to date in the heart of the RH Zone provides Cypress with the incentive to continue detailed exploration of the Gunman Property.
The immediate goal of Cypress Development is to outline an economical sized ore body of open pit mineable zinc-silver oxide ore. A preliminary test to determine the leachablity of ore and recovery, using acetic acid digestion, on 15 samples submitted from holes GM-26, GM-27 and GM-29 showed a high solubility and identified smithsonite (readily soluble) as the primary oxide zinc-bearing mineral. In addition, 20 samples with a range of zinc values were submitted for a weak acid (acetic acid) digestion and analysis. The solubility comparison of the Gunman ore was very favourable, meaning the minerals were very soluble even in weak acid.
With the re-establishment of world base metal prices at higher levels at this time, (ZN- greater than.50 cents/lb US) and (AG- greater than $7.70/oz US), Cypress Development is committed to the delineation of a productive ore body on the Gunman property in Nevada.
Cypress Development Corp. is a diversified precious and base metal exploration and development company with a gold property in Red Lake, Ontario Canada, and a zinc-silver deposit in White Pine County, Nevada, U.S.A. The Company also holds an 11.4% interest in a company called South Voisey Bay Nickel Co. Ltd.
To find out more about Cypress Development Corp. (TSX: CYP), visit our website at www.cypressdevelopmentcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
DONALD C. HUSTON
President
Cypress Development Corp. Donald C. Huston President (604) 687-3376 (604) 687-3119 (FAX) Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: www.cypressdevelopmentcorp.com
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