×

Cypress Reviews 2014 Highlights and 2015 Exploration Plans

VANCOUVER, Canada, Jan. 20, 2015 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V: CYP) (OTC Pink: CYDVF) (Frankfurt: C1Z) ("Cypress" or the "Company") announces an update to shareholders with a year-end review of the Company's activities in 2014 and is providing exploration plans for 2015.

Cypress continues to expand its resource at its 100% owned 2,300 acre Gunman zinc-silver project located directly west of Barrick's Bald Mountain gold mine complex on the southern Carlin mineral trend in White Pine County, northeast Nevada. The Company maintains a 100% interest in the highly prospective 4,700 acre Mackenzie Island gold property in the heart of the Red Lake gold camp in northwestern Ontario. The McKenzie Island property is located west and adjacent to Goldcorp's Cochenour / Bruce Channel gold mine.

Highlights for 2014:

  • Completed a National Instrument 43-101 Technical Report on the Gunman zinc-silver project, Nevada in February.
  • Completed a very successful Phase 1 RC drill program on the Gunman zinc-silver project on the RH Zone in May.
  • Phase 1 results include Hole GMRC-9 assaying 175 foot interval that grades 121.0 g/t silver and 12.0% zinc starting at a depth of 50 feet.
  • Completed a very successful Phase 2 RC drill program on the Gunman zinc-silver project on the RH Zone in August.
  • Phase 2 results include Hole GMRC-16 assaying 230 foot interval that grades 83.4 g/t silver and 13.4% zinc starting at surface.
  • Doubled size of Gunman, Nevada land package in September.
  • Completed a detailed surface sampling program (zinc, silver, copper) on the Gunman, Nevada RH South Target in September.
  • Purchased high resolution airborne magnetometer survey data over the Gunman, Nevada project area in December.
  • Purchased the remaining 20% interest in Red Lake, Ontario properties to own 100% of the Mackenzie island gold project.
  • Maintained the Company's key gold properties on Mackenzie Island, Red Lake, Ontario in good standing.
  • Reviewed and compiled all past and current data relating to the Mackenzie Island gold project.

Gunman Zinc-Silver Project, Nevada:

Gunman Project Southern Carlin Trend location map:

http://www.cypressdevelopmentcorp.com/s/Image.asp?i=Maps/Gunman-43-101.jpg

Cypress completed thirteen reverse circulation (RC) drill holes in May 2014 at the Gunman zinc-silver 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.

Table 1: May 2014 Phase 1 drill program highlights on RH Zinc-Silver Zone

Hole ID From FT To FT Interval FT Ag G/T Zn%
GMRC-4 20 175 155 128.0 7.2
including 125 175 50 87.7 17.1
including 135 150 15 83.9 30.6
GMRC-5 5 205 200 63.3 8.9
including 125 180 55 147.0 21.0
including 150 165 15 100.1 32.2
GMRC-9 50 225 175 121.0 12.0
including 130 215 85 209.2 19.7

* G/T = grams per metric tonne.
* True width lengths are estimated to be approximately 95% of downhole intervals.

A further eleven RC delineation drill holes were completed in August 2014 in a Phase 2 program at the Gunman project in Nevada. The drilling program totaled 3370 feet and was directed at the main RH Zone located in the central portion of the property.

Table 2: August 2014 Phase 2 drill program highlights on RH Zinc-Silver Zone

Hole ID From FT To FT Interval FT Ag G/T Zn%
GMRC-15 75 225 150 74.9 13.6
including 85 185 100 108.0 20.2
GMRC-16 0 230 230 83.4 13.4
including 125 220 95 164.8 26.8
GMRC-20 0 210 210 60.3 6.8
including 55 175 120 90.7 11.3
including 150 170 20 53.3 32.5
including 85 115 30 153.0 9.4
including 125 175 50 94.8 17.3
GMRC-22 90 150 60 34.4 16.2
including 105 145 40 43.8 23.9
including 105 130 25 60.4 25.9

* G/T = grams per metric tonne.
* True width lengths are estimated to be approximately 95% of downhole intervals.

Geologic data collected during the August 2014 Phase 2 sampling program clearly shows that the mineralized rock units at the RH South Target are nearly identical to those known from drilling and limited outcrop at the strongly mineralized main RH Zone.

Gunman Project, Nevada zone target map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=Maps/Gunman2014Claims.jpg

Assays from chip and grab samples confirm very high grade zinc, silver and copper mineralization are present at surface at the RH South Target.

Table 3: August 2014 surface sampling highlights on RH South Target

Sample ID Chip or Grab Ag G/T Zn% Cu%
SRH CC-3 4 meter Chip 16.2 9.5 0.0
SRH CC-4 5 meter Chip 26.3 5.1 0.0
SRH CC-6 3 meter Chip 36.8 17.0 0.2
SRH CC-8 Grab 344.0 2.3 13.5
SRH CC-12 Grab 16.6 42.0 0.2
SRH CC-13 Grab 143.0 2.2 14.5
SRH CC-14 Grab 22.2 19.6 2.3
SRH CC-15 Grab 122.0 1.9 14.8

* G/T = grams per metric tonne.
* Grab samples are selective by nature and are unlikely to represent average grades of any deposits.

Based upon the exceptional exploration results to date, Cypress Development is presently planning its next phase drill program for the Gunman project, Nevada, expected to begin this spring.

Mackenzie Island Gold Project, Red Lake, Ontario:

Cypress has compiled and completed an extensive review of all past and present available data of its St. Paul's Bay and Mackenzie Island claims comprising the Mackenzie Island gold project. Detailed available Magnetometer data presents a strong case for potential gold targets along the southwest flank of the known Dome Stock within the St. Paul's Bay claims. Cypress has encountered intersections of 1.0 to 2.0 g/t gold over 5 meter widths including Hole M05-3 assaying 0.2 meter interval of 23.9 g/t gold and Hole M05--14 assaying 0.5 meter interval of 17.0 g/t gold in past drill programs. The Company has also compiled data available on the north side of the Dome Stock and it is evident that a major geological contact exists between the greenstone host volcanics and the intrusive. This contact stretches a few kilometers east to west across Mackenzie Island in the middle of Cypress' claim group. The Company is in the planning stage for an exploration program for the summer of 2015.

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.

Quality Assurance

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.

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.

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

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.

HUG#1888361

Source:Cypress Development Corp.