Cypress' Drilling Commences on Broulan Reef Gold Project in Red Lake, Ontario
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/03/11 -- Cypress Development Corp. (TSX VENTURE: CYP) is pleased to announce that drilling has commenced on the eastern portion of its 84% owned Broulan Reef gold property located in the heart of the Red Lake Gold Camp. Developments on the Goldcorp / Premier Gold Rahill-Bonanza joint venture project adjacent to the east of the Broulan Reef along with detailed analysis of compiled proprietary and public data have resulted in the identification of a high quality drill target in the eastern portion of the Broulan Reef property.
Broulan Reef drill hole location map, Red Lake, Ontario:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP_Gold_Eagle_Drill_View.jpg
A diamond drill hole is being drilled to a depth of 1300 - 1500 metres by Rodren Drilling of Winnipeg to test for the westward extension of west-southwest striking structures that host recently discovered gold mineralization in positions 600 to 800 metres to the east of the Broulan Reef property. These recent discoveries made by the Goldcorp-Premier joint venture occur in structurally controlled zones within the Balmer assemblage volcanic rocks at depths ranging from 800 to 1000 metres below surface. The Balmer assemblage is the known host rock for the gold deposits that are being discovered by Cypress' neighbors and is the host environment for the gold that is produced in Red Lake by Goldcorp.
Data on the Premier Gold Mines Limited website indicate that the gold discoveries are hosted in and around sheared ultramafic bodies within the Balmer formation. The current target in the eastern portion of Cypress' Broulan Reef project is structurally controlled gold mineralization within the Balmer formation at depths less than 1500 metres from surface. Geologic maps published by the Geologic Survey of Canada (GSC) show the west-southwest striking structures being explored by the Goldcorp-Premier JV continuing onto the Broulan Reef property.
GSC and other publically available mapping clearly show the target area is underlain by a structurally complex assemblage of the Bruce Channel Formation and the underlying Balmer mafic to ultramafic volcanic units. This structural complexity is considered to be very favorable for the existence of gold mineralization.
Cypress looks forward to reporting on the progress and results of the drilling of this key location in one of the world's most active and productive gold camps.
Robert Marvin, PGeo., CPG, Senior Project Geologist for Cypress Development is the Qualified Person, as defined by National Instrument 43-101, and supervised both the project field 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.
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
This news release may contain certain 'Forward-Looking Statements' that may involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.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.
Contacts:
Cypress Development Corp.
Don Myers
Director
604-687-3376 or toll free: 800-567-8181
604-687-3119 (FAX)
info@cypressdevelopmentcorp.com
www.cypressdevelopmentcorp.com