Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (FWB: C1Z) and
Skyharbour Resources Ltd. (TSX-V: SYH) have released their 2009
exploration plans for their Cypress (80%) Skyharbour (20%) Broulan
Reef Project which is the primary exploration focus for both
companies. A major drill program continues on the Broulan Reef
property at this time. The property is located in the heart of the
Red Lake gold camp were total gold production exceeds 20 million
ounces from the two mines operated by Goldcorp.
The property lies immediately south of the Bruce Channel and Finn
deposits discovered by Gold Eagle Mines. These deposits were acquired
by Goldcorp when it purchased Gold Eagle Mines for $1.2 billion in
mid 2008. Evaluation of these deposits and their potential
development can only improve the viability of any resource found on
the Broulan Reef property of Cypress and Skyharbour.
Bruce Channel Red Lake, Ontario Map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Broulan-Reef-New-Map.jpg
The general structural trend hosting the Bruce Channel and Finn zones
is northeast to southwest and is projected to trend across the
Broulan Reef property of Cypress / Skyharbour. The prospective host
rocks are within Balmer aged volcanics that lie under younger Bruce
Channel sediments on the Broulan Reef property. The younger sediments
are 500 to 1500 metres thick on the Bruce Channel property. The
deeper location of prospective structures in Balmer rocks
necessitates deeper and more costly drilling. In addition to
extensions of known prospective structures the property contains a
major structural fold nose.
The first hole BR08-1 on the property was drilled to a depth of 2150
metres and confirmed the location of the Balmer sequence. This is
significant because it demonstrates that the whole of the Broulan
Reef property is likely underlain by Balmer rocks at a depth that is
within exploration and development range. The hole was stopped due
to technical difficulties by the original drill company that Cypress
/ Skyharbour had contracted. Cypress and Skyharbour will extend the
depth of BR08-01 to approximately 2400 metres with plans for further
testing of a structural zone near the bottom of the hole. Several
zones of silicification, arsenic and biotite alteration with
anomalous to elevated gold values were encountered in BR08-01.
Shearing and alteration at the bottom of the hole indicates it may
have just entered the strike extension of the Finn zone. The hole
should be extended to cross this structure. The hole is in good
condition and can serve as a mother hole for future drilling of
daughter holes.
A second hole BR08-2 was started in October 2008 some 400 metres
north of the first. This hole is being drilled by the companies' new
contractor Chibougamau Drilling. Chibougamau has extensive deep-hole
drilling experience in the Red Lake area and was the principle
contractor for all of the Gold Eagle Mines drilling. The hole is
collared on mineral rights held by Goldcorp and is planned to test
the northern portion of the Broulan Reef property. The hole will test
the immediate southerly extension of the Finn zone onto the Broulan
Reef property. The hole entered Balmer rocks at approximately 1000
metres and is currently at a depth of 1500 metres on track to test
the prospective structural area in Balmer aged rocks. Expected
flattening and arching of the hole will allow testing of the Broulan
Reef property to its western boundary with a total expected length of
2400 metres. Daughter holes off of BR08-2 will be used to further
test prospective mineralization encountered in the hole.
A third hole was started in November 2008 with a second Chibougamau
rig to test a significant structural nose fold. This 'nose fold'
setting is believed to be structurally complex and a strong
conceptual target from a regional perspective. The fold is known to
have warped the overlying Bruce Channel sediments through a 90 degree
turn. The effect of the nose fold on Balmer aged rocks is largely
unknown but is likely to have resulted in a large structurally
disturbed area which is prospective for gold mineralization. The
upper part of the third hole encountered the iron formation and
felsic fragmentals of the Bruce channel sediments. The Balmer is
expected to be encountered at 850 metres in this hole. There has
never been any drill testing of the Balmer in this prospective area.
The hole was stopped at 500 metres in order to reduce the expenditure
'burn' rate for the project. This was done to stretch 'hard to raise'
capital. The companies will re-enter BR08-03 to complete the hole to
the desired depth of approximately 2400 metres and also establish a
series of daughter holes from the main hole after holes BR08-02 and
BR08-01 have been completed.
Gold is one of the very few 'bright lights' in the commodities sector
and Cypress and Skyharbour remain committed to continued exploration
of the highly prospective Broulan Reef property.
Cypress and Skyharbour consider themselves very fortunate indeed with
their ownership of the Broulan Reef property and its envious location
adjacent (on strike) to the newly discovered geological success of
the Gold Eagle project. Since the $1.2 billion purchase of the Gold
Eagle gold discovery by Goldcorp, drilling in the Bruce Channel and
adjacent zones to the Broulan Reef have continued unabated. The known
geological success of these deposits and the eventual development to
a probable production scenario by Goldcorp can only greatly improve
the viability of any resource found on the Broulan Reef property.
Updated Short Broulan Reef Project 3D Video:
http://www.cypressdevelopmentcorp.com/s/RedLake.asp?ReportID=162302
David J. Busch, B.A., B.Sc., PGeo., Vice President of Explorations,
is the qualified person under the meaning of National Instrument
43-101 and has reviewed the data in this News Release.
About Cypress Development Corp.:
Cypress Development Corp. is a diversified precious and base metal
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.
About Skyharbour Resources Ltd.:
Skyharbour Resources Ltd. is a gold and base metal exploration
company developing projects in the RED LAKE district of northwestern
Ontario, Canada.
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH), visit
the Company's website at www.skyharbourltd.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
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS
NEWS RELEASE.
This news release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended. All statements, other than
statements of historical fact, included herein are forward-looking
statements that involve various 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. Important factors that could cause
actual results to differ materially from the Company's expectations
are disclosed in the Company's documents filed from time to time with
the British Columbia Securities Commission and the United States
Securities & Exchange Commission.
This announcement was originally distributed by Hugin. The issuer is
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Copyright © Hugin AS 2009. All rights reserved.