Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (FWB: C1Z) and Skyharbour Resources Ltd. (TSX-V: SYH) announce an update regarding their deep diamond drilling program on their Cypress (80%) Skyharbour (20%) owned Broulan Reef gold project in Red Lake, northwestern Ontario. The Broulan Reef property is situated along the prolific Red Lake trend, west of Goldcorp Inc.'s operating Red Lake Mines Complex and immediately southwest of the Goldcorp's Cochenour / Bruce Channel deposit.
Drill Hole BR09-1 was stopped at 2786 metres due to insurmountable technical difficulties. This hole was designed to test for the presence on the Broulan Reef property of the major north-south shear / breccia system that hosts the Bruce Channel deposit of Goldcorp.
The Bruce Channel deposit is located some 500 metres north of the north boundary of the Broulan Reef property. Additional intercepts of this zone were encountered in the FN series of holes some 250 metres north of the Broulan Reef property.
Goldcorp is currently proceeding with plans to develop the Cochenour / Bruce Channel deposit. There is little doubt that the Cochenour / Bruce Channel deposit will provide a significant component of the mill feed at the Red Lake mine mill complex within the next few years. The Couchenour shaft is being dewatered, the pilot hole for a winze has been completed and work on a high speed tram between the Cochenour / Bruce Channel deposit and their Red Lake mine-mill complex has started.
The generally 'high-grade' nature of the gold in the Bruce Channel deposit and the proximity of planned underground workings make any deposits on the Broulan Reef property developable.
Mineralization in the Bruce Channel deposit occurs within a very large shear / breccia system that developed late in the geologic history. It strikes north-south and dips 70 degrees to the west. It is characterized by prominent calcite alteration with or without significant silica and with or without significant arsenic associated with gold. Iron carbonate is a minor constituent mainly restricted to late veinlets. Gold values generally occur in breccia like settings flanking 'high strain' zones.
The Bruce Channel deposit breaks many of the rules that have been long held in this part of the Red Lake camp for both its attitude and mineral associations. Gold mineralization appears to be restricted within the north-south shear to areas below an older, deformed 'thrust package'. The thrust package strikes nearly east west and dips at 48 degrees to the southwest. This package has been intersected in several holes drilled by Cypress and Skyharbour on the Broulan Reef property.
Drill Hole BR09-1 was drilled from west to east from McKenzie Island and was designed to intersect the north-south shear/ breccia at nearly right angles. The location and dip of the hole was also designed to intersect the prospective north-south shear / breccia system below projections of the thrust package. The hole did exactly as planned and encountered the north-south shear / breccia at 2430 metres. The hole was still in the shear breccia system when technical difficulties forced the stoppage of drilling. Anomalous to highly anomalous (100 to 1000 ppb) gold values were continuous in the last 10 metres of the hole between 2776 and 2786 meters.
Drill hole BR09-1 demonstrates that the north-south shear / breccia system has a strike length in excess of 2.5 kilometres and continues in size and strength well on to the Broulan Reef property.
Cross section of Broulan Reef drill hole BR09-01(looking North)
Additional drilling to test for economic grades within this system is warranted. The companies drilling contractor Chibougamau Diamond Drilling has relocated the rig to begin drill hole BR09-2.
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 atwww.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.
ON BEHALF OF THE BOARD OF DIRECTORS
DONALD C. HUSTON
For further information contact myself or:
Cypress Development Corp.
Toll Free: 800-567-8181
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.