Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (FWB: C1Z) and Skyharbour Resources Ltd. (TSX-V: SYH) are providing an update on their ongoing drill program on their Cypress (80%) Skyharbour (20%) Broulan Reef gold project located in the heart of the Red Lake gold camp where total gold production exceeds 20 million ounces from the two mines operated by Goldcorp.
The Broulan Reef property consists of 10 mineral leases covering 120 hectares. The property covers the Bruce Channel of Red Lake and lies immediately south on strike of the Gold Eagle Mines Ltd. property. Gold Eagle Mines Ltd. discovered several gold deposits on its property between 2005 and 2008 and was acquired by Goldcorp in September 2008 for $1.3 Billion.
Click Here for Bruce Channel Red Lake, Ontario Map
The more significant deposits found by Gold Eagle include the Bruce Channel and Finn deposits. These deposits occur in Balmer assemblage rocks and are on trend with the Couchenour Mine that produced some 1.2 million ounces of gold. In the area of the deposits, the hosting Balmer assemblage is overlain by 500 to 1800 metres of younger sediments (Bruce Channel assemblage). The general trend of the deposits suggested it continued to the southwest onto the Broulan Reef property of Cypress Development and Skyharbour Resources.
The Finn zone is the southern most zone discovered by Gold Eagle and consists of a number of intercepts within a few hundred metres off the north edge of the Broulan Reef property. Drilling to test for possible strike extensions of this mineralization was started by Cypress / Skyharbour in late 2007. Drilling to date has confirmed that Balmer age rocks are likely to underlay all of the Broulan Reef property at an explorable depth and that an alteration system similar to the one that hosts the Finn deposit continues on the Broulan Reef property.
The alteration on the Broulan Reef property consists of extensive pervasive silicification of mafic volcanic rocks of the Balmer assemblage within a broader zone of biotite alteration. Locally magnetite is present. The magnetite is believed to result from the alteration of ultramafic volcanics.
This alteration encountered in the mother drill hole BR08-02 by Cypress / Skyharbour is immediately south and on trend of the Finn deposit. Much of the silicified zone is brecciated and contains sulphides, primarily phyrrotite with minor chalcopyrite and pyrite. Silicification occurs over a core length of 200 metres and likely represents a true width of 40 to 50 metres. The alteration is developed within mafic to ultramafic volcanic rocks that have a moderate to strong foliation.
Evident from the drilling BR08-02 is the presence of a shallow dipping thrust plane. The thrust occurs in Balmer assemblage mafic volcanics. Above this thrust, rocks are generally massive with little fabric and little to no alteration developed. The thrust is believed to be very old and is folded and faulted. It is also believed to be related to a thrust known to occur in the Couchenour mine area.
Minor gold values were encountered in the mother hole BR08-02 associated with narrow quartz veins developed in Balmer assemblage rocks below the thrust plane. Anomalous gold values were encountered in BR08-02 in more strongly silicified portions of the broad alteration system encountered on trend with the Finn deposit.
Typically economic gold values occupy a relatively small portion of a recognizable alteration footprint. The footprint of the Couchenour-Bruce Channel-Finn zone alteration extends over a strike length of 2.3 kilometres and continues on the Broulan Reef property. Individual deposits within this system occur with any number of orientations and sizes.
The acquisition of the Gold Eagle property and continued exploration by Goldcorp indicates a significant new gold bearing system is being defined in the Red Lake camp. Production from the Bruce Channel system will undoubtedly contribute a significant proportion of mill feed to the Red Lake complex of Goldcorp over the coming years.
Efforts to date by Cypress/Skyharbour indicate that the system may be significantly larger than previously known. Results from drilling to date have confirmed prospective alteration continues on to the Broulan Reef property and that the target warrants further testing. A first daughter drill hole is currently in progress from hole BR08-02 to further define the orientation of and variations within this highly prospective alteration system.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
DONALD C. HUSTON
For further information contact myself or:
Skyharbour Resources Ltd.
Toll Free: 800-567-8181
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.