Press Release |
Cypress & Skyharbour Begin 1st Daughter Hole on Broulan Reef Gold Project, Bruce Channel / Red Lake, NW Ontario
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VANCOUVER, BC, Mar 09 (MARKET WIRE) -- Cypress & Skyharbour Begin 1st Daughter Hole on Broulan Reef Gold Project, Bruce Channel / Red Lake, NW Ontario Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (FWB: C1Z) and Skyharbour Resources Ltd. (TSX-V: SYH) announce that the initial mother hole BR08-02 has now been completed to a depth of 2742 metres on their Cypress (80%) Skyharbour (20%) Broulan Reef project located on strike to the south of the Bruce Channel and Finn gold zones discovered by Gold Eagle Mines. These gold zones were acquired by Goldcorp when it purchased Gold Eagle Mines for $1.3 billion in September 2008. Bruce Channel Red Lake, Ontario Map: http://www.cypressdevelopmentcorp.com/s/Image.asp?i=photos/Bruce_Channel_Photo.g f Strong carbonate alteration with disseminated sulphides and quartz veining and brecciation continued to the bottom of the hole. This alteration was particularly strong and located on the hanging wall and foot wall of a Gabbro body within the Balmer assemblage formation. As previously announced, the drilling has intersected mineralization on strike with the Finn zone on the Goldcorp Gold Eagle property to the immediate north of the companies' Broulan Reef property. Wedging has now started on the first of several planned daughter holes from BR08-02 at a depth of 1940 metres. A series of wedges are now being installed to allow the first daughter hole to explore the known alteration / mineralization at higher levels and extend the exploration drilling to the west. This daughter hole will allow Cypress and Skyharbour to further explore the highly prospective portion of the Balmer assemblage formation below an important thrust fault intercepted in the mother hole. The companies are encouraged with the mineralization seen to date. Cypress' VP of Exploration, Dave Busch, PGeo has been logging and splitting all cores from hole BR08-02 and all cores are being submitted to TSL Laboratory in Saskatoon. Assays are pending. A great deal of excellent geological information is being derived from this drill hole. The companies hired Chibougamau Diamond Drilling (Quebec) in October 2008 to complete a major deep penetration drill program on the Broulan Reef property. Deposits in the Red Lake gold camp typically have a long vertical extent reaching in excess of 2600 metres in some cases. It is still early days for the Cypress / Skyharbour deep penetration drill program on their Broulan Reef property. David J. Busch, B.A., B.Sc., PGeo., Vice President of Exploration, 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: email@example.com Cypress Development Corp. Suite 2230 - 885 West Georgia Street Vancouver, BC, Canada, V6C 3E8 www.cypressdevelopmentcorp.com TSX-V Trading Symbol: CYP Telephone: (604) 687-3376 Email: firstname.lastname@example.org Facsimile: (604) 687-3119 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 solely responsible for the content of this announcement. Copyright Copyright Hugin AS 2009. All rights reserved. Copyright 2009, Market Wire, All rights reserved. -0-