JOINT NEWS RELEASE
June 26, 2009
Cypress
& Skyharbour Update on Drilling
at Bruce Channel /
Red Lake Gold
Project, NW Ontario
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 Cypress
(80%) Skyharbour’s (20%) Broulan Reef gold project located in the heart
of the Red Lake
gold camp in Northwestern Ontario. The
Broulan Reef property adjoins on strike to the south
of the Cochenour / Bruce Channel gold deposit owned by Goldcorp.
Bruce Channel Red
Lake, Ontario Map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Broulan-Reef-New-Map.jpg
The most
significant feature controlling gold mineralization in the Cochenour / Bruce
Channel area of Red
Lake is a shallow dipping
thrust fault within the mafic / ultramafic volcanic rocks of the Balmer
Assemblage. This fault strikes roughly east west and dips at 48 degrees to
the southwest. It is known to be folded and faulted, is generally marked by
silicification and has been intruded and flanked by a rhyolite dike. The
thrust, accompanying alteration and rhyolite dike is referred to as the
?Thrust Package.
All significant
gold found to date in the Cochenour / Bruce Channel area occurs immediately
below this Thrust Package. This is particularly evident at the Cochenour Mine
which produced some 1.25 million ounces between 1939 and 1971.
Drilling by Cypress
and Skyharbour has identified the Thrust Package on the Broulan Reef property
and determined the Thrust Package dips to the east. The dip of the Thrust
Package could be as shallow as 45 degrees to the east in the central part of
the Broulan Reef property. This was established from drill holes BR08-3C,
BR08-3D, and BR08-3E drilled from east to west.
The companies have
received results from the 2nd wedge hole BR-08-3E. A zone from
2177.8 metres to 2181.9 metres returned 2.47 grams per tonne gold over 4.1
metres. This zone lies above the Thrust Package. A second zone from
2660 metres to 2661 metres returned 2.62 grams per tonne gold over 1 metre within
a large zone of anomalous gold values from 2637 metres to 2665 metres. This
second zone lies within the Thrust Package.
Broulan
Reef Drill Hole Location Map:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/CYP-Broulan_reef_Drill_Map-may09.jpg
The geometry of the
Thrust Package would suggest that it will occur at shallower depths in the
western part of the Broulan Reef property. Drilling it from west to east
would allow more of the hole to test the stratigraphy immediately under the
Thrust Package. The current hole (BR09-01) is being drilled from west to east
from McKenzie Island.
The hole is currently at 930 metres and has encountered a normal sequence of
Bruce Channel sediments to this depth. The Balmer Assemblage and the Thrust
Package are expected to be encountered at a depth of around 1800 to 2000
metres in the current hole.
The geochemical
signature of rocks within the Thrust Package shows a strong
Arsenic-Tungsten-Zinc association with sporadic gold values. This is a
classic gold signature in the Red
Lake area and suggests the
gold bearing system is present, very healthy and underlies a large portion of
the Broulan Reef property.
Broulan Reef
schematic map showing Thrust Package:
http://www.cypressdevelopmentcorp.com/s/Image.asp?i=maps/BR_XS_LN.gif
The Thrust Package
could be viewed as Trap Rock that has confined fluids below it. These fluids
have severely altered the rock and resulted in gold being deposited in the
footwall of the Thrust Package. It has been speculated that the setting
immediately below the Thrust Package is the host of some 6,000,000+ ounces of
gold including the Bruce Channel, Finn Zone discoveries and the Couchenour
Mine. Given the significant expansion of the area known to be underlain by
the Thrust Package, the total number of ounces may be conservative. There are
very few exploration plays in the world that are starting with this scale of
indicated potential.
The bulk of this
resource has only begun to be defined in the last 4 years. The majority of
the resource occurs below depths of 800 metres and will take some additional
time to fully evaluate. Grades typically rival those being mined by Goldcorp.
Goldcorp is currently redeveloping the old Couchenour Mine to access and
further evaluate this resource from underground. It is rumored that
development will be to a depth of at least 1800 metres. There is little doubt
that the new deposits being defined and developed in the Bruce Channel area
will provide an increasing proportion of the mill feed for Goldcorp?s Red
Lake complex for decades
to come.
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
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