Cypress Option Agreement
Cypress Development Corp. (TSX-V: CYP) has announced that it has entered into an Option Agreement with Robert D. Marvin of Reno, Nevada to earn a 100% interest in the Twenty-One Silver-Gold Project located in Mineral County, approximately 100 miles southeast of Carson City, Nevada.
The Twenty-One Silver-Gold Project sits 5 kilometres south of US Highway 95. Access to the property is by gravel roads. The Twenty-One property consists of two blocks of lode claims centered on an area of outcropping alteration and mineralization. The project sits on the direct east-northeast extension of the Mindora Silver-Gold Resources area.
Recent chip sampling of exposed quartz breccia veins has returned assay values from 211 g/t (6.5 ounces) silver to 1141 g/t (34.5 ounces) silver and up to 2 g/t gold. Andesitic and rhyolite sills, plugs, and dikes occur on the Twenty-One property. The mid-Miocene age intrusive activity in this district is considered to be highly favorable for the existence of both epithermal precious metal veins and related mineralization within carbonate wall rocks. Similar settings occur at other mining districts in the region. These districts include Tonapah, Paradise Peak and Santa Fe, which have a combined production of approximately 4 million ounces of gold and 500 million ounces of silver.
The high-grade mineralization, alteration and host rock units on the Twenty-One property are very similar to those found at the Santa Fe gold-silver deposit located 16 kilometres along a regional scale, mid Miocene age mineral trend to the north-northeast. The Santa Fe mine was mined by Corona and Homestake and produced approximately 450,000 ounces of gold and 700,000 ounces of silver from 10 million tons of near surface oxide ore in the late 1980’s and early 1990’s. A sulfide phase precious metal reserve remains in the Santa Fe Mine below the level of oxide ore mined.
Cypress Development continues to assess all available pertinent data and will conduct a detailed mapping and sampling program with the results leading to the establishment of a reverse circulation drill program in April to May 2010. The assay and mapping results to date are in themselves more than sufficient to warrant detailed exploration and drilling of the Twenty-One property.
Pursuant to the terms of the Option Agreement, Cypress has been granted an option to earn a 100% interest in and to the Twenty-One property for total consideration of USD$24,900, the issuance of 150,000 shares and exploration expenditures on the Property totaling USD$250,000 over the three-year term of the Agreement. The property is subject to a 2% net smelter return royalty (“NSR”) in favour of the Optionor. The Company may purchase one-half of the NSR (1%) for the total consideration of USD$1,000,000.
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.
Posted Feb. 01.10
