VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/07/11 -- Cypress Development Corp. (TSX VENTURE: CYP) is pleased to announce that drilling has been scheduled for a target in the eastern portion of its 84% owned Broulan Reef property located in the heart of the Red Lake Gold Camp. Developments on the Goldcorp / Premier Gold Rahill-Bonanza joint venture project adjacent to the east of the Broulan Reef along with detailed analysis of compiled proprietary and public data have resulted in the identification of a high quality drill target in the eastern portion of the Broulan Reef property.
Broulan Reef property location map, Red Lake, Ontario:
A diamond drill program is planned to test for the westward extension of west-southwest striking structures that host recently discovered gold mineralization in positions 600 to 800 metres to the east of the Broulan Reef property. These recent discoveries made by the Goldcorp-Premier JV (G/PG JV) occur in structurally controlled zones within the Balmer assemblage volcanic rocks at depths ranging from 800 to 1000 metres below surface.
The discoveries being made on the portion of the G/PG JV immediately east of the Broulan Reef property include the following reported intercepts:
--12.5 g/t Au over 4.5 metres
--14.2 g/t Au over 5.0 metres
--124.3 g/t Au over 1.5 metres
Data on the Premier Gold Mines Limited website indicate that the gold discoveries are hosted in and around sheared ultramafic bodies within the Balmer formation. This setting appears very similar to the geology in Cypress' drill hole BR09-3B which intercepted 18 metres of 1.62 g/t Au including 5.04 g/t Au over 2.0 metres. The current target in the eastern portion of Cypress' Broulan Reef project is structurally controlled gold mineralization within the Balmer formation at depths less than 1500 metres from surface. Geologic maps published by the Geologic Survey of Canada (GSC) show the west-southwest striking structures being explored by the Goldcorp-Premier JV continuing onto the Broulan Reef property.
Cypress intends to commence exploration drilling of these mapped structures in September from a land based drill site on the Broulan Reef property.
GSC and other publically available mapping clearly show the target area is underlain by a structurally complex assemblage of the Bruce Channel Formation and the underlying Balmer mafic to ultramafic volcanic units. This structural complexity is considered to be very favorable for the existence of gold mineralization.
Cypress looks forward to reporting on the progress and results of the drilling of this key location in one of the world's most active and productive gold camps.
Robert Marvin, PGeo., CPG, Senior Project Geologist for Cypress Development is the Qualified Person, as defined by National Instrument 43-101, and supervised both the project field and the preparation of the technical information in this release.
