Cypress Development begins drilling in Nevada
Cypress Development Corp. (TSX-V: CYP) began the drill program of its wholly owned Gunman zinc oxide project in Nevada, located directly west of Barrick's Bald Mountain gold mine.
According to the company's statement Monday, the Gunman zinc-silver-gold project entered its first phase which will complete approximately 3,000 feet of reverse circulation drilling at White Pine County property.
A surface sampling program has also been initiated on the newly staked adjacent ground which forms the northern extension of the Gunman property.
"There is a bullish outlook for the zinc market with the tightening of zinc mine supply worldwide, illustrated by a global zinc metal deficit in 2013 for the first time in five years," said President Don Huston. "Cypress believes it has a great opportunity to duplicate the RH zinc-silver rich zone discovered at the Gunman project in 2000 with extended drilling in 2014 to the RH North Zone."
In the past five years China has brought new zinc supply on stream, depressing prices. However, many of the world’s major zinc-producing mines are depleted and slated for closure, which will boost demand for the metal.
Past surface sampling and drilling by Cypress on the Gunman property has resulted in the discovery of a series of zones of zinc-silver mineralization over a strike length of 2500 feet. The northern most mineralization known on the property was discovered at the end of the most recent drill program in 2007 and this mineralization remains essentially unexplored.
Cypress Development is a precious and base metals exploration and development company with properties in Red Lake, Canada, and in Nevada, US, once called the "Silver State," because of its rich resources of the precious metal.