Cypress Development Corp. (TSXV:CYP,OTC Pink:CYDVF) announced the commissioning of an independent NI 43-101 technical report for its its Nevada-based Gunman zinc-silver project. The report will help Cypress plan a reverse-circulation drill program on the project.
The company also said that it has staked 27 further claims on strike and to the immediate north and south of Gunman.
As quoted in the press release:
With the majority of past drilling on the Gunman project predating National Instrument (NI) 43-101 (Standards of Disclosure for Mineral Projects), Cypress has commissioned Riverbend Geological Services of Beausejour, Manitoba to complete an independent NI 43-101 Technical Report. The Technical Report and recommendations will be used by Cypress in the planning of a RC drill program in order to complete an independent NI 43-101 Compliant Resource Estimate on the Gunman RH Zone. The Company anticipates that this drill program will commence in early April.
Don Huston, president of Cypress, commented:
The Gunman project is a high-quality asset in Cypress’ portfolio with significant upside exploration potential. Three RC drill programs totaling approx. 38,000 feet have been completed by the Company on the project with significant grades between 5% to 33% zinc and 0.5 to 15.0 oz per ton silver over considerable widths encountered. There is a bullish outlook for the zinc market due to ongoing demand growth and an impending supply shortage coincident with the closures of numerous major mines globally. More than 2 million tons of required new zinc supply is forecasted by 2016 yet there are very few new zinc mines in the development pipeline. We believe there will be strong upward pressure on the price of the commodity and the high grade, shallow Gunman zinc-silver project offers Cypress and its shareholders leveraged exposure to this potential price increase.