Cypress is a Voisey Bay play in search of another Diamond Fields nickel deposit. They have a 37.5% play with Donner and subsequent to that: Teck.
Teck has funded the '97 exploration with $5 mil ... approx. $1 mil of which will be spent on CYP's property. Unlike other JV with Donner ... CYP owns physical geography adjoining the Donner properties.
By June 15, I understand the ground should be thawed ... and Teck will have as many as 30 men on the ground drilling furiously. 1997 will probably be the make or break year for finding another elephant deposit in VB ... and it begins in a couple weeks.
The following is excerpted from the CYP Newsletter:
Cypress Minerals Corp. is an aggressive exploration company whose principal asset is its South Voisey's Bay Project in Labrador which falls under
a Joint Venture agreement with Donner Resources.
Canadian mining giant, Teck Corporation holds the right to earn half of Donner's 62.5% interest in this strategically-located land holding which is
immediately south of the massive Voisey's Bay nickel-copper discovery of Diamond Fields Resources. Cypress holds a 37.5% interest in the project
area, the largest of any partner.
The Voisey's Bay deposit is a typical magmatic sulphide occurrence and is associated with a body of troctolite belonging to the Nain Intrusive
Complex. The Cypress/Donner/Teck properties are located on the southern margin of this Complex.
Teck Corporation has high expectations for the South Voisey's Bay project and as operator for the Joint Venture, will apply its formidable expertise
to evaluate the property which is known to contain troctolite, the host rock for the rich nickel-copper-cobalt mineralization at Voisey's Bay. Data
from stream sediment sampling has shown elevated copper, nickel and cobalt values within a series of gossan zones along a strike length of
approximately 15 kilometres.
Detailed geological work including ground geophysics and 1,230 metres of drilling in thirteen holes has been completed on the Central and South
Central Blocks of the property. Several drill holes encountered sulphide mineralization that was similar to the "Leopard Troctolites" identified in the
Voisey's Bay area. Work to date has been confined to a relatively small part of the project area and the 1997 exploration program should further
define known targets and generate new areas for evaluation.
Field work is now under way on the South Voisey's Bay property and the current program will include approximately 300 kilometres of line cutting in
addition to geophysics, geological mapping, prospecting and diamond drilling. The 1997 exploration program will involve an expenditure by Cypress
of approximately $400,000, representing its 37.5% working interest in the project. Teck Corporation will be expending approximately $5 million on
its South Voisey's Bay properties this season, over $1 million of which will be applied to the Cypress/Donner/Teck ground.
For more information on Cypress Minerals, the directors can be contacted at 604-687-3376 or 800-665-3390 or cyp@ninetyeight.com.
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