Cypress Receives Drilling Permit for its Clayton Valley Lithium Project in Nevada
(Thomson Reuters ONE) -
VANCOUVER, British Columbia, June 21, 2016 (GLOBE NEWSWIRE) -- Cypress
Development Corp. (TSX-V:CYP) (OTCBB:CYDVF) (Frankfurt:C1Z1) ("Cypress" or the
"Company") is pleased to announce that the Company has received a Land Use
Permit from the Bureau of Land Management (BLM), Nevada, that will enable
Cypress to proceed with its planned Phase 3 drilling program at the Company's
Clayton Valley Lithium Project located in Esmeralda County, State of Nevada,
USA.
Cypress Clayton Valley Lithium Project, Nevada location map:
http://www.cypressdevelopmentcorp.com/i/maps/CYP-Clayton-topo-satalite-small.jpg
The Company's 1520 acre Clayton Valley Project is located within 0.5 mile south
of lithium brine wells belonging to the Albemarle Silver Peak Mine and the
property shares its western boundary with the known Northern Resource Area of
Pure Energy's Clayton Valley South project.
Cypress Clayton Valley Lithium Project, Nevada claims map:
http://www.cypressdevelopmentcorp.com/i/maps/Clayton-Test-Wells-Plan-Map.jpg
Previously reported assays by Cypress show a continuously mineralized volume of
lithium rich claystones at surface on extensive portions of Cypress' Clayton
Valley property. The compiled results show 2 kilometers of north-south strike of
outcropping claystones that assay approximately 1,100 ppm Li on average and
include a 1.0 kilometer strike length zone that averages 1350 ppm Li (see News
Releases May 10(th) and February 22, 2016).
Drill targets have been selected to test both the claystone hosted lithium
mineralization discovered over wide areas at surface as well as deeper drilling
to intersect the lithium brine within the Main Ash Aquifer in a position
adjacent to the known Northern Resource Area of Pure Energy Minerals (see Pure
Energy's news release July 28, 2015). The Company expects to begin its Phase 3
drilling program at its Clayton Valley Project by July 15, 2016.
Cypress Clayton Valley, Nevada proposed drill hole location map:
http://www.cypressdevelopmentcorp.com/i/maps/CYP-Clayton-Drill-Plan-Map-small-
apr16.jpg
Cypress Clayton Valley, Nevada seismic cross section map:
http://www.cypressdevelopmentcorp.com/i/maps/CYP-Clayton-seismic-section-apr.jpg
Cypress will initially target the surface claystones with a program that will
feature shallow holes targeting the 2 kilometer strike length zone of surface
lithium mineralization recently discovered during the Company's 2016 Phase 1 and
Phase 2 sampling programs. This shallow drilling should allow Cypress to begin
to estimate size, lithium grade and tonnage at its Clayton Valley Project.
Cypress Clayton Valley, Nevada 2016 sampling sites map:
http://www.cypressdevelopmentcorp.com/i/maps/CYP-Clayton-Phase-2.jpg
The surface lithium mineralization is contained within calcareous evaporite
rocks, dominantly carbonate rich lake-bed claystones with interbedded volcanic
ash units. This exposed rock section is part of the basin filling Esmeralda
Formation and is believed to represent uplifted portions of the stratigraphy
within which the lithium brines of the basin are found and produced, including
the immediately adjacent North Resource Area currently being explored by Pure
Energy Minerals.
Picture of Cypress Clayton Valley, Nevada claystone stratigraphy:
http://www.cypressdevelopmentcorp.com/i/maps/CYP_Clayton_Evaporite_Stratigraphy.
jpg
One of the keys to Cypress' success and growth is the potential to extract
lithium directly from the large zone of soft claystones using a very dilute acid
leach method which could be vastly more cost effective and less energy intensive
than hard rock extraction. This potential extraction method, which Cypress has
successfully lab tested, is not only much more cost effective but much more
environmentally friendly as well, while still producing exceptional lithium
recovery rates averaging 95% (see news release May 25(th)).
Cypress is also in the process of completing a financing of a private placement
of shares at this time. The terms of the private placement are a 12 cent share
with a one year 15 cent warrant attached (see News Release June 3(rd)). Cypress
will use the funds raised to auger drill and RC drill the identified lithium
rich claystones discovered in 2016 at surface and to explore for the underlying
lithium brines at its Clayton Valley Project in Nevada.
Robert Marvin, P.Geo, Exploration Manager for Cypress Development Corp. is the
Qualified Person as defined by National Instrument 43-101 and has approved of
the technical information in this release.
About Cypress Development Corp.:
Cypress Development Corp. is a publicly traded lithium and zinc-silver
exploration company developing projects in Nevada, U.S.A.
Cypress Development Corp. has approx. 24.7 million shares issued and
outstanding.
To find out more about Cypress Development Corp. (TSX-V:CYP), visit our website
at www.cypressdevelopmentcorp.com.
CYPRESS DEVELOPMENT CORP.
"Don Huston"
DONALD C. HUSTON
President
For further information contact myself or:
Don Myers
Director
Cypress Development Corp.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info(at)cypressdevelopmentcorp.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be "forward-
looking statements". All statements in this release, other than statements of
historical facts, that address events or developments that management of the
Company expects, are forward-looking statements. Although management believes
the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance, and actual results or developments may differ materially from those
in the forward-looking statements. The Company undertakes no obligation to
update these forward-looking statements if management's beliefs, estimates or
opinions, or other factors, should change. Factors that could cause actual
results to differ materially from those in forward-looking statements, include
market prices, exploration and development successes, continued availability of
capital and financing, and general economic, market or business conditions.
Please see the public filings of the Company at www.sedar.com for further
information.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Cypress Development Corp via GlobeNewswire
[HUG#2021925]
Datum: 21.06.2016 - 14:00 Uhr
Sprache: Deutsch
News-ID 479111
Anzahl Zeichen: 8125
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