VANCOUVER, British Columbia, April 05, 2016 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTC Pink:CYDVF) (Frankfurt:C1Z1) (“Cypress” or the “Company”) is pleased to report the beginning of its Phase 2 exploration program at the Company’s 1320 acre Clayton Valley Lithium Brine Project located in Esmeralda County, in the State of Nevada, USA.
Cypress Clayton Valley Lithium Project, Nevada location map:
Cypress has initiated a detailed and comprehensive surface sampling program that will consist of +100 sample sites. The systematic sampling grid is being established in direct correlation to Cypress’ January 2016 initial sampling program that returned the highest reported assay result for lithium in claystone known by the Company to be publicly reported in the Clayton Valley, Nevada. Several of the assays carried greater than 2000 ppm lithium with one assay sample returning a grade of 3070 ppm lithium content (see news release February 22, 2016).
Given the high grade nature of the lithium contained in these claystones, the Company has been conducting initial testing of the feasibility of extracting the lithium directly from the claystones.
The assay results encountered to date suggest a strong possibility of an essentially continuously mineralized volume of claystone at surface on portions of the property. A Phase 2 surface sampling program is underway and will better define the extent of the near surface lithium mineralization identified in the January 2016 rock chip sampling program.
Additional geologic data gathered from property-wide geologic reconnaissance traverses competed in January show that the well exposed evaporite rock sequence is cut by a series of arcuate, north to NNE trending faults. Local opalization of the evaporite section has occurred along these faults as a result of paleo-hot spring activity focused along these structures.
The surface sampling and reconnaissance geologic results received by Cypress are viewed as being highly encouraging for the presence of lithium rich brines within subsurface aquifers below the mineralized claystone. Lithium rich brines are likely to be well developed along the arcuate fault zones where fracturing will have increased the permeability of the rock section.
The “Angel” claims and “Glory” claims held by Cypress Development are situated in a position immediately east of brine production wells (0.5 miles or <1000 meters) at the Albemarle Silver Peak Mine (formerly Rockwood) and the north resource area of Pure Energy Minerals project (see Pure Energy’s NI 43-101 Technical Report July 2015).
Cypress Clayton Valley Lithium Project, Nevada claims map:
Cypress Development has made an application for a notice of intent work permit with the Bureau of Land Management, Nevada in preparation for a planned Phase 3 exploration and drilling program at its Clayton Valley lithium project.
Cypress also announces that the Company has acquired and added, via staking, 2 additional claims to its Clayton Valley land position. The two mineral claims are located in the south west corner and add an additional 40 acres to the Cypress land package. The two claims titled “Angel” 12 and 13 are located to the immediate southeast of Pure Energy’s CV-2 lithium brine well. The two claims are ideally located as they abut the defined north resource area of Pure Energy Minerals and are considered highly prospective for lithium brines in existing subsurface aquifers, known to exist below the mineralized claystone.
Donald Huston, President of Cypress Development stated: “the land package that the Company now holds in Clayton Valley is considered to be highly prospective for the extension of the known lithium brine producing aquifers on the Albemarle Silver Peak Mines and adjoining Pure Energy Minerals projects. The exploration for and the discovery and development of further lithium bearing brines in the known aquifers in the heart of the Clayton Valley is just in the beginning stages of major expenditures to be incurred in the near future by companies such as Lithium X, Pure Energy and Cypress Development Corp. Seismic data available appears to indicate a very favorable lithium brine exploration target along the west and west central portions of the Cypress property. The Company believes that additional lithium brines could be localized at the water table below the outcropping claystone on its Clayton Valley project that have assayed very high for lithium content to date.”
Cypress' Clayton Valley Project is located on the south flank of "Angel Island" and immediately southeast of the Albemarle Silver Peak lithium brine mine. The lithium brines that have been produced for the past 55 years at Albemarle Mines (Rockwood) have come from the flanks of “Angel” and “Goat” islands.
SW Flank of Angel Island, Cypress Clayton Valley Project, Nevada
Clayton Valley is located within the Basin and Range Province in southern Nevada and is an internally drained, fault bounded and closed basin. Basin-filling strata compose the aquifer system which hosts and produces the lithium-rich brines.
Robert Marvin, P.Geo., CPG, 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. 24.1 million shares issued and outstanding.
To find out more about Cypress Development Corp. (TSX-V:CYP), visit our website at www.cypressdevelopmentcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
DONALD C. HUSTON
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.
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: email@example.com
Source:Cypress Development Corp