VANCOUVER, British Columbia, April 21, 2016 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTCBB:CYDVF) (Frankfurt:C1Z1) (“Cypress” or the “Company”) is pleased to announce the Company has filed a Notice of Intent permit with the BLM, Nevada covering a planned four hole drill program targeting lithium brines at the Company’s 1320 acre Clayton Valley Lithium Project located in Esmeralda County, State of Nevada, USA.
Cypress Clayton Valley Lithium Project, Nevada location map:
Cypress' Clayton Valley Project is located on the south flank of "Angel Island" and immediately southeast of the Albemarle Silver Peak lithium mine. Cypress' Clayton Valley claims share their western boundary with placer claims controlled by Pure Energy Minerals. Pure Energy has identified a lithium resource at its northern resource area (see Pure Energy's news release July 28, 2015), that is located to the immediate west of Cypress' established boundary.
Cypress Clayton Valley Lithium Project, Nevada claims map:
Cypress’ planned Clayton Valley subsurface exploration program is expected to be initiated in either late Q2 or early in Q3, 2016.
The permit application contains four proposed reverse circulation (“R-C”) drill holes targeting lithium brines within the main ash aquifer projected to underlie the west and west-central portion of Cypress’ Clayton Valley project. The main ash aquifer is the primary target of all four R-C holes. Cypress expects to intersect this zone at approximately 500 feet below surface. Additional deeper targets will also be tested including the potential presence of a coarse gravel aquifer near the base of the basin fill evaporite sequence.
Cypress Clayton Valley, Nevada Seismic Cross Section map:
- R-C hole CYP-1 will target the main ash aquifer immediately east of Pure Energy Minerals hole CV-1 and Rodina hole SPD-9.
- R-C hole CYP-2 will target the main ash aquifer within a strong NNE trending structural zone which appears to be the major bounding fault along the southeast flank of Angel Island.
- R-C hole CYP-3 will target the main ash aquifer east of Pure Energy Minerals hole CV-2.
- R-C hole CYP-4 will target the main ash aquifer in the southwestern portion of the property.
Cypress Clayton Valley Project Proposed Drill Hole Locations:
The permit also contains proposed locations for 25 shallow auger holes targeted to provide initial subsurface data and assays under areas of strongly lithium mineralized salty claystone outcrops. The auger holes are planned to be approximately 30 feet in depth and will be sampled on composite 5 foot intervals.
A Phase 2 surface sampling program is currently underway at Cypress’ Clayton Valley project which will better define the extent of the high-grade surface lithium mineralization identified in the Phase 1 January 2016 sampling program (see news release April 5, 2016). The first sample group has been submitted to ALS Chemex in Reno, Nevada and Cypress is awaiting the assay results.
The surface sampling and reconnaissance geologic results received by Cypress to date are viewed as being highly encouraging for the presence of lithium rich brines within the subsurface aquifers below the mineralized claystone.
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, 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.
CYPRESS DEVELOPMENT CORP.
DONALD C. HUSTON
For further information contact myself or:
Cypress Development Corp.
Toll Free: 800-567-8181
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.
Source:Cypress Development Corp