VANCOUVER, British Columbia, May 03, 2016 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTCBB:CYDVF) (Frankfurt:C1Z1) (“Cypress” or the “Company”) is pleased to announce, further to its news release April 5, 2016, that the Company has received lithium assays from Cypress’ ongoing Phase 2 sampling program at its 1320 acre Clayton Valley Project located in Esmeralda County, Nevada.
Cypress Clayton Valley Lithium Project, Nevada claims 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 claims controlled by Pure Energy Minerals. Pure Energy has identified a lithium resource at its northern resource area that is located to the immediate west of Cypress' property boundary.
The Albemarle Silver Peak mine is the only operating brine based lithium mine in North America. The Silver Peak mine began operations in 1967 to mine lithium by low cost evaporation ponds and has produced lithium since then. The lithium concentration in the production brines were reported in 2001 to average 160 ppm lithium (160 mg/litre) (Garrett Report, 2004). Cypress' highly prospective "Glory" and "Angel" claims are located within 0.5 miles (<1000m) south of current and past producing lithium brine wells belonging to the Albemarle Silver Peak Mine.
Cypress Phase 2 Clayton Valley Project Exploration Results
Phase 1 surface sampling of the claystones at Cypress' Clayton Valley Project was completed at the end of January in an area within the northwest portion of the property on the west flank of Angel Island. The outcropping claystone likely represent uplifted portions of the stratigraphy within which the lithium brines of the basin are produced.
The assays results encountered by Cypress suggest a strong possibility of an essentially continuously mineralized volume of lithium in claystones at surface on extensive portions of Cypress' Clayton Valley property. The Phase 2 sample results to date, including January’s Phase 1 results, show 2 kilometers of north-south strike of outcropping claystones that assay approximately 1,000 ppm lithium on average.
An additional batch of samples have been collected from the most northern portion of the northwest area of Cypress’ claim group to complete the Phase 2 sampling of that area. The new samples have been submitted to ALS Chemex in Reno for processing.
Cypress Clayton Valley Phase 2 lithium sampling sites map, Nevada:
The tables below show Phase 2 assay results from the North, Central, Southeast and Southwest areas of Cypress’ Clayton Valley property.
|SE Area |
|Southwest Area Assays|
|Li ppm||Li ppm||Li ppm|
*NOTE: (Li=Lithium, ppm=parts per million, 1 ppm=1 milligram per litre)
Lithium Leachability Study
A number of samples from these current results are now being run by additional assay procedures to provide further data on the favourable leachability potential of lithium from the mineralized claystones.
Cypress’ Phase 3 program will include the drilling of 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 test the depth of lithium in claystones and will be sampled on composite 5 foot intervals.
Cypress Clayton Valley Project proposed auger and drill hole map:
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. In Cypress’ view, lithium rich brines are likely to be found below the water table below the mineralized outcrops and may be especially well developed along the arcuate fault zones where fracturing will have increased the permeability of the rock section.
In preparation for a planned Phase 3 program, Cypress Development has filed a Notice of Intent permit with the BLM (Bureau of Land Management), Nevada covering a planned four hole drill program targeting lithium brines at the Company's Clayton Valley Project (see news release April 21, 2016).
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.
Quality Control and Quality Assurance
All samples were assayed by ALS Chemex using a four acid digestion / ICP-Mass Spec method. Blind sample blanks are being inserted into the sample sequences at a rate of approximately 1 per 20 samples.
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
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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