VANCOUVER, British Columbia, Sept. 08, 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 entered into an Option Agreement to acquire a 100% interest in a second Lithium Brine/Clay Project situated in the heart of Clayton Valley, Esmeralda County, Nevada.
Dean Claims and Cypress' Clayton Valley Claims, Nevada map:
Cypress’ new 2,700 acre “Dean” property (35 association placer claims) is located immediately adjacent to Albemarle’s Silver Peak lithium mine on the west boundary, Pure Energy Minerals project on its southwest boundary and Cypress’ existing Clayton Valley project on its southern boundary.
Cypress’ highly prospective Dean property is located within 400 metres east of current and past producing lithium brine wells belonging to the Silver Peak Mine operated by Albemarle. The Dean property also abuts the Northern Resource Area of Pure Energy Minerals (see Pure Energy’s NI 43-101 Technical Report of July, 2015). The Pure Energy Minerals potential production wells SPD 9, CV1, CV3 are located only 500 metres from the southwest area of the Dean claims. The Dean claims are also tied onto the immediate north of Cypress’ existing Clayton Valley Lithium Clay/Brine Project where a detailed aggressive work program is starting immediately. Cypress recently announced an Option Agreement (see news release August 24, 2016) with Pure Energy Minerals for its existing Clayton Valley Project whereby Cypress will remain the operator of the Project until Pure Energy earns a 51% interest. The Agreement allows Cypress to advance its existing Clayton Valley Project while working with and utilizing the geological expertise of the Pure Energy team.
Pure Energy’s South Project & Cypress’ Existing Clayton Valley Project map:
Cypress’ Clayton Valley “Dean” claims are situated in a very active area of Nevada for ongoing lithium brine production and lithium exploration. Infrastructure such as power, roads, accessibility and exploration resources are all readily available.
The Albemarle Silver Peak Lithium Mine is the only operating brine-based lithium mine in North America. The Silver Peak Mine began operations in 1967 to mine lithium from abundant lithium bearing Main Ash brine aquifers known in the Clayton Valley. The company has drilled hundreds of bore holes across the Clayton Valley desert floor to mine the lithium by low cost evaporation ponds for several decades.
Cypress has compiled and reviewed available geological data relating to the Dean claims. The data appears to indicate very favorable lithium brine exploration targets on the property. Several first order targets exist on the property which include extensive outcroppings of altered green claystones and the presence of paleo hot spring vents leading Cypress to believe that additional lithium bearing brine aquifers could be localized at the water table below the claystones and potentially also localized along structures cutting across these units.
The Esmeralda geological formation is the known host rock unit for both lithium brine production and for lithium mineralized evaporate rocks currently being explored by Cypress in Clayton Valley. Known structures on the Dean claims include the dominant Angel Island Fault, a district-scale strike slip fault which trends through strongly fractured surrounding rock units. This zone of pervasive fracturing is being targeted as a pathway for brines to invade the underlying ash layers and also as a zone of high porosity which itself could host lithium brine zones along strike. Deformation along the Angel Island Fault is a complicated, but highly prospective zone for the existence of structural traps for lithium brines.
Don Huston, President, commented, "Cypress has been working diligently in the central Clayton Valley since late 2015 with the Company’s main objective being the assembling of prospective land packages with lithium-rich exploration potential concentrated on ground immediately adjacent to current lithium brine production as well as tied on to the best advanced stage exploration projects undergoing active development of new lithium brine resources in the basin. The acquisition of the Dean claims is the latest result in this effort and continues Cypress’ strategy of acquiring key acreage in the central Clayton Valley with a high potential for near-term lithium resource development."
Terms of the Option Agreement for Cypress Development to purchase a 100% interest in the Clayton Valley Dean claims are;
Year 1. $30,000 USD cash and 250,000 shares of Cypress
Year 2. $30,000 USD cash and 250,000 shares of Cypress
Year 3. $30,000 USD cash and 250,000 shares of Cypress
Year 4. $50,000 USD cash and 300,000 shares of Cypress
The Optionor will retain an NSR (net smelter return) of 3% with Cypress having the right to purchase 2/3 (66.6%) of the NSR for $1,000,000. There is no work commitment attached to this Option Agreement.
Cypress has already initiated a detailed surface and sub-surface sampling program on the Dean claims. Initial assay results for lithium from the abundant, green evaporite rich volcanoclastic claystone exposure on the property will help direct the Company on expanding its work program in the near future.
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 exploration company that continues to acquire and develop potentially viable mineral projects in the State of Nevada, U.S.A.
Cypress is very active in Clayton Valley, Nevada with its team committed to systematically exploring its properties for both a lithium-brine resource, and expanding exploration relating to the potential for lithium that exists within the recently discovered “claystones”, that has seen recent high grade lithium assays recovered from these same “claystones”.
Cypress Development Corp. has approx. 25.6 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