VANCOUVER, B.C., Sept. 27, 2016 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTCBB:CYDVF) (Frankfurt:C1Z1) (“Cypress” or the “Company”) is pleased to announce that the Company, in close conjunction with its project partner Pure Energy Minerals, has commenced a Phase 3 property wide surface sampling program at Cypress’ 1520 acre Clayton Valley Lithium Brine/Clay Project located in the heart of the Clayton Valley lithium exploration area of Esmeralda County, Nevada.
Cypress Clayton Valley Lithium Project, Nevada location map:
Cypress’ Clayton Valley Project is within a 0.5 mile of lithium brine wells belonging to the Albemarle Silver Peak Mine and the property shares its western boundary with the lithium resource area of Pure Energy's Clayton Valley South project.
The sampling program is being carried out on a systematic grid program of 100 metre sample spacing. Cypress anticipates collecting in excess of 500 samples over the next few weeks. These additional surface samples are intended to compliment previous sampling conducted by Cypress (see news releases Feb. 22nd and May 10th) which encountered a strongly mineralized zone which averages 1350 ppm lithium on average along a 1 kilometer strike length traversing from north to south on the west portion of the property.
The intent of this Phase 3 program is to allow the Company a property wide view of lithium distribution contained in the surficial volcaniclastic, calcareous mudstone material that covers the property. This large volume of samples are being submitted for assaying with ALS Chemex in Reno, Nevada, as they are collected. All samples submitted for assaying will be initially completed using a 33 element four acid ICP contained in an ME-ICP61 analytical procedure. In addition to lithium, boron assays will also be completed for the surface grid sample program.
On August 24th, Cypress optioned its flagship Clayton Valley Project to Pure Energy Minerals with Cypress remaining the operator of the project until Pure Energy earns a 51% interest. The agreement allows the Company to advance its 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:
On September 8th, Cypress announced an agreement to acquire a 100% interest in a 2nd Clayton Valley lithium project. The 2,700 acre "Dean" Lithium Brine/Clay Project is located immediately adjacent to the Albemarle's Silver Peak Mine on the west boundary, Pure Energy Minerals project on its southwest boundary and Cypress' existing Clayton Valley Project on its southern boundary.
Dean Project and Cypress' Clayton Valley Project, Nevada map:
Cypress has already initiated a surface sampling program on the new Dean Project. Initial assay results for lithium from the abundant, green evaporite rich volcanoclastic claystone exposure on the property are pending and will help direct the Company on expanding its work program on this project 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 non-hectorite “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.
Good educational video presentation by Pure Energy from recent Precious Metals Summit: http://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2016/09/14/pure-energy-minerals-limited/play/stream/20089
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