Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) ("Cypress" or "the Company") is pleased to report newly received assays of drill cores which the Company recently acquired. The cores are from four holes drilled as shown in the figure below and located in an area south of the proposed mine area in the Company’s May 2020 Prefeasibility Study (NI 43-101 Clayton Valley Prefeasibility Study Technical Report). The assay results are summarized in the accompanying table.
CM Series Drill Hole Location Map, Clayton Valley Project, Nevada:
HQ-size drill cores from the four holes were received intact, properly boxed and in good condition. All cores were logged, split and sampled by Cypress at ALS in Reno Nevada, and analyzed by ALS in Vancouver, B.C. Company QA/QC procedures were followed.
The assay results are significant with three of the holes having continuous intervals averaging greater than 1,100 ppm Li. The longest is a 92-meter interval of 1,136 ppm Li in CM001, located 750 meters southeast of the PFS pit limits. The lithium grades reported here are similar to those of the Probable Reserves in the PFS, estimated at 222.8 million tonnes of 1,141 ppm Li (1.353 Mt LCE). The results demonstrate the potential for additional resources within an area of 1,106 acres that were not included in the PFS resource model.
Daniel Kalmbach, CPG, is the qualified person as defined by National Instrument 43-101 and has approved the technical information in this release.
About Cypress Development Corp.:
Cypress Development Corp. is a publicly traded exploration company focused on developing the Company's 100%-owned Clayton Valley Lithium Project in Nevada. Exploration and development by Cypress has discovered a world-class resource of lithium-bearing claystone adjacent to Albemarle's Silver Peak mine, North America's only lithium brine operation. The size of the resource makes the Clayton Valley Project a premier target with the potential to impact the future supply of lithium for the fast-growing global lithium-ion battery market.
Cypress Development Corp. has approx. 90.3 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.
"Dr. Bill Willoughby"
WILLIAM WILLOUGHBY, PhD., PE
Chief Executive Officer
For further information contact myself or:
Cypress Development Corp.
Director, Corporate Communications
Toll Free: 800-567-8181
|Outstanding Shares: ||91,106,201 |
|Fully Diluted Shares: ||115,445,809 |
|Fiscal Year End: ||December 31st |
Cypress CEO Dr. Bill Willoughby stated "This PFS is a major milestone for Cypress. These positive results take us closer to our goal of developing a world-class lithium deposit. Cypress' land position and resources afford us the opportunity for a long-life project with low operating costs and potential to be a significant source of lithium for the United States."
The key features of the claystone deposit include its large size, surface exposure and flat-lying nature. These features allow mining with negligible strip ratio (0.15:1) due to minimal overburden and no interbedded waste, and no drilling or blasting in excavation. Metallurgical testing indicates low cost processing can be achieved by leaching with low acid consumption and high lithium recovery. Self-generated power from a 2,500 tpd acid plant is included in the project's costs.
The project's large resource allows the mineral resources and reserves to be derived from a portion of the property. All resources and reserves are pit-constrained by property and geologic boundaries, and are based on a cut-off grade of 900 ppm Li.
The economic evaluation is reported in terms of LCE using an average price of US$9,500 per tonne. The price assumption reflects variations expected over time due to start-up and pricing for lithium products.