VANCOUVER, B.C., June 06, 2017 (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 on May 15th, that the Company has received additional assay results from a 2017 Phase 1 core drilling program completed at Cypress’ 100% held 2,700 acre Dean Lithium Project in Clayton Valley, Nevada.
Cypress’ Dean Project is located to the immediate east of the Albemarle Silver Peak Mine with Cypress' Glory Project, under option to Pure Energy Minerals, located to the immediate south.
Cypress Clayton Valley, Nevada Lithium Projects location map:
- Results for step-out Dean drill Hole DCH 9 are being reported here;
- All mineralized intercepts at Dean start at near surface;
- Average mineralized thickness at Dean is greater than 250 feet;
- Drill data to date outlines a mineralized zone of roughly 4,000 feet by 12,000 feet;
- The thick, tabular zone of pervasive lithium mineralization is considered to be open in all directions;
- Cypress awaits further assay results for drill Holes DCH 6, 7 & 8;
- Targeting of more core drill holes is being planned;
- Laboratory studies continue to explore the highly soluble and reactive nature of the large volume of lithium enriched rock seen outcropping at Dean.
Dean drill hole DCH-9 is a nearly two mile step-out located in the northeast eastern portion of the project area. Assays have been received from ALS Chemex and average 1014 ppm Li over 281 feet from a depth of 27 feet to 308 feet.
The mineralization is continuous from surface as has been seen in previously reported holes from the Phase 1 core drilling of the project. As with other reported holes, the lithium is concentrated in a thick, tabular body of volcanic ash and pumice rich mudstones. These mineralized, uplifted, sediments present an attractive target with the potential of defining a large scale and potentially highly reliable source of lithium. Cypress continues with ongoing laboratory studies to explore the reactive and soluble nature of the large volume of lithium enriched rock seen on the Dean Project so as to further understand a method of extraction and ultimately production.
It is important to note that the uplifted and well mineralized lake bed sediments that outcrop widely in the eastern portion of the Clayton Valley, including those on the Dean Project, do not occur at surface elsewhere in the basin. Cypress, through its 100% owned Dean Lithium Project as well as the contiguous Glory Project area to the south, controls the heart of this newly discovered, large-scale slab of outcropping mineralization.
Dean Project 2017 Phase 1 drill hole location map:
Assay Chart for Dean Drill Hole DCH 9:
|SAMPLE||From (Ft)||To (FT)||Interval (FT)||Li ppm||Ca %||Mg %||Na %|
*Note: Li=Lithium Metal, Ca=Calcium, Mg=Magnesium, Na=Sodium, kg=Kilograms
Cypress’ exploration and core drilling results received to date from its Dean Project have been very encouraging. A large amount of data has been gathered and is being analyzed. A 2017 Phase 2 drilling program on the Dean Property is being proposed for the 3rd and 4th quarters to provide further in-fill data.
“The Company is pleased with the results received from its 2017 Phase 1 drilling program and is now advancing, with its data, into the scientific and engineering stage of the project. Expertise has been engaged to consult with Cypress’ management as the Company advances towards a lithium extraction process," stated Donald Huston, President of Cypress Development. “The Company’s objective is to determine an effective methodology to economically extract the lithium that is now known to exist in a large, flat lying, tabular body of continuously mineralized rocks at its Dean Project.”
The continuous nature of the mineralization is very important in that bulk mineralization is created. The mineralization is not interrupted by non-mineralized intervals nor non-mineralized rock types.
Cypress believes the outcropping and consistent nature of the currently known lithium mineralization at Dean is highly encouraging for both the potential size and potential resource extraction methodologies. The drill data to date, which outlines an area of roughly 4,000 feet by 12,000 feet (1300 meters by 3700 meters) presents a starting point for planning a resource estimation process.
Outcropping Li-rich claystone on Cypress Dean Project:
Cypress awaits further assay results for drill holes DCH 6, DCH 7 and DCH 8 now completed on the Dean property.
In other news, TSX Venture Exchange has consented to the extension in the expiry date of 903,833 warrants previously issued with an original expiry date of June 29, 2017 to a new expiry date of June 29, 2018.
Quality Control and Quality Assurance:
All samples were submitted to ALS Chemex Labs in Reno, Nevada, for analysis using an ME-ICP61, 33 element four acid digestion ICP method. Blind sample blanks were inserted into the sample sequences at a rate of approximately 1 per 20 samples.
Robert Marvin, PGeo, VP of Exploration and a Director of 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 Dean and Glory properties for both a lithium-brine resource and expanding exploration relating to a lithium resource that exists within the large area of non-hectorite “claystone” discovered at surface that has seen recent high lithium assays recovered from these same “outcropping claystone”.
Cypress Development Corp. has approx. 35.0 million shares issued and outstanding.
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.