VANCOUVER, British Columbia, Aug. 10, 2017 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTCBB:CYDVF) (Frankfurt:C1Z1) (“Cypress” or the “Company”) is pleased to announce it has initiated an application to the Bureau of Land Management (BLM), Nevada, for an area of disturbance permit to allow the Company access for a second series of diamond drill holes on the Dean Lithium project in Clayton Valley, Nevada. The Company anticipates approval of the application shortly and looks to mobilize a drill crew into the Clayton Valley beginning of September. The Phase 2 program will consist of 8 -10 diamond drill holes totaling approximately 3000 feet.
Cypress Clayton Valley, Nevada Lithium Projects location map:
Cypress’ Dean Lithium Project is located immediately adjacent to decades of lithium production belonging to the Albemarle Silver Peak Mine on its west boundary, Pure Energy's recently released lithium resource estimation on its southwest boundary and Cypress's Glory Lithium Project, under an option agreement with Pure Energy Minerals, on its southern boundary.
Cypress's 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 third and fourth quarters to provide further infill data.
Cypress recently announced (News Release June 6, 2017) an extensive 80 to 100 metre-thick blanket of consistent lithium mineralization underlying a large majority of its 2,700 acre Dean Property. The mineralization covers an area of approximately two kilometers by four kilometers. The lithium mineralized volume evident on the explored portion of the Dean property averages in excess of 1,000 ppm lithium (Li).
Dean Project 2017 Phase 1 drill hole location map:
Cypress is continuing with laboratory studies to explore the highly 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.
Donald Huston, President of Cypress Development, stated: "This newly discovered lithium mineralization at the Dean Project is ideally located within a basin that hosts the only significant lithium production in the United States. Cypress' Clayton Valley, Nevada Lithium project is in close proximity to essential mining infrastructure. Cypress Development believes this discovery has the scale to significantly impact the future production of lithium in the Clayton Valley. Cypress also believes this developing zone could very well represent a long-term, reliable supply of lithium given the known size, chemistry and geometry of the discovery. The 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 two kilometers by four kilometers, presents a strong starting point for planning a resource estimation process. This second phase of diamond drilling should allow the Company to contemplate a sizable maiden lithium resource calculation on the Dean Project.”
Cypress maintains this large claim block known as the Dean lithium project as a 100 per-cent owned asset.
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
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Cypress Development Corp.
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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.