VANCOUVER, British Columbia, Dec. 05, 2017 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTCBB:CYDVF) (Frankfurt:C1Z1) (“Cypress” or the “Company”) is pleased to announce results from the Company’s first three holes completed in its fall, 2017 drill program at its 100%-owned Dean and Glory Lithium properties in Clayton Valley, Nevada. The results include an intersection of 102.7 meters of 1029 ppm Li within DCH-11 on the Dean property.
Cypress Clayton Valley, Nevada Lithium Project location map:
Cypress has completed five core holes in its fall program on the Dean property. The results summarized here are from the first three holes, DCH-10, -11 and -12. Results from the remaining holes on Dean are expected in December, and will aide in determining where additional drilling is needed. In the meantime, as previously announced, the drill rig was moved south onto the adjoining Glory property where drilling is continuing and seven holes are planned.
Dean Drilling Highlights:
- The intersection in DCH-11 of 102.7 meters of 1029 ppm Li demonstrates continuity over a large thickness of claystone, and extending north from the south end of Dean.
- DCH-10, 400 meters to the southeast of Hole DCH-11, intersected 63.5 meters of 1014 ppm Li. The hole was abandoned due to ground conditions and ended in 1068 ppm Li. Mineralization here remains open at depth and to the east.
- DCH-12, 400 meters northwest of DCH-11, intersected 62.8 meters averaging 677 ppm Li. The hole further demonstrates continuity of mineralization in the claystone, which remains open to the west and north.
- In DCH-10, dark green to black ash-rich mudstones were encountered at a depth of 53.4 meters, which averaged 1367 ppm Li over 10 meters and included one meter of 2240 ppm Li. This is the first time Cypress has encountered these dark mudstones in drilling.
- DCH-11 included an interval of consistently higher grades over 36.9 meters, starting at a depth of 8.2 meters. Samples here averaged 1308 ppm Li over 36.9 meters and suggest a higher-grade zone may exist within the overall northeast trend.
- All holes to date clearly show a large, tabular, lithium-bearing formation underlying the Dean Property.
- Drilling has now outlined a large area of mineralization of approximately. 4 kilometers in length and 2 kilometers in width at Dean.
- Laboratory work continues to test the solubility of the lithium-enriched claystone under varying conditions and reagents.
2017 Dean & Glory Projects, Clayton Valley, Nevada drill hole map:
TABLE. Summary of Dean Drill Holes DCH 10, 11 and 12
|Intersection (m)||Lithium Values (ppm Li)|
Notes: ppm=parts per million, m=meters, Avg equals average weighted value by sample length. * DCH-10 ends in 1068 ppm Li.
The fall 2017 program was planned for 12 to 14 drill holes, up to 1500 meters of core. All holes are vertical and drilling to be divided between Cypress' contiguous Dean and Glory properties. The properties cover an area totaling 4,220 acres and are 100% controlled by Cypress. Drilling is now underway on Glory.
Cypress believes its lithium-bearing claystone deposit in Clayton Valley, which is located due east of Albemarle’s Silver Peak lithium brine operation, has the potential to become a significant source of lithium. Cypress is very active in Nevada, with its geological team focused on systematically exploring its properties for lithium. In addition to the drilling in progress, Cypress is continuing with laboratory test work to determine the nature and distribution of the lithium in the claystone with the goal of identifying a cost-effective means of extraction.
Robert Marvin, B.Sc., PGeo, VP of Exploration and 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 Development Corp. has approx. 54.1 million shares issued and outstanding.
CYPRESS DEVELOPMENT CORP.
“Dr. Bill Willoughby”
WILLIAM WILLOUGHBY, PhD., PE
Chief Executive Officer
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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.