VANCOUVER, British Columbia, March 13, 2018 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTCBB:CYDVF) (Frankfurt:C1Z1) (“Cypress” or the “Company”) is pleased to announce results from two additional core holes, DCH-15 and DCH-16, at the Company’s Clayton Valley, Nevada lithium project. Today’s results include intersections of 126 meters averaging 1068 ppm Li in DCH-15 and 121 meters averaging 1146 ppm Li in DCH-16. The two intersections, located in the southeastern corner of the Dean property, are the best the Company has drilled to date in terms of contained lithium, and are significantly positive results as Cypress closes in on completing work on a maiden resource estimate.
Cypress Clayton Valley, Nevada Lithium Project location map:
- The intersection of 126 meters of 1068 ppm Li in DCH-15 is significant in successfully demonstrating continuity of lithium mineralization between drill holes, namely between DCH-10, 510 meters to the northeast, which returned an intersection of 64 meters averaging 1014 ppm Li, and DCH-05 550 meters to the southwest, which returned 80 meters of 1063 ppm Li.
- DCH-15 and DCH-16 were both extended deeper than most of the previous 14 holes on the Dean property thanks to the experience gained by the driller, Morningstar Drilling of Three Forks, Montana, in coring the soft mudstones. The result was an increase of 50% to 100% in the length of lithium mineralization observed in nearby holes DCH-05 and DCH-10.
- DCH-16 was drilled 70 meters southeast of DCH-10. The hole was located relatively close to DCH-10 to confirm the mineralization observed in DCH-10, and to also determine if the lithium values might continue to depth. DCH-10 was abandoned at a depth of 64 meters due to difficult drilling conditions, ending in 3 meters of 1048 ppm Li. The intersection of 121 meters of 1146 ppm Li both confirms the values in DCH-10 and clearly was successful in extending the depth of mineralization in this location.
- Drilling is continuing. One further hole, DCH-17, has been completed on Dean and is pending assays. Another hole, GCH-05, is nearing completion on Glory claims, where at least one additional hole is planned before month end. These results along with the previous drilling on Dean are expected to be incorporated in the Company’s ongoing resource estimate, which is expected to be completed soon after final assays are received.
2017 Dean & Glory Projects, Clayton Valley, Nevada drill hole map:
TABLE. Summary of Dean Drill Holes DCH 15 and 16
|Intersection (m)||Lithium Values (ppm Li)|
Notes: ppm=parts per million, m=meters, Avg=average weighted value by sample length.
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 exploration company focused on developing the Company’s 100%-owned Clayton Valley lithium project in the State of Nevada, U.S.A.
Cypress' Dean & Glory Lithium Project is located immediately east of Albemarle’s Silver Peak mine, North America’s only lithium brine operation. Recent exploration by Cypress has discovered an extensive deposit of lithium-bearing claystone adjacent to the brine field. With mineralization tested by drilling over a seven-kilometer trend, the apparent size of the Dean & Glory deposit makes Clayton Valley a premier target that has the potential to impact the future of lithium production in North America.
Cypress Development Corp. has approx. 54.5 million shares issued and outstanding.
CYPRESS DEVELOPMENT CORP.
“Dr. Bill Willoughby”
WILLIAM WILLOUGHBY, PhD., PE
Chief Executive Officer
For further information contact myself or:
Cypress Development Corp.
Director, Investor Relations
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.