VANCOUVER, British Columbia, Oct. 06, 2016 (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 of September 8th, that the Company has received assay results from Cypress’ initial Phase 1 exploration program on its new Dean Clayton Valley Lithium Brine/Clay Project in Esmeralda County, Nevada.
Cypress’ Dean Clayton Valley Lithium Project, Nevada claims map: http://www.cypressdevelopmentcorp.com/i/maps/CYP-Dean-Claims-2016.jpg
Cypress’ Dean Project is located in the heart of the Clayton Valley lithium brine exploration area of Esmeralda County, Nevada. The Company’s 2700 acre Dean Claim Group is located adjacent to producing lithium brine wells belonging to the Albemarle Silver Peak Mine on its west boundary, Pure Energy’s resource area on its southwest boundary and Cypress’ existing Glory Clayton Valley Project, optioned to Pure Energy, on its southern boundary.
In September, Cypress initiated a Phase 1 detailed surface sampling program on the Company’s new Dean Project. 55 samples were collected and submitted for analysis for lithium content from the abundant, green evaporite-rich volcanoclastic claystone exposure on the property and have returned very positive lithium results ranging between 340 ppm Li to 2,940 ppm Li with an overall average grade of 925 ppm Li achieved.
Cypress’ Dean Clayton Valley Lithium Project sampling map:
http://www.cypressdevelopmentcorp.com/i/maps/CYP-Dean-Sampling-Map-oct-2016.jpg
| SAMPLE ID | Li ppm |
SAMPLE ID | Li ppm |
SAMPLE ID | Li ppm |
||
| Dean-1 | 1010 | Dean-20 | 560 | Dean-40 | 820 | ||
| Dean-2 | 1770 | Dean-21 | 920 | Dean-41 | 1100 | ||
| Dean-3 | 1480 | Dean-22 | 790 | Dean-42 | 1030 | ||
| Dean-4 | 1250 | Dean-24 | 2940 | Dean-43 | 1000 | ||
| Dean-5 | 930 | Dean-25 | 950 | Dean-44 | 1890 | ||
| Dean-6 | 1130 | Dean-26 | 640 | Dean-45 | 360 | ||
| Dean-7 | 1560 | Dean-27 | 900 | Dean-46 | 650 | ||
| Dean-8 | 1720 | Dean-28 | 1350 | Dean-47 | 910 | ||
| Dean-9 | 2090 | Dean-29 | 960 | Dean-48 | 670 | ||
| Dean-10 | 830 | Dean-30 | 510 | Dean-49 | 1100 | ||
| Dean-11 | 680 | Dean-31 | 350 | Dean-50 | 1250 | ||
| Dean-12 | 440 | Dean-32 | 960 | Dean-51 | 1020 | ||
| Dean-13 | 370 | Dean-33 | 1440 | Dean-52 | 1380 | ||
| Dean-14 | 690 | Dean-34 | 610 | Dean-53 | 1200 | ||
| Dean-15 | 500 | Dean-35 | 340 | Dean-54 | 600 | ||
| Dean-16 | 460 | Dean-36 | 460 | Dean-55 | 670 | ||
| Dean-17 | 390 | Dean-37 | 400 | ||||
| Dean-18 | 390 | Dean-38 | 550 | ||||
| Dean-19 | 440 | Dean-39 | 530 | ||||
The Esmeralda geological formation is the known host rock unit for both lithium brine production and for lithium mineralized evaporate rocks currently being explored by Cypress in Clayton Valley. Known structures on the Dean Claims include the dominant Angel Island fault, a district-scale strike slip fault which trends through strongly fractured surrounding rock units. This zone of pervasive fracturing is being targeted as a pathway for brines to invade the underlying ash layers and also as a zone of high porosity which itself could host lithium brine zones along strike. Deformation along the Angel Island fault is a complicated but highly prospective zone for the existence of structural traps for lithium brines.
Don Huston, President, stated: “Cypress is very pleased with the results attained from its initial sampling program for lithium on the Company’s new Dean Claims. The initial lithium numbers encountered to date are very encouraging. Cypress will now establish a detailed grid pattern across all 2700 acres of the property and proceed with a further tightly controlled sampling program coinciding with a detailed geological mapping program. Cypress has been proactive in exploring the central Clayton Valley for lithium since late 2015. The Company’s objective continues to be the assembling of prospective land packages with lithium-rich exploration potential concentrated on ground immediately adjacent to current lithium production as well as tied on to the best advanced-stage exploration projects undergoing active development for new lithium resources in the basin. The acquisition of the Dean Claims is the latest result in this effort.”
Lithium Leach Testing of Claystones at Cypress’ Dean Project:
Initial surface sampling of the Dean Claims Group has revealed a large area of strong lithium mineralization in calcareous, volcanoclastic, mudstones, clay stones and volcanic ash units. The mineralization is essentially identical to the acreage now being jointly explored by Cypress and Pure Energy Minerals on the south boundary of the Dean Claims. Cypress is proceeding with additional solubility studies with the Dean assays to determine the amount of lithium extraction possible from claystones. A modified weak aqua regia (weak acid) process (ME-MS41W) and a de-ionized water leach process (ME-MS03) will be done by ALS / Chemex in Reno to provide further data on the feasibility of a large scale leach extraction method of lithium from the abundant mineralized claystone.
Previous leach test results on Cypress’ Glory Claims to the immediate south of the Dean Claim Group have showed an impressive average of 35% recovery of Li using the de-ionized water leach, and 95% recovery of Li using the weak acid water process.
Data suggests that a readily soluble non-hectorite mineral form of lithium rich claystone exists at surface over wide areas of Cypress’ Glory Clayton Valley project.
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.
Robert Marvin, PGeo, Exploration Manager for 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 properties for both a lithium-brine resource and expanding exploration relating to the potential for lithium that exists within the recently discovered non-hectorite “claystones”, that has seen recent high grade lithium assays recovered from these same “claystones”.
Cypress Development Corp. has approx. 26.4 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.
“Don Huston”
DONALD C. HUSTON
President
For further information contact myself or:
Don Myers
Director
Cypress Development Corp.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
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.