This morning Cypress Development released the first 3 holes from its fall drill program on the Dean property. The results of the first 3 holes are impressive with grades as high as 2240 ppm lithium and all holes exhibiting strong evidence of continuity over a large thickness of claystone on the Dean property.
Some key 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.
- 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.
- 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.
Cypress plans to have final assays for the last two Dean holes (DCH 13 & 14) by the end of this week. The company continues to drill at its Glory property.
CYP shares have had a powerful rally, doubling during the last few weeks:
CYP (April 2016 – December 2017)
The next upside target is the 2014 high near C$.45, support now exists at C$.26 followed by previous resistance at C$.22.
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