VANCOUVER, British Columbia, April 03, 2018 (GLOBE NEWSWIRE) — Cypress Development Corp. (TSX-V:CYP) (OTCBB:CYDVF) (Frankfurt:C1Z1) (“Cypress” or the “Company”) is pleased to announce results from the last three holes drilled at the Company’s Clayton Valley lithium project in Nevada. Today’s results include an intersection of 97 meters averaging 1,144 ppm Li in the final hole, GCH-6, along with intersections of 122.4 meters averaging 977 ppm Li in DCH-17 and 129.5 meters averaging 767 ppm Li in GCH-5. The Company has completed its drilling program, and is awaiting the results of an independent resource estimate currently underway.
Cypress Clayton Valley, Nevada Lithium Project location map:
- All three holes show consistency in encountered Li grade with the Company’s previous 20 holes drilled on the Dean and Glory properties.
- DCH-17, with 122.4 meters of 977 ppm Li, demonstrates the extension of lithium mineralization into the southeast corner of Dean. This intersection is comparable to the intersections in previous holes, DCH-15 and DCH-16, to the north and west.
- GCH-5 and GCH-6 demonstrate the extension of lithium mineralization south, into the eastern portion of Glory. The intersection of lithium in GCH-5, with 129.5 meters of 767 ppm Li, is the thickest drilled-to-date at the project.
- These three holes, as with all 20 previous holes, remain open at depth, with DCH-17 ending in 797 ppm Li, GCH-5 in 665 ppm Li, and GCH-6 in 752 ppm Li.
- A full table of Clayton Valley drill results can be found here: https://www.cypressdevelopmentcorp.com/site/assets/files/3573/cyp_drill_hole_table_for_clayton_valley-_nevada.jpg
2017 Dean & Glory Projects, Clayton Valley, Nevada drill hole map:
TABLE. Summary of Clayton Valley Project Drill Holes DCH-17, GCH-5 and GCH-6
|Intersection (m)||Lithium Values (ppm Li)|
Notes: Li=Lithium Metal, ppm=parts per million, m=meters, Average is weighted value by sample length. All samples were submitted to Bureau Veritas in Reno, Nevada, for analysis. Blind sample blanks and standards were inserted into the sample sequences at a rate of approximately 1 per 20 samples.
With the completion of these three holes, the Company has concluded its current drilling on the Dean and Glory properties. All 23 of the Company’s drill holes will be incorporated in an independent resource estimate currently underway. The results of the resource estimate are expected later this month.
Daniel Kalmbach, CPG and consulting geologist to Cypress Development Corp., is the qualified person as defined by National Instrument 43-101 and has approved the technical information in this release.
Cypress announces the resignation of Robert Marvin as Vice President of Exploration and Director of the Company. Cypress expresses its appreciation to Mr. Marvin for his years of service and his key role in the discovery and exploration of the Company’s Clayton Valley lithium deposit.
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. 56.0 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.
“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.