Clayton Valley lithium junior Cypress Development (TSX-V:CYP, OTC:CYDVF) is having an April to remember as its share price has nearly doubled in the last three weeks:
After a 4-month consolidation CYP shares have been under steady accumulation for the last few weeks which has driven the share price from C$.19 on April 5th to a high of C$.37 today. Even after nearly doubling Cypress still has a fairly modest C$21 million market cap.
If Cypress is able to produce a positive resource estimate (due by the end of the month) and positive metallurgical studies over the summer, the value of the high grade lithium at Cypress’ Dean & Glory Projects and their ideal location (Nevada, next door to Albemarle’s Silverpeak lithium project, and a few hours from Tesla’s Gigafactory) could be worth multiples of the current market cap.
From a technical vantage point the next potential resistance level is at C$.45 and the C$.30-$.32 area should now offer support on pullbacks.
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