Cypress Development Corp. (TSX-V:CYP, OTC:CYDVF) has been moving full speed ahead since commencing a 12-14 hole, 4,000 feet drill program on October 19th. So far Cypress has completed 5 holes on its Dean claims (northern ½ of Cypress Dean Lithium Project), and the drill rig has been mobilized to the Glory claims (southern ½ of Cypress Dean Lithium Project). The first 5 holes from Dean have been sent to the lab for assaying and Cypress expects a timely release of the assays. Drilling on the Glory claims is expected to continue well into December.
Cypress’ Dean & Glory claims in Nevada’s Clayton Valley are on the eastern flank of the only producing lithium mine in North America, Albemarle’s Silver Peak lithium brine project:
Dean & Glory have the potential to host a significant claystone resource (the known strike length of claystone containing lithium is 8 km by 2 km wide by 300 ft depth) with consistently disseminated lithium mineralization grading ~1000 ppm (parts per million). CYP management expects the current drill program to yield very similar results to the last program which included the following:
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All mineralized intercepts at Dean start at near surface;
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Average mineralized thickness at Dean is greater than 250 feet;
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Drill data to date outlines a mineralized zone of roughly 4,000 feet by 12,000 feet;
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The thick, tabular zone of pervasive lithium mineralization is considered to be open in all directions;
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Laboratory studies continue to explore the highly soluble and reactive nature of the large volume of lithium enriched rock seen outcropping at Dean.
Cypress has also been extremely effective in managing drilling costs (its current drill program cost roughly US$200,000) and the company is sufficiently funded to commence another drill program in Q1 2018 (weather is not an issue in Nevada).
After surging higher on heavy (accelerating) volume during September and October CYP shares have pulled back on light volume in the last few weeks:
Over C$.23 CYP shares could target at least C$.30 on the next leg higher. This is a bullish chart as Cypress gets ready to have a significant amount of drilling news over the next several weeks.
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