Cypress Development Corp (TSX-V:CYP, OTC:CYDVF) continues to achieve exploration success at its Clayton Valley Dean & Glory lithium projects. This morning CYP reported the final two drill holes from its 2017 exploration program at the Dean Project (four drill holes from the Glory Project are due to be reported over the next couple of weeks); the results from Dean are highly encouraging including a hole which reported 107 meters at 1134 ppm lithium.
These results confirm that the mineralized zone at Dean is getting wider (it is approximately 4 km in length and at least 2 km in width) and the grades continue to prove to be world class. Another potentially even more important aspect of today’s news release from Cypress is that the laboratory tests are showing encouraging results; extractions and acid consumptions of the Cypress’ Clayton Valley claystone are significantly better than what is seen in refractory claystone deposits. The absence of hectorite in Cypress’ Clayton Valley claystone continues to set it apart from other claystone deposits around the world.
CYP shares underwent a low volume correction between early December and early January before finding support near the rising 50-day moving average last week:
CYP (Daily)
CYP remains in a strong uptrend with support below at C$.24 and C$.22, meanwhile the next resistance is near C$.34. Above C$.34 we could see CYP shares rally into the mid-C$.40s.
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