VANCOUVER, British Columbia, Oct. 19, 2017 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTCBB:CYDVF) (Frankfurt:C1Z1) (“Cypress” or the “Company”) is pleased to announce it has commenced drilling on its Clayton Valley Lithium Project, located just east of Albemarle’s Silver Peak lithium brine operation in the heart of Clayton Valley.
Cypress Clayton Valley, Nevada Lithium Projects location map:
Cypress plans to drill 12 holes totalling 4,000 feet of NQ-size core. The 2017 fall program will be divided between Cypress’ contiguous Glory and Dean claim blocks, which cover an area totalling 4,220 acres and are 100% controlled by Cypress. Drilling will be completed by Morningstar Drilling of Three Forks, Montana. A drill is at the site and the first hole was collared on the Dean claims.
Dean Project planned Phase 2 drill hole location map:
Glory Project planned Phase 1 drill hole location map:
To date, all of Cypress’ drilling has been on the Dean claims, where a 9-hole program was completed earlier this year. All nine holes encountered significant values within claystone, which ranged up to 1790 ppm lithium and averaged 900 ppm lithium (or 0.48% Lithium Carbonate Equivalent) throughout the average drill-depth of 243 feet for all nine holes. The program covered a large area, measuring roughly 12,000 feet in length by 4,000 feet in width, and the lithium-bearing claystone is considered open in all directions.
Dean Project 2017 Phase 1 drill hole location map:
Immediately south of the Dean claim block extensive sampling by Cypress on the Glory claims has identified lithium mineralization in surface exposures of claystone which ranged up to 3,800 ppm over 9,500 feet along the same trend encountered on the adjoining Dean claims.
Cypress believes its claystone deposit in Clayton Valley has the potential to contain a significant resource of lithium, and may have physical and logistical features that could make it a productive, long-term source of lithium.
Cypress remains very active in Nevada, with its geological team focused on systematically exploring its properties for lithium. In addition to the ongoing drilling program, Cypress is continuing studies to determine the exact nature and distribution of the lithium mineralization in the claystone, and identify an effective means of extraction.
About Cypress Development Corp.:
Cypress Development Corp. is a publicly traded lithium and zinc exploration company that continues to acquire and develop potentially viable mineral projects in the State of Nevada, U.S.A.
Cypress Development Corp. has approx. 35.5 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.
WILLIAM WILLOUGHBY, PhD, PE
For further information contact myself or:
Cypress Development Corp.
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.
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