Vancouver, BC - Cypress Development Corp. (
TSX-V: CYP) (OTCBB:
CYDVF) (Frankfurt:
C1Z1) ('Cypress' or the 'Company') is pleased to announce, further to its news release
April 5th and
May 3rd, the Company has received additional assays from Cypress' ongoing Phase 2 exploration program at its Clayton Valley Lithium Project in Esmeralda County, Nevada.
Cypress' Clayton Valley Lithium Project is located in the heart of the Clayton Valley lithium brine exploration area of Esmeralda County, Nevada. The Company's 1520 acre Clayton Valley Project is located within one half mile of lithium brine wells belonging to the Albemarle Silver Peak Mine and the property shares its western boundary with Pure Energy's Clayton Valley South project.
The Albemarle Silver Peak mine is the only operating brine based lithium mine in North America with lithium concentration in production brines reported to average 160 ppm lithium (160 mg/litre) (Garrett Report, 2004).
Cypress 2016 Phase 2 Clayton Valley Project Exploration Results:
Assays reported by Cypress to date show a continuously mineralized volume of lithium in claystones at surface on extensive portions of Cypress' Clayton Valley property. The compiled results of three sampling events show 2 kilometers of north-south strike of outcropping claystones that assay approximately 1,100 ppm lithium on average and include a 1.0 kilometer strike length zone that averages 1350 ppm Li.
The strong lithium mineralization is contained within calcareous evaporite rocks, dominantly carbonate rich lake-bed claystones with minor interbedded volcanic ash units. This rock section represents uplifted portions of the stratigraphy within which the lithium brines of the basin are produced.
Limited sampling of volcanic ash units by Cypress has occurred, sample #123238 (reported here) is an unconsolidated, biotite rich volcanic ash that has assayed 710 ppm lithium. Lithium mineralization within this ash unit is highly encouraging as it suggests that the lithium mineralization so far defined at surface has invaded all lithologic units found to date in the western portion of the property.
Other ash units show clear west dipping structure of 10 to 20 degrees (local exposures of much steeper dips have been seen). As a consequence of the rock package being tilted, the surface sampling is exploring a considerable thickness of the exposed basin fill evaporates and interbedded ash tuffs. Detailed mapping is planned for the next several weeks as part of the Phase 2 program.
The table below shows newly received lithium assays from the ongoing 2016 Phase 2 surface sampling program. These samples were collected from the northwest portion of the Cypress' Clayton Valley property. Due to space constraints, only lithium assays are being show. A more complete data set containing the assays of typical evaporite sequence minerals will be added to the website shortly.
|
Sample ID
|
Li ppm
|
Sample ID
|
Li ppm
|
Sample ID
|
Li ppm
|
|
123208
|
1910
|
|
123219
|
770
|
|
123230
|
1240
|
|
123209
|
1170
|
|
123220
|
1610
|
|
123231
|
QA/QC Blank
|
|
123210
|
1790
|
|
123221
|
1210
|
|
123232
|
1190
|
|
123211
|
1000
|
|
123222
|
850
|
|
123233
|
1330
|
|
123212
|
860
|
|
123223
|
900
|
|
123234
|
1510
|
|
123213
|
900
|
|
123224
|
1430
|
|
123235
|
2600
|
|
123214
|
1460
|
|
123225
|
1260
|
|
123236
|
2250
|
|
123215
|
1230
|
|
123226
|
2020
|
|
123237
|
QA/QC Blank
|
|
123216
|
970
|
|
123227
|
2120
|
|
123238
|
710
|
|
123217
|
1270
|
|
123228
|
950
|
|
123239
|
1010
|
|
123218
|
1060
|
|
123229
|
1320
|
|
123240
|
1100
|
*NOTE: (Li=Lithium, ppm=parts per million, 1 ppm=1 milligram per litre)
Lithium Leachability Study:
A number of Phase 2 sample pulps are being re-assayed by ALS Chemex by both a deionized water leach and a weak Aqua Regia leach to provide further data on potential large-scale extraction methods of lithium from the mineralized claystones.
Cypress is further moving forward at this time with mineral Identification (ID) by X Ray Diffraction (XRD) and has started a bench scale study of additional very dilute acid leaching methods in an advancing effort to develop a low cost lithium extraction method for the strongly lithium mineralized, outcropping calcareous evaporates (claystones) on the property.
Planned Phase 3 Dill Program:
Cypress has filed a Notice of Intent permit with the Bureau of Land Management (BLM), Nevada for a planned Phase 3 drilling program. Cypress' Phase 3 program will target lithium brines within the targeted Main Ash Aquifer and will also include the drilling of shallow auger holes to provide initial subsurface data and assays under wide areas of lithium rich claystones discovered in the 2016 Phase 1 and Phase 2 sampling programs. The auger holes are planned to test the depth of lithium mineralization in claystones and will be sampled on composite 5 foot intervals.
The surface sampling and reconnaissance geologic results received by Cypress to date are viewed as being highly encouraging for the presence of lithium rich brines within the subsurface aquifers below the mineralized claystone. In Cypress' view, lithium rich brines are likely to be found below the water table below the mineralized outcrops and may be especially well developed along the arcuate fault zones where fracturing will have increased the permeability of the rock section.
Clayton Valley is located within the Basin and Range Province in southern Nevada and is an internally drained, fault bounded and closed basin. Basin-filling strata compose the aquifer system which hosts and produces the lithium-rich brines.
Quality Control and Quality Assurance
All samples were assayed by ALS Chemex using a four acid digestion / ICP-Mass Spec method. Blind sample blanks are being inserted into the sample sequences at a rate of approximately 1 per 20 samples.
Robert Marvin, P.Geo, Exploration Manager for Cypress Development Corp. is the Qualified Person as defined by National Instrument 43-101 and has approved of the technical information in this release.
About Cypress Development Corp.:
Cypress Development Corp. is a publicly traded lithium and zinc-silver exploration company developing projects in Nevada, U.S.A.
Cypress Development Corp. has approx. 24.1 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.
'Don Huston'
DONALD C. HUSTON
President
For further information contact myself or:
Don Myers
Director
Cypress Development Corp.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
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.