VANCOUVER, British Columbia, April 23, 2019 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) (“Cypress” or the “Company”) is pleased to report assay results from its recently completed infill drilling program at the Company’s Clayton Valley Lithium Project in Nevada. The program which commenced in March is a critical step in the Prefeasibility Study (PFS) currently underway with Ausenco Engineering Canada Inc., Global Resource Engineering and others.
The target area for this phase of drilling was the southwest portion of the initial pit area as described in the October 1, 2018 Preliminary Economic Assessment NI 43-101 Technical Report (PEA). The PEA included updated mineral resources with an Indicated Resource of 831 million tonnes at 867 ppm Li (3.835 million tonnes LCE) and an Inferred Resource of 1.12 billion tonnes at 860 ppm Li (5.126 million tonnes LCE), based upon a cut-off grade of 300 ppm Li. Complete assay results are as provided in the following table.
|Hole||Top (m)||Bottom (m)||Interval (m)||Grade Li (ppm)|
|GCH -07||3||142 *||140||1,032|
* End of hole. All holes except GCH-9 and GCH-10 end in >600 ppm Li.
All drill cores from the program were geologically logged and delivered to ALS USA Inc. in Reno for sample processing and assay. Cores from five of the six holes were processed through sample preparation in their entirety, with coarse reject material retained for use in metallurgical tests. Intervals from three of the holes were selected and were submitted for geotechnical testing. All samples were accompanied by QA/QC samples of blanks, standards and duplicates.
The goal of the drilling program for the PFS was to define an area of relative higher-grade lithium, upgrade the categories of resources and provide the tonnage for the PFS mine plan and production schedule. The program also provided fresh material for geotechnical and ongoing metallurgical testing.
Cypress CEO Bill Willoughby commented, “We are pleased with the results and regard the infill drilling program as a success. The program demonstrated consistent results from hole to hole and achieved our goal of obtaining better-than-average grade intervals within the target area. The results have been shared with Global Resource Engineering who are in the process of updating the resource model from the October 2018 PEA and producing an optimized mine schedule.”
Daniel Kalmbach, CPG, 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 exploration company focused on developing the Company's 100%-owned Clayton Valley Lithium Project in Nevada. Exploration and development by Cypress has discovered a world-class resource of lithium-bearing claystone adjacent to Albemarle's Silver Peak mine, North America's only lithium brine operation.
Cypress Development Corp. has approx. 74 million shares issued and outstanding.
CYPRESS DEVELOPMENT CORP.
“Dr. Bill Willoughby”
WILLIAM WILLOUGHBY, PhD., PE
Chief Executive Officer
For further information contact myself or:
Cypress Development Corp.
Director, Corporate Communications
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.