Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTCBB: CYDVF) (Frankfurt: C1Z1) ("Cypress" or the "Company") is pleased to announce that the Company has received a Land Use Permit from the Bureau of Land Management (BLM), Nevada, that will enable Cypress to proceed with its planned Phase 3 drilling program at the Company's Clayton Valley Lithium Project located in Esmeralda County, State of Nevada, USA.
The Company's 1520 acre Clayton Valley Project is located within 0.5 mile south of lithium brine wells belonging to the Albemarle Silver Peak Mine and the property shares its western boundary with the known Northern Resource Area of Pure Energy's Clayton Valley South project.
Previously reported assays by Cypress show a continuously mineralized volume of lithium rich claystones at surface on extensive portions of Cypress' Clayton Valley property. The compiled results show 2 kilometers of north-south strike of outcropping claystones that assay approximately 1,100 ppm Li on average and include a 1.0 kilometer strike length zone that averages 1350 ppm Li (see News Releases May 10th and February 22, 2016).
Drill targets have been selected to test both the claystone hosted lithium mineralization discovered over wide areas at surface as well as deeper drilling to intersect the lithium brine within the Main Ash Aquifer in a position adjacent to the known Northern Resource Area of Pure Energy Minerals (see Pure Energy's news release July 28, 2015). The Company expects to begin its Phase 3 drilling program at its Clayton Valley Project by July 15, 2016.
Cypress will initially target the surface claystones with a program that will feature shallow holes targeting the 2 kilometer strike length zone of surface lithium mineralization recently discovered during the Company's 2016 Phase 1 and Phase 2 sampling programs. This shallow drilling should allow Cypress to begin to estimate size, lithium grade and tonnage at its Clayton Valley Project.
The surface lithium mineralization is contained within calcareous evaporite rocks, dominantly carbonate rich lake-bed claystones with interbedded volcanic ash units. This exposed rock section is part of the basin filling Esmeralda Formation and is believed to represent uplifted portions of the stratigraphy within which the lithium brines of the basin are found and produced, including the immediately adjacent North Resource Area currently being explored by Pure Energy Minerals.
One of the keys to Cypress' success and growth is the potential to extract lithium directly from the large zone of soft claystones using a very dilute acid leach method which could be vastly more cost effective and less energy intensive than hard rock extraction. This potential extraction method, which Cypress has successfully lab tested, is not only much more cost effective but much more environmentally friendly as well, while still producing exceptional lithium recovery rates averaging 95% (see news release May 25th).
Cypress is also in the process of completing a financing of a private placement of shares at this time. The terms of the private placement are a 12 cent share with a one year 15 cent warrant attached (see News Release June 3rd). Cypress will use the funds raised to auger drill and RC drill the identified lithium rich claystones discovered in 2016 at surface and to explore for the underlying lithium brines at its Clayton Valley Project in Nevada.
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. 24.7 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.
DONALD C. HUSTON
For further information contact myself or:
Cypress Development Corp.
Toll Free: 800-567-8181
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.