Cypress Resumes Drilling at Clayton Valley Lithium Project, Nevada
VANCOUVER, British Columbia, Feb. 13, 2018 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTCBB:CYDVF) (Frankfurt:C1Z1) ("Cypress" or the "Company") is pleased to announce drilling has resumed at the Company's 100% owned lithium project in Clayton Valley, Nevada.
Clayton Valley Project Location Map:
The first holes will be drilled on the Dean property, where, in 2017, 14 holes intersected lithium-bearing claystone to depths of 112 meters below surface. As announced in the Feb. 7th press release, an independent consulting firm, Global Resource Engineers (GRE), of Denver, Colorado, is engaged to prepare a resource estimate and accompanying technical report based on the 2017 drill results. A site visit has taken place, during which split core samples were selected for check assays and select surface samples were twinned under the direction of a GRE geologist. Additional work is underway.
Drill Hole Location Map:
After review of the 2017 drilling, the initial three holes of this program are to be in the southeast corner of the Dean property. One hole will test continuity between two fence lines in previous drilling, another will be drilled near DCH-10, which was terminated in mineralization due-to poor ground conditions, and the final will step-out towards the southeast corner of the claim block. Drilling is expected to be completed by early March and the results included by GRE in the resource estimate.
Upon completion of the drilling on Dean, an additional five to seven holes are planned to further target the Glory property. As reported in the February 7th news release, the first four holes drilled on Glory extended the trend of mineralization south and west from Dean by over 2 kilometers. The next holes on Glory will focus on defining mineralization in the eastern half of the property south of the higher grade holes on Dean.
Robert Marvin, B.Sc., PGeo, VP of Exploration and Director of Cypress Development Corp., is the qualified person as defined by National Instrument 43-101 and has approved of the technical information in this news 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 the State of Nevada, U.S.A.
Cypress' Dean & Glory Lithium Project is located immediately east of Albemarle's Silver Peak mine, North America's only lithium brine operation. Recent exploration by Cypress has discovered an extensive deposit of lithium-bearing claystone adjacent to the brine field. With mineralization tested by drilling over a seven-kilometer trend, the apparent size of the Dean & Glory deposit makes Clayton Valley a premier target that has the potential to impact the future of lithium production in North America.
Cypress Development Corp. has approx. 54.5 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, Investor Relations
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.