VANCOUVER, British Columbia, April 11, 2019 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) (“Cypress” or the “Company”) is pleased to report that its infill drilling program at the Company’s Clayton Valley Lithium Project in Nevada was completed. The program commenced in March and was a critical step in the prefeasibility study (PFS) currently underway with Ausenco Engineering Canada Inc., Global Resource Engineering and others. The drilling was focused within a one-kilometer-squared area where six holes were completed to an average of 120 meters below surface grade.
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 goal of the 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.
Clayton Valley Lithium Project 2019 infill drill hole area map:
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 assays when received will be compiled along with geological and geotechnical information. The compiled data will then be used to update the resource model from the PEA.
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. 73.5 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, 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.