Cypress Drills 210 feet of 1140 ppm Lithium at Dean Lithium Project in Clayton Valley, Nevada
VANCOUVER, British Columbia, May 15, 2017 (GLOBE NEWSWIRE) -- Cypress Development Corp. (CYP.V) (CYDVF) (C1Z1.F) ("Cypress" or the "Company") reports that a Phase 1 core drilling program has now been completed on the Company`s 100% held Dean Lithium Claystone Project in Clayton Valley, Nevada. A nine hole exploratory core drill program was carried out under the supervision of Cypress VP of Exploration Robert Marvin, PGeo. Cypress is pleased to publish assay results from the first 5 holes at this time.
Cypress Clayton Valley, Nevada Lithium Projects location map:
http://www.cypressdevelopmentcorp.com/i/maps/CYP-Clayton-topo-satalite-small.jpg
Highlights:
All mineralized intercepts at Dean start at near surface;
Average mineralized thickness is greater than 220 feet;
The thick, tabular zone of pervasive lithium mineralization is considered to be open in all directions;
Lithium mineralization appears to thicken and increase in grade towards the east;
Potential exists for a water leach followed by dilute acid wash to mobilize lithium into solution;
Laboratory studies continue to explore the highly reactive and soluble nature of the large volume of lithium enriched rock seen at Dean;
Cypress awaits further assay results for the final four holes;
Targeting of more core holes is being planned.
The five drill holes clearly show that a very large, tabular, lithium mineralized formation underlies the Dean property. All five holes reported here have intersected continuous, consistent grades of lithium mineralization of +1,000 ppm on average. The NQ core drilled exhibits excellent recovery of nearly 100%.
Dean Project Phase 1 drill hole location map:
http://www.cypressdevelopmentcorp.com/i/photos/CYP-Dean-Phase-1-Drilling-Satellite-Plan-Map.jpg
HOLE ID | From | To | Interval Thickness | Li Grade ppm |
DCH-01 | 14.5 Feet | 118 Feet | 103.5 Feet | 1145.9 ppm Li |
DCH-02 | 1.5 Feet | 368 Feet | 366.5 Feet | 846.9 ppm Li |
Including | 1.5 Feet | 178 Feet | 176.5 Feet | 1007.5 ppm Li |
DCH-03 | 1.0 Feet | 251 Feet | 250.0 Feet | 860.4 ppm Li |
DCH-04 | 1.5 Feet | 238 Feet | 236.5 Feet | 1051.0 ppm Li |
DCH-05 | 48.0 Feet | 258 Feet | 210.0 Feet | 1139.5 ppm Li |
*Li Grade is the average grade from sample assays taken on 10 foot intervals.
An east-west section of approximately 4,000 feet has been explored at nominal 1,000 foot intervals in holes DCH-01 to DCH-05. Average mineralized thickness indicated by the downhole assay data is greater than 220 feet. All intercepts start at near surface.
Lithium mineralization appears to thicken and increase in grade towards the eastern portion of the Dean Project, as evidenced by the results received to date of the most easterly hole DCH-05.
The rocks hosting the continuous consistent lithium mineralization are a thick section of interbedded, ash and silt rich, mudstones and claystones, along with locally significant volcanic ash units, which constitute the logged downhole stratigraphy. The interbedded host sequence is highly calcareous throughout.
The host sequence is tilted eastward at less than 10 degrees. The thick, tabular zone is considered to be open in all directions. Data to date suggests excellent potential down the shallow dip direction to the east. Cypress has an additional 3,000 feet under claim to the east of the current drilling.
Cypress continues with ongoing laboratory studies to explore the reactive and soluble nature of the large volume of lithium enriched rock seen on the Dean Project so as to further understand a method of extraction and ultimately production. The observed reactivity is likely to be strongly related to the high carbonate content of the mineralized host rocks. Carbonate minerals are all partially to completely soluble in neutral water. Data from ongoing solubility studies suggests a 5% sulfuric acid solution will solubilize a large portion of the total lithium.
Outcropping Li-rich claystone on Cypress Dean Project:
http://www.cypressdevelopmentcorp.com/i/maps/CYP-Dean-Lithium-Project-Outcropping-Green-Claystones.jpg
Cypress sees the potential for an initial water leach to remove a significant portion of the carbonate and sand, silt grains, followed by a dilute acid wash to complete the process of mobilizing the lithium into solution.
Cypress awaits further assay results for the final four holes now completed on the Dean property.
Targeting of more core holes is being planned and will be finalized once all assays are received and compiled. Drilling on the area of the Dean property east and northeast of hole DCH-05 will be a top priority as well as ongoing studies to determine the most efficient method of extraction and production.
Don Huston, Cypress President, stated: "this initial drill program by Cypress indicates an average of +1000 ppm lithium starting at surface over an average of 220 foot thickness along a strike length of 4000 feet. The assays presented here becomes even more relevant with Cypress` Dean property located in a basin with an operating lithium mine as its next door neighbor. The potential value of a rapidly expanding zone of lithium mineralization on the Dean Project owned 100% by Cypress is growing exponentially. This is an exciting time for the Company and its shareholders."
Quality Control and Quality Assurance:
All samples were submitted to ALS Chemex Labs in Reno, Nevada, for analysis using an ME-ICP61, 33 element four acid digestion ICP method. Blind sample blanks were inserted into the sample sequences at a rate of approximately 1 per 20 samples.
Robert Marvin, PGeo, VP of Exploration and a 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 release.
About Cypress Development Corp.:
Cypress Development Corp. is a publicly traded lithium and zinc exploration company that continues to acquire and develop potentially viable mineral projects in the State of Nevada, U.S.A.
Cypress is very active in Clayton Valley, Nevada with its team committed to systematically exploring its properties for both a lithium-brine resource and expanding exploration relating to a lithium resource that exists within the large area of non-hectorite "claystone" discovered at surface that has seen recent high lithium assays recovered from these same "outcropping claystone".
Cypress Development Corp. has approx. 35.0 million shares issued and outstanding.
To find out more about Cypress Development Corp. (CYP.V), 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: info@cypressdevelopmentcorp.com
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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.
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Source: Cypress Development Corp via GlobeNewswire
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