Cypress Reports Assay Results from Clayton Valley Lithium Project, Nevada
/EINPresswire.com/ -- VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/03/16 -- Cypress Development Corp. (TSX VENTURE: CYP)(OTCBB: CYDVF)(FRANKFURT: C1Z1) ("Cypress" or the "Company") is pleased to announce, further to its news release April 5, 2016, that the Company has received lithium assays from Cypress' ongoing Phase 2 sampling program at its 1320 acre Clayton Valley Project located in Esmeralda County, Nevada.
Cypress Clayton Valley Lithium Project, Nevada claims map:
http://www.cypressdevelopmentcorp.com/i/maps/Clayton-Test-Wells-Plan-Map.jpg
Cypress' Clayton Valley Project is located on the south flank of "Angel Island" and immediately southeast of the Albemarle Silver Peak lithium mine. Cypress' Clayton Valley claims share their western boundary with claims controlled by Pure Energy Minerals. Pure Energy has identified a lithium resource at its northern resource area that is located to the immediate west of Cypress' property boundary.
The Albemarle Silver Peak mine is the only operating brine based lithium mine in North America. The Silver Peak mine began operations in 1967 to mine lithium by low cost evaporation ponds and has produced lithium since then. The lithium concentration in the production brines were reported in 2001 to average 160 ppm lithium (160 mg/litre) (Garrett Report, 2004). Cypress' highly prospective "Glory" and "Angel" claims are located within 0.5 miles (less than 1000m) south of current and past producing lithium brine wells belonging to the Albemarle Silver Peak Mine.
Cypress Phase 2 Clayton Valley Project Exploration Results
Phase 1 surface sampling of the claystones at Cypress' Clayton Valley Project was completed at the end of January in an area within the northwest portion of the property on the west flank of Angel Island. The outcropping claystone likely represent uplifted portions of the stratigraphy within which the lithium brines of the basin are produced.
The assays results encountered by Cypress suggest a strong possibility of an essentially continuously mineralized volume of lithium in claystones at surface on extensive portions of Cypress' Clayton Valley property. The Phase 2 sample results to date, including January's Phase 1 results, show 2 kilometers of north-south strike of outcropping claystones that assay approximately 1,000 ppm lithium on average.
An additional batch of samples have been collected from the most northern portion of the northwest area of Cypress' claim group to complete the Phase 2 sampling of that area. The new samples have been submitted to ALS Chemex in Reno for processing.
Cypress Clayton Valley Phase 2 lithium sampling sites map, Nevada:
http://www.cypressdevelopmentcorp.com/i/maps/CYP-Clayton-Phase-2.jpg
The tables below show Phase 2 assay results from the North, Central, Southeast and Southwest areas of Cypress' Clayton Valley property.
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Central Area
North Area Assays Assays SE Area Assays
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SAMPLE ID Li ppm SAMPLE ID Li ppm SAMPLE ID Li ppm
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243681 1680 243671 780 123190 420
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243682 1150 243672 830 123191 470
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243684 780 243673 730 123192 750
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243685 190 243674 700 123193 500
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243686 510 243675 640 123194 650
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243687 1300 243676 630 123195 640
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243688 1060 243677 440 123196 610
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243689 1040 243678 610 123197 690
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243690 960 243679 730 123198 620
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243691 1620 243680 500 123199 770
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Average 1029 Average 659 123200 870
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123201 650
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123202 590
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123203 590
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123204 670
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123205 860
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123206 860
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Average 659.4
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Southwest Area Assays
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SAMPLE ID Li ppm Li ppm Li ppm
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123146 1030 123161 1230 123176 860
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123147 1040 123162 700 123177 630
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123148 1140 123163 800 123178 790
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123149 1060 123164 790 123179 690
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123150 1120 123165 170 123180 450
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123151 1130 123166 770 123181 480
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123152 1120 123167 770 123182 810
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123153 1130 123168 690 123183 840
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123154 1140 123169 950 123184 860
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123155 1140 123170 1290 123185 470
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123156 750 123171 810 123186 860
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123157 1130 123172 870 123187 450
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123158 910 123173 840 123188 380
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123159 1130 123174 850 123189 130
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123160 680 123175 820 Average 834.1
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(i)NOTE: (Li=Lithium, ppm=parts per million, 1 ppm=1 milligram per litre)
Lithium Leachability Study
A number of samples from these current results are now being run by additional assay procedures to provide further data on the favourable leachability potential of lithium from the mineralized claystones.
Cypress' Phase 3 program will include the drilling of shallow auger holes targeted to provide initial subsurface data and assays under areas of strongly lithium mineralized salty claystone outcrops. The auger holes are planned to test the depth of lithium in claystones and will be sampled on composite 5 foot intervals.
Cypress Clayton Valley Project proposed auger and drill hole map:
http://www.cypressdevelopmentcorp.com/i/maps/CYP-Clayton-Drill-Plan-Map-small-apr16.jpg
The surface sampling and reconnaissance geologic results received by Cypress to date are viewed as being highly encouraging for the presence of lithium rich brines within the subsurface aquifers below the mineralized claystone. In Cypress' view, lithium rich brines are likely to be found below the water table below the mineralized outcrops and may be especially well developed along the arcuate fault zones where fracturing will have increased the permeability of the rock section.
In preparation for a planned Phase 3 program, Cypress Development has filed a Notice of Intent permit with the BLM (Bureau of Land Management), Nevada covering a planned four hole drill program targeting lithium brines at the Company's Clayton Valley Project (see news release April 21, 2016).
Clayton Valley is located within the Basin and Range Province in southern Nevada and is an internally drained, fault bounded and closed basin. Basin-filling strata compose the aquifer system which hosts and produces the lithium-rich brines.
Quality Control and Quality Assurance
All samples were assayed by ALS Chemex using a four acid digestion / ICP-Mass Spec method. Blind sample blanks are being inserted into the sample sequences at a rate of approximately 1 per 20 samples.
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. 24.1 million shares issued and outstanding.
To find out more about Cypress Development Corp. (TSX VENTURE: CYP), visit our website at www.cypressdevelopmentcorp.com.
CYPRESS DEVELOPMENT CORP.
DONALD C. HUSTON, President
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
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.
Contacts:
Cypress Development Corp.
Don Myers
Director
604-687-3376 / Toll Free: 800-567-8181
604-687-3119 (FAX)
info@cypressdevelopmentcorp.com
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