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VANCOUVER, B.C., June 06, 2017 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTCBB:CYDVF) (Frankfurt:C1Z1) ("Cypress" or the "Company") is pleased to announce, further to its News Release on May 15th, that the Company has received additional assay results from a 2017 Phase 1 core drilling program completed at Cypress' 100% held 2,700 acre Dean Lithium Project in Clayton Valley, Nevada.
Cypress' Dean Project is located to the immediate east of the Albemarle Silver Peak Mine with Cypress' Glory Project, under option to Pure Energy Minerals, located to the immediate south.
Cypress Clayton Valley, Nevada Lithium Projects location map:
http://www.cypressdevelopmentcorp.com/i/maps/CYP-Clayton-topo-satalite-small.jpg
Highlights:
- Results for step-out Dean drill Hole DCH 9 are being reported here;
- All mineralized intercepts at Dean start at near surface;
- Average mineralized thickness at Dean is greater than 250 feet;
- Drill data to date outlines a mineralized zone of roughly 4,000 feet by 12,000 feet;
- The thick, tabular zone of pervasive lithium mineralization is considered to be open in all directions;
- Cypress awaits further assay results for drill Holes DCH 6, 7 & 8;
- Targeting of more core drill holes is being planned;
- Laboratory studies continue to explore the highly soluble and reactive nature of the large volume of lithium enriched rock seen outcropping at Dean.
Dean drill hole DCH-9 is a nearly two mile step-out located in the northeast eastern portion of the project area. Assays have been received from ALS Chemex and average 1014 ppm Li over 281 feet from a depth of 27 feet to 308 feet.
The mineralization is continuous from surface as has been seen in previously reported holes from the Phase 1 core drilling of the project. As with other reported holes, the lithium is concentrated in a thick, tabular body of volcanic ash and pumice rich mudstones. These mineralized, uplifted, sediments present an attractive target with the potential of defining a large scale and potentially highly reliable source of lithium. 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.
It is important to note that the uplifted and well mineralized lake bed sediments that outcrop widely in the eastern portion of the Clayton Valley, including those on the Dean Project, do not occur at surface elsewhere in the basin. Cypress, through its 100% owned Dean Lithium Project as well as the contiguous Glory Project area to the south, controls the heart of this newly discovered, large-scale slab of outcropping mineralization.
Dean Project 2017 Phase 1 drill hole location map:
http://www.cypressdevelopmentcorp.com/i/photos/CYP-Dean-Phase-1-Drilling-Satellite-Plan-Map.jpg
Assay Chart for Dean Drill Hole DCH 9:
SAMPLE From (Ft) To (FT) Interval (FT) Li ppm Ca % Mg % Na %
DDCV-236 0 19 19 150 5.94 1.49 2.26
DDCV-237 19 27 8 270 6.36 1.94 1.42
DDCV-238 27 37 10 890 6.62 2.17 0.99
DDCV-239 37 47 10 1490 4.68 2.62 0.77
DDCV-240 47 57 10 1350 5.11 2.32 0.80
DDCV-241 57 67 10 1230 4.08 2.24 0.83
DDCV-242 67 77 10 1260 4.32 2.27 0.95
DDCV-243 77 88 11 760 3.48 1.48 1.26
DDCV-244 88 98 10 1100 3.80 2.17 1.22
DDCV-245 98 108 10 610 3.13 1.19 2.03
DDCV-246 108 118 10 1020 3.09 1.88 1.59
DDCV-247 118 128 10 1410 3.72 2.65 1.47
DDCV-248 128 135 7 1440 4.07 2.74 1.01
DDCV-249 135 143 8 1180 3.53 2.21 0.90
DDCV-251 143 148 5 1200 3.97 2.34 0.86
DDCV-252 148 158 10 860 3.65 1.73 0.88
DDCV-253 158 168 10 1230 4.36 2.68 0.88
DDCV-254 168 178 10 970 4.60 2.15 0.85
DDCV-255 178 188 10 870 4.31 1.86 0.84
DDCV-256 188 198 10 940 4.62 2.08 0.92
DDCV-257 198 208 10 1070 5.37 2.62 0.88
DDCV-258 208 218 10 800 3.68 1.73 0.88
DDCV-259 218 228 10 1060 4.62 2.44 0.86
DDCV-261 228 238 10 730 3.15 1.50 1.35
DDCV-262 238 248 10 940 4.63 2.21 0.96
DDCV-263 248 258 10 600 2.56 1.14 1.99
DDCV-264 258 268 10 960 3.80 2.40 1.70
DDCV-265 268 278 10 950 4.77 2.28 1.98
DDCV-266 278 286 8 990 5.18 2.49 1.78
DDCV-267 286 295 9 1090 6.69 2.73 1.44
DDCV-268 295 304 9 840 4.82 2.04 1.60
DDCV-269 304 308 4 810 4.05 1.93 1.63
DDCV-271 308 318 10 690 4.13 1.75 1.73
DDCV-272 318 328 10 540 5.39 1.38 1.82
DDCV-273 328 338 10 590 6.53 1.70 1.74
DDCV-274 338 348 10 520 6.86 1.73 1.68
*Note: Li=Lithium Metal, Ca=Calcium, Mg=Magnesium, Na=Sodium, kg=Kilograms
Cypress' exploration and core drilling results received to date from its Dean Project have been very encouraging. A large amount of data has been gathered and is being analyzed. A 2017 Phase 2 drilling program on the Dean Property is being proposed for the 3rd and 4th quarters to provide further in-fill data.
"The Company is pleased with the results received from its 2017 Phase 1 drilling program and is now advancing, with its data, into the scientific and engineering stage of the project. Expertise has been engaged to consult with Cypress' management as the Company advances towards a lithium extraction process," stated Donald Huston, President of Cypress Development. "The Company's objective is to determine an effective methodology to economically extract the lithium that is now known to exist in a large, flat lying, tabular body of continuously mineralized rocks at its Dean Project."
The continuous nature of the mineralization is very important in that bulk mineralization is created. The mineralization is not interrupted by non-mineralized intervals nor non-mineralized rock types.
Cypress believes the outcropping and consistent nature of the currently known lithium mineralization at Dean is highly encouraging for both the potential size and potential resource extraction methodologies. The drill data to date, which outlines an area of roughly 4,000 feet by 12,000 feet (1300 meters by 3700 meters) presents a starting point for planning a resource estimation process.
Outcropping Li-rich claystone on Cypress Dean Project:
http://www.cypressdevelopmentcorp.com/i/maps/CYP-Dean-Lithium-Project-Outcropping-Green-Claystones.jpg
Cypress awaits further assay results for drill holes DCH 6, DCH 7 and DCH 8 now completed on the Dean property.
In other news, TSX Venture Exchange has consented to the extension in the expiry date of 903,833 warrants previously issued with an original expiry date of June 29, 2017 to a new expiry date of June 29, 2018.
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 Dean and Glory 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. (TSX-V:CYP), 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
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.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Cypress Development Corp via Globenewswire
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