VANCOUVER, British Columbia, Dec. 01, 2016 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V: CYP ) (OTCBB: CYDVF ) (Frankfurt: C1Z1 ) (“Cypress” or the “Company”) is pleased to announce that the Company has received additional results from a Phase 2 sampling program at Cypress’ 2,700 acre Dean Lithium Brine/Claystone Project located in Clayton Valley, Esmeralda County, Nevada.
Cypress Clayton Valley Lithium Project, Nevada location map: http://www.cypressdevelopmentcorp.com/i/maps/...-small.jpg
The Company's 2,700 acre Dean Claim Group is located adjacent to producing lithium brine wells belonging to the Albemarle Silver Peak Mine on its west boundary, Pure Energy's resource area on its southwest boundary and Cypress' existing Glory Clayton Valley Project, optioned to Pure Energy, on its southern boundary.
In October, Cypress initiated a Phase 2 detailed surface sampling program on the Company’s 100% owned Dean Project. Another 72 samples were collected and submitted for analysis for lithium content.
Highlights:
- Maximum lithium value in claystone/mudstone was 3730 ppm lithium (0.82% Li20 equivalent).
- 8 samples assayed greater than 2000 ppm lithium (0.43% Li20 equivalent).
- 29 samples assayed greater than 1000 ppm lithium (0.22% Li20 equivalent).
- An area of >2 square kilometers has been identified as a new high-grade zone.
- The new zone has been named the Frontera Verde Zone and this zone is open for expansion to the north and south.
- Initial chip channel samples demonstrate vertical continuity of mineralization to 3.25 meters (see table 1 below).
- BLM permitting is underway in preparation for drilling of the new zone.
Table 1: Cypress Dean Outcrop Sampling Results Highlights
| Sample # | Rock Type | Li ppm | Sample # | Rock Type | Li ppm | ||
| Dean-26 | Mudstone | 640 | CV00802 | Claystone | 3730 | ||
| Dean-27 | Mudstone | 900 | CV00803 | Mudstone | 1660 | ||
| Dean-28 | Claystone | 1350 | CV00805 | Mudstone | 1000 | ||
| Dean-41 | Claystone | 1100 | CV00806 | Claystone | 1030 | ||
| Dean-44 | Claystone | 1890 | CV00810 | Claystone | 1480 | ||
| CV00210 | Claystone | 2040 | CV00811 | Claystone | 1320 | ||
| CV00221 | Claystone | 2310 | CV00812 | Claystone | 1750 | ||
| CV00224 | Claystone | 3830 | CV00813 | Claystone | 2130 | ||
| CV00225 | Mudstone | 920 | CV00814 | Mudstone | 1000 | ||
| CV00226 | Mudstone | 910 | CV00818 | Mudstone | 1640 | ||
| CV00790 | Mudstone | 2440 | CV00819 | Mudstone | 1450 | ||
| CV00792 | Mudstone | 510 | CV00820 | Mudstone | 800 | ||
| CV00793 | Mudstone | 510 | CV00821 | Mudstone | 1150 | ||
| CV00794 | Mudstone | 2530 | CV00822 | Siltstone | 810 | ||
| CV00795 | Claystone | 1030 | CV00823 | Ashstone | 570 | ||
| CV00796 | Mudstone | 780 | CV00824 | Claystone | 1090 | ||
| CV00797 | Mudstone | 1770 | CV00825 | Mudstone | 1110 | ||
| CV00798 | Mudstone | 1780 | CV00826 | Mudstone | 750 | ||
| CV00799 | Mudstone | 1410 | CV00827 | Claystone | 1060 | ||
| CV00800 | Claystone | 1590 | CV00801 | Claystone | 2220 | ||
| CV00828 | 2.5 meter chip channel | 1790 | CV00829 | 3.25 meter chip channel | 1390 |
*Note ppm = parts per million, Li = lithium metal
Dean sample locations and assay values map: http://www.cypressdevelopmentcorp.com/i/maps/...-Nov16.jpg
Several first order targets are now being defined on the property which include extensive outcropping of altered green evaporate-rich volcanoclastic claystone/mudstone exposure known as the Frontera Verde Zone. The Frontera Verde Zone covers an area of greater than 2 square kilometers. The average lithium grade of the Frontera Verde Zone is greater than 1500 ppm Li. The mineralization seen on the Dean Project is essentially identical to the Cypress Glory Project immediately to the south, now being jointly explored by Cypress Development and earn-in partner Pure Energy Minerals.
Outcropping lithium-rich mudstones at Dean Project: http://www.cypressdevelopmentcorp.com/i/maps/...-South.jpg
Donald Huston, President Cypress Development, stated “The recent assay result from the sampling program on the Dean Project has returned some of the highest grade lithium numbers in claystone that has ever been reported in Clayton Valley, Nevada. It is evident, from the surface mapping and sampling completed, that the lithium-rich claystone extends over a large area of the property known as the Frontera Verde Zone. Cypress management are very encouraged with the progress seen to date and will continue with work on potential lithium extraction methods for the claystones.”
The Dean property is composed of the same claystones / mudstones as seen on the Glory property to the immediate south, and under option to Pure Energy Minerals (see their news release Nov. 28 ). The geology consists predominantly of uplifted claystone and mudstone sequences and ash tuffs, covered by a thin (less than 2 meters) layer of channel wash gravels.
Additional assay methods recently carried out by Cypress on the Dean Project clearly show that the lithium in the uplifted exposed lake bed sediments is easily leached by a dilute acid solution and a deionized water method.
Cypress is in the process of making application to the BLM, Nevada for a Permit to allow for a series of drill holes into the new Frontera Verda Zone on the Dean Project.
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, 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 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 the potential for lithium that exists within the recently discovered non-hectorite “claystones”, that has seen recent high lithium assays recovered from these same “claystones”.
Cypress Development Corp. has approx. 27.9 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
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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.
