Cypress Development Announces 55% Increase in Lithium Mineral Resource at the Clayton Valley Lithium Project, Nevada
Suite 1610 - 777 Dunsmuir Street, Vancouver, BC, Canada, V7Y 1K4
www.cypressdevelopmentcorp.com
TSX Venture Exchange Symbol: CYP
Email: [email protected]
Telephone: (604) 687-3376
Facsimile: (604) 687-3119
NEWS RELEASE
August 11, 2020
Cypress Development Announces 55% Increase in Lithium Mineral
Resource at the Clayton Valley Lithium Project, Nevada
Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF)
(Frankfurt: C1Z1) (“Cypress” or “the Company”) is pleased to announce an updated
Mineral Resource Estimate at the Company’s Clayton Valley Lithium Project in
Nevada, USA. The work was completed by Global Resource Engineering located in
Denver, Colorado.
The updated Mineral Resource Estimate for the project utilizes the same economic
and mining parameters found in the Company’s May 2020 Prefeasibility Study (PFS).
The August 2020 Mineral Resource Estimate includes additional assay data from four
drill holes received in June 2020 and was developed using the project’s entire
contiguous property boundary. All resources are pit-constrained using property and/or
geologic boundaries and are based on a cut-off grade of 900 ppm lithium (Li).
Highlights of Mineral Resource Estimate
• Measured Resource Estimate increased to 574.1 million tonnes averaging
1,081 ppm Li or 3.3 million tonnes lithium carbonate equivalent (LCE).
• Indicated Resourc e Estimate increased to 355.6 million tonnes averaging
1,032 ppm Li or 2.0 million tonnes LCE.
• Total Measured plus Indicated Resource Estimates of 929.6 million tonnes
averaging 1,062 ppm Li or 5.2 million tonnes LCE.
Mineral Resources
The Mineral Resource Estimate is based on all drilling results from the project. The
reported Mineral Resource Estimate is pit constrained by an “ultimate” pit that extends
to the project’s contiguous property boundaries, which has expanded to include
additional land on which mineral title was cleared . The generated pit shell use slope
angles, recovery and economic parameters described in the PFS.
The May 2020 Mineral Resource Estimate from the PFS contains 432.4 million tonnes
averaging 1,088 ppm Li in the Measured Resource and 160.9 million tonnes at 1,032
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ppm Li in the Indicated Resource, for a total of 593.3 million tonnes at 1,073 ppm Li in
Measured and Indicated Resources. Included in the estimate were 2.3 million tonnes
of Inferred Resource averaging 1,005 ppm Li.
The August 2020 updated Mineral Resource Estimate contains 574.1 million tonnes
averaging 1,081 ppm Li in the Measured Resource and 355.6 million tonnes at 1,032
ppm Li in the Indicated Resource, for a total of 929.6 million tonnes averaging 1,062
ppm Li in Measured and Indicated Resources. The updated estimate for Measured
plus Indicated Resource represents a 57% increase in tonnes of material and a 55%
increase in contained lithium to 987,235 tonnes (5.2 million tonnes LCE). Included in
the updated estimate are 100.4 million tonnes of Inferred Resource averaging 986
ppm Li.
Clayton Valley Lithium Project Mineral Resource Estimate (August 5, 2020)
Domain Tonnes Above
Cut-off (millions)
Li Grade
(ppm)
Measured
Tuffaceous mudstone 1.9 973
Claystone all zones 562.3 1,084
Siltstone 9.9 955
Total 574.1 1,081
Indicated
Tuffaceous mudstone 4.6 1,143
Claystone all zones 326.1 1,034
Siltstone 24.9 977
Total 355.6 1,032
Measured + Indicated
Tuffaceous mudstone 6.4 1,094
Claystone all zones 888.3 1,066
Siltstone 34.8 970
Total 929.6 1,062
Inferred
Tuffaceous mudstone 0 —
Claystone all zones 80 989
Siltstone 20.4 972
Total 100.4 986
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty
that all or any part of the Mineral Resources will be converted into Mineral Reserves. Inferred Mineral Resources
are that part of a Mineral R esource for which quantity and grade or quality are estimated on the basis of limited
geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or
quality continuity.
The Mineral Resources are inclusive of the Mineral Reserves stated in the May 19,
2020 PFS. No changes in the PFS mine design or production schedule are being made
at this time, thus, there are no changes in the Mineral Reserves.
Project Advancement:
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Cypress is currently evaluating alternatives for procurement of sample material and
location for the plant recommended in the PFS. The Company is also overseeing
ongoing baseline environmental studies at the project; and is engaged in sourcing
funds for the pilot plant.
Qualified Persons:
Terre Lane, MMSA-QP, of Global Resource Engineering and Daniel Kalmbach, CPG,
are the qualified persons as defined by National Instrument 43-101 and have approved
the technical information in this release.
Terre Lane, MMSA -QP is responsible for the completion of the updated mineral
resource estimation. Further details are contained in the Company’s NI 43-101 report
dated May 19, 2020. As no material change has occurred with any resource category
or in the mineral reserves, no updated NI 43-101 resource report is to be reported.
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 discovered a world-class resource of lithium-
bearing claystone adjacent to the Albemarle Silver Peak mine, North America's only
lithium brine operation. The size of the resource makes the project a premier tar get
with the potential to impact the supply of lithium for the fast -growing global electric
vehicle battery market.
Cypress Development Corp. has approximately 91.1 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.
“Dr. Bill Willoughby”
WILLIAM WILLOUGHBY, PhD., PE
Chief Executive Officer
For further information contact myself or:
Don Myers
Cypress Development Corp.
Director, Corporate Communications
Telephone: 604-639-3851
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: [email protected]
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PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY O F THE
CONTENT OF THIS NEWS RELEASE.
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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 managem ent 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. Fa ctors 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.