Cypress Development Announces Drill Results from Clayton Valley Lithium Project, Nevada
NEWS RELEASE TSXV: CYP | OTCQX: CYDVF
CYPRESS DEVELOPMENT ANNOUNCES DRILL RESULTS FROM
CLAYTON VALLEY LITHIUM PROJECT, NEVADA
August 4, 2022 – Vancouver, Canada – Cypress Development Corp. (TSXV: CYP) (OTCQX: CYDVF)
(Frankfurt: C1Z1) (“Cypress” or “the Company”) is pleased to report results from the recently completed
drill program at its 100%-owned Clayton Valley Lithium Project (“Project”), in Nevada, USA. A sonic drill
program was conducted in May 2022, to obtain sample material for lithium extraction testing at the
Company’s Lithium Extraction Facility (“Pilot Plant”) in Amargosa Valley, Nevada, and to supplement the
Project’s resource model for the Feasibility Study that is currently underway.
Highlights:
• Best intersection of 70.1 meters of 1,336 parts per million (“ppm”) lithium
• Successful use of sonic drilling to obtain six- and four-inch diameter cores
• Completed 580 meters in eight drill holes ranging from 61 to 76 meters in depth
• Acquired 15 tonnes of claystone for testing at the Company’s Pilot Plant
• Confirmed resource model built by Global Resource Engineering (“GRE”)
• Confirmed drill data obtained in the acquisition of Enertopia Corporation (“Enertopia”) property
“The drill program was highly successful in generating material for our pilot plant and providing distinct
data to strengthen the Project’s resource model” stated Bill Willoughby, Cypress President, and CEO.
“These are significant steps as we continue to work to de-risk the project and provide information for the
Feasibility Study.”
Drill Program
Cypress has received all assays from its May 2022 drilling program. The program was conducted to collect
claystone with large diameter core for use in metallurgical testing at the Company’s Pilot Plant. A total of
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580 meters were drilled in eight holes. Hole depths were limited to intersect lithium-bearing claystone to
a depth of 61 to 76 meters and to obtain approximately 15 tonnes of material for testing.
Representative core samples ranging from 0.1- to 3-meters in length were collected and delivered to ALS
Global in Reno, Nevada for analysis. Lithium values shown in the table are weighted averages over the
length of claystone intersected in each hole. All eight holes ended in lithium-bearing claystone. Each
sample submittal was accompanied with QA/QC samples of blanks, standards, and duplicates.
Drill Hole
Number
Unsampled
Overburden
(meters)
Claystone
(meters)
Lithium
(ppm)
CVS1 6.1 70.1 1,336
CVS2 3.0 70.1 805
CVS3 6.1 73.2 1,198
CVS4 3.0 70.1 1,119
CVS5 9.1 73.2 801
CVS6 6.1 51.8 1,264
CVS7 6.1 70.1 1,243
CVS8 6.1 54.9 873
Measurements from surface, samples analysed with four acid digestion with ICP-MS
Four holes, CSV1 through CVS4, were drilled in the central portion of the Project in the vicinity of the
planned starter-pit. CVS2 is located outside of the reserve pit outline from the 2021 Prefeasibility Study,
nearest the location of the anticipated plant site for the feasibility study. CVS3 is located adjacent to a
reclaimed test pit where 500-tonnes of claystone were collected in April.
Four additional holes, CVS5 through CVS8, were drilled in the northeast portion of the project on and near
the parcel of property acquired this year from Enertopia. These holes were arranged southeast to
northwest infilling the fence of TOP-01, TOP-02, TOP2M and TOP-04 drilled by Enertopia, and DCH-09
drilled by Cypress.
Interpretation of Results
The assay results are in line with lithium grades predicted at all eight locations by the resource block model
developed by GRE. The overall estimated lithium grade for all eight locations from GRE’s model is 1,060
ppm. This compares to the compiled average lithium grade from all eight holes drilled of 1,080 ppm, for
a variance of +2%.
When viewed in cross-section, the assay results are also consistent with those from previous drilling and
support the continuation of a higher-grade northeast trend of lithium-bearing claystone on Cypress’s
project as interpreted by GRE in developing the resource model. The results are encouraging and have
potential to extend the 2021 pit design through Cypress hole DCH-13 (82.3 meters, 1,221 ppm lithium) to
CVS6, CVS7 and the northeast corner of the property.
With the drill program completed, GRE will revise and update the resource model with the new data and
proceed with work on the mine plan and production schedule for the feasibility study, which is expected
to be completed by year end.
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Figure 1: Cypress Development Drill Hole Location Map
Qualified Person
Daniel Kalmbach, CPG, is the qualified person as defined by National Instrument 43-101 and has approved
the technical information in this release.
About Cypress Development Corp
Cypress Development Corp. is a Canadian based advanced stage lithium company, focused on developing
its 100%-owned Clayton Valley Lithium Project in Nevada, USA. Cypress is in the pilot stage of testing on
material from its lithium-bearing claystone deposit and progressing towards completing a feasibility study
and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle
and battery storage market.
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ON BEHALF OF CYPRESS DEVELOPMENT CORP.
WILLIAM WILLOUGHBY, PhD., PE
President & Chief Executive Officer
For further information, please contact:
Spiros Cacos | Vice President, Investor Relations
Direct: +1 604 764 1851 | Toll Free: 1 800 567 8181 | Email [email protected]
www.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.
Cautionary Note Regarding Forward-Looking Statements
This release includes certain statements that may be deemed to be "forward-looking statements". Forward-looking
statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,”
“estimates,” “projects,” “anticipates,” “believes,” “could,” “scheduled,” and other similar words. 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.