Cypress Development Announces Results from Drilling at Clayton Valley Lithium Project in 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
April 23rd, 2019
Cypress Development Announces Results from Drilling at Clayton
Valley Lithium Project in Nevada
Vancouver, BC - Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF)
(Frankfurt: C1Z1) (“Cypress” or the “Company”) is pleased to report assay results
from its recently completed infill drilling program at the Company’s Clayton Valley
Lithium Project in Nevada. The program which commenced in March is a critical step
in the Prefeasibility Study (PFS) currently underway with Ausenco Engineering
Canada Inc., Global Resource Engineering and others.
The target area for this phase of drilling was the southwest portion of the initial pit area
as described in the October 1, 2018 Preliminary Economic Assessment NI 43-101
Technical Report (PEA). The PEA included updated mineral resources with an
Indicated Resource of 831 million tonnes at 867 ppm Li (3.835 million tonnes LCE)
and an Inferred Resource of 1.12 billion tonnes at 860 ppm Li (5.126 million tonnes
LCE), based upon a cut -off grade of 300 ppm Li. Complete assay r esults are as
provided in the following table.
Hole Top (m) Bottom (m) Interval (m) Grade Li (ppm)
GCH -07 3 142 * 140 1,032
Incl 3 91 88 1,189
GCH-08 3 112 * 109 1,127
Incl 3 87 85 1,226
GCH-09 2 118 * 116 924
Incl 2 75 74 1,115
GCH-10 3 94 * 91 948
Incl 3 54 51 1,130
GCH-11 5 124 * 119 1,004
Incl 5 87 82 1,115
2
GCH-12 2 114 * 112 1,127
Incl 2 81 80 1,252
* End of hole. All holes except GCH-9 and GCH-10 end in >600 ppm Li.
All drill cores from the program were geologically logged and delivered to ALS USA
Inc. in Reno for sample processing and assay. Cores from five of the six holes were
processed through sample preparation in their entirety, with coarse reject m aterial
retained for use in metallurgical tests. Intervals from three of the holes were selected
and were submitted for geotechnical testing. All samples were accompanied by
QA/QC samples of blanks, standards and duplicates.
The goal of the drilling program for the PFS was to define a n area of relative higher-
grade lithium, upgrade the categories of resources and provide the tonnage for the
PFS mine plan and production schedule. The program also provided fresh material for
geotechnical and ongoing metallurgical testing.
Cypress CEO Bill Willoughby commented, “We are pleased with the results and regard
the infill drilling program as a success. The program demonstrated consistent results
from hole to hole and achieved our goal of obtaining better -than-average grade
intervals within the target area. The results have been shared with Global Resource
Engineering who are in the process of updating the resource model from the October
2018 PEA and producing an optimized mine schedule.”
Daniel Kalmbach, CPG, 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 exploration company focused on
developing the Company's 100%-owned Clayton Valley Lithium Project in Nevada.
Exploration and development by Cypress has discovered a world -class resource of
lithium-bearing claystone adjacent to Albemarle's Silver Peak mine, North America's
only lithium brine operation.
Cypress Development Corp. has approx. 74 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
3
Facsimile: 604-687-3119
Email: [email protected]
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, o ther 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 re asonable 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 stat ements 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.