Cypress Test Program at NORAM Engineering Completed for 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
February 27, 2020
Cypress Test Program at NORAM Engineering Completed for
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 the test program
at NORAM Engineering and Constructors Ltd. (“NORAM”) is complete and initial
results are positive. As reported in a November 14, 2019 press release, NORAM was
contracted to examine the downstream portion of the revised extraction flowsheet for
Cypress’ Clayton Valley Lithium Project in Nevada. Testing was conducted at BC
Research Inc., a member of the NORAM Group of companies in Richmond, British
Columbia.
The program utilized both synthetic and actual solutions generated from Cypress’
large leach tests conducted at Continental Metallurgical Services (“CMS”) in Butte,
Montana. The tests simulated the purification solution and concentration steps within
a portion of the NORAM-Cypress developed flowsheet. Initial results are positive and
indicate the target levels of lithium concentration and rejection of impurities in solution
were achieved. The pending, final report will be used to update the mass balance in
the process flowsheet and complete the remining step in the Company’s ongoing
Prefeasibility Study (“PFS”) on the project.
NORAM Test Results
Step Li
(ppm)
Mg
(ppm)
Ca
(ppm)
Fe
(ppm)
Al
(ppm)
Feed 380 3340 339 2270 1395
Purified 360 54 15 40 10
With respect to the PFS, the Company and its consultants are actively working to
complete the study. The resource model, pit design, production schedule, and site
selection and infrastructure studies for the processing plant are completed.
The design is based on mining 15,000 tonnes per day of material in an effort to produce
25,000 tonnes per year of lithium carbonate equivalent (“LCE”). The mine area is
designed to initially target the upper portions of the intercepts encountered in 2019
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drilling (see table below). This area of drilling represents a small portion of the overall
lithium resource on the property and is expected to support the design basis of
production for the first 18 years of the project. The large leach tests at CMS show
lithium extractions of 84 -86% and confirmed values for acid consumption from the
2018 Preliminary Economic Assessment (“PEA”). Sulfuric acid remains a major
consumable for the project. Quotations for an on-site sulfuric acid plant, sulfur supply
and transportation were obtained. Issues related to leaching and filtration were
resolved and the N ORAM test program completes the rem aining critical design
element required for the PFS process flowsheet.
2019 Drill Intercepts
Hole Top (m) Bottom (m) Interval (m) Grade Li (ppm)
GCH-07 3 91 88 1,189
GCH-08 3 87 85 1,226
GCH-09 2 75 74 1,115
GCH-10 3 54 51 1,130
GCH-11 5 87 82 1,115
GCH-12 2 81 80 1,252
The project’s PFS is limited to the Dean and Glory mining claim-blocks totaling 4,780
acres. An additional 1,280-acre claim-block was part of the Company’s 2019 lawsuit
against Centrestone Resources, LLC, and was excluded from the PFS. This
contiguous claim block is located south and east of the project’s initial proposed mine
area. These mining claims include the lands on which Centrestone Resources drilled
two exploration holes. On December 16, 2019, the District Court entered an oral order
granting summary judgment in favor of the Company on its claims against Centrestone
Resources LLC. On February 6, 2020, the District Court entered its written order for
summary judgment. The District Co urt set a hearing on April 21, 2020 in Goldfield,
Nevada, to hear the Company’s damage claim.
Todd Fayram, QP, of Continental Metallurgical Services, LLC., 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 publicly traded exploration company focused on
developing the Company's 100% -owned Clayton Valley Lithium Project in Nevada.
Exploration and development by Cypre ss has discovered a world -class resource of
lithium-bearing claystone adjacent to Albemarle's Silver Peak mine, North America's
only lithium brine operation. The size of the resource makes the Clayton Valley Project
a premier target with the potential to impact the future supply of lithium for the fast -
growing global lithium-ion battery market.
Cypress Development Corp. has approx. 90.1 million shares issued and outstanding.
To find out more about Cypress Development Corp. (TSX -V: CYP), visit our website
at www.cypressdevelopmentcorp.com.
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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 ACCUR ACY 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 ma nagement 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 a ctual 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 busines s
conditions. Please see the public filings of the Company at www.sedar.com for further
information.