VANCOUVER, British Columbia, Dec. 11, 2018 (GLOBE NEWSWIRE) — Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) (“Cypress” or the “Company”) is pleased to provide an update on the Company’s Clayton Valley Lithium Project in Nevada. Cypress is making progress on the work towards the prefeasibility study (PFS) outlined in its recently completed Preliminary Economic Assessment (see news release Oct. 1st), including an infill drilling program, further metallurgical testing, and the initiation of baseline studies.
“Cypress is continuing to work on steps to de-risk the project and complete the prefeasibility study in the first quarter of 2019. Metallurgical tests are underway and focused on optimizing conditions of the process flowsheet.” stated Bill Willoughby, CEO. “As we enter 2019, we anticipate further progress as we complete infill drilling in the pit area outlined in the PEA and Cypress obtains additional material for larger-scale tests.”
Infill Drill Program
Cypress has prepared an application to modify its existing drilling permit for its infill program. The program is planned for up to 1500 meters of drilling within the area between previous holes GCH-06 and DCH-10, which is identified as the higher-grade center of the deposit. Drilling is expected to begin in early 2019, and will provide information to upgrade resource categories, further define a production schedule for the PFS, and provide additional material for further metallurgical tests.
Metallurgical testing for the PFS is already underway using sample material from the existing drill core. The metallurgical program is focused on optimizing leaching conditions with respect to acid concentration, residence time, and other parameters, and subsequent steps in concentrating lithium in the leach solutions leading to the production of lithium carbonate. As more material is obtained from infill drilling, tests will focus on composite samples of the individual clay units within the pit area, and on larger composites representative of the PFS production schedule.
Cypress is working on other steps related to the project and completion of the PFS, including preparation of a Plan of Operations and the initiation of environmental baseline studies.
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.
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: 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.