Cypress outlines Clayton Valley drill core results

Jul 2, 2020

2020-07-02 08:05 ET – News Release

Mr. Don Myers reports

CYPRESS REPORTS 92 METERS OF 1136 PPM LI FROM CLAYTON VALLEY LITHIUM PROJECT IN NEVADA

Cypress Development Corp. has provided newly received assays of drill cores which the company recently acquired. The cores are from four holes located in an area south of the proposed mine area in the company’s May, 2020, prefeasibility study (National Instrument 43-101 Clayton Valley prefeasibility study technical report). The assay results are summarized in the accompanying table.

CLAYTON VALLEY LITHIUM PROJECT CM SERIES DRILL HOLES
             
                        Depth m   
Drill hole         From      To    Metres     Li ppm

CM001              4.9    110.6     105.0      1,065
includes           4.9     97.5      91.9      1,136
CM002              1.5     85.8      84.3        983
includes           1.5     52.9      51.4      1,130
CM003              5.8     84.4      78.6        996
includes          41.3     69.2      27.9      1,159
CM004              3.0     60.4      57.3        883

HQ-sized drill cores from the four holes were received intact, properly boxed and in good condition. All cores were logged, split and sampled by Cypress at ALS in Reno, Nev., and analyzed by ALS in Vancouver, B.C. Company quality assurance/quality control procedures were followed.

The assay results are significant with three of the holes having continuous intervals averaging greater than 1,100 parts per million lithium. The longest is a 92-metre interval of 1,136 parts per million Li in CM001, located 750 metres southeast of the PFS pit limits. The lithium grades reported here are similar to those of the probable reserves in the PFS, estimated at 222.8 million tonnes of 1,141 ppm Li (1.353 Mt LCE). The results demonstrate the potential for additional resources within an area of 1,106 acres that were not included in the PFS resource model.

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 is a publicly traded exploration company focused on developing the company’s 100-per-cent-owned Clayton Valley lithium project in Nevada. Exploration and development by Cypress have 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.

We seek Safe Harbor.

https://www.cypressdevelopmentcorp.com/