Cypress Report Up To 3,830 PPM Li At Glory Lithium Project In Clayton Valley, Nevada

VANCOUVER, British Columbia, Nov. 16, 2016 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTCBB:CYDVF) (Frankfurt:C1Z1) ("Cypress" or the "Company") is pleased to announce that the Company has received results from a property wide grid sampling program at Cypress' 1520 acre Glory Lithium Brine/Claystone Project located in Clayton Valley, Esmeralda County, Nevada. Cypress' Glory Project is located within a 0.5 mile of lithium brine wells belonging to the Albemarle Silver Peak Mine and the property shares its western boundary with the lithium resource area of Pure Energy's Clayton Valley South project.

In August 2016, Cypress optioned its Glory Project to Pure Energy Minerals with Cypress remaining the operator of the project until Pure Energy earns a 51% interest. The agreement allows the Company to advance its Glory Project while working with and utilizing the geological expertise of the Pure Energy team.

Cypress Glory Clayton Valley Lithium Project, Nevada location map:

  • 239 Glory samples were collected on a systematic 100m X 100m grid
  • 133 Glory samples assayed  greater than 900 ppm Li
  • New Glory zone discovered with a high grade of 3830 ppm Li
  • Several open zones of 1400 to >2000 ppm Li have been identified
  • 3 km long by 1 ½ km  wide zone of strong lithium mineralization is  present at surface on the Glory property
  • Data supports that the lithium is from uplifted and exposed lake bed sediments
  • Grid sample results definitively confirm earlier samples reported by Cypress

Cypress Development has now completed a grid sampling program over the exposed mineralized mudstone - claystone rocks package and the surrounding thin gravel units. Thin volcanic ash units, which occur within the mudstone section, were also sampled. A total 239 samples were collected on a 100m X 100m grid pattern.

Assay results of the grid sampling program are displayed in Table 1 below. Lithium mineralization averaging >900 ppm Li was returned from 133 samples of thick bedded to massive mudstone and claystone outcrops. These occurrences are typically from high calcareous and saline sediments that formed in a lake bed setting prior to being uplifted. The grid sample results definitively confirm the earlier samples collected and reported by Cypress Development.