Cypress Development Acquires Lithium Brine Option in Nevada

Further to its January 25 press release, Cypress Development (TSXV:CYP) reported that the TSX Venture Exchange has accepted the company’s option agreement to acquire the 1280 acre Clayton Valley lithium project. The claims adjoin other placer claims in Clayton Valley controlled by Pure Energy Minerals (TSXV:PE).
As quoted in the press release:

Cypress’ Clayton Valley Project is located on the south flank of “Angel Island” and immediately southeast of the Albemarle Silver Peak lithium brine mine. The acquired claims share their western boundary with placer claims controlled by Pure Energy Minerals. Pure Energy has identified a lithium resource at its Northern Resource Area (see Pure Energy Minerals news release July 28, 2015), that is located to the immediate west of Cypress newly established boundary.
Cypress’ highly prospective “Glory” and “Angel” claims are located within 0.5 miles (>1000m) south of current and past producing lithium brine wells belonging to the Albemarle Silver Peak Mine. Cypress’ Clayton Valley claims are located in an active area of surface hectorite clay lithium mining and lithium exploration. Highways and electric power are in place and exploration resources needed are readily accessible.
The Albemarle Silver Peak Mine is the only operating brine based lithium mine in North America. The Silver Peak area is one of the oldest mining areas in Nevada having produced substantial amounts of silver, gold and other minerals. The Silver Peak Mine began operations in 1967 to mine lithium by low cost evaporation ponds and has produced lithium since then.
Cypress has reviewed the seismic data in the Pure Energy NI 43-101 technical report Titled “Inferred Resource Estimate for Lithium”, dated July 17, 2015. The data appears to indicate a very favorable lithium brine exploration target along the western and west central portions of Cypress’ property. Other first order targets exist on the property including extensive outcropping of altered green claystones and the presence of stockwork veining localized at paleo hot spring vents discovered during staking of the property. Cypress believes that additional lithium brines could be localized at the water table below the outcropping claystones and potentially also localized along structures cutting these units.

Click here for the full press release.