Cypress Development Acquires AV Lithium Brine Project in Nevada

Cypress Development (TSXV:CYP) has acquired the Alkali Valley lithium brine project in Esmeralda county, Nevada, through the staking of 89 placer claims. The company also announced a private placement for gross proceeds of up to $250,000.
As quoted in the press release:

Cypress’ Alkali Valley (AV) lithium brine project covers the central and northeast portions of the bottom of the Alkali Lake Playa and is contiguous with claims of the Dajin Resources Alkali Lake lithium project. The highly prospective Alkali Lake Playa lies approximately 12 kilometres northeast of Albemarle’s Silver Peak lithium mine.
The Silver Peak lithium mine is the only operating brine based lithium mine in North America and nearby where Pure Energy recently identified a brine lithium resource. 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 lithium mine began operations in 1967 to mine lithium by low cost evaporation ponds and has produced lithium since then.
The general area of Cypress’ AV lithium brine project is surrounded by lithium-enriched Tertiary age rhyolite tuffs (peralkaline rhyolites) and lithium-bearing sediments as well as active geothermal systems. Over time, the lithium has become mobilized from these sources into surface and ground waters and can, under the right conditions, produce brines enriched in lithium. The potential for deep basin brines at Alkali has never been tested.
Tesla Motors is driving the current lithium boom in Nevada with the construction of a Gigafactory, a lithium-ion battery facility outside of Sparks Nevada. Market speculations of the likely construction of additional large-scale lithium battery factories in the region appears based on the potential of lithium batteries as all purposed energy storage units that are highly scalable.

Click here for the full press release.