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Cypress Development Corp. (TSXV:CYP) (OTCBB: CYDVF) (Frankfurt: C1Z1) announced that the Company has received a Land Use Permit from the Bureau of Land Management, Nevada, that will enable Cypress to proceed with its planned Phase 3 drilling program at the Company’s Clayton Valley Lithium Project located in Esmeralda County, State of Nevada, USA.
Cypress Development Corp. (TSXV:CYP) (OTCBB: CYDVF) (Frankfurt: C1Z1) announced that the Company has received a Land Use Permit from the Bureau of Land Management, Nevada, that will enable Cypress to proceed with its planned Phase 3 drilling program at the Company’s Clayton Valley Lithium Project located in Esmeralda County, State of Nevada, USA.
As quoted in the press release:
Drill targets have been selected to test both the claystone hosted lithium mineralization discovered over wide areas at surface as well as deeper drilling to intersect the lithium brine within the Main Ash Aquifer in a position adjacent to the known Northern Resource Area of Pure Energy Minerals (see Pure Energy’s news release July 28, 2015). The Company expects to begin its Phase 3 drilling program at its Clayton Valley Project by July 15, 2016.
Cypress will initially target the surface claystones with a program that will feature shallow holes targeting the 2 kilometer strike length zone of surface lithium mineralization recently discovered during the Company’s 2016 Phase 1 and Phase 2 sampling programs. This shallow drilling should allow Cypress to begin to estimate size, lithium grade and tonnage at its Clayton Valley Project.
One of the keys to Cypress’ success and growth is the potential to extract lithium directly from the large zone of soft claystones using a very dilute acid leach method which could be vastly more cost effective and less energy intensive than hard rock extraction. This potential extraction method, which Cypress has successfully lab tested, is not only much more cost effective but much more environmentally friendly as well, while still producing exceptional lithium recovery rates averaging 95%.
Cypress is also in the process of completing a financing of a private placement of shares at this time. The terms of the private placement are a 12 cent share with a one year 15 cent warrant attached (see News Release June 3rd). Cypress will use the funds raised to auger drill and RC drill the identified lithium rich claystones discovered in 2016 at surface and to explore for the underlying lithium brines at its Clayton Valley Project in Nevada.