VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 8, 2016) – Cypress Development Corp. (TSXV:CYP) is pleased to announce that the Company has entered into an Option Agreement to acquire a 100% interest in a second Lithium Brine/Clay Project situated in the heart of Clayton Valley, Esmeralda County, Nevada.
Cypress’ new 2,700 acre “Dean” property (35 association placer claims) is located immediately adjacent to Albemarle’s Silver Peak lithium mine on the west boundary, Pure Energy Minerals project on its southwest boundary and Cypress’ existing Clayton Valley project on its southern boundary.
Cypress’ highly prospective Dean property is located within 400 metres east of current and past producing lithium brine wells belonging to the Silver Peak Mine operated by Albemarle. The Dean property also abuts the Northern Resource Area of Pure Energy Minerals (see Pure Energy’s NI 43-101 Technical Report of July, 2015). The Pure Energy Minerals potential production wells SPD 9, CV1, CV3 are located only 500 metres from the southwest area of the Dean claims. The Dean claims are also tied onto the immediate north of Cypress’ existing Clayton Valley Lithium Clay/Brine Project where a detailed aggressive work program is starting immediately. Cypress recently announced an Option Agreement (see news release August 24, 2016) with Pure Energy Minerals for its existing Clayton Valley Project whereby Cypress will remain the operator of the Project until Pure Energy earns a 51% interest. The Agreement allows Cypress to advance its existing Clayton Valley Project while working with and utilizing the geological expertise of the Pure Energy team.
The Albemarle Silver Peak Lithium Mine is the only operating brine-based lithium mine in North America. The Silver Peak Mine began operations in 1967 to mine lithium from abundant lithium bearing Main Ash brine aquifers known in the Clayton Valley. The company has drilled hundreds of bore holes across the Clayton Valley desert floor to mine the lithium by low cost evaporation ponds for several decades.
Cypress has compiled and reviewed available geological data relating to the Dean claims. The data appears to indicate very favorable lithium brine exploration targets on the property. Several first order targets exist on the property which include extensive outcroppings of altered green claystones and the presence of paleo hot spring vents leading Cypress to believe that additional lithium bearing brine aquifers could be localized at the water table below the claystones and potentially also localized along structures cutting across these units.
The Esmeralda geological formation is the known host rock unit for both lithium brine production and for lithium mineralized evaporate rocks currently being explored by Cypress in Clayton Valley. Known structures on the Dean claims include the dominant Angel Island Fault, a district-scale strike slip fault which trends through strongly fractured surrounding rock units. This zone of pervasive fracturing is being targeted as a pathway for brines to invade the underlying ash layers and also as a zone of high porosity which itself could host lithium brine zones along strike. Deformation along the Angel Island Fault is a complicated, but highly prospective zone for the existence of structural traps for lithium brines.
Don Huston, President, commented, “Cypress has been working diligently in the central Clayton Valley since late 2015 with the Company’s main objective being the assembling of prospective land packages with lithium-rich exploration potential concentrated on ground immediately adjacent to current lithium brine production as well as tied on to the best advanced stage exploration projects undergoing active development of new lithium brine resources in the basin. The acquisition of the Dean claims is the latest result in this effort and continues Cypress’ strategy of acquiring key acreage in the central Clayton Valley with a high potential for near-term lithium resource development.”
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