Vancouver, BC – Cypress Development Corp. (TSXV:CYP) is pleased to announce that it has executed a definitive Option Agreement governing the Company’s Clayton Valley, Nevada Project (“Cypress Property” or “the Property”), subject to TSX Venture Exchange (the “Exchange”) acceptance. The new Option Agreement grants Pure Energy Minerals the right to acquire up to 70% undivided interest in the 1,520-acre package of Federal mineral claims. The Cypress Property adjoins Pure Energy’s Clayton Valley South (CVS) Lithium Brine Project on the eastern side of the valley.
Cypress’ geological team has conducted considerable exploration on the Property during 2016, reporting lithium values as high as 2,600 ppm in rock samples (See Cypress news releases dated Feb. 22, May 10, 2016). The Cypress claims encompass a large area of these lithium-enriched rocks. The optioned claims also include a strip of prospective Clayton Valley basin, along a major structural zone immediately east of Pure Energy’s northern resource area. Cypress has already received an approved Notice of Intent from the Bureau of Land Management (BLM) that will facilitate exploration drilling on the Property.
In order to fully exercise the two-stage option, Pure Energy is to make the following cash and share payments and associated exploration investments in the Property:
Donald Huston, President, Cypress Development Corp commented, “Cypress is excited and very pleased to have our land position in Clayton Valley recognized as a value add to both companies through this Option Agreement with Pure Energy Minerals. Cypress already has Federal permits in place, so the Clayton Valley Lithium Property offers an immediate opportunity to drill for additional lithium resources. Planning for the field program is well advanced, and we should see field crews mobilizing for a systematic sampling program in the next two weeks. We look forward to working with and utilizing the geological expertise of the Pure Energy team.”
Connect with Cypress Development Corp. (TSXV:CYP) to receive an Investor Presentation.
The post Cypress Options 1,520-acre Lithium Property in Clayton Valley, Nevada to Pure Energy Minerals appeared first on Investing News Network.