Cypress Development (TSXV: CYP) has announced, further to its news release of April 5, 2016, they have received lithium assays from its ongoing Phase 2 sampling program at its Clayton Valley Project in Emerald County, Nevada.
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 mine. Cypress’ Clayton Valley claims share their western boundary with claims controlled by Pure Energy Minerals. Pure Energy has identified a lithium resource at its northern resource area that is located to the immediate west of Cypress’ property boundary.
The Albemarle Silver Peak mine is the only operating brine based lithium mine in North America. The Silver Peak mine began operations in 1967 to mine lithium by low cost evaporation ponds and has produced lithium since then. The lithium concentration in the production brines were reported in 2001 to average 160 ppm lithium (160 mg/litre) (Garrett Report, 2004). 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 Phase 2 Clayton Valley Project Exploration Results
Phase 1 surface sampling of the claystones at Cypress’ Clayton Valley Project was completed at the end of January in an area within the northwest portion of the property on the west flank of Angel Island. The outcropping claystone likely represent uplifted portions of the stratigraphy within which the lithium brines of the basin are produced.
The assays results encountered by Cypress suggest a strong possibility of an essentially continuously mineralized volume of lithium in claystones at surface on extensive portions of Cypress’ Clayton Valley property. The Phase 2 sample results to date, including January’s Phase 1 results, show 2 kilometers of north-south strike of outcropping claystones that assay approximately 1,000 ppm lithium on average.
An additional batch of samples have been collected from the most northern portion of the northwest area of Cypress’ claim group to complete the Phase 2 sampling of that area. The new samples have been submitted to ALS Chemex in Reno for processing.
Click here for the full press release.
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