Cypress Development Cancels Glory Property Option Agreement with Pure Energy
VANCOUVER, British Columbia, Aug.23, 2017(GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTCBB:CYDVF) (Frankfurt:C1Z1) ("Cypress" or the "Company") announces that it has cancelled the Glory Property Option Agreement, dated August 22, 2016, with Pure Energy Minerals for failure, by Pure Energy, to spend the required property exploration expenditures.
Pure Energy made a number of important contributions to the optioned property during late 2016, including the planning and completion of a 100 meter by 100 meter surface sampling grid which resulted in the discovery of high grade lithium mineralized zones along Cypress' Glory-Dean boundary area. This sampling program was the first work that clearly showed that a large trend of outcropping lithium mineralization was present at surface right across the Glory lands.Subsequent surface and drill exploration by Cypress on the adjoining Dean Project has shown that this trend extends continuously right across Cypress' Dean claims for a total strike length in excess of 7 kilometres.
Bureau of Land Management and Esmeralda County claim maintenance fees have been paid by Pure Energy through to September 1, 2018 on the Glory claims.
Cypress announced on August 10th that the Company has filed an application with the Bureau of Land Management (BLM), Nevada, for a permit to allow the Company to move forward with a second series of diamond drill holes on the Dean Project in Clayton Valley, Nevada. The Company anticipates approval of the application shortly and looks to mobilize a drill crew into the Clayton Valley in early September. The Phase 2 program will consist of 8 -10 diamond drill holes totaling approximately 3000 feet.
The Company's 100% held Dean Project is located immediately adjacent to lithium production belonging to the Albemarle Silver Peak Mine on its west boundary with Cypress' 100% held Glory Project on its southern boundary.
Cypress' exploration and Phase 1 core drilling results received to date from its Dean Project have been very encouraging. Cypress announced (News Release June 6, 2017) an extensive 80 to 100 metre-thick blanket of consistent lithium mineralization underlying a large majority of its 2,700 acre Dean Property. The mineralization covers an area of approximately two kilometers by four kilometers. The lithium mineralized volume evident on the explored portion of the Dean Property averages in excess of 1,000 ppm lithium (Li).
Cypress is continuing with laboratory studies to explore the highly reactive and soluble nature of the large volume of lithium-enriched rock seen on the Dean and Glory Projects, so as to further understand a method of extraction and ultimately production.
About Cypress Development Corp.:
Cypress Development Corp. is a publicly traded lithium and zinc exploration company that continues to acquire and develop potentially viable mineral projects in the State of Nevada, U.S.A.
Cypress Development Corp. has approx. 35.0 million shares issued and outstanding.
To find out more about Cypress Development Corp. (TSX-V:CYP), visit our website at www.cypressdevelopmentcorp.com.
CYPRESS DEVELOPMENT CORP.
"Don Huston"
DONALD C. HUSTON
President
For further information contact myself or:
Don Myers
Director
Cypress Development Corp.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@cypressdevelopmentcorp.com
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This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.