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2020-08-11

Cypress Development Announces 55% Increase in Lithium Mineral Resource at the Clayton Valley Lithium Project, Nevada

VANCOUVER, British Columbia, Aug. 11, 2020 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) (“Cypress” or “the Company”) is pleased to announce an updated Mineral Resource Estimate at the Company’s Clayton Valley Lithium Project in Nevada, USA. The work was completed by Global Resource Engineering located in Denver, Colorado.

The updated Mineral Resource Estimate for the project utilizes the same economic and mining parameters found in the Company’s May 2020 Prefeasibility Study (PFS). The August 2020 Mineral Resource Estimate includes additional assay data from four drill holes received in June 2020 and was developed using the project’s entire contiguous property boundary. All resources are pit-constrained using property and/or geologic boundaries and are based on a cut-off grade of 900 ppm lithium (Li).

Highlights of Mineral Resource Estimate

  • Measured Resource Estimate increased to 574.1 million tonnes averaging 1,081 ppm Li or 3.3 million tonnes lithium carbonate equivalent (LCE).
     
  • Indicated Resource Estimate increased to 355.6 million tonnes averaging 1,032 ppm Li or 2.0 million tonnes LCE.
     
  • Total Measured plus Indicated Resource Estimates of 929.6 million tonnes averaging 1,062 ppm Li or 5.2 million tonnes LCE.

Mineral Resources

The Mineral Resource Estimate is based on all drilling results from the project. The reported Mineral Resource Estimate is pit constrained by an “ultimate” pit that extends to the project’s contiguous property boundaries, which has expanded to include additional land on which mineral title was cleared. The generated pit shell use slope angles, recovery and economic parameters described in the PFS.

The May 2020 Mineral Resource Estimate from the PFS contains 432.4 million tonnes averaging 1,088 ppm Li in the Measured Resource and 160.9 million tonnes at 1,032 ppm Li in the Indicated Resource, for a total of 593.3 million tonnes at 1,073 ppm Li in Measured and Indicated Resources. Included in the estimate were 2.3 million tonnes of Inferred Resource averaging 1,005 ppm Li.

The August 2020 updated Mineral Resource Estimate contains 574.1 million tonnes averaging 1,081 ppm Li in the Measured Resource and 355.6 million tonnes at 1,032 ppm Li in the Indicated Resource, for a total of 929.6 million tonnes averaging 1,062 ppm Li in Measured and Indicated Resources. The updated estimate for Measured plus Indicated Resource represents a 57% increase in tonnes of material and a 55% increase in contained lithium to 987,235 tonnes (5.2 million tonnes LCE). Included in the updated estimate are 100.4 million tonnes of Inferred Resource averaging 986 ppm Li.

Clayton Valley Lithium Project Mineral Resource Estimate (August 5, 2020)

DomainTonnes Above
Cut-off (millions)
Li Grade
(ppm)
Measured
Tuffaceous mudstone1.9973
Claystone all zones562.31,084
Siltstone9.9955
Total574.11,081
Indicated
Tuffaceous mudstone4.61,143
Claystone all zones326.11,034
Siltstone24.9977
Total355.61,032
Measured + Indicated
Tuffaceous mudstone6.41,094
Claystone all zones888.31,066
Siltstone34.8970
Total929.61,062
Inferred
Tuffaceous mudstone0
Claystone all zones80989
Siltstone20.4972
Total100.4

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