Cypress Development Corp. [CYP-TSXV, CYDVF-OTCQB, C1Z1-FSE] said Monday April 23 that its shares have begun trading on the OTCQB market in the United States. Cypress Development was among the most active traders on the TSX Venture Exchange Monday as the shares slipped 2.6% or $0.01 to 37.5 cents on volume of 1.272,200 shares traded. The 52-week range is 43 cents and 8 cents.
Cypress is currently focused on developing its 100%-owned Clayton Valley lithium deposit in southwestern Nevada. The Dean & Glory Project is located immediately east of the producing lithium brine wells owned by the Albemarle [ALB-NYSE] Silver Peak Mine, the only operating brine-based lithium mine in North America.
Recent exploration by Cypress has discovered an extensive deposit of lithium-bearing claystone adjacent to the brine field.
With mineralization tested by drilling over a 7-km trend, the apparent size of the Dean & Glory deposit makes the Clayton Valley a premier target that has the potential to impact the future of lithium production in North America, Cypress has said.
On April 3, 2018, Cypress announced results from the last three holes from a 2017 drill program at both the Dean and Glory Lithium properties in Clayton Valley.
Results included an intersection of 97 metres averaging 1,144 ppm Li in the final hole, along with intersections of 122.4 metres averaging 977 ppm Li, and 129.5 metres averaging 767 ppm Li.
Now that the drilling program is complete, the company is awaiting results of an independent resource estimate that is currently underway.
Cypress holds a 100% interest in the 1,520-acre Glory Project. The Glory claims are located to the immediate south of the Dean claims and less than 1,000 metres southeast of producing lithium brine wells owned by the Albemarle Silver Peak Mine.
Cypress also holds a 100% interest in the Dean Project, which covers 2,700 acres.
Both of those properties are close to a 26,000-acre Lithium Brine Project held by Pure Energy Minerals Ltd. [PE-TSXV, HMGLF-OTC, AHG1-FSE], which hosts an inferred resource of 247,000 tonnes of lithium hydroxide monohydrate (218,000 tonnes lithium carbonate equivalent).
Cypress believes that the developing zone at the Dean and Glory Project could represent a long-term, reliable supply of lithium given the location, known size, chemistry and geometry of the discovery. The company said all of the holes released so far clearly show a large, tabular, lithium-bearing formation underlying the Dean Property.
Drilling has now outlined a large area of mineralization of approximately 4 km in length and 2 kilometres in width at Dean, the company said.
Laboratory work continues to test the solubility of the lithium-enriched claystone under varying conditions and reagents.
The fall 2017 program was planned for 12 to 14 holes, up to 1,500 metres of core. All holes are vertical and drilling was divided between the Dean and Glory properties. Together, the two properties cover a total area of 4,220 acres.