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.
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)
|Claystone all zones||562.3||1,084|
|Claystone all zones||326.1||1,034|
|Measured + Indicated|
|Claystone all zones||888.3||1,066|
|Claystone all zones||80||989|
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Inferred Mineral Resources are that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.
The Mineral Resources are inclusive of the Mineral Reserves stated in the May 19, 2020 PFS. No changes in the PFS mine design or production schedule are being made at this time, thus, there are no changes in the Mineral Reserves.
Cypress is currently evaluating alternatives for procurement of sample material and location for the plant recommended in the PFS. The Company is also overseeing ongoing baseline environmental studies at the project; and is engaged in sourcing funds for the pilot plant.
Terre Lane, MMSA-QP, of Global Resource Engineering and Daniel Kalmbach, CPG, are the qualified persons as defined by National Instrument 43-101 and have approved the technical information in this release.
Terre Lane, MMSA-QP is responsible for the completion of the updated mineral resource estimation. Further details are contained in the Company’s NI 43-101 report dated May 19, 2020. As no material change has occurred with any resource category or in the mineral reserves, no updated NI 43-101 resource report is to be reported.
About Cypress Development Corp.:
Cypress Development Corp. is a publicly traded exploration company focused on developing the Company’s 100%-owned Clayton Valley Lithium Project in Nevada. Exploration and development by Cypress discovered a world-class resource of lithium-bearing claystone adjacent to the Albemarle Silver Peak mine, North America's only lithium brine operation. The size of the resource makes the project a premier target with the potential to impact the supply of lithium for the fast-growing global electric vehicle battery market.
Cypress Development Corp. has approximately 91.1 million shares issued and outstanding.
CYPRESS DEVELOPMENT CORP.
“Dr. Bill Willoughby”
WILLIAM WILLOUGHBY, PhD., PE
Chief Executive Officer
For further information contact myself or:
Cypress Development Corp.
Director, Corporate Communications
Toll Free: 800-567-8181
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
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.
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire
Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire
Notice of third quarter 2020 results and conference call25.9.2020 14:00:00 CEST | Press release
Notice of third quarter 2020 results and conference call Luxembourg, September 25, 2020 – Millicom will announce its third quarter results on October 30, 2020 at approximately 11:00 (Stockholm) / 10:00 (London) / 06:00 (Miami) via a press release. The company will host a conference call for the global financial community on October 30, 2020 at 13:00 (Stockholm) / 12:00 (London) / 08:00 (Miami). The conference call will be webcast at millicom.com Dial-in information: Please dial in 5-10 minutes before the scheduled start time to register your attendance. Dial-in numbers for the call are as follows: Sweden: +46 (0) 8566-19361 Luxembourg: +352-2786-6996 UK: +44 (0) 2031-070289 US: +1-914-987-7208 The access code is: 4064116 Replay information: A replay of the call will be available for 7 days from October 30, 2020 at: US: +1-404-537-3406 The replay passcode is: 4064116 For further information, please contact Press: Vivian Kobeh, Corporate Communications Director +1-786-628-5300 press@mill
RESULT OF SEK TENDER OPERATION FOR ONWARD LENDING25.9.2020 11:30:00 CEST | Press release
RESULT OF SEK TENDER OPERATION FOR ONWARD LENDING SEP-25-2020Auction date:SEP-25-2020Settlement date:SEP-29-2020Final repayment date:SEP-30-2024Offered volume:SEK 50 billionTotal bid amount:SEK 0.0 billionNumber of bids 0Allotment:SEK 0.0 billionInterest rate: 0.00 %
Bergman & Beving AB: Aktierelaterat incitamentsprogram25.9.2020 11:00:00 CEST | Pressemelding
Pressmeddelande Aktierelaterat incitamentsprogram Det av årsstämman 2020 beslutade aktierelaterade incitamentsprogrammet som omfattar cirka 20 ledningspersoner om maximalt 244 000 köpoptioner på återköpta aktier av serie B har fulltecknats. Köpoptionerna kommer att överlåtas till ett pris av 4,96 SEK per köpoption vilket motsvarar marknadsvärdet enligt en extern oberoende värdering utförd i enlighet med Black-Scholes-modellen. Lösenkursen för köpoptionerna uppgår till 99,50 SEK motsvarande 120 procent av den genomsnittliga aktiekursen under mätperioden 27 augusti – 9 september 2020. Varje köpoption berättigar till förvärv av en återköpt aktie av serie B under perioden från och med den 11 september 2023 till och med den 7 juni 2024. Stockholm den 25 september 2020 Bergman & Beving AB (publ) För ytterligare information kontakta: Peter Schön, CFO, Bergman & Beving AB (publ), telefon 070-339 89 99 Denna information lämnades, genom ovanstående kontaktpersons försorg, för offentliggörande de
Bergman & Beving AB: Share-based incentive scheme25.9.2020 11:00:00 CEST | Press release
Press release Share-based incentive scheme The share-based incentive scheme resolved by the 2020 Annual General Meeting where around 20 members of senior management were offered to acquire up to 244,000 call options on repurchased class B shares has been fully subscribed. The call options will be transferred at a price of SEK 4.96 per call option, equivalent to the market value according to an external independent valuation, applying the Black-Scholes-model. The redemption price of the call options amounts to SEK 99.50, equivalent to 120 percent of the volume-weighted average of the paid market price for the shares during the period from 27 August to 9 September 2020, inclusive. Each call option entitles the holder to acquire one repurchased class B share during the period from 11 September 2023 to 7 June 2024, inclusive. Stockholm, 25 September 2020 Bergman & Beving AB (publ) Contact information Peter Schön, CFO, Bergman & Beving AB (publ), Tel: +46 70 339 89 99 The information was su
DNO ASA: FAPE01 bond buyback25.9.2020 10:39:31 CEST | Press release
Oslo, 25 September 2020 - DNO ASA, the Norwegian oil and gas operator, today purchased USD 1.2 million in nominal value of FAPE01 bonds (ISIN NO0010811268) originally issued by Faroe Petroleum plc, and renamed DNO North Sea plc. The bonds were purchased at a price of 104.10. Following the bond buyback, USD 8.0 million in nominal value of the FAPE01 bonds remain outstanding with DNO ASA holding the balance of USD 77.8 million. The FAPE01 bonds mature on 28 April 2023. – For further information, please contact: Media: firstname.lastname@example.org Investors: email@example.com – DNO ASA is a Norwegian oil and gas operator focused on the Middle East and the North Sea. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Netherlands, Ireland and Yemen. This information is subject to the disclosure requirements pursuant t
RESULT OF RIKSBANK REVERSED AUCTIONS SEK GOVERNMENT BONDS25.9.2020 10:07:00 CEST | Press release
Auction date2020-09-25Loan1061Coupon0.75 %ISIN-codeSE0011281922Maturity2029-11-12Tendered volume, SEK mln1,000 +/- 250Volume offered, SEK mln2,850Volume bought, SEK mln1,000Number of bids6Number of accepted bids4Average yield-0.116 %Lowest accepted yield-0.119 %Highest yield-0.110 %% accepted at lowest yield 5.00 % Auction date2020-09-25Loan1056Coupon2.25 %ISIN-codeSE0004517290Maturity2032-06-01Tendered volume, SEK mln1,000 +/- 250Volume offered, SEK mln2,300Volume bought, SEK mln1,000Number of bids6Number of accepted bids3Average yield0.054 %Lowest accepted yield0.051 %Highest yield0.056 %% accepted at lowest yield 33.33