GlobeNewswire

Cypress Development Studies Chloride Leaching for Clayton Valley Lithium Project in Nevada

Share

VANCOUVER, British Columbia, Dec. 03, 2020 (GLOBE NEWSWIRE) -- Cypress Development Corp. (TSX-V:CYP) (OTCQB:CYDVF) (Frankfurt:C1Z1) (“Cypress” or “the Company”) reports it is initiating a scoping level study into the extraction of lithium using chloride-based leaching. This decision follows the test results reported in the Company’s November 24, 2020 news release. The data indicates a higher rate of lithium extraction in leaching claystone with hydrochloric acid than with sulfuric acid when in the presence of high chloride levels. The Company has engaged NORAM Engineering and Constructors Ltd. (NORAM) and Continental Metallurgical Services Inc. (CMS) for the study which is expected to be completed in January 2021.

“The purpose of this study is to quickly determine if a change in direction is warranted,” said Cypress CEO Bill Willoughby. “Cypress is a leader in the development of acid leaching of lithium claystone. When presented with new information suggesting a way to improve the project, we respond with evaluating the new data to bring the best value to our shareholders. The work by NORAM and CMS will determine if this is an alternative that should be pursued and whether it replaces or augments the use of sulfuric acid in our extraction process.”

Study Outlined

Cypress continues to work on the pilot plant as recommended in the Company’s positive May 19, 2020 Prefeasibility Study (PFS). The project is based on a surface mine producing 15,000 tonnes per day (tpd) of lithium-bearing claystone to a leach plant yielding 27,400 tonnes per year of lithium carbonate equivalent (LCE) over a 40-year mine life. Features including favorable location, low strip ratio and low acid consumption result in an estimated cash cost of $3,329 per tonne LCE. A basic PFS assumption is the construction of a 2,500 tpd acid plant to support the leaching and power needs of the project.

The Company reported in its November 24, 2020 news release testing resulted in 85.3% total extraction when using hydrochloric acid to leach lithium-bearing claystone from the project. This result was higher than the 80.2% lithium extraction obtained when using sulfuric acid under the same conditions. Conditions included using a high sodium chloride solution instead of distilled water in leaching. The results were important in demonstrating the ability to tolerate high chloride levels in the process and flexibility in the water supply that could include geothermal solutions and lithium-bearing brine. The higher level of lithium extraction was confirmed in a subsequent test by CMS and with multi-element analyses performed by ALS Global.

In the analyses to date, hydrochloric acid digests significantly more of the clay. However, the processing steps to purify and concentrate the leach solution are potentially easier and lower cost. The scoping study will include a larger test to provide more solution to confirm these steps. The study deliverables will include mass balances and finalized flowsheets for sulfate and chloride leaching in a high saline system. Also, included will be scoping level estimates for power and other consumables, and potential changes in project capital and operating costs.

Pilot Plant Progress

Work toward the pilot plant program is the next stage in the project’s development. The Company has reviewed several locations for the testing and has narrowed its consideration to two. Discussions are ongoing. Permit applications are being prepared as required for the site and bulk sample locations.

The Company reports nine months of baseline environmental related studies were completed and are in the reporting stage on Cypress’ property. No major environmental issues were encountered by the Company’s consultants.

Newly received test results from NORAM confirmed a high level of recovery of sulfuric acid from the process leach solution. Results from this key step showed greater than 90% of the free sulfuric acid in the solution after leaching, was successfully recovered and available for recycling. The ability to recover and recycle sulfuric acid in the process is a critical step. The PFS has an allowance for minor losses of sulfuric acid. The results from NORAM are within the PFS allowance and provide the information needed for the acid recovery portion of the pilot plant.

The results of the scoping study may require the revaluation of the recommendation in the PFS to include the use of hydrochloric acid in place of, or in addition to sulfuric acid in the pilot plant. The Company anticipates the purchasing and assembling of the pilot plant will proceed upon completion of the scoping study and its outcome. The Company anticipates completing the pilot plant as planned.

Qualified Person:

Todd Fayram, MMSA-QP, is the qualified person as defined by National Instrument 43-101 and has approved the technical information in this release.

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 Clayton Valley Project a premier source that has the potential to impact the supply of lithium for the fast-growing global energy storage battery market.

Clayton Valley Lithium Project, Nevada claims map:
https://www.cypressdevelopmentcorp.com/site/assets/files/3573/cyp_cm_series_drill_hole_map_2020.jpg

Cypress Development Corp. has approximately 98.7 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.

Dr. Bill Willoughby
______________________________                                        
WILLIAM WILLOUGHBY, PhD., PE
Chief Executive Officer

For further information contact myself or:
Don Myers
Cypress Development Corp.
Director, Corporate Communications
Telephone: 604-639-3851
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@cypressdevelopmentcorp.com

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.


About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

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

Correction: CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK GOVERNMENT BONDS22.1.2021 16:43:41 CETPress release

Bid procedure, 2021-01-29BondsSWEDISH GOVERNMENT: 1053. SE0002829192. 2039-03-30 SWEDISH GOVERNMENT: 1056, SE0004517290, 2032-06-01 KINGDOM OF SWEDEN, XS2226974504, 2030-09-09 Bid date2021-01-29Bid times09.00-10.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)1053: 500 mln SEK +/-250 mln SEK 1056: 500 mln SEK +/-250 mln SEK XS2226974504: 250 mln SEK +/-250 mln SEK Highest permitted bid volume (corresponding nominal amount)1053: 500 mln SEK per bid 1056: 500 mln SEK per bid XS2226974504: 250 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 10.15 (CET/CEST) on the Bid dateDelivery and payment date2021-02-02Delivery of bondsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383 Stockholm, 2021-01-22 This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between the English tr

CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK TREASURY BILLS22.1.2021 16:27:52 CETPress release

Bid procedure, 2021-01-25BillsSWEDISH T-BILL: SE0015244405. 2021-12-15 Bid date2021-01-25Bid times09.00-10.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)SE0015244405: 1000 mln SEK +/-500 mln SEK Highest permitted bid volume (corresponding nominal amount)SE0015244405: 1000 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 10.15 (CET/CEST) on the Bid dateDelivery and payment date2021-01-27Delivery of billsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383 Stockholm, 2021-01-22 This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between the English translation and the Swedish language version, the Swedish language version shall prevail. Complete terms and conditions can be retrieved at www.riksbank.se.

CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK GOVERNMENT BONDS22.1.2021 16:20:00 CETPress release

Bid procedure, 2021-01-29BondsSWEDISH GOVERNMENT: 1053. SE0002829192. 2039-03-30 SWEDISH GOVERNMENT: 1056, SE0004517290, 2032-06-01 KINGDOM OF SWEDEN: 144A, XS2226974413, 2030-09-09 Bid date2021-01-29Bid times09.00-10.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)1053: 500 mln SEK +/-250 mln SEK 1056: 500 mln SEK +/-250 mln SEK 144A: 250 mln SEK +/-250 mln SEK Highest permitted bid volume (corresponding nominal amount)1053: 500 mln SEK per bid 1056: 500 mln SEK per bid 144A: 250 mln SEK per bid Lowest permitted bid volume (corresponding nominal amount)SEK 50 million per bidExpected allocation timeNot later than 10.15 (CET/CEST) on the Bid dateDelivery and payment date2021-02-02Delivery of bondsTo the Riksbank's account in Euroclear Sweden AB's securities settlement system 1 4948 6383 Stockholm, 2021-01-22 This is a translation of the special terms and conditions published on www.riksbank.se. In the case of any inconsistency between the English translation

CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK MUNICIPAL BONDS22.1.2021 16:20:00 CETPress release

Anbudsförfarande kommuner och regioner, 2021-01-26BondsFixed rate notes issued in SEK by Municipalities or Regions with maturity in: 2024 The following issuers are accepted for delivery: Göteborgs Stad Helsingborgs Stad Jönköpings Kommun Malmö Stad Region Skåne Stockholms Stad Region Stockholm Delivery may not be made in Bonds purchased by the Counterparty from the issuer less than one week prior to the date for announcing the Specific terms, i.e. the purchase may not have been made after: 2021-01-15BidsBids are made to tel 08-696 69 70 and confirmed in writing by a filled-in Bid form by e-mail to EOL@riksbank.se Bid date2021-01-26Bid times10.00-11.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)SEK 1000 +/- 1000 millionHighest permitted bid volume (corresponding nominal amount)The total bid volume from one Counterparty for the two Credit rating classes may not exceed SEK 1 000 million. No bid may contain Bonds exceeding SEK 1000 million issued by the Stockh

CONDITIONS FOR RIKSBANK REVERSED AUCTIONS SEK COVERED BONDS22.1.2021 16:20:00 CETPress release

Bid procedure, 2021-01-28BondsSWEDBANK HYPOTEK AB: 195. SE0013546066. 2025-06-18 STADSHYPOTEK AB: 1590, SE0012676690, 2025-09-03 SWEDISH COVERED BOND: 146, SE0013381571, 2025-06-11 SKANDINAVISKA ENSKILDA: 580, SE0013101722, 2025-12-17 LANSFORSAKRINGAR HYPOTEK: 518, SE0011309244, 2025-09-17 DANSKE HYPOTEK AB: 2512, SE0013877214, 2025-12-17 NORDEA HYPOTEK AB: 5535, SE0013358413, 2025-09-17 Bid date2021-01-28Bid times09.00-10.00 (CET/CEST) on the Bid dateRequested volume (corresponding nominal amount)195: 1300 mln SEK +/-650 mln SEK 1590: 1500 mln SEK +/-750 mln SEK 146: 800 mln SEK +/-400 mln SEK 580: 900 mln SEK +/-450 mln SEK 518: 800 mln SEK +/-400 mln SEK 2512: 400 mln SEK +/-200 mln SEK 5535: 1300 mln SEK +/-650 mln SEK Highest permitted bid volume (corresponding nominal amount)195: 1300 mln SEK per bid 1590: 1500 mln SEK per bid 146: 800 mln SEK per bid 580: 900 mln SEK per bid 518: 800 mln SEK per bid 2512: 400 mln SEK per bid 5535: 1300 mln SEK per bid Lowest permitted bid volume

Hexagon Purus selected by New Flyer as partner for hydrogen bus market in North America22.1.2021 16:00:00 CETPress release

Hexagon Purus has entered into an agreement with North America’s largest mass mobility solutions provider, New Flyer of America Inc. and New Flyer Canada ULC (collectively “New Flyer”) for the supply of high-pressure hydrogen tanks. These tanks are destined for New Flyer’s groundbreaking zero-emission Xcelsior CHARGE H2™ hydrogen fuel cell electric transit buses in 2021. Total contract value is approximately USD 900,000 (approximately NOK 7.7 million). Driving energy transformation The hydrogen tanks, which rely upon Hexagon Purus technology, will be used to store compressed zero-emission hydrogen gas. These high-pressure tanks are certified for use in North America and Europe. The tanks will be manufactured at Hexagon Purus’ North American production facility in Taneytown, Maryland. “New Flyer and Hexagon Purus have been breaking new ground in hydrogen fuel use together since 2015,” says Harald Londer, Sales Director Hydrogen Automotive for Hexagon Purus. “Pressure containment technol

InvestorBrandNetwork (IBN) Recaps 2020 Milestones, Outlines 2021 Initiatives22.1.2021 15:35:00 CETPress release

NEW YORK, Jan. 22, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- InvestorBrandNetwork (“IBN”), an innovative corporate communications agency and diversified content distributor, today announces via an InvestorWire Global Release translated into 12 languages to 56 countries a recap of its milestones in 2020 and provides an overview of its plans for 2021. For more details, view the full-length announcement in English: https://IBN.fm/2020Recap Emerging in the communications arena with its first brand in 2006, IBN has recorded sustained and transformative growth. Today, IBN boasts a portfolio of 50+ brands with a collective social media audience that includes millions of followers. IBN’s proven track record serving 500+ client partners highlights its unparalleled value proposition for both public and private companies, bolstered by its expansive network of 5,000+ key syndication partners. Throughout 2020, IBN continued expansion of its audiences and syndication network while helping a growi