Cypress Completes Purchase of Glory Lithium Property, Nevada
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Cypress Development Corp. has fulfilled its obligations under its 2016 option agreement for the purchase of 100 percent interest in the Glory Property in Esmeralda County, Nevada.
The company completed the purchase on schedule with a cash payment of $75,000 and issuance of 250,000 common shares of Cypress (CYP) shares to the vendor. The vendor retains a 3 percent net smelter return (NSR) royalty interest. Cypress has the right to purchase two-thirds of the royalty, or 2 percent NSR, for $1 million at anytime.
The Glory Property consists of 137 unpatented placer and lode claims in the southern third of the company’s Clayton Valley Lithium Project. Completion of the purchase obligations of the Dean Property, which adjoins the Glory Property to the north, is due later this year. The Dean property is held under a separate 2016 option agreement with similar terms to the Glory Property.
In October 2018, the company released a preliminary economic assessment for the Clayton Valley Lithium Project. Cypress has been making progress on the recommended prefeasibility study (PFS). Metallurgical tests have been underway using available sample material from previous drilling. Drilling is expected to resume this month or early February with a short infill program which will target resources in the pit area for the PFS and obtain fresh sample material. Completion of the PFS is expected in the second quarter this year.
About Cypress Development Corp.
Cypress Development Corp. is a publicly traded exploration company focused on developing the company’s 100 percent owned Clayton Valley Lithium Project in Nevada. Exploration and development by Cypress has discovered a world-class resource of lithium-bearing claystone adjacent to Albemarle’s Silver Peak mine, North America’s only lithium brine operation.
To stop by Cypress Development’s website, CLICK HERE
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