Published: March 25, 2022 |

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Cypress Development Corp. said that, together with its wholly-owned subsidiary Cypress Holdings (Nevada) Ltd, it has entered into a definitive purchase and sale agreement to acquire Enertopia Corporation’s Clayton Valley Lithium Claystone Project, located adjacent to its own Clayton Valley lithium asset in Nevada.

Under the transaction, Cypress said it will pay US$1.1 million in cash and issue 3 million common shares to Enertopia for 100 percent ownership interest in Enertopia’s project.

“We are excited to consolidate Enertopia’s project with our project, as it will add upside, and can easily be integrated into our mine plan. This is a strategic acquisition, and it will potentially aid in optimization, and production schedule development for our upcoming feasibility study,” Cypress Development President and CEO Bill Willoughby said in a statement.

The Clayton Valley Lithium Claystone Project project is 100 percent owned by Enertopia and comprises 17 unpatented mining claims totaling 160 contiguous acres.

Cypress noted that a March 2020 NI 43-101 compliant technical report on Enertopia’s project states the property has an Indicated resource of 82 million tonnes (mt) of 1,121 parts per million (ppm) lithium and an Inferred resource of 18 mt of 1,131 ppm lithium using a cutoff grade of 400 ppm lithium. The resource was calculated using assay data from four core holes drilled on the property in 2018, it added

Closing is expected to be completed in April 2022 and is subject to customary approvals and closing conditions for a transaction of this nature, including approval of the share consideration by the TSX Venture Exchange, Cypress said.

Also, work completed by the company led to the discovery of a world-class resource of lithium-bearing claystone adjacent to the Albemarle Silver Peak mine, North America’s only lithium brine operation.

Source: Proactive Investors

About Cypress Development Corp
Cypress Development Corp. is a Canadian based advanced stage lithium exploration company, focused on developing its 100 percent owned Clayton Valley Lithium Project in Nevada, USA. Work completed by Cypress led to the discovery of a world-class resource of lithium-bearing claystone adjacent to the Albemarle Silver Peak mine, North America’s only lithium brine operation. Cypress is advancing its Clayton Valley Lithium Project in Nevada towards the production of high-purity lithium hydroxide suitable for tier one battery usage.

To stop by Cypress’ website, CLICK HERE

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