Cypress Development Corp (TSX-V:CYP, OTCQX:CYDVF) has reported impressive results from its recently completed drill program at its Clayton Valley Lithium project in the US mining-friendly state of Nevada.
A sonic drill program was conducted in May 2022 to obtain sample material for lithium extraction testing at the company’s pilot lithium extraction plant in Nevada’s Amargosa Valley, and to supplement the project’s resource model for the feasibility study that is currently underway.
“The drill program was highly successful in generating material for our pilot plant and providing distinct data to strengthen the project’s resource model,” Cypress CEO Bill Willoughby said in a statement. “These are significant steps as we continue to work to de-risk the project and provide information for the Feasibility Study.”
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Cypress said it has received all assays from its May 2022 drilling program, which was conducted to collect claystone with large diameter core for use in metallurgical testing at its pilot plant. A total of 580 meters (m) were drilled in eight holes. Hole depths were limited to intersect lithium-bearing claystone to a depth of 61 to 76m and to obtain 15 tonnes of material for testing.
The Vancouver, Canada-based advanced stage lithium company highlighted the following:
- Best intersection of 70.1m of 1,336 parts per million (ppm) lithium
- Successful use of sonic drilling to obtain six- and four-inch diameter cores
- Completed 580m in eight drill holes ranging from 61 to 76m in depth
- Acquired 15 tonnes of claystone for testing at the company’s pilot plant
- Confirmed resource model built by Global Resource Engineering (GRE)
Four holes, CSV1 through CVS4, were drilled in the central portion of the project near the planned starter-pit. CVS2 is nearest to the anticipated plant site for the feasibility study. Meanwhile, CVS3 lies adjacent to a reclaimed test pit where 500-tonnes of claystone were collected in April.
The company noted that the assay results are “in line with lithium grades predicted at all eight locations” by the resource block model developed by Global Resource Engineering (GRE). The overall estimated lithium grade for all eight locations from GRE’s model is 1,060 ppm. This compares to the compiled average lithium grade from all eight holes drilled of 1,080 ppm, for a variance of +2%.
The assay results also support the continuation of a higher-grade northeast trend of lithium-bearing claystone on Cypress’ project as interpreted by GRE in developing the resource model, said the company.
GRE will now update the resource model with the new data and work on the mine plan and production schedule for the feasibility study which is likely to be completed by year-end, said Cypress.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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