Cypress Development increases resource estimate at Nevada lithium project
Company increases its lithium reserves by more than 50%.
Cypress Development (TSXV: CYP) released an updated mineral resource estimate for its Clayton Valley Lithium Project in Nevada on Tuesday that shows an approximately 55% increase in total resources compared to estimates found in the May 2020 Pre-Feasibility Study (PFS). Measured resources increased to 574.1 million tons averaging 1,081 ppm Li or 3.3 million tons of lithium carbonate equivalent (LCE). Indicated resources increased to 355.6 million tons averaging 1,032 ppm Li or 2.0 million tons of LCE. The total measured and indicated resources were 929.6 million tons averaging 1,062 ppm Li or 5.2 million tons of LCE, up on the previous estimate of 593.3 million tons of 1,073 ppm Li. Estimates were based on all drilling results from the project and the pit bounded by an "ultimate" pit that extends to the project's adjacent property lines which has expanded to additional land on which the mineral title has been cleared. The Clayton Valley Project is adjacent to Albemarle's Silver Peak Mine, North America's only lithium brine operation. Cypress' exploration and development has led to the discovery of an extensive deposit of lithium-bearing claystone adjoining the brine field. Metallurgical tests have shown that low-cost leach processing can be achieved with low acid consumption and high lithium yield of over 85% Li, the company said. Cypress is currently evaluating alternatives for obtaining sample material and the location for the facility recommended in the PFS. The company is also overseeing ongoing baseline environmental studies as part of the project and fundraising for the pilot facility. Cypress Development shares were up 5.2% when it opened Tuesday on the TSXV. The market capitalization of the Vancouver-based lithium mining company is C $ 34 million.