Cypress Development Corp. (CYP:TSX.V; CYDVF:OTCQB; C1Z1:FSE) recently announced it has filed a National Instrument (NI) 43-101 Technical Report on SEDAR with the title "Resource Estimate Clayton Valley Lithium Project." Clayton Valley is the company's 100%-owned lithium project in Nevada, and the report describes the independent resource estimate conducted there by Global Resource Engineering (GRE), a Colorado-based firm. Included within the document is a recommendation for a Preliminary Economic Assessment (PEA), which GRE expects to complete in the next couple of months.
Some key report findings are:
- The mineral resources are reported using a cut-off grade of 300 ppm Li and constrained to pit shell reflecting a $15/tonne operating cost, $10,000/tonne of LCE price and 80% net recovery to LCE.
- Total Indicated Mineral Resource of 697 million tonnes at an average grade of 886 ppm Li, or 3.287 million tonnes of lithium carbonate equivalent (LCE).
- Total Inferred Mineral Resource of 643 million tonnes at an average grade of 852 ppm Li, or 2.916 million tonnes of LCE.
- Minor changes in the resource model occurred following the May 1, 2018 press release due to adjustments in model boundaries. The proportion of indicated to inferred tonnes increased somewhat while the net lithium tonnes in the model decreased slightly.
A database of 23 drill holes for 1,891 meters drilled by Cypress during 2017 and 2018 was employed by GRE to create the independent resource estimate. ALS Chemex or Bureau Veritas, which are ISO-9000 certified laboratories, assayed all the samples for the project.
Based on the results from laboratory testing and confirmation leach testing an overall lithium recovery of 80% was employed for the mineral resource. Early results have shown that lithium extractions of greater than 80% can be achieved.
The overarching finding from the work conducted by GRE is that the Cypress' Clayton Valley Lithium Project has the potential to be a major supplier of lithium products in the world.
Cypress Development Corp. is a mining company headquartered in Vancouver with lithium and zinc/silver projects in the state of Nevada.
Read what other experts are saying about:
Want to read more Energy Report articles like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see a list of recent articles and interviews with industry analysts and commentators, visit our Streetwise Interviews page.
Disclosure:
1) Jake Richardson compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Cypress Development. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article.
