Cypress Development Corp. (CYP:TSX.V; CYDVF:OTCQB; C1Z1:FSE) announced in a news release that its acquisition of the Glory property in Nevada has closed.
The seller retains a 3% net smelter return (NSR) royalty interest in Glory, of which Cypress has the right to purchase two-thirds, or a 2% NSR, for $1 million at any time.
Glory is strategically located, as it encompasses 137 unpatented placer and lode claims in the southern third of Cypress' Clayton Valley lithium project. Cypress also is in the process of acquiring the Dean property, situated due north of Glory.
Looking forward, Cypress intends to resume drilling at Clayton Valley in January or early February. This infill program will provide fresh samples and target resources in the pit area for inclusion in the prefeasibility study, expected in Q2/19.
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