Cypress Development announces positive Direct Lithium Extraction results.
Cypress Development Corp. (TSXV: CYP) (OTCQX: CYDVF) (Frankfurt: C1Z1) (“Cypress” or “the Company”) announce positive results from the Direct Lithium Extraction (“DLE”) portion of its Lithium Extraction Facility (“Pilot Plant”) in Amargosa Valley, Nevada.
Assays received from samples collected during continuous operating cycles in March, April, and May, 2022, revealed an average lithium recovery of 99.5% within the DLE portion of the Pilot Plant. These high lithium recoveries were accompanied with high levels of impurity rejection.
Bill Willoughby, Cypress President, and CEO, said:
We are very pleased with the DLE results from the Pilot Plant.
“Thanks to Chemionex, vendors of the DLE process, and the work of our team, the results are consistent over time and sufficient to give Cypress confidence in this part of our overall process. The information gained from the testing along with the license to the technology are important steps for Cypress and the ongoing Feasibility Study.”
The DLE area is one part in the Pilot Plant and consists of a proprietary process and equipment acquired from Chemionex, Inc. Overall, lithium extraction begins in the Pilot Plant with acid leaching a slurry of lithium-bearing claystone.
The lithium solution obtained from leaching then passes through several steps before entering the DLE process. In continuous 24-hour-per-day tests from the end of March through mid-May 2022, lithium recoveries in the DLE portion were consistently above 99%. These high lithium recoveries were observed in 76 sets of feed and discharge samples.
The samples were collected at 6-hour intervals over the operating periods and were assayed at ALS Global for lithium and other elements. Rejection of major cations, calcium and magnesium, during the period was also above 99%.
Based on these results, Cypress’ Board of Directors has authorized the release of one million Cypress shares being held in escrow to Chemionex, thereby satisfying the terms of its July 5, 2021, Share Purchase and License Agreement.
With the completion of the purchase agreement, Cypress acquires full ownership of the equipment and a royalty-free license in perpetuity to use the Chemionex technology at its Pilot Plant and at the Company’s Clayton Valley Lithium Project. The shares released are subject to the policies of the TSX Venture Exchange.
Qualified Person
Todd Fayram, MMSA-QP, is the qualified persons as defined by National Instrument 43-101 and have approved of the technical information in this release.
About Cypress Development Corp
Cypress Development Corp. is a Canadian based advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in Nevada, USA.
Cypress is in the pilot stage of testing on material from its lithium-bearing claystone deposit and progressing towards completing a feasibility study and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.
CYPRESS DEVELOPMENT ANNOUNCES POSITIVE DIRECT LITHIUM EXTRACTION RESULTS, VANCOUVER, BC, June 21, 2022
