Cypress Development Corp. (TSXV: CYP | OTCQX: CYDVF | Frankfurt: C1Z1) has announced positive lithium results from the Direct Lithium Extraction (“DLE”) portion of its pilot plant in Amargosa Valley, Nevada. The company reported that assays received from samples collected during continuous operating cycle started from March through mid-May 2022 have revealed an average lithium recovery of 99.5% with high level of impurity rejection.
Bill Willoughby, president and CEO of Cypress, stated: “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 importance steps for Cypress and the ongoing Feasibility Study.”
The company’s Board of Directors has authorised the release of 1M Cypress shares being held in escrow to Chemionex, Inc. Upon completion of the purchase agreement, Cypress will gain full ownership of the equipment and a royalty-free license in perpetuity to use the Chemionex technology at its pilot plant and the company’s Clayton Valley Lithium Project.
About Cypress Development
Cypress Development Corp. is a Canadian based advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in Nevada, USA. For further information please visit: https://cypressdevelopmentcorp.com/