The Prospector News

Cypress Development and Dajin Resources to Pursue Joint Venture on Alkali Spring Valley Lithium Property, Nevada

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Cypress Development and Dajin Resources to Pursue Joint Venture on Alkali Spring Valley Lithium Property, Nevada

 

 

 

 

 

Cypress Development Corp. (TSX-V: CYP) (OTCQB: CYDVF) (Frankfurt: C1Z1) is pleased to announce that it has entered into a non-binding letter of intent with Dajin Resources Corp. (TSX-V: DJI) (OTCQB: DJIFF) on Dajin’s Alkali Spring Valley Lithium Property. The property is located 12 kilometers northeast of Cypress’ Clayton Valley Lithium Project in Nevada.

 

 

Under the Letter Agreement, Cypress has the exclusive right and option to acquire a 50% undivided interest in Dajin’s unpatented mining claims and application for water rights in Esmeralda County, Nevada. Cypress will complete a due diligence review and prepare a Definitive Agreement for the transaction. Upon completion of the Definitive Agreement and TSX Venture Exchange acceptance, Cypress will allot to Dajin 150,000 shares of Cypress and pay Dajin USD$50,000. Cypress will have a two-year period to complete earn-in by issuing an additional 150,000 shares of Cypress and performing USD$200,000 in exploration expenditures within the first year, and USD$250,000 in exploration expenditures during the second year. Upon successful completion of the two-year earn-in period a joint venture (JV) will be created.

 

 

At Alkali Spring Valley, Dajin located 145 unpatented placer mining claims to explore for lithium brines and has applied to the State of Nevada for 1,000 acre-feet per annum of water rights. Dajin and Cypress will work jointly to obtain additional data as needed for Dajin’s water rights application with Esmeralda County and the State of Nevada. Cypress and Dajin will share proportionally in property development if lithium brine resources are discovered. Should Dajin elect not to participate following Cypress’ earn-in, Dajin shall have the option to dilute to a 10% net profits interest on the value of the JV’s property in Alkali Spring valley.

 

 

Dr. Bill Willoughby, Cypress CEO commented “We look forward to working with Dajin on the exploration of the Alkali Spring Valley Lithium Property, and we appreciate their work to date towards obtaining related water rights. We particularly welcome the prospect to explore synergies with our Clayton Valley Lithium Project, which is only 12 kilometers away.”

 

 

About Cypress Development Corp.

 

 

Cypress Development Corp. is a publicly traded exploration company focused on developing the Company’s 100%-owned Clayton Valley Lithium Project in Nevada. Exploration and development by Cypress has discovered a world-class resource of lithium-bearing claystone adjacent to Albemarle’s Silver Peak mine, North America’s only lithium brine operation.

 

Cypress Development Corp. has approx. 62.4 million shares issued and outstanding.

 

Posted October 3, 2018

Share this news article

MORE or "UNCATEGORIZED"


Canarc Resource Options Its Fondaway Canyon and Dixie Comstock Properties in Nevada to Getchell Gold

Canarc Resource Corp. (TSX:CCM) (OTCQB:CRCUF) (Frankfurt:CAN) ann... READ MORE

October 17, 2019

Infill Drilling at San Albino Intersects 59.48 g/t Gold Over 2.1 Meters (estimated True Width) Five Meters from Surface

Mako Mining Corp. (TSX-V: MKO) is pleased to report further posit... READ MORE

October 17, 2019

Surge Acquires an Option to Purchase a 100% Interest in a Polymetallic Silver, Copper, Lead, Zinc Deposit in British Columbia Canada

Surge Exploration Inc. (TSX-V: SUR) (OTC: SURJF) (FRA: DJ5C... READ MORE

October 17, 2019

Fiore Gold Meets Full Year 2019 Production Guidance

FIORE GOLD LTD. (TSX-V: F) (OTCQB: FIOGF) is pleased to announce ... READ MORE

October 17, 2019

Marathon Gold Reports Additional Drill Results from Marathon Deposit at Valentine Gold Project, NL

Marathon Gold Corporation (TSX: MOZ) is pleased to report an addi... READ MORE

October 17, 2019

Copyright 2019 The Prospector News - Site design by Spyderbaby Productions