- Cypress (CYP) has yielded positive direct lithium extraction (DLE) results from its pilot plant in Nevada
- Assays reveal an average lithium recovery of 99.5 per cent
- The company continues to advance toward permitting and finalizing a feasibility study at its Clayton Valley Lithium Project in Nevada
- Cypress Development is an advanced-stage lithium company active in Nevada
- Cypress (CYP) is up by 15.60 per cent trading at $1.26 per share
Cypress (CYP) has yielded positive direct lithium extraction results from its pilot plant in Nevada.
Assays from samples from continuous operating cycles in March, April and May, 2022, reveal an average lithium recovery of 99.5 per cent.
The company identified high lithium recoveries in 76 sets of feed and discharge samples. Rejection of major cations, calcium and magnesium during the period was also above 99 per cent.
The DLE portion of the pilot plant consists of a proprietary process and equipment acquired from Chemionex.
Based on the results, Cypress’ Board has authorized the release of one million shares held in escrow to Chemionex, thereby acquiring full ownership of the equipment and a perpetual royalty-free license to use Chemionex’s technology at its pilot plant and Clayton Valley Lithium Project.
“We are very pleased with the DLE results from the pilot plant,” said Bill Willoughby, Cypress’ President and CEO. “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.”
Cypress Development is an advanced-stage lithium company developing its 100-per-cent owned Clayton Valley Lithium Project in Nevada. The project is progressing towards permitting and completing a feasibility study with the goal of becoming a domestic lithium producer.
Cypress (CYP) is up by 15.60 per cent trading at $1.26 per share as of 11:31 am EST.