Cypress Development Corp (TSX-V:CYP, OTCQB:CYDVF), an advanced-stage lithium exploration company, focused on developing its flagship Clayton Valley Lithium project, said it had acquired 24 unpatented mining claims in Clayton Valley, Nevada.
These new claims which were attained through a purchase agreement grow the company's land holdings in the area to 6,558 acres in total.
Totaling 480 contiguous acres the unpatented mining claims are proximal to the company's Clayton Valley Lithium Project.
READ: Cypress Development enters last preparation stages ahead of pilot plant commissioning
In exchange for sole interest in the claims Cypress has agreed to issue 49,000 shares which are due upon closing. Additionally, the new claims have no retained or underlying royalties.
The company said it had acquired the additional claims, “for their exploration potential for lithium-bearing claystone and brine.”
In a September 21 press release, Cypress stated it had begun the final stages of preparation for its pilot plant at its Clayton Valley Lithium project in Nevada.
Now with the majority of the components assembled and operational at the site the company plans to advance the property towards commissioning.
Ongoing work at the project includes the on-site assaying capability and the completion of instrumentation, electrical, and compressed air supply.
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