Cypress Development Corporation (TSXV: CYP | OTCQX: CYDVF) has announced that it has entered into a definitive agreement with Enertopia Corporation (OTCQB: ENRT) to buy Enertopia’s Clayton Valley Lithium Claystone Project. The project is right next door to Cypress’ own Clayton Valley Lithium Project in Nevada and the deal will bring the two projects together.
“We are excited to consolidate Enertopia’s project with our project, as it will add upside, and can easily be integrated into our mine plan,” stated Bill Willoughby, President and CEO of Cypress Development. “This is a strategic acquisition, and it will potentially aid in optimization, and production schedule development for our upcoming feasibility study.”
Cypress will pay US$1.1M in cash and issue 3,000,000 common shares in the capital of Cypress to Enertopia to purchase 100% ownership interest in the project. Cypress expects the deal to close in April 2022, subject to customary approvals and closing conditions for a transaction of this nature, including approval of the share consideration by the TSX Venture Exchange.
Enertopia’s project is 100% owned by the company and consists of 17 unpatented mining claims totalling 160 contiguous acres. A March 2020 NI 43-101 compliant technical report on Enertopia’s project stated that the property has an Indicated resource of 82Mt of 1,121ppm Li and an inferred resource of 18Mt of 1,131ppm Li using a cut-off grade of 400ppm Li. The resource was calculated using assay data from four core holes drilled on the property in 2018.
For further information please visit: https://cypressdevelopmentcorp.com/
