Cypress Development Corp. (CYP:TSX.V; CYDVF:OTCQB; C1Z1:FSE) entered into a definitive agreement with Dajin Resources Corp. to acquire a 50% undivided interest in its 145 unpatented mining claims and application for water rights at the Alkali Spring Valley lithium project in Nevada.
For that exclusive right and option, Cypress will give Dajin $50,000 and 150,000 common shares upon TSX Venture Exchange approval along with another 150,000 shares on the first anniversary of the exchange's approval. Also, Cypress must spend at least $450,000 on exploration on the property by the second anniversary of the exchange's approval.
Once the earn-in period ends, the two entities plan to create a joint venture (JV).
"Besides exploring for lithium in Alkali Spring Valley, the JV presents potential synergies with Cypress' Clayton Valley lithium project particularly with respect to water supply," said CEO Dr. Bill Willoughby in a news release. Clayton Valley also is located in Esmeralda County, Nevada.
He pointed out that Cypress' recently completed private placement will allow the company to advance both projects—conducting exploration and applying for water rights at Alkali Spring Valley and further drilling, metallurgical testing and a prefeasibility study on Clayton Valley.
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