Cypress and Dajin to pursue Nevada lithium JV
TSX-V-listed Cypress Development is eyeing a prospect near its Clayton Valley lithium project, announcing on Wednesday that it could potentially earn a 50% interest in fellow-listed Dajin Resources’ Alkali Spring Valley property.
Spring Valley is about 12 km north-east of Cypress’ Clayton Valley project, in Nevada. Dajin has located 145 unpatented placer mining claims to explore for lithium brines and has applied to the state of Nevada for 1 000 acre-feet a year of water rights.
Under a non-binding letter of intent with Dajin, 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.
Cypress will complete a due diligence review and prepare a definitive agreement for the transaction, upon which it will allot to Dajin 150 000 shares and $50 000.
Cypress will have a two-year period to complete earn-in by issuing an additional 150 000 shares and performing $200 000 in exploration expenditures within the first year, and $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. 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.
“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,” said Cypress CEO Bill Willoughby.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...
VISIT SHOWROOM
AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
