Cypress Development (CYP.V) has completed yet another piece of the puzzle by acquiring a 100% stake in the Glory property in Nevada (which consists of 137 claims), after completing the requirements from a 2016 option agreement. The final payment consisted of 250,000 shares of Cypress as well as a payment of US$75,000 in cash. Additionally, the vendor of the property was given a 3% Net Smelter Royalty on the future production of these claims, but Cypress Development has the right to repurchase 2% for a cash payment of US$1M.
The completion of the acquisition agreement to earn a 100% stake in the adjoining Dean property is expected to be completed later this year, and this should strengthen Cypress’ position in Nevada.
All eyes will now be on the results of the metallurgical test work that’s supposed to be completed later this quarter. Cypress also plans to drill a few additional holes to upgrade some of its resources to a higher category (there’s one specific area of interest Cypress will be focusing on) while a new drill program will also allow it to perhaps conduct more metallurgical test work on the new samples. Additionally, a more robust resource will also be very helpful for the pre-feasibility study which is expected to be completed in the second quarter of this year.