Cruz Cobalt emerges among big landholders in Cobalt camp

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A Cruz Cobalt map depicting its Cobalt, Ontario-area claims before today’s Lorraine prospect acquisition. Source: Cruz Cobalt Corp.

Cruz Cobalt Corp. [CUZ-TSXV; BKTPF-OTC] on Tuesday February 6 said it has acquired more ground in the Cobalt District of northeast Ontario, a move that means the company now has five separate prospects in the region.  The new Lorraine Cobalt Prospect consists of 8,935 contiguous acres bordering First Cobalt Corp. [FCC-TSXV] in the direct vicinity of the town of Cobalt, the company said.

“This new acreage makes Cruz one of the single largest landholders behind First Cobalt in the historic cobalt camp in Ontario,’’ said Cruz President James Nelson. Cruz currently now has nine cobalt properties located throughout North America, consisting of five in Ontario, two in British Columbia, one in Idaho and one in Montana. “We plan to be active on all of our Canadian and U.S. cobalt projects in 2018,’’ he said.  “We are very optimistic about 2018 as we start the year with more cash in the bank than at any other time and cobalt prices at nine year highs.”

Nelson went on to say that the Ontario cobalt district has become one of the global focal points for cobalt exploration and Cruz was positioned very early, giving Cruz a first mover advantage.

Eagle GeoPhysics recently commenced the airborne work program over Cruz’s Ontario properties. The company also said the drill permit for the 900-acre Johnson Cobalt Prospect near Cobalt has been approved by the Ministry of Northern Development and Mines.

On January 22, 2018, Cruz said it had increased its acreage on the Purcell Cobalt Prospect in British Columbia from 671 acres to 11,821 acres, consolidating two separate prospects into a single large one.

It has also tripled its landholdings surrounding the War Eagle prospect, which is also located in B.C. The company now has a 100% interest in 15,219 acres on the War Eagle prospect.

Cruz recently completed an airborne survey over the Purcell Prospect and War Eagle prospects. The airborne data shows strong magnetic anomalies extending into the newly acquired ground. War Eagle covers a past-producing mine and company management expects to commence work on this project in the near future, the company says on its website.

Cruz shares were up 4.5 cents to 34 cents on Tuesday. The 52-week range is 41 cents and 16 cents.

This activity comes at a time of significant growth within the electric car industry, specifically battery metals. “We look forward to meeting that need,” Nelson said.

The company has said its main goal it to make Cruz the foremost cobalt project generator and developer on the TSX Venture Exchange. It has taken the view that cobalt is at the early stages of a significant bull market and wants to position Cruz at the forefront of this cycle.

Cobalt and lithium are often referred to as energy metals. They are the primary constituents, along with graphite, of lithium-ion batteries, the fastest growing segment of the battery market.

Lithium-ion batteries power electric vehicles, mobile phones, laptops, and other electronic devices. Cobalt is also used in the production of super alloys, which are temperature stable, mechanically strong, chemically stable and resistant to corrosion. An important use is in turbine blades, deployed in jet engines.

The incorporation of cobalt in a superalloy provides superior temperature stability.

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Filed in: Cobalt, Resources

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