VANCOUVER, British Columbia, Jan. 19, 2018 (GLOBE NEWSWIRE) — Cruz Cobalt Corp. (TSXV:CUZ) (OTCBB:BKTPF) (FSE:A2DMG8) (“Cruz” or the “Company“) wishes to announce that the airborne data gathered on Cruz’s BC Cobalt properties has shown strong magnetic features within the cobalt prospects. A ground follow up is being formulated to tighten up the data with the plan to be drilling as soon as possible. Recently Cruz tripled its land holdings surrounding the ‘War Eagle’ cobalt prospect in BC. Cruz has now increased the acreage on the War Eagle cobalt prospect from 4,935 acres to now be 15,219 acres.
James Nelson, President of Cruz states, “We are very encouraged to encounter these anomalies from the airborne. We plan to get boots on the ground as soon as possible to tighten up the highest priority drill targets. Cobalt prices are trading at 10 year highs as demand is increasing and very little new supply has come on line. Recently, Ford announced plans to invest $11 billion in Electrified Vehicles by 2022. Additionally Volkswagen said in November it would spend $40 billion on electric cars, autonomous driving and new mobility services by the end of 2022. The world is going electric and we feel the battery metals will see a significant increase in demand in the coming years. We have positioned the company to take advantage of this battery metals explosion. We plan to be active on both of the USA Cobalt projects in 2018 and are currently active in Canada. We are very optimistic about 2018 as we enter the year with more cash in the bank than any other time and cobalt prices at ten year highs.”
Cruz currently has nine cobalt projects located throughout North America, comprising of four in Ontario, three in British Columbia, one in Idaho and one in Montana. Cruz’s four separate Ontario cobalt prospects are all located in the vicinity of the town of Cobalt making Cruz one of the largest landholders in this emerging cobalt district. Cruz’s Ontario projects include the 1,265 acre Coleman cobalt prospect, the 900 acre Johnson cobalt prospect, the 4,980 acre Hector cobalt prospect and the 1,580 acre Bucke cobalt prospect. The company’s 15,219 acre War Eagle cobalt prospect in British Columbia. Cruz’s USA projects include the 1,940 acre Chicken Hawk prospect in Montana and the 880 acre Idaho Star prospect.
The technical contents of this release were approved by Greg Thomson, PGeo, a qualified person as defined by National Instrument 43-101.
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