VANCOUVER, British Columbia, Feb. 06, 2018 (GLOBE NEWSWIRE) — Cruz Cobalt Corp. (TSXV:CUZ) (OTCBB:BKTPF) (FSE:A2DMG8) is pleased to announce that the company has significantly increased its acreage in the Cobalt District of Ontario. The new “Lorraine Cobalt Prospect” consists of 8,935 contiguous acres bordering First Cobalt Corp (FCC-TSX.v) in the direct vicinity of the town of Cobalt, Ontario.
Cruz President, James Nelson, stated, “This new acreage makes Cruz one of the single largest landholders behind First Cobalt Corp (FCC-TSX.v) in the historic cobalt camp in Ontario. This now gives Cruz 5 separate cobalt prospects in the region. 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 and now is one of the single largest landholders in the region. Cruz currently has more cash on hand than any other point and management is planning to deploy that cash strategically and efficiently in 2018. The cobalt demand has never been more in focus as the world is moving towards full scale electric car adoption. The demand for battery metals appears to be at the start of long term super cycle and Cruz is positioning itself early for this cycle.”
Recently (January 22, 2018) Cruz increased its acreage on the “Purcell Cobalt Prospect” from 671 acres to 11,821 acres, consolidating the previous two separate Purcell prospects into one much larger contiguous prospect. Also on January 16, 2018 Cruz increased its landholdings surrounding the War Eagle cobalt prospect in BC. Cruz now has a 100% interest in 15,219 acres on the War Eagle cobalt prospect. Cruz also just recently completed an airborne survey over the War Eagle and Purcell cobalt prospects in BC and uncovered strong magnetic anomalies (announced January 19, 2017). Management is now working diligently on advancing these two BC cobalt prospects.
Cruz currently has nine cobalt projects located throughout North America, comprising of five in Ontario, two in British Columbia, one in Idaho and one in Montana. Cruz’s five 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, the 1,580 acre Bucke cobalt prospect and now the 8,935 Lorraine cobalt prospect. The company’s BC prospects include the 15,219 acre War Eagle cobalt prospect and the 11,821 acre Purcell prospect. Cruz’s USA projects include the 1,940 acre Chicken Hawk prospect in Montana and the 880 acre Idaho Star prospect. This new prospect was acquired via staking.
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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