Cruz Cobalt receives drill permit for Hector
2017-09-07 06:43 ET – News Release
Mr. James Nelson reports
CRUZ COBALT RECEIVES DRILL PERMIT APPROVAL FOR THE HECTOR COBALT PROSPECT IN ONTARIO
The Ministry of Northern Development and Mines has approved Cruz Cobalt Corp.’s drill permit for the 4,980-acre Hector cobalt prospect in the direct vicinity of the town of Cobalt, Ont.
Cruz president, James Nelson, stated: “We are delighted to have received the drill permit approval for our Hector cobalt prospect. The Hector cobalt prospect is one of the largest single contiguous blocks of land prospective for cobalt in this world-class cobalt/silver district. Cruz now has three separate Ontario drill permits approved and we plan to work on each property. We currently have more than sufficient cash on hand to undertake the multiple planned work programs that will include drilling. We are very optimistic about the future price of cobalt as demand continues to strengthen and, in fact, the spot price of cobalt recently reached new nine-year highs of $27.90 per pound. Cruz is set to be one of the most active junior cobalt companies in the coming months, with multiple work programs expected to commence or are currently under way in multiple countries, states and provinces. Cruz will be in a prime position to take advantage of the continued global focus on ethically sourced cobalt to supply the exploding demand for lithium/cobalt-based batteries primarily used in electric vehicles.”
About Cruz Cobalt Corp.
Cruz currently has nine cobalt projects located throughout North America, comprising 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 4,935-acre War Eagle cobalt prospect in British Columbia covers a past-producing mine.
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