The Bucke Cobalt Prospect is one of four cobalt prospects in Ontario, currently held by Cruz.
The Bucke Cobalt Prospect consists of approximately 1,580 acres in the Larder Lake mining division of Ontario. According to Province of Ontario Mineral file MDl31M05NE00117, the property returned assays grading 13% COBALT and 240 g/t SILVER on this cobalt-focused prospect. Management expects to commence exploration on this property shortly, utilizing the flow through funds already on hand to fully assess this property.
Cruz President, James Nelson, stated, ” The Bucke Cobalt Project is one of 4 we have in Ontario, which we believe to have good exploration potential based on the Ontario mineral documents on file. We are excited to start the work program shortly to test the property and to follow-up on historical information provided by the Province of Ontario, relating to the property area. Cruz is coming into a very active time on our projects while cobalt prices are making 9-year highs. Cruz has 9 projects in North America with prospective cobalt geology in politically stable and ethical jurisdictions. Management believes that cobalt is in the earliest stages of a long term boom as the demand for lithium-ion batteries will continue to grow. The Tesla lithium-ion battery used in their electric vehicles uses cobalt as an important component in their battery. With cobalt being a key mineral in lithium-ion batteries, and world demand rising for this market, we anticipate cobalt prices to increase given no new cobalt mines have come into production in the last 45 years in North America, thus giving Cruz a distinct advantage being a first mover into the space.”
Cruz is actively engaged in acquiring and developing Cobalt assets globally and has already acquired several high-grade cobalt projects across North America. Seven cobalt projects are located in Canada, one in Idaho, and one in Montana. The goal of the company is to make Cruz the foremost cobalt project generator and developer on the TSX Venture Exchange. Management feels that cobalt is at the early stages of a significant bull market and we are pleased to be positioning Cruz at the forefront of this cycle.
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