The drill permit for Cruz Cobalt Corp.’s (CUZ: CA) 900-acre Johnson cobalt prospect in the vicinity of the town of Cobalt, Ont., has been approved by the Ministry of Northern Development and Mines.
Cruz president, James Nelson, stated: “We are delighted to have received the drill permit approval for our Johnson cobalt prospect. With two permits now having been approved, our goal is to get to work as soon as possible on these properties and 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 recently the spot price of cobalt 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 in multiple countries, states and provinces.”
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 single-largest landholders in this emerging cobalt district. Cruz’s Ontario projects include the 900-acre Coleman cobalt prospect, the 900-acre Johnson cobalt prospect, the 5,500-acre Hector cobalt prospect and the 1,480-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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