As it looks to continue to capitalize on the cobalt boom—driven largely by the surging demand of the lithium-ion battery market—Cruz Cobalt Corp. (CUZ:CA)(BKTPF)(FBR02:FSE) recently announced a key development that significantly enhances the company’s position to execute on its strategy. The company said it has retained precious and base metals expert Toby Hughes (P. Geol, P. eo) as a consulting geologist to focus on its Ontario Cobalt Prospects. Of Cruz’s nine cobalt prospects, four are located in the resource-rich region of Ontario. Hughes brings with him over 35 years of global mineral exploration experience, including extensive experience in the cobalt space. Previously, he was Project Manager on the Werner Lake Cobalt Deposit in Ontario, and has also worked for Agnico-Eagle’s Cobalt Region of Ontario.

“We are extremely fortunate to have retained a geologist of Mr. Hughes stature and extensive cobalt background to quarterback Cruz’s multiple Ontario cobalt prospects,” said James Nelson, President of Cruz Cobalt. “Cruz has been able to amass what we feel is one of the most diverse suites of cobalt prospects in North America, which includes 4 separate cobalt projects, all situated in close proximity to the town of Cobalt, Ontario. We look forward to working on these shortly.”

Cruz’s four prospects in Ontario include:

  • The Coleman Cobalt Prospect: The property consists of approximately 900 contiguous acres in the Larder Lake mining division and appears to be an extension of the Tretheway veins. According to the Province of Ontario mineral file, returned grades of up to 13% COBALT.
  • The Bucke Cobalt Prospect: The property consists of approximately 1480 contiguous acres, also in the Larder Lake mining division. The property returned assays grading up to 13% COBALT and 240 g/t SILVER on this cobalt-focused prospect.
  • The Johnson Cobalt Prospect: The property consists of approximately 900 acres in the Kirkland Lake mining district, and returned assays of over 300 metres grading up to 10.5% COBALT, 69 g/t AG, 12% NI and .4% CU.
  • The Hector Cobalt Prospect: The property consists of approximately 5,500 acres in the Larder Lake mining division of Ontario and covers multiple cobalt occurrences

Cruz’s other North American cobalt prospects include:

  • Three Prospects in British Columbia, including:
    • The War Eagle Cobalt Prospect: According to a Province of British Columbia Mineral file, the property encountered samples of up to 6.41% COBALT, 3.59% nickel and 7.25% copper.
  • One Prospect in Idaho:
    • The Idaho Star Cobalt Prospect: The property is located approximately nine miles southwest of Saltese, Montana, and 19 miles southeast of Wallace, Idaho. This prospect consists of 44 contiguous claims within the prolific Idaho cobalt belt. Geological data gathered shows the area to have been active for mining of cobalt, silver and copper in the past, which was the reason for the acquisition.
  • One Prospect in Montana:
    • The Chicken Hawk Cobalt Prospect: Located in Deer Lodge county, the property consists of 64 contiguous lode claims covering approximately 1,300 acres. The 64 claims surround 4 patented claims, no less than 15 unclaimed prospects, and 3 unclaimed adits.

“We feel we have an advantage on many of the recent cobalt companies as we were able to pick and choose the properties we wanted at a time when few were looking for cobalt. Now there is almost no land available as many groups have grabbed most of the remaining available land in the region that we passed on,” Nelson told Equities.com in April. “Now, we need to have the historical data prove out. If we can confirm anything like the high historic grades on our projects, we’ll be in a great position in the market. When you look at all the factors and internal dynamics on cobalt I firmly believe we’re going to see $50-$70 cobalt this year.”

Given that Cruz was one of the first-movers ahead of the cobalt boom, it’s now leveraging a major advantage over competitors in the market. With Hughes now on board, Cruz is in position to further its lead as the market demand for cobalt continues to soar.

“For the first time in a generation, you have the supply/demand curve going the other way with cobalt,” Nelson told Equities.com. “We see a huge runway here. We were in this space when cobalt was at $10. It’s at $25 today. We’ve been pretty accurate so far, and when you consider all the factors combined, I really think it’s going to go a lot higher than that.”


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