Cruz Cobalt Planning to Commence Operations in the Historic Silver-Cobalt Producing Region of Ontario
Cruz Cobalt Corp.
Suite 2905 – 700 West Georgia Street
Vancouver, BC V7Y 1C6
Cruz Cobalt Planning to Commence Operations in the Historic Silver-Cobalt
Producing Region of Ontario
January 21, 2021 – Cruz Cobalt Corp. (CSE: CRUZ) (OTC Pink: BKTPF)
(FSE: A2DMG8) (“Cruz” or the “Company”) is pleased to announce that the
Company is planning to commence operations on its cobalt projects in Ontario. Cruz
is one of the largest landholders in the historic silver-cobalt producing region of
Cobalt, Ontario and Cruz’s projects are in the direct vicinity of Fuse Cobalt Inc.
(TSX.V-FUSE) and First Cobalt Corp. (TSX.V-FCC). On Dec. 22, 2020, the
government of Canada and the government of Ontario announced a joint $10-million
investment in the First Cobalt Corp. refinery in Cobalt, Ontario. Once operational,
this refinery will be North America's only producer of cobalt sulphate for the electric
vehicle (EV) market. Cruz’s Ontario properties are in the direct vicinity to First
Cobalt Corp.’s cobalt refinery (see map below). According to Adamas Intelligence,
during the month of November 2020, lithium used in newly-sold EV’s jumped 134%
year over year, topping 10,000 tonnes for the first time. Deployment of cathode
material cobalt doubled, while nickel use was up by 85% compared to the same
month in 2019. Management cautions that past results or discoveries on properties
in proximity to Cruz may not necessarily be indicative of the presence of
mineralization on the Company’s properties.
Cruz’s Ontario cobalt properties
Jim Nelson, President of Cruz states, “Cruz is excited to have a robust portfolio of
battery metals projects at a time when cobalt prices are at a 2-year high and lithium
prices are showing strength. We are seeing a significant surge of global investor
interest into the battery metals sector as the demand for electric vehicles is
exploding. Not only does Cruz have cobalt projects in Ontario & Idaho, we also have
a lithium project in the Clayton Valley of Nevada, being one of the few companies
that has access to the deepest parts of the only lithium brine basin in production in
North America (see map below). We have recently joined the Clayton Valley
Lithium Advisory Committee (CVLAC) at a time when the spotlight on lithium
companies in Nevada has never shined brighter. On January 7th, 2021, Albemarle
Corp (ALB—NYSE) announced their plan to ‘expand capacity at the company's
lithium production facility at Silver Peak in Clayton Valley, Nevada.’ In addition,
Tesla’s Elon Musk had recently expressed interest in acquiring Nevada lithium
projects. Cruz currently has approximately $1.5 million in the treasury, including
flow-through funds, which enables the Company to begin work programs at any
point. Management remains confident that 2021 will be a transformative year for the
Company as Cruz has multiple strategically located, and ethically sourced, cobalt
and lithium projects in North America."
The technical contents of this release were approved by Greg Thomson, PGeo, a
qualified person as defined by National Instrument 43-101.
About Cruz Cobalt
Cruz currently has twelve projects located throughout North America, comprising
five in Ontario, four in British Columbia, two in Idaho, and one in Nevada. Cruz’s
five separate Ontario projects are all located in the vicinity of the town of Cobalt,
making Cruz one of the largest landholders in this historic silver-cobalt producing
district. Cruz’s Ontario projects, which are prospective for Cobalt, diamonds and
silver include the 1,525-acre Coleman cobalt project, the 988-acre Johnson cobalt
project, the 6,146-acre Hector cobalt project, the 1,458-acre Bucke cobalt project
and the 1,453-acre Lorraine cobalt project. The company’s BC projects include the
1,542-acre War Eagle cobalt project, the 2,552-acre Larry diamond project, the
5,572-acre Jax diamond project, and the 1,529-acre Mark diamond project. Cruz’s
USA projects include the 2,211-acre ‘Idaho Cobalt Belt Project’, the and the 80-acre
‘Idaho Star Cobalt Prospect’, and the 240-acre ‘Clayton Valley Lithium Prospect’ in
Nevada. Management cautions that past results or discoveries on properties in
proximity to Cruz may not necessarily be indicative of the presence of mineralization
on the Company’s properties.
If you would like to be added to Cruz's news distribution list, please send your email
address to [email protected]
Cruz Cobalt Corp.
“James Nelson”
James Nelson
President, Chief Executive Officer, Secretary and Director
For more information regarding this news release, please contact:
James Nelson, CEO and Director
T: 604-899-9150
Toll free: 1-855-599-9150
W: www.cruzcobaltcorp.com
Twitter: @CruzCobalt
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