Cruz Capital Corp (CUZ—TSXv, BKTPF—USA, A2AG5M–Germany) has acquired the War Eagle cobalt prospect in British Columbia. Management believes that cobalt may face significant shortages in the future as the market for cobalt has been steadily increasing as the supply has not kept pace. Cobalt is a very important part of the battery because it helps increase the amount of energy the battery can contain. The metal is also used extensively in the manufacturing of smart phones, jet engines and wind turbines. In 2015, global mined cobalt production totalled roughly 120,000 tonnes, with 53,000 tonnes being used as cathode mineral. By 2025, will see a requirement of 121,000 tonnes of cobalt, which currently exceeds all producing cobalt.
Jim Nelson, president of Cruz Capital, stated: “We feel that the cobalt demand, primarily for elective vehicle batteries, will continue to increase in the near and distant future. Cruz is very pleased to be acquiring our first prospect within this space. We plan to continue to evaluate and potentially add additional cobalt prospects in secure mining districts globally. We feel cobalt has been under exposed in light of the lithium companies denominating the market place currently and our goal is to make Cruz the next cobalt project generator and producer.”
There is a Minfile No. 082GNW076 on the prospect citing a report MC file 167-N1-2-3 from 1948 showing surface samples of 6.41 per cent cobalt, 3.59 per cent nickel and 7.25 per cent copper. It reports, ‘Old workings include a tunnel and some test pits, and the character of the orebody is in a fissure vein which outcrops almost continuously for 3,000 feet.; These numbers cannot be verified or relied upon at this time and we plan to dispatch crews to the property shortly to start operations on the prospect. This property was acquired via staking.
Greg Thomson, PGeo, has reviewed this news release.
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