Cruz Cobalt Corp. (CUZ—TSXv, BKTPF—OTCBB, A2DMG8–FSE) is pleased to provide an update with respect to its 2018 Ontario Cobalt Camp exploration programs. The Company and its geological consultants APEX Geoscience Ltd. (APEX) confirm that exploration crews have commenced surface rock, soil geochemical and ground magnetic geophysical surveys at its 4,980 acre Hector Cobalt Property located 5 km southeast of the town of Cobalt, Ontario. To date crews have collected a total of 231 humus soil geochemical samples and approximately 22 line-km of detailed ground magnetic survey data over an approximate 2.5 square-km high-priority area containing numerous historic cobalt-silver-copper (Co-Ag-Cu) occurrences (Figure 1). The majority of the mineral occurrences lie within a strongly magnetic, northwest trending Nipissing diabase intrusive sill present over a 1.6 km strike length within the surveyed area. Large areas of the magnetic high anomaly remain untested by modern exploration. APEX expects the initial Phase 1 exploration of the Hector Property to conclude within a weeks’ time. The Company will prioritize targets for follow-up diamond drill testing following receipt and review of rock and soil geochemical results, in conjunction with ground magnetic geophysical survey data.
James Nelson, President of Cruz states “We are very pleased to kick off the 2018 work program on our Ontario cobalt prospects, which surround the town of Cobalt, utilizing the flow-through funds on hand. As one of the largest landholders in this prospective cobalt camp, Cruz is optimistic about the results that may be achieved during this work program which will include multiple drill holes.”
Cruz currently has nine cobalt projects located throughout North America, comprising of five in Ontario, two in British Columbia, one in Idaho and one in Montana. Cruz’s five separate Ontario cobalt prospects are all located in the vicinity of the town of Cobalt making Cruz one of the largest landholders in this emerging cobalt district. Cruz’s Ontario projects include the 1,265 acre Coleman cobalt prospect, the 900 acre Johnson cobalt prospect, the 4,980 acre Hector cobalt prospect, the 1,580 acre Bucke cobalt prospect and the 10,556 acre Lorraine cobalt prospect. The company’s BC prospects include the 15,219 acre War Eagle cobalt prospect and the 11,821 acre Purcell prospect. Cruz’s USA projects include the 1,940 acre Chicken Hawk prospect in Montana and the 880 acre Idaho Star prospect.
Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. is a qualified person for the project as defined by National Instrument NI 43-101. Mr. Raffle has reviewed and approved the portion of the technical content of this news release as it relates to the Hector Cobalt Property.
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