- Drilling is underway at Cruz Cobalt’s Hector Silver-Cobalt Project
- Cruz plans to complete up to 800 metres of exploration diamond drilling
- Cruz is one of the largest landholders in the historic silver-cobalt producing region of Cobalt, Ontario
- Cruz Cobalt currently has twelve projects located in North America, comprising five in Ontario, four in British Columbia, two in Idaho, and one in Nevada
- Cruz Cobalt Corp. (CRUZ) opened trading at C$0.105 per share
Cruz Cobalt (CRUZ) has announced that drilling is now underway on the company’s Hector Silver-Cobalt Project.
The project is located in the historic silver-cobalt-producing region of Cobalt, Ontario.
Cruz plans to complete up to 800 metres of exploration diamond drilling within the Hector Property following up on base-of-diabase sill cobalt-silver targets at depth beneath historical trench and 2018 surface rock, soil, and shallow diamond drilling cobalt-silver prospects within the Hector Cobalt Property. Given the reconnaissance nature of the 2018 diamond drill program, no drill hole pierced lower contact of the diabase into the underlying Coleman Member and/or Archean basement.
Surface soil and rock geochemical anomalies and cobalt in diamond drill intercepts are interpreted to represent high-level expressions of potential Archean unconformity-associated silver-cobalt vein mineralization; the geologic setting from which the majority of historic Cobalt Camp silver production occurred.
Cruz is one of the largest landholders in the historic silver-cobalt producing region of Cobalt, Ontario, with five separate projects in the world-famous silver-cobalt camp.
Cruz’s projects are in the direct vicinity of First Cobalt Corp. 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.
Jim Nelson, President of Cruz states,
“We are very pleased to now be underway with the much-anticipated 2021 drill program in the historic silver-cobalt producing region of Cobalt, Ontario. This drill program is designed to test the deeper targets of the potential Archean unconformity-associated silver-cobalt vein mineralization and will be fully funded by flow-through funds already on hand. Cruz currently has approximately $1.5 million in the treasury and is excited to be drilling for the first time in multiple years, in addition to planning work on other projects to begin shortly.
Our shareholders have been patient and we expect the second half of 2021 to be more active than at any point in the last three years, at a time when demand for battery metals, such as cobalt and lithium, are near historic highs.”
Cruz Cobalt currently has twelve projects located in 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.
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 Cobalt Corp. (CRUZ) opened trading at C$0.105 per share.
