Vancouver’s Cruz Cobalt Corp. announced it is applying for an exploration permit on its 5,500-acre Hector Cobalt Prospect.
This property is one of four projects Cruz has near the town of Cobalt in northeastern Ontario, “home to one of the largest cobalt/silver districts in North America,” said the company in an April 18 news release.
The permit will cover mechanized drilling, mechanized stripping, the pitting and trenching of bedrock, and line cutting.
“This is the third cobalt work application we have made so far this year, all around the town of Cobalt,” said Cruz president James Nelson in the release, who claims his company is one of the largest landholders in the district.
According to the company, the Hector Cobalt Prospect is located in the Larder Lake mining division. In a statement, James said the company was able to acquire acreage when cobalt prices “were significantly lower than today, and at a time when the majority of the land was open for acquisition.
“Now, there is virtually no land available in the area that has not been staked and the price of cobalt is over $25, reaching 8-year highs this month.
“Cruz will be one of the most active junior miners in this district in the coming months and we have more than enough capital on hand to commence multiple cobalt work programs all across North America.”
The company’s other northeastern Ontario properties include the 900-acre Coleman Cobalt prospect, the 900-acre Johnson Cobalt Prospect, and the 1,480-acre Bucke Cobalt Prospect. They also have prospective cobalt properties in British Columbia and Idaho.