Cruz Significantly Increases Land Holdings for the 'Bucke Cobalt Project' in Ontario, Canada
Dienstag, 18.10.2016 09:05 von DGAP
DGAP-News: Cruz Capital Corp. / Key word(s): Miscellaneous
Cruz Significantly Increases Land Holdings for the 'Bucke Cobalt Project' in
Ontario, Canada
18.10.2016 / 09:01
The issuer is solely responsible for the content of this announcement.
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Vancouver, British Columbia--(Newsfile Corp. - October 18, 2016) - Cruz
Capital Corp (TSXV: CUZ) (OTC Pink: BKTPF) (FSE: A2AG5M) is pleased to
announce that the company has increased its cobalt property holdings by 36
claim units from the initial 1.25 units, now comprising approximately 1480
contiguous acres. The Bucke Cobalt Prospect is one of 4 cobalt prospects in
Ontario, currently held by Cruz.
The Bucke Cobalt Prospect consists of approximately 1480 acres in the
Larder Lake mining division of Ontario. According to Province of Ontario
Mineral file MDl31M05NE00117, the property returned assays grading 13%
COBALT and 240 g/t SILVER on this cobalt-focused prospect. Management
expects to commence exploration on this property shortly, utilizing the
flow through funds already on hand to fully assess this property.
Cruz President, James Nelson, stated, 'We are very pleased to significantly
expand this Cobalt primary project. The Bucke Cobalt Project is one of 4 we
have in Ontario, which we believe to have good exploration potential based
on the Ontario mineral documents on file. We are excited to start the work
program shortly to test the property and to follow-up on historical
information provided by the Province of Ontario, relating to the property
area. We also plan to FORWARD split the shares in mid-November. Cruz is
coming into a very active time on our projects while cobalt prices are
making 6 month highs. Recently there have been articles, such as one in the
Washington Post, referencing cobalt mined in Africa by children in unsafe
conditions. Cruz has 8 projects in North America with prospective cobalt
geology in politically stable and ethical jurisdictions. Management
believes that cobalt is in the earliest stages of a long term boom as the
demand for lithium-ion batteries will continue to grow. The Tesla
lithium-ion battery used in their electric vehicles uses cobalt as an
important component in their battery. With cobalt being a key mineral in
lithium-ion batteries, and world demand rising for this market, we
anticipate cobalt prices to increase given no new cobalt mines have come
into production in the last 45 years in North America, thus giving Cruz a
distinct advantage being a first mover into the space.'
[image:
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Cobalt Quick Facts
To view an enhanced version of this image, please visit:
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Cruz is also proposing a Forward Split subject to acceptance by the TSX
Venture Exchange. The ratio being proposed will be 3:1. For example, this
means that if you are shareholder of record of 10,000 shares you would then
hold 30,000 shares upon completion and approval of the split. Subject to
such approval, the Company anticipates the record date to be approximately
November 14. An announcement will be made once the final date has been
confirmed by the exchange. Management feels that this split will be a
positive event for the company as this will create greater liquidity for
the shareholders, thus enabling a more transparent and consistent market.
Cruz is actively engaged in acquiring and developing Cobalt assets globally
and has already acquired several high-grade cobalt projects across North
America. Seven cobalt projects are located in Canada and one in Idaho. The
goal of the company is to make Cruz the foremost cobalt project generator
and developer on the TSX Venture Exchange. Management feels that cobalt is
at the early stages of a significant bull market and we are pleased to be
positioning Cruz at the forefront of this cycle.
The technical contents of this release were approved by Greg Thomson, PGeo,
a qualified person as defined by National Instrument 43-101. The property
has not been the subject of a National Instrument 43-101 report.
If you would like to be added to Cruz's email list please send an email to
info@cruzcapitalcorp.com or twitter @CruzCapitalCorp [url:
https://twitter.com/cruzcapitalcorp]
James Nelson
President
604.899.9150
Toll free 1.885.599.9150
www.cruzcapitalcorp.com
twitter @CruzCapitalCorp [url: https://twitter.com/cruzcapitalcorp]
Click on, or paste the following link into your web browser, to view
the associated documents
http://www.newsfilecorp.com/release/23067
News Source: Newsfile
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18.10.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Cruz Capital Corp.
Canada
ISIN: CA22888P1053
End of News DGAP News Service
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512315 18.10.2016