Cruz Cobalt to Acquire the Chicken Hawk Cobalt Prospect in Montana
February 28, 2017 (Source) — Cruz Cobalt Corp. (TSX-V: CUZ) (OTC PINK: BKTPF) (FSE: BRO2) is pleased to announce that it has entered into an agreement with an arm’s length vendor to acquire the Chicken Hawk Cobalt Prospect located in Deer Lodge County, Montana. This new prospect consists of 64 contiguous lode claims covering approximately 1300 acres.
The Chicken Hawk Cobalt Prospect claims are located on the western edge of the Boulder Batholith and east of the Cordilleran Fold and Thrust Belt in south-western Montana. Covering a boundary between a Cretaceous granodiorite and the Lowland Creek Volcanics from the Eocene; the eight current claims are in the vicinity of a total of four volcanic rock suites. Cobalt, the primary targeted commodity of the Chicken Hawk, is occurring in the pyritized andesite and as cobaltian arsenopyrite; the sulfides are pnuematolytic in origin. The 64 claims surround four patented claims, no less than 15 unclaimed prospects, and three unclaimed adits.
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Cruz President, James Nelson, stated, “We are very pleased to acquire this new cobalt prospect. Management believes that the cobalt trend in the western USA snakes its way through Idaho, into Montana and up into southern BC. This is the targeted pattern of acquisition that Cruz has focused on in the past year. This new prospect now makes 9 cobalt prospects within North America that Cruz has secured. Cruz has also secured one of the largest land packages, consisting of 4 separate cobalt prospects, all located in the Cobalt/Silver district of Ontario surrounding the city of Cobalt. Cobalt prices continue to trade to new 5 year highs and have been on a significant uptrend over the past 12 months. Cruz is fully funded to commence operations on all of its 9 cobalt prospects and management expects to be on the ground very shortly.”
Cruz currently has seven cobalt projects located in Canada and one in Idaho and now one in Montana. Cruz’s four separate Ontario cobalt prospects are all located in the vicinity of the city of Cobalt. The 900-acre Coleman cobalt prospect, the 900-acre Johnson Cobalt Prospect, the 5500 acre Hector Cobalt Prospect, the 1,480-acre Bucke Cobalt Prospect, and our 4935 acre War Eagle Cobalt Prospect in British Columbia. Terms of this deal call for 3 million shares to be issued upon TSX approval.
The technical contents of this release were approved by Greg Thomson, PGeo, a qualified person as defined by National Instrument 43-101.
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