Cruz Cobalt signs LOI to acquire two Cobalt-Nickel-Copper projects in Norway
Published by Claire Cuddihy,
Assistant Editor
Global Mining Review,
Canadian cobalt development company Cruz Cobalt Corp. (Cruz) has signed a letter of intent (LOI) with EMX Royalty Corp. and Fennoscandian Investment Group to acquire two Cobalt-Nickel-Copper projects consisting of 29 exploration licenses located in Norway. According to the company, a definitive agreement is nearing completion.
President of Cruz, James Nelson, commented: “We are pleased to have the opportunity to acquire these projects. The properties are located in one of the top mining jurisdictions in the world with significant mining history and excellent exploration upside. They’re located within 200 km of Oslo, and have excellent infrastructure and year-round access via paved roads and highways. Cruz is also starting operations on our cobalt prospects in North America and we expect the second half of 2018 to be a very active period.”
On 23 May 2018 Cruz announced it was soon planning to commence operations on its numerous cobalt properties located in the vicinity of the Ontario Cobalt camp.
On 25 May 2018 Cruz announced it was to commence operations shortly on its War Eagle and Purcell cobalt prospects in British Columbia.
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 1265 acre Coleman cobalt prospect, the 900 acre Johnson cobalt prospect, the 4980 acre Hector cobalt prospect, the 1,580 acre Bucke cobalt prospect and now the 10 556 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 1940 acre Chicken Hawk prospect in Montana and the 880 acre Idaho Star prospect.
The company notes that there is no guarantee that the formal deal will get signed and the LOI is subject to due diligence, execution of formal documents, board approval and regulatory approval.
Read the article online at: https://www.globalminingreview.com/finance-business/04062018/cruz-cobalt-signs-loi-to-acquire-two-cobalt-nickel-copper-projects-in-norway/
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