VANCOUVER, British Columbia, Sept. 18, 2018 (GLOBE NEWSWIRE) — Cruz Cobalt Corp. (CUZ—TSXv, BKTPF—OTCBB, A2DMG8–FSE) is pleased to announce the results of phase 1 exploration at its at its 4,980 acre Hector Cobalt Property located near the town of Cobalt, Ontario.

During August 2018 the Company’s geologic consultant’s APEX Geoscience LTD. (APEX) completed the phase 1 exploration including the collection of 31 prospecting rock grab, 203 grid humus soil geochemical samples, and a total of 23 line-km of ground magnetic geophysical survey data. The soil grid comprised a series of 100 meter spaced east-west oriented lines, augmented by magnetic geophysical data collected along parallel lines at 50 meter spacing. Reconnaissance rock grab sampling focused on ground truthing numerous historic exploration pits targeting silver-cobalt mineralization within the Property

A total of 5 rock grab samples returned greater than 0.1% cobalt and up to 2.02% cobalt (2018BKP040) from the Gillies East anomaly, in addition to anomalous silver and gold values (Table 1). Mineralization in outcrop occurs as narrow diabase-hosted potassium feldspar-carbonate veins ranging in width from less than 5 and up to 25 cm in width.

Table 1: 2018 Hector Cobalt Property Significant Rock Grab Sample Results

Of the 203 soil geochemical samples collected a total of 22 samples returned greater than 10 parts-per-million (ppm) cobalt, and up to 98 ppm cobalt. Humus soil geochemical results define several north-northwest trending cobalt anomalies. A 200 x 200 meter cobalt soil anomaly centred on 3 samples returning greater than 20 ppm cobalt (Hector Anomaly) occurs a distance of 300 meters to the northwest of the historic Hector Silver Mine Shaft. 

The Gillies East cobalt in soil anomaly lies a further 600 metres to the northwest, centred over an area of several historic prospect pits that returned cobalt in float and rock outcrop values of 2.02% and 0.61% cobalt. Along the western margin of the survey area, the northwest tending Gilles West anomaly returned the highest cobalt in soil results of 98 ppm cobalt, in addition to rock outcrop and float sample results of 0.82%, 0.42% and 0.19% cobalt, and 0.37 grams-per-tonne gold (2018KBP061).

The results of the geophysical survey define a 1.2 km northwest trending arcuate magnetic high anomaly interpreted to represent a strongly magnetic phase of a shallowly dipping Nipissing diabase sill that underlies much of the Hector Cobalt Property claims. The magnetic anomaly is coincident with the cobalt in soil anomalies and the location of numerous historic exploration pits targeting cobalt-silver mineralization; including the Historic Hector Silver Mine shaft that lies off the Property along eastern boundary.

Methodology and QA/QC
The analytical work was performed by ALS. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited Geoanalytical laboratory and is independent of the Company.

Humus soil samples were subject to analysis multi-element ICP-MS (ME-MS41). Rock grab samples were analyzed for cobalt, copper and nickel via sodium peroxide fusion and ICP-AES (ME-ISP81); gold platinum, and palladium via 30 gram fire assays fusion and ICP-AES (PGM-ICP23), and silver via atomic absorption spectroscopy (Ag-AA45 or Ag-AA46)

Given the reconnaissance nature of the samples submitted (select rock grab and humus soil) the Company has relied on the internal quality assurance/quality control (QA/QC) measures of ALS. In addition, 1 in 20 humus soil samples were collected in duplicate to assess repeatability. Cruz detected no significant QA/QC issues during review of the data.

Qualified Persons
Kristopher Raffle P.Geo., Principal, of APEX Geoscience Ltd., a Qualified Person as defined by National Instrument 43-101, supervised the exploration work at the Hector Cobalt Property and reviewed, verified, and compiled the data reported herein. Mr. Raffle has reviewed and approved the scientific and technical disclosure in this news release.

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 1,265 acre Coleman cobalt prospect, the 900 acre Johnson cobalt prospect, the 4,980 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 1,940 acre Chicken Hawk prospect in Montana and the 880 acre Idaho Star prospect.

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James Nelson
President
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Toll free 1.855.599.9150

www.cruzcobaltcorp.com
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