Issue link: http://resourceworld.uberflip.com/i/712968
a u g u s t / s e p t e m b e r 2 0 1 6 www.resourceworld.com 53 miNiNg • Cruz has seven separate Cobalt assets in Canada; four are located in Ontario and three are in British Columbia. • Cruz only has 8,075,000 shares outstanding giving the company a very tight structure. • Cruz's goal is to develop in house or joint venture these Cobalt assets. • "….cobalt metal prices have been rising in recent weeks on the positive sentiment created by strong forward demand from the super- alloys sector as well as the anticipation of higher prices that has resulted from an expected surge in production of electric vehicles." The cobalt price has recently traded to a six month high. CUZ–TSXv BKTPF–USA A2AG5M–Germany 604.899.9150 | www.cruzcapitalcorp.com twitter @CruzCapitalCorp North America's Leading Cobalt Project Generator fORTUNE MINERALS: NICO pROjECT Fortune Minerals Ltd. [FT-TSX; FTMDF- OTCQX] is developing the NICO Project that is preparing to become a vertically integrated Canadian source of battery- grade cobalt chemicals with supply-chain custody transparency. The NICO gold- cobalt-bismuth-copper development is comprised of a planned mine and concentrator in Canada's Northwest Territories and a refinery near Saskatoon, Saskatchewan to process concentrates from the mine to higher value products. The project has a positive feasibility study and has received its environmental assessment approvals in the Northwest Territories and Saskatchewan. It is an essentially shovel-ready project. The NICO deposit mineral reserves will support a 21-year mine life at a mill feed rate of 4,650 tonnes of ore/day to produce 180 wet tonnes of concentrate/day for shipment to the refinery. Life-of-mine average annual production is projected to be 41,300 ounces of gold, 1,615 tonnes of cobalt contained in a bat- tery grade cobalt sulphate heptahydrate, 1,750 tonnes of bismuth contained in ingots, needles and oxide, and 265 tonnes of copper. NICO is well positioned to become a reliable North American source of bat- tery grade cobalt chemicals with supply chain custody transparency and tax advantages under the North American Free Trade Agreement (NAFTA). Earlier in 2016, an ultra-pure cobalt sulphate sample was delivered from an earlier pilot plant for testing by a potential customer. Discussions for offtake agreements and project financing are ongoing. fORMATION METALS: IDAHO COBALT pROjECT Formation Metals Inc. [FCO-TSX; FMETF] is a well-established Canadian mineral exploration and mine development com- pany focused on cobalt production in Idaho, US. The company's flagship prop- erty is its wholly-owned Idaho Cobalt Project (ICP), North America's only near term, environmentally-permitted, primary cobalt deposit. The ICP is also slated to produce by- product copper and gold. Formation's main objective is advancing the project to production in order to provide North American consumers with ethically sourced and responsibly mined, battery- grade, cobalt chemicals for use in the booming rechargeable battery sector. In April 2015, Formation Metals com- pleted a positive Preliminary Economic Assessment on the Idaho Cobalt Project. In March 2016, Formation received the final metallurgical report on bench test produc- tion of cobalt sulphate heptahydrate from ore samples from the ICP demonstrating it can successfully produce high purity, bat- tery grade, cobalt sulfate from the project. Early in June of this year, Formation announced the successful conclusion of an oversubscribed $4.4M financing with the intent to use the proceeds to fund a bankable feasibility study and for general working capital purposes. Later that month, the company announced the awarding of the Feasibility Study contract to Micon Engineering and SNC-Lavalin with an expected completion date in Q1 2017. This feasibility study will form the basis to secure mine capex financ- ing to re-commence construction on its cobalt project. CRUZ CApITAL ACQUIRING COBALT pROjECTS Cruz Capital Corp. [CUZ-TSXV; BKTPF- OTC; A2AG5M-Germany] is actively acquiring cobalt exploration projects. James Nelson, President, says, "Cruz is aiming to be North America's premier cobalt project generator and developer. We have identified a number of under developed cobalt prospects that have some kind of historic cobalt showings that would be considered above average. Being first movers in the space has enabled Cruz to identify and secure many high prior- continued on page 65