Cruz Cobalt Corp (CVE:CUZ, OTCBB:BKTPF) continues to expand its acreage - saying it had tripled its footprint around the 'War Eagle' cobalt prospect in British Columbia.
The mining group said it had lifted the acreage to 15,219 acres, from 4,935 acres previously, as it remains bullish on the outlook for the commodity.
Yesterday, it revealed it had started operations at the 'War Eagle' site.
"We continue to accumulate cobalt assets and acreage with a mandate to focus on ethically sourced cobalt," James Nelson, the president of Cruz, told investors.
"The global demand for cobalt has never been higher. Recently, there has been talk out of the Democratic Republic of Congo stating that a new tax for mining and specifically cobalt may be implemented.
"This would create an additional demand for ethically sourced cobalt. In addition, President Trump has announced that the USA wants to domestically source battery metals such as lithium and cobalt to avoid foreign imports of these strategic commodities.
"This is a very positive step as Cruz has projects in Canada as well as in Idaho and Montana. We plan to be active on both of the USA Cobalt projects in 2018 and currently are active in Canada.
"We are very optimistic about 2018 as we enter the year with more cash in the bank than any other time and cobalt prices at nine year highs."
Last week, the group told investors it would embark on an airborne work program at its British Columbia cobalt properties.
Cruz currently has nine cobalt projects located throughout North America, comprising four in Ontario, three in British Columbia, one in Idaho and one in Montana.
The War Eagle cobalt prospect in British Columbia covers a past-producing mine.