Cruz has approximately $3.5 million in the treasury, enabling Cruz to fund major phase III drill program being planned to begin shortly on the 100%-owned 8,135-acre ‘Solar Lithium Project’ in Nevada, directly bordering American Lithium Corp.’s (LAMLI – NASDAQ, LI-TSX.v) TLC Project (who have a current market cap of approx ~$800 million). On December 1, 2022, American Lithium Corp. announced an updated resource estimate, prepared by Stantec Consulting Ltd., for the TLC lithium claystone property containing 8.83 million tonnes lithium carbonate equivalent (LCE) measured & indicated with another 1.86 million tonnes LCE inferred.
Announced on March 31, 2022, President Joe Biden enacted the Defense Production Act to increase domestic production of strategic and critical materials, such as lithium and cobalt, needed to build batteries for electric vehicles and other types of energy technologies. This could provide a major catalyst and sector momentum for developing domestic sources of battery metals, which is Cruz’s goal for the Solar Lithium Project.
This, and other recent developments have sparked a renewed interest in Cruz at a time when the demand for battery metals has never been stronger. Lithium prices are currently at ALL-TIME HIGHS, up over 1,000% since January 2021. Cruz is in a great position to capture additional market share within the insatiable battery metals super cycle as the Company prepares to enter the most active time in recent history.
In recent news, Cruz Battery Metals’ Phase II drill program discovers lithium on the Northern section of the Solar Lithium Project in Nevada. Cruz Battery Metals has now discovered lithium in every hole drilled to date on the Solar Lithium Project in Nevada. Cruz has discovered lithium in all 6 holes drilled on the Solar Lithium Project during phases I & II.
During the phase I drill program, Cruz Battery Metals drilled a significant new lithium discovery in Nevada with values as high as 1,300 ppm Li. Multiple intercepts of the targeted potential lithium-bearing claystone formation were encountered in all the holes drilled in this initial phase of drilling. Values in Hole-1 were as high as 1,300 ppm Li and encountered lithium bearing clays from 10 feet to 200 feet with a 60-foot intercept averaging 968.33 ppm Li. Hole-2 had a high value of 1120 ppm/Li including a 60-foot interval averaging 768 ppm/Li.
Prior to receiving the drill results, significant intercepts of the targeted potential lithium-bearing claystone formation were encountered in all the holes drilled in phase I. Hole 2 encountered a very substantial 345 feet of the targeted potential lithium-bearing claystone. Hole 1 intercepted approximately 180 feet of claystone formation starting from 10 feet below the surface. Cruz’s sampling program discovered 5 separate samples with lithium values over 1059 and one as high as 1610 ppm Li.
Cruz also has exposure to the lithium market through its strategically located ‘Clayton Valley Lithium Project’ in Nevada, USA. Nevada lithium companies have recently experienced a resurgence since Tesla’s Battery Day, held on September 22, 2020, where Tesla’s Elon Musk announced their intention to acquire Nevada lithium projects and their overwhelming need to secure domestic lithium deposits to feed their Gigafactory. Also in Nevada, energy behemoth Schlumberger (SLB-NYSE), through its strategic partnership with Pure Energy Ltd. (PE-TSX.v) has built a lithium brine pilot plant with approximately $30 million USD being spent in developments, directly bordering Cruz’s Clayton Valley lithium project. As an early mover in this play, Cruz is one of the few companies (Albermarle, Pure Energy, Spearmint Resources & Sienna Resources) to have access to the deepest parts of the only lithium brine basin in production in North America.
Cruz also has a highly-prospective ‘Idaho Cobalt Belt Project’, which surrounds Jervois Mining Ltd. (TSX.v:JRV) who has a current market capitalization of approximately ~$700 million.
As you can see there are many exciting and compelling things coming ahead for Cruz which is why you should be paying close attention to the company right now.
Lithium prices have broken out to all-time highs, increasing by over 1,000% since the start of 2021. The focus on the commodity is clearly on the rise as demonstrated by the 5-year chart below: