Cruz Cobalt Corp (CVE:CUZ, OTCBB:BKTPF) says airborne work has shown strong magnetic anomalies at its British Columbia cobalt properties and it now plans to get boots on the ground.
"A ground follow-up is being formulated to tighten up the data with the plan to be drilling as soon as possible," the firm said in a statement.
READ: Cruz Cobalt triples acreage around 'War Eagle' cobalt prospect in BC
Recently Cruz tripled its landholdings surrounding the War Eagle cobalt prospect to 15,219 acres.
"We are very encouraged to encounter these anomalies from the airborne. We plan to get boots on the ground as soon as possible to tighten up the highest-priority drill targets," said James Nelson, president at Cruz.
"Cobalt prices are trading at 10-year highs as demand is increasing and very little new supply has come on line."
He also noted that motor giant Ford Motor Co (NYSE:F) had recently announced plans to invest US$11bn in electric vehicles by 2022, while Volkswagen said in November it would spend US$40bn on electric cars, autonomous driving and new mobility services by the end of 2022.
READ: Cruz Cobalt raises US$450,000, sees benefit from Trump's plans for lithium and cobalt
"The world is going electric and we feel the battery metals will see a significant increase in demand in the coming years. We have positioned the company to take advantage of this battery metals explosion.
"We plan to be active on both of the USA cobalt projects in 2018 and are currently 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 10-year highs."
Cruz Cobalt shares closed at C$0.35.