Cruz Cobalt Corp.(TSX-V:CUZ) told investors on Wednesday it had started the process of applying for the drill permit for its Idaho Star cobalt prospect, one of its two projects in the USA.
"We are pleased to accelerate the drilling process in Idaho," said Cruz president James Nelson.
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"Cruz has amassed a stable of North American cobalt prospects over the past few years and we look forward to advancing these prospects in 2018.
Cobalt prices continue to show strength, said Nelson, who also highlighted recent reports that tech behemoth Apple (NASDAQ:AAPL) was looking to secure a direct source of cobalt for the batteries in their products.
"The supply of ethically mined cobalt outside of the DRC (Democratic Republic of the Congo) is tight and any new supply would be welcomed by buyers such as all the car companies and cellphone companies," he said.
"The demand for battery metals appears to be at the start of long-term supercycle and Cruz has positioned itself early to take advantage of this boom."
Earlier this month, Cruz increased its footprint in Ontario, where it now has 10,556 contiguous acres bordering First Cobalt Corp.
Cruz is now one of the single largest landholders in the Cobalt region of Ontario.
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This year it also increased its acreage on the Purcell cobalt prospect in British Columbia and its landholdings surrounding the War Eagle cobalt prospect, also in BC.
Cruz currently has nine cobalt projects located throughout North America, comprising five in Ontario, two in British Columbia, one in Idaho and one in Montana.
Its US projects include the 1,940-acre Chicken Hawk prospect in Montana and the 880-acre Idaho Star prospect.
Cruz shares nudged up 1.37% in Toronto to C$0.37 each.