Phase-3 Drill Program Now Underway on the Solar Lithium Project in Nevada, Directly Bordering American Lithium Corp.
Vancouver, February 10, 2023 - Cruz Battery Metals Corp. (CSE: CRUZ) (OTC Pink: BKTPF) (FSE: A3CWU7) ("Cruz" or the "Company") wishes to announce the Phase-3 drill program is now underway on the 100-percent owned, 8,135-acre Solar Lithium Project in Nevada, directly bordering American Lithium Corp.'s TLC project (See map below). The Company has already received approval from the Bureau of Land Management (BLM) for up to 22 additional holes. To date, every hole drilled on the 'Solar Lithium Project' has discovered lithium, including values as high as 1,300 ppm Li (announced on January 17, 2022).
The 'Solar Lithium Project' directly borders American Lithium Corp.'s TLC project. 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. Cruz Management cautions that past results or discoveries on properties in proximity to Cruz may not necessarily be indicative of the presence of mineralization on the Company's properties.
Jim Nelson, President of Cruz Battery Metals, stated, "We are pleased to now be underway with the phase-3 drill program on the 8,135-acre Solar Lithium Project, directly bordering American Lithium in the Big Smoky Valley of Nevada. Cruz is one of the largest landholders in the Big Smoky Valley. This is our first lithium drill program of 2023, and we anticipate additional phases of drilling within this calendar year. We are encouraged that the previous phase I and II drill programs discovered the presence of lithium in all 6 holes drilled to date. Our direct neighbor, American Lithium Corp., recently announced a substantial increase to their resource estimate along with uplisting to the NASDAQ and they currently have a market cap of approximately one billion dollars. We couldn't be more optimistic about the future of the Solar Lithium Project. Cruz's goal is to locate and provide a new, domestically sourced, battery grade lithium deposit. Cruz is well-funded with more than $3 million in the treasury and lithium demand continues to be at all-time highs. Cruz will now be entering an active drilling cycle, which is generally what would drive corporate growth."
Figure 1: Cruz Ownership Map
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Qualified Person
The technical contents of this release were approved by Frank Bain, PGeo, a qualified person as defined by National Instrument 43-101.
About Cruz Battery Metals Corp.
Cruz currently has several projects located throughout North America. Cruz's Nevada lithium projects consist of the 8,135-acre 'Solar Lithium Project' and the 240-acre 'Clayton Valley Lithium Project'. Cruz's 6,146-acre Hector cobalt project is located in the vicinity of the town of Cobalt, Ontario, which is prospective for cobalt, silver, and diamonds. Cruz's Idaho projects include the 2,211-acre 'Idaho Cobalt Belt Project' and the 80- acre 'Idaho Star Cobalt Project'. Management cautions that past results or discoveries on properties in proximity to Cruz may not necessarily be indicative of the presence of mineralization on the Company's properties.
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"James Nelson"
James Nelson
President, Chief Executive Officer, Secretary and Director
For more information regarding this news release, please contact:
James Nelson, CEO and Director
T: 604-899-9150
Toll free: 1-855-599-9150
E: info@cruzbatterymetals.com
W: www.cruzbatterymetals.com
Twitter: @CruzBattMetals
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