March 10, 2023 – Cruz Battery Metals Corp. (CSE: CRUZ) (OTC Pink: BKTPF) (FSE: A3CWU7 (“Cruz” or the “Company”) wishes to announce that 198 samples from the phase-3 drill program have been received for assaying by ALS labs in Reno, Nevada. The drill results are estimated to be received in four to six weeks. The phase-3 drill program was comprised of four core holes on the 100-percent owned, 8,135-acre Solar Lithium Project in Nevada, directly bordering American Lithium Corp.’s (AMLI – Nasdaq, LI – TSX.v) TLC project (See map below).
Frank Bain, the on-site PGeo and a director of Cruz Battery Metals stated, “The four completed core drill holes all intersected potential lithium bearing clays with one hole intersecting more than 500 feet of green and black clays, shales and siltstone of the Siebert Formation. The Siebert Formation is the same host rock for the lithium mineralization found on the Solar Lithium Project and on American Lithium Corp.’s TLC discovery that is adjacent to Cruz Battery Metals.”
The ‘Solar Lithium Project’ directly borders American Lithium Corp.’s (AMLI – Nasdaq, LI – TSX.v) 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. On February 28, 2023, American Battery Technology Co. (ABML – OTCQX) announced “One of the Largest Known Lithium Deposits in US Identified at American Battery Technology Company Tonopah Flats Property”, with a third-party audited analysis estimated inferred resource of 15.8 million tons of lithium carbonate equivalent. American Battery Technology’s Tonopah Flats property is located directly to the Southwest of Cruz’s Solar Lithium Project in the Big Smoky Valley of Nevada (see map). 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 look forward to receiving the drill results of our phase-3 drill program and we are encouraged by the fact that we have intersected the targeted potential lithium bearing clays on every drill hole, including a drill hole that intersected more than 500 feet of potential lithium bearing clay. This was our first lithium drill program of 2023, and we anticipate at least 2 additional phases of drilling on the 8,135-acre Solar Lithium Project within this calendar year. The phase I and II drill programs discovered the presence of lithium in all holes drilled to date. Cruz is well-funded to complete all planned drilling this year and we anticipate generating our maiden resource estimate in 2023. We are one of the largest landholders in the Big Smoky Valley of Nevada, directly bordering American Lithium who recently announced a substantial increase to their resource estimate along with uplisting to the NASDAQ and they currently have a market cap of approximately 800 million dollars. Cruz’s goal is to locate and provide a new, domestically sourced, battery grade lithium deposit. We couldn’t be more optimistic about the future of the Solar Lithium Project.”
Figure 1: Cruz Ownership Map
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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Cruz Battery Metals Corp.
President, Chief Executive Officer, Secretary and Director
For more information regarding this news release, please contact:
James Nelson, CEO and Director
Toll free: 1-855-599-9150
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