Cruz Cobalt Corp (CVE:CUZ) reminded investors of its position as one of the largest landholders in the expanding Cobalt district in Ontario, having added 305 new claims.
The firm currently has nine cobalt projects located throughout North America, with five in Ontario, two in British Columbia, one in Idaho and one in Montana.
"We are very pleased to have added to our holdings in the Cobalt Camp of Ontario," said president James Nelson.
"Cobalt prices continue to show strength and have traded to 10 years highs of over $43 per pound in the past month."
"The supply of ethically mined cobalt outside of the DRC is tight and any new supply would be welcomed by buyers such as all the car companies and cell phone companies," said Nelson.
"The demand for battery metals appears to be at the start of long term super cycle and Cruz has positioned itself early to take advantage of this boom.
"Cruz has a strong cash position and we plan to deploy this cash aggressively and strategically in 2018."
In January, Cruz increased its acreage on the "Purcell Cobalt Prospect" to 11,821 acres from 671 acres, consolidating the previous two separate Purcell prospects into one much larger contiguous prospect.
At the War Eagle cobalt prospect in British Columbia, Cruz now has a 100% interest in 15,219 acres.
In February, the company lifted its acreage in Ontario, with land contiguous to Cruz's "Lorraine Cobalt Prospect", which now consists of 10,556 contiguous acres bordering First Cobalt Corp, near the town of Cobalt.
Shares in Toronto added 5.66% to C$0.28 each.