Cruz Battery Metals Corp (OTCMKTS:BKTPF) Stock Surges 20% On Unusual Volume

Shares of Cruz Battery Metals Corp (OTCMKTS:BKTPF) closed sharply higher after announcing key updates.

Market Stats

On Monday, BKTPF stock moved up 19.63% at $0.1548 with more than 822.38K shares, compared to its average volume of 148.40K shares. The stock has moved within a range of $0.1307 – 0.1589 after opening the trade at $0.1345.

Secures Drill Permit for the ‘Solar Lithium Project’ in Nevada

Cruz Battery Metals Corp on November 1, 2021 announced securing drill permit from the Bureau of Land Management for Solar Lithium Project in Nevada.

The company Solar Project is on the border of American Lithium Corp TLC project. As per the Stantec report, the Tonopah Lithium Claims has about 5.37 Mt (million tonnes) Lithium Carbonate Equivalent along with 1.76 Mt LCE.

The results from the company’s recent sampling program included values such as 1,610 parts per million lithium and the firm is planning to drill the project harnessing the information. Lithium prices have reached all-time highs and investor interest in Nevada’s lithium stocks is strong.

However, the company management cautions that past discoveries may not be indicative of the presence of minerals of the company’s properties.

Jim Nelson, President of Cruz said that the company is excited on receiving the drill permit and expects the drilling to start soon. Nelson added that the company uncovered significant surface samples going up to 1,610 ppm Li on the property.

The President further opined that the drilling close to American Lithium Corp’s TLC project has surged to 600 million and the firm’s management is positive about the indications from the drill results.  Cruz has a number of projects across North America including five in Ontario, four in British Columbia, two in Idaho and two in Nevada.

Key Quote

Jim Nelson, President of Cruz states, “We are very pleased to have received this drill permit. We expect the drilling to commence shortly and with drillers being extremely difficult to secure, there will be a significant investor focus on Cruz, as we commence this drill program. Cruz uncovered substantial surface sample numbers as high as 1,610 ppm Li on this property. Considering we will be drilling right near the border to American Lithium Corp’s TLC project whose market cap has soared to over 600 million, Cruz’s management is very optimistic about what the drill results will indicate. The next few weeks will be very exciting and transformative for Cruz Battery Metals.”

Traders Corner

BKTPF stock is trading above the 20-Day and 50-Day Moving averages of $0.11 and $0.09 respectively. Moreover, the stock is trading above 200-Day moving average of $0.09. The stock is up 72% in the past month.