Crusader Resources Limited (ASX: CAS) – $0.230 (-2%)
28 Jan 2015
Crusader Resources Limited (ASX: CAS) will significantly advance its two 100% owned Juruena and Borborema Gold Projects in Brazil.
Reverse circulation drilling is currently underway at the Juruena Gold Project targeting high grade gold from near surface mineralisation (Figure 1). A second drill rig (diamond) is now mobilising to the site. A total of 8,000 metres of drilling is planned with 2,627 metres completed. The program is designed to test four high priority targets with the potential to define near surface, high grade mineral resources suitable for fast tracking into gold production.
The company anticipates drilling to be completed in February 2015.
Figure 1. Reverse circulation drilling at the Juruena Gold Project
The company is updating the proposed Borborema development model using improved commodity price, weakening local currency against the USD and lower fuel costs resulting in significant reductions in both capital and operating costs.
The company recently completed 1,200 metres of drilling at Borborema. Highlights include:
- 16 metres at 5.17g/t Au from 158 metres
- 22 metres at 3.82g/t Au from 57 metres
- 7 metres at 6.84g/t Au from 171 metres
A testwork program for the Feasibility Study at Borborema is underway with a project planned around the shallower lens and a reduced strip ratio of 40% at 4:1, lower capital and operating costs and lower overall financial risk.
For further information, visit www.crusaderresources.com
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