Major Drilling Campaign Begins at Juruena Project
Perth, Mar 16, 2016 AEST (ABN Newswire) - Brazil-focused gold development company Crusader Resources (
ASX:CAS) (CHLXF:OTCMKTS) is pleased to advise that following the successful raising of A$6.25m (see ASX releases on 2 and 9 March 2016), the Company has initiated a diamond drilling program at its 100% owned high-grade Juruena Gold Project.
Highlights
- 6,000m diamond drilling program commencing at Juruena Project, initially targeting Querosene and Dona Maria prospects
- Aim of the drilling program is to:
-- convert Inferred resources to the Indicated category;
-- build on the overall size of Juruena's gold resource which currently stands at:
1.3Mt @ 5.6g/t for 234koz Au
- Crusader has appointed GTR Brasil to undertake drilling program, who are currently mobilising two modern drillrigs to site
The resource-infill and expansion program will comprise a minimum of 50 holes for approximately 6,000m over a period of up to 90 days. The Company expects to convert a high percentage of the current Inferred resources at Dona Maria and Querosene to the Indicated category as well as seek to expand the size of the overall gold resources at Juruena.
The drill program will initially target the Querosene and Dona Maria prospects, which are both open at depth and along strike. Also planned are initial holes at several new targets, including Tomate, Mauro and Uiliam.
Commenting on the drill program, Crusader Resources' Managing Director Rob Smakman said; "Our recent successful capital raising allows Crusader to get back on the ground and continue on from previous high-grade results at both the Querosene and Dona Maria prospects."
"Our aim is to convert resources from Inferred to Indicated as well as expand the size of the resource at these prospects."
"I look forward to updating shareholders over the next few of months as the results from this drilling program become available."
In September last year, Crusader announced a JORC-compliant maiden Resource Estimate for three prospects at Juruena (Dona Maria, Querosene and Crentes prospects) of 1.3Mt @ 5.6 g/t for 234koz Au (see ASX release on 29 September 2015).
The Juruena Project (> 400km2 of contiguous tenements) is located in Central Brazil on the southern fringe of the Amazon Basin. Situated on the western end of the prospective Juruena-Alta Floresta gold belt (estimated to have produced ~7Moz Au), Juruena has been explored extensively by artisanal miners since the 1980's, producing an estimated 500koz of gold.
Drill contractors GRK Brasil (a subsidiary of UTZM see; www.utzm.com) have been commissioned by Crusader to undertake the drilling program at Juruena.
Querosene Prospect
The Querosene prospect is located on the eastern end of the Juruena Project area and was the first prospect targeted in the Crusader 2015 drilling program, due to consistent high-grade drilling results from previous explorers.
Results from Crusader's 2015 drill campaign confirmed and expanded on these results (including 2m @ 32.97 g/t gold from 84m in hole QR-20 and 3m @ 26.35 g/t gold from 73m in hole QR-03) and their continuity has allowed independent consultants to estimate a JORC compliant mineral resource of 263,500t at 12.3 g/t for 104,100oz Au.
Results for metallurgical testing on samples from the Querosene prospect indicate recoveries of > 90% for both gold and silver using standard leaching (see ASX release 1 July 2015). Results also indicate the gold and silver are free milling and well distributed within the ore.
Dona Maria Prospect
Dona Maria is located adjacent to the Crentes prospect, approximately 1 kilometre along the Juruena fault zone from Querosene. Mineralisation at Dona Maria appears to 'splay away' from the main Crentes trend (WNW) toward the NNW. There is a broad, relatively shallow garimpo working over the mineralised trend and historical intercepts indicate both very high-grade narrower intercepts and broad, moderate grade disseminated intervals.
Results from Crusader's 2015 drill campaign have confirmed there are very high grade zones within the Dona Maria prospect with results including; 12m @ 35.13 g/t Au from 99m in MR-10, including 4m @ 75.07 g/t Au from 99m and 3.38m @ 47.97 g/t Au from 183.62m in MD-01, including 1.87m @ 84.50 g/t Au from 183.62m. Results from drilling have allowed independent consultants to estimate a JORC compliant mineral resource of 196,300t @ 11.8 g/t for 74,700oz Au.
About Crusader Resources Limited
Crusader Resources Limited (ASX:CAS) is a minerals company focussed on the identification, acquisition, development and operation of projects in Brazil. Crusader believes that Brazil is a vastly underexplored country with high potential for the discovery of world class mineral deposits. The company has already acquired a diverse portfolio of projects including gold, iron ore, tin, tungsten and uranium and continues to utilise its strong networks in Brazil to identify new opportunities.
Crusader is characterised by a tight corporate structure and features an experienced board of directors who are strongly focussed on the success of the company.
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