Annual Report to Shareholders 2015
Perth, April 20, 2016 AEST (ABN Newswire) - The Directors of Crusader Resources Limited (
ASX:CAS) and its controlled entities ("the consolidated entity" or "the Group") submit herewith the annual financial report of the Group for the year ended 31 December 2015 ("the period").
Operating and Financial Review
2015 was an eventful year for Crusader in what could be considered a tumultuous market for most minerals. Significant progress was made on the exciting and high-grade Juruena Gold Project, with 10,000m of drilling completed which led to three maiden resource estimates. The Posse Iron Ore Mine continued to operate, despite difficult and significant headwinds and maintained profitability.
Highlights for the 2015 year include:
Juruena Gold
- Maiden JORC compliant mineral resource estimates calculated for three prospects at the Juruena Gold Project. Total inventory exceeds 230,000 ounces of gold at 5.6 g/t Au, comprised of;
-- 263,500t @ 12.3 g/t for 104,100oz Au at Querosene
-- 196,300t @ 11.8 g/t for 74,700oz Au at Dona Maria and
-- 846,450t @ 2.0 g/t for 55,100oz Au at Crentes
- Metallurgical testwork for both Querosene and Dona Maria returned excellent (>90%) recoveries using conventional processing.
- Juruena Scoping Study initiated, considering underground development at Querosene and Dona Maria prospects and processing through a central facility. Results due in early 2016.
Posse Iron
- Posse maintained profitability with continued cost discipline and superior local product.
- Key access agreement signed at Posse allowing access to all hematite and itabirite within our lease Borborema Gold
- Continued optimisation of the project scope as well as improving market conditions, will improve the potential fundability of Borborema
Corporate
- $1.3m capital raising completed in December
- Administration and management costs cut across the group.
To view full Annual Report, please visit:
http://abnnewswire.net/lnk/5C83ULQN
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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