Drilling at Crusader Resources’ 100% owned Borborema gold project in Brazil has extended gold mineralisation to 3,350 metres along strike and at depth.
Crusader has completed 22,000m of a planned 25,000m program and has said it is now confident it will be able to significantly expand the current Indicated and Inferred Mineral Resource estimate of 15.39 million tonnes at 1.70 grams per tonne gold for 839,000 ounces.
The company expects an updated Mineral Resource estimate will be completed in the current quarter.
The latest drilling results include three RC holes which were drilled to define the end of the mineralised structure.
According to the company mineralisation encountered in these holes indicates the structure remains open along strike.
In the SW Zone, one RC drill-hole returned 2m at 0.66g/t gold from 84m and 1m at 1.19 g/t gold from 126m. A second drill-hole returned 1m at 2.33g/t gold from 43m.
These results were followed-up by further RC drilling, this time a further 250m to the SW. The results of this raft of drilling are still pending at this stage.
A further program of drilling at similar spacing, this time to the north east, is also planned.
“These results show that Borborema is turning into a very significant project for Crusader,” Crusader Resources managing director, Rob Smakman, said in a market release.
“The strong gold intercepts which have extended the strike length of the mineralisation and the depth are very promising for a substantial expansion of our resources and ultimately for the potential development of a gold mine with significant production.
“The updated Mineral Resource will be ready in a few weeks; we are really looking forward to seeing the update, as it will form a very important part of the planned pre-feasibility study.”
Crusader is planning to update the Borborema Mineral Resource estimate during the current quarter, which will form input for a proposed pre-feasibility study into the viability of Borborema as a +100,000oz per annum gold producer.
The news from Borborema comes on the heels of successful drilling of the parallel Remora geochemical anomaly in the first quarter of 2011.
Since the completion of this drilling Crusader field staff have been clearing lines for future drilling and sampling selected areas in order to better define potential prospects.
“Over 20 kilometres of lines have been cleared and sampling on a 100 metre by 25 metre grid is underway,” According to the company announcement.
“These results will be interpreted and, pending success will be drilled during the current quarter.”