THE BOURSE WHISPERER: Recent infill drilling carried out by Crusader Resources at its 100 per cent-owned Borborema gold project in Brazil has produced encouraging results.
The best results were achieved from the Central and Southern zones, extending from near-surface, all the way down to the Central Deeps, a vertical depth of 265m.
Source: Company announcement
The drilling program comprised 11 diamond holes for 3,111m and 35 RC holes for 2,805m.
Crusader said all the holes drilled during the program contained significant intersections in terms of width and grade.
Best intercepts from the recent drilling include:
– 17 metres at 5.24 grams per tonne gold from 64 metre, including 4 metres at 17.75 grams per tonne gold;
– 15m at 4.91g/t gold from 190m, including 3m at 14.86g/t gold; and
– 22m at 3.15g/t gold from 104m.
“We have received some excellent results recently with thick, relatively high-grade intercepts from near surface holes, right the way down to intercepts at 265 metres vertical depth, which is really exciting,” Crusader Resources managing director Rob Smakman said in the company’s announcement to the Australian Securities Exchange.
“Especially encouraging is that all of the holes had significant intersections, which shows that the infill drilling is confirming our current interpretation of the mineralisation.
“Importantly, this increase in our level of confidence in the mineralisation should convert all of our in-pit Resources to Indicated Resources or better, providing a great foundation for the Bankable Feasibility Study of the Borborema project.”
The objective behind the infill drilling programs Crusader currently has underway is to convert the in-pit Mineral Resources to Indicated Resources or better.
The company believes this level of confidence is required for the upcoming Bankable Feasibility Study (BFS) at Borborema.
The company has accelerated drilling activities in order to meet the projected BFS time-table.
It now has four diamond drill rigs currently operating around the clock and a fifth diamond rig on the way with two RC drill rigs drilling on single shift.
The JORC-compliant Mineral Resources Estimate of the Borborema project currently stands at 68 million tonnes at 1.06 grams per tonne for 2.31 million ounces of gold.