Crusader intercepts massive hematite reserves at Brazil's Posse iron ore project

Wednesday, July 17, 2013

Australia-based Crusader Resources (ASX: CAS) has revealed new assays from its wholly owned 36Mt Posse iron ore project in Brazil, the company said in a statement.

The company intercepted broad itabirite zones with exceptionally high-grade, near surface hematite lenses, grading 137m at 45.2% iron from surface, including 14m at 66.4% iron; and 120m at 45.3% iron from surface, including 28m at 61.4% iron.

"The project's friable itabirite comprises the bulk of the current mineral resource estimate and will be the principal ore to feed the planned stage 2 beneficiation plant, after being upgraded into high-grade sinter and pellet feed products, both readily saleable into the local market," the statement said.

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The Posse iron project is located 30km from Minas Gerais capital Belo Horizonte. Crusader acquired Posse in September 2007.