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