Have been watching Crusader Holdings. Had already a huge run when I first came across it so I was waiting in the wings. Not many shares available before suspension. Has now requested suspension from official quotation pending company annoucement.
Recent announcement for their Iron Ore project in Brazil.
Posse and will form the main target of the drilling. To date, the itabirite has been mapped over a strike length of over 750 metres with the width varying between 50 and 200m. The sampling of the itabirite displayed a large variation in Fe grade- with values ranging from 39.9% to 68.8% Fe. Moderate to high associated silica appears to be present in the form of free quartz. The key to the economics of the itabirite will be the ease with which the silica can be liberated to form a high-grade fines concentrate. This
procedure (by various different methods) is common within most itabirite mines in the Iron Quadrilateral.
Crusader has recently awarded the drilling contract and it is set to commence with 2 rigs expected to arrive on site this Monday the 16th of July. A third rig will follow a week to 10 days later which will complete the expected program of 1,000 metres of diamond drilling in about 40days. Site works have started in preparation for the drilling. Crusader will be able to drill only where previous earth works have taken place. An application for an environmental license allowing unrestricted access is underway,
however, it is not known if this license will be granted before the due diligence deadline. Nevertheless, the planned drilling will enable Crusader to test the most important targets of the project.
The Posse project is located 30km from Belo Horizonte, the capital city of Minas Gerais state. A national highway runs through the tenement and there is ready access to power and water. Belo Horizonte is a major city providing infrastructure to the well established mining industry in the area.
There are several large and smaller steel mills in the region, which have the potential to offer the project different options for the sale of ore. Crusader believes there is a ready market for all types of product identified so far from the Posse Iron ore project. Crusader is looking to appoint an independent specialist to assess various treatment and downstream options available in the area.
The Iron Quadrilateral is Brazil’s most important iron ore area, with host to many iron and gold mines. CVRD (a world class Brazilian mining company) mined 182 million tonnes of iron in 2006 from five separate mines in the Iron Quadrilateral. Brazil is the second largest producer of iron ore in the world and has the largest reserve base- being in excess of 61 billion tonnes.
Looking at their anoucements they also have interest in gold, uranium, tin etc. Recent press article from the age, business day 25th June, 2007
ANDREW Forrest has made his billions by moving into the Pilbara backyards of BHP Billion and Rio Tinto with big-time iron ore ambitions of his own.
Crusader Holdings is not in the same league as Forrest's Fortescue but there is no doubt it is winning over some fans for its move into the backyard of the world's biggest iron ore producer, Brazil's Companhia Vale do Rio Doce (CVRD).
Previously covered in Garimpeiro for the Brazilian gold ambitions of its chief executive, Rob Smakman, the tightly held Crusader has picked up an option over an iron ore prospect in Brazil's famed "Iron Quadrilateral", which contains dozens of iron ore mines.
The option is over the Posse Iron prospect in the northern part of the quadrilateral. High-grade hematite ore at the prospect was recently uncovered during upgrade work on a local highway.
Smakman, who is based in Brazil, jumped on the opportunity when the exposed mineralisation was shown to be hosted within a typical banded iron formation (locally known as itabirite).
He told the Australian Stock Exchange that the itabirite appeared to be the same as the other major mines from the area. Limited sampling by the vendors included results of more than 61 per cent iron.
A fast-tracked due diligence program is now under way, with geologists on site mapping and sampling in preparation for drilling. Posse lies 30 kilometres from Belo Horizonte, the capital city of Minas Gerais, and a hematite-finding highway runs through the tenement. So there will be no hardship payments to the exploration crew.
Should it shape up, Crusader will pay the vendors a total of $3.4 million ”” a small amount given the leverage the deposit could deliver.