Crusader's Brazil foray 'company maker'

Crusader's Borborema gold project saw a dramatic resource upgrade to 1.86 million ounces of inferred and indicated gold. That larger resource can meaningfully change the company's outlook — Melbourne geologist Rob Smakman even called it a “company maker” — and it drove a strong share-price reaction from investors.

Following the upgrade, Crusader shares rose about 19% intraday, peaking at $1.30 before closing at $1.19. The move stood out because many other ASX gold stocks fell on the same day.

The Brazilian foray has been led by Melbourne geologist Rob Smakman, who has publicly described the upgraded Borborema project as a potential “company maker.”

Yes. Crusader is continuing exploration and still has results from a further 10,000 metres of drilling to be considered, so the resource estimate could improve in coming months.

Crusader expanded its acreage around Borborema from about 9 square kilometres to more than 1,200 square kilometres within six months. That rapid land acquisition increases exploration upside and the potential to add more resources.

Crusader believes a major open-cut (open-pit) expansion will be required to access the best parts of the deposit. If approved, mine construction is expected to cost more than $100 million.

Crusader indicated a definitive feasibility study could be completed as early as the first quarter of next year, which would provide more detailed technical and financial information for investors.

Yes. The author attended a briefing at Borborema and the travel costs for that visit were covered by Crusader Resources, and this was disclosed in the article.