The 100% owned Posse Iron Ore Mine is hosted within Brazil’s world famous Iron Quadrilateral in Minas Gerais state. Posse is located 30km from Belo Horizonte, a city acknowledged as the mining capital of Brazil and the capital of Minas Gerais state. With a population of over 3 million people, the region offers ready access to an experienced mining workforce, contract mine operators, excellent infrastructure (including an international airport) and access to the domestic steel market with approximately 80 pig iron smelters located within less than 180km radius of the project. Sales of direct shipping iron ore (DSO) are made to local smelters from the mine gate allowing for a significant decrease in the cost per tonne of ore.
When mining began in March 2013, Posse contained an Indicated and Inferred Resource of 36 million tonnes at 43.5% Fe with extremely low contaminants and premium lump products. The Resource is composed of metamorphosed banded iron formation (BIF) known as itabirite. A number of rich, massive haematite bodies occur within the Posse itabirite, which comprises both friable and compact varieties, termed IRC (compact, rich itabirite), IPC (compact, low grade itabirite), IRF (friable, rich itabirite) and IPF (friable, low grade itabirite).
The Posse Mine operation is based on the use of bulk open-pit mining methods and a simple beneficiation plant treating up to 1Mtpa of iron ore for a mine life of 6-8 years.
The project has a low strip ratio (0.15:1 in early years – increasing to 0.21:1); free digging (no blasting) and simple crushing and screening of the ore results in very low operating costs.
For the most up to date information on Posse Mine, please go to our
ASX Releases page. All historical announcements can also be found here.
The information provided on this site is of a general nature only. Although it has been prepared in good faith with all due care there can be no guarantee that it will continue to be accurate in the future. No one should act or rely upon the information but should undertake their own independent due diligence or seek appropriate professional advice. To the extent permitted by law Crusader Resources Limited (“Crusader”) excludes all liability from any statement in, or omission from, this report. Nothing in this report should be construed as either an offer to sell or a solicitation of an offer to buy or sell Crusader securities in any jurisdiction.
Competent Person Statement
The information on this website that relates to Juruena Gold Project exploration results, Posse Iron Ore Project exploration results and Borborema Gold Project exploration results released after 1 December 2013, is based on information compiled or reviewed by Mr Robert Smakman who is a full time employee of the company and is a Fellow of the Australasian Institute of Mining and Metallurgy, and has sufficient experience that is relevant to the type of mineralisation and type of deposits under consideration to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Smakman consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information on this website that relates to:
- Borborema Gold Project and Posse Iron Ore Project Exploration Results released prior to 1 December 2013 is based on information compiled or reviewed by Mr Robert Smakman who is a full time employee of the company;
- Borborema Gold Mineral Resources is based on information compiled by Mr Lauritz Barnes and Mr Brett Gossage, independent consultants to the company;
- Borborema Gold Ore Reserves is based on information compiled by Mr Linton Kirk, independent consultant to the company;
- Posse Fe Mineral Resources is based on and accurately reflects, information compiled by Mr Bernardo Viana who is a full time employee of Coffey Mining Pty Ltd,
and who are all Members of the Australasian Institute of Mining and Metallurgy (Rob Smakman and Linton Kirk being Fellows), and who all have sufficient experience that is relevant to the type of mineralisation and type of deposit under consideration, and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Each of Mr Smakman, Mr Lauritz Barnes, Mr Kirk, Mr Viana and Mr Brett Gossage consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.
This information was prepared and disclosed under the JORC Code 2004. It has not been updated since to comply with JORC Code 2012 on the basis that the information has not materially changed since it was last reported.