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Meteoric Resources gains new substantial shareholder in Crusader Resources

The company has recently built a portfolio of highly prospective gold projects in Brazil.

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Meteoric is now focusing on gold in Brazil

Meteoric Resources NL(ASX:MEI) has a new substantial shareholder in Crusader Resources Limited (ASX:CAS) which acquired 50 million follow-on public offer (FPO) shares.

Crusader now holds a 5.62% stake in Meteoric, demonstrating a show of confidence in the WA-based company.

READ: Meteoric Resources completes acquisition of highly prospective gold projects in Brazil

Last week Meteoric successfully completed its acquisition of the highly prospective Juruena and Novo Astro Gold Projects in Brazil from Crusader Resources.

Juruena hosts a JORC-compliant resource of 1.3 million tonnes for 261,000 ounces of gold at 6.3 g/t and has had more than $25 million of expenditure including more than 50,000 metres of drilling.

The Novo Astro project is 25 kilometres southeast of Juruena and contains a massive soil anomaly of more than 15 kilometres with multiple rock chip samples grading more than 10 g/t gold.

READ: Meteoric Resources major shareholder Tolga Kumova increases stake

On May 29 Tolga Kumova increased his shareholding in the company to a 10.61% voting interest after purchasing 18 million shares at 1 cent to increase his overall holding to 88.97 million shares.

Quick facts: Meteoric Resources NL

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ASX:MEI
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Market Cap: $23.57 m
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