Sacre-Coeur completes conversion to hyraulic mining
Ticker Symbol: C:SCM
Sacre-Coeur completes conversion to hyraulic mining
Sacre-Coeur Minerals Ltd (C:SCM)
Shares Issued 29,983,527
Last Close 6/2/2010 $0.72
Thursday June 03 2010 - News Release
Mr. Gregory Sparks reports
SACRE-COEUR MINERALS COMPLETES CONVERSION TO HYDRAULIC MINING OF ALLUVIAL ZONE AND RECOMMENCES PRODUCTION
Sacre-Coeur Minerals Ltd. has completed its conversion to hydraulic mining (using high-pressure water jets) as well as other mining and processing improvements for the alluvial area 2 at its Million Mountain project in Guyana. Implementation of hydraulic mining of the alluvial zone was completed and successfully tested in late May 2010. Initial observations confirm that the revised method of extraction of the alluvial zone results in greatly improved extraction of the alluvial material at the bedrock interface which contains much of the coarse component of alluvial gold.
As previously announced, stripping of overburden will continue utilizing heavy equipment, including excavators and bulldozers while extraction of the alluvial zone will be accomplished utilizing high pressure water jets to "wash" the gold-bearing sands and gravels to gravel pumps for transport to the processing plant. The conversion in extraction methodology has achieved the dual goals of 1) improving recovery of gold at the alluvial/bedrock interface and 2) reduction in reliance on heavy equipment for mining of the alluvial zone, and its attendant cost.
With production capacity now at the target rate, and with a cost effective method to ensure thorough mining extraction of the alluvial gold values, gold production will be maximized through on-going fine tuning of the processing plant over the course of the next two to three months. Production results will be periodically reported hence forth as meaningful quantities of alluvial material are processed and gold production there from is recorded.
We are very pleased that this conversion has been completed for well under the estimated maximum cost of CAD $200,000 and look forward to the benefits aimed at making the Company potentially completely cash self-sufficient as it continues to pursue its principal goal of developing major hard-rock gold resources in Guyana. Achievement of this milestone, together with the recently announced positive results of the Company's step-out drilling program on its Million Mountain Zone 1 resource body sustain our enthusiasm for the Company's growth potential.
Technical Staff
The Company's mining and exploration program is overseen by Mr. A. David Heyl, P. Geo., Director Mining and Exploration for the Company. The refinery is managed by Mr. Ardito Martohardjono, Refinery Manager. Exploration is directed by Mr. Henry Salvado, Chief Geologist - Puruni District. The alluvial exploration program is headed by Mr. Roan Dabuet, assisted by Mr. Johnson Poshiwa, both Senior Project Geologists with many years of alluvial gold experience. Mr. Ardito Martohardjono, a Director of the Company, Refinery Manager, and laboratory specialist, provides assistance establishing lab protocols and sample handling and assay quality control. The undersigned, Mr. Heyl, and Mr. Salvado are qualified persons under NI 43-101.
Sacre-Coeur drills 68.65 m of 0.94 g/t Au at Million
Ticker Symbol: C:SCM
Sacre-Coeur drills 68.65 m of 0.94 g/t Au at Million
Sacre-Coeur Minerals Ltd (C:SCM)
Shares Issued 29,983,527
Last Close 6/15/2010 $0.70
Wednesday June 16 2010 - News Release
Mr. Gregory Sparks reports
SACRE-COEUR REPORTS FURTHER STEPOUT DRILLING RESULTS FOR ZONE 1 HARD-ROCK DEPOSIT AT MILLION MOUNTAIN PROJECT IN GUYANA: 68.65 M @ 0.94 G/T AU
Sacre-Coeur Minerals Ltd. has released further results from its current drilling program aimed at expanding the zone 1 resource on its Million Mountain property, located in Guyana. Drill hole MM17610 returned 68.65 meters grading 0.94 g/t Au, which includes 1.0 meter grading 9.18 g/t Au, 1.0 meter grading 6.30 g/t Au, and 1 meter grading 7.26 g/t Au. Though discontinuous, five other narrow zones grading over 2.0 g/t Au were encountered, including 0.47 meters grading 13.44 g/t Au, and 0.53 meters grading 8.62 g/t Au along with numerous narrow zones grading greater than 0.5 g/t Au in the 462.7 meter hole.
In September 2008, the Company reported an NI 43-101 compliant interim resource estimate which revealed Measured Resources of 12,119,285 tonnes grading 1.0 g/t Au and Indicated Resources of 2,175,278 tons grading 0.9 g/t Au. Total contained gold is 451,397 tr oz Au (388,456 tr oz Au Measured and 62,941 tr oz Au Indicated). Following this initial resource development effort, drilling was temporarily diverted toward scout drilling multiple preliminary targets which had been developed along the 20km Million Mountain trend on the Company's Lower Puruni Block in order to identify and prioritize additional key zones along the trend for further target refinement prior to commissioning resource drilling on these additional zones. The scout drilling work was completed at year end 2009. Commencing in early 2010, drilling was again focused on Million Mountain Zone 1 to continue expansion of the Zone 1 resource.
The current phase of resource expansion drilling has included slightly more than 4,660 meters drilled to date in nine holes. Results of the first seven of these were reported in May 2010. The goal of this phase of drilling is to better understand the plumbing of the mineralizing system, to identify key structural controls both pre and post mineralization, and to develop drilling data for expansion of the NI 43-101 compliant resource. This phase of drilling is testing for continuation of the mineralized body to the North, East, South, and at greater depth than the original resource drilling.
A table of selected drilling results from the current program is presented overleaf, followed by a table of drill hole survey data.
DRILL HOLE SURVEY DATA
-----------------------------------------------------------------------
Hole ID East North Elevation Total Depth Azimuth Dip
(m) (m) (m) (m)
-----------------------------------------------------------------------
MM17610 240936.2 697093.6 91.7 462.7 105 -58
-----------------------------------------------------------------------
MM17710 240994.8 696826.2 84.7 204 284 -57
-----------------------------------------------------------------------
All drill holes in this program, though in some instances collared near holes included in the existing resource model, were drilled with azimuths and dips to target untested potential extensions of the current resource body to the North, East, South, and at greater depth than the original phase of resource drilling.
Zone 1 step out drilling continues to add positive intercepts which will further add to the resource estimate for Zone 1 at next update. Advances in Zone 1 hard-rock resource development as well as the recent successful conversion to hydraulic mining of nearby alluvial material are significant advances for the Company.
Technical Staff
The Company's mining and exploration program is overseen by Mr. A. David Heyl, P. Geo., Director Mining and Exploration for the Company. Exploration is directed by Mr. Henry Salvado, Chief Geologist. The Mr. Henry is assisted on the hard-rock exploration program by Mr. Wilmar Ladia, and by Mr. Bjorn Jeune, both Senior Project Geologists with many years gold experience. Mr. Ardito Martohardjono is a Director of the Company, and a laboratory specialist who provides assistance establishing lab protocols, sample handling procedures, and assay quality control. The undersigned, Mr. Heyl, and Mr. Salvado are qualified persons under NI 43-101.
Sacre-Coeur Minerals begins surveys at Million Mountain
Ticker Symbol: C:SCM
Sacre-Coeur Minerals begins surveys at Million Mountain
Sacre-Coeur Minerals Ltd (C:SCM)
Shares Issued 29,983,527
Last Close 7/12/2010 $0.69
Tuesday July 13 2010 - News Release
Mr. Gregory Sparks reports
GROUND GEOPHYSICS SURVEYS NOW UNDERWAY AT SACRE-COEUR'S MILLION MOUNTAIN PROJECT IN GUYANA
Sacre-Coeur Minerals Ltd. has initiated geophysical survey programs that will cover portions of zone 1 and zone 9 of its Million Mountain gold project, located in north-central Guyana. These programs are aimed at expanding high probability drill targets and enhancing currently identified drill targets on both Million Mountain Zones 1 and 9. The geophysical programs each have two field phases, including an initial ground magnetics survey followed by a direct current/induced polarization (DC/IP) resistivity survey.
The ground magnetics surveys are being completed by the Company's technical staff on 25 meter by 100 meter grid spacing. The DC/IP resisistivity surveys will be performed by TRX Consulting C.A., a Caracas based geophysical contractor with over 20 years experience in the Guyana Shield gold belt. A Dipole-Dipole 50m spacing array configuration is planned. The contractor will provide in-field QC along with post survey advanced processing and quantitative interpretation. Data will be presented in the form of vertical and horizontal sections. All output will be rendered in a format compatible with the Company's GIS system.
Zone 9 is located 20 km WSW of Zone 1 on the Million Mountain structural trend. It was originally discovered in the 1980's by small miners who developed numerous, shallow, underground and surface workings to exploit quartz veins hosted in Lower Proterozoic greenstones and various types of elluvial and alluvial deposits. In addition to the auriferous quartz veins, gold mineralization has been found in the silicified host rocks and potentially in zones of conjugate quartz veining found near intrusive granitic stock contacts, which may have acted as the focusing mechanism for the mineralizing fluids conducted by E-W quartz veins. As reported previously, in 2009 the Company conducted a limited, shallow, test drilling program on Zone 9. Several holes intercepted gold mineralization in quartz veins, the best result being an intercept containing gold mineralization of 4.0 g/t Au over 13.6 meters apparent width, which included 0.55 meters containing 84.26 g/t Au.
The Zone 9 ground magnetics program covers an area of 1000 meters North - South by 3000 meters East - West. Lines are surveyed at 25 meter intervals with line spacing of 100 meters. Field work for the ground magnetics program on Zone 9 has been completed and the data is being processed and analyzed. The DC/IP resistivity survey is planned to start on Zone 9 in mid-July and will cover a similar area with approximately 20.8 line km surveyed.
Zone 1, upon which, based on an interim estimate, the Company has reported an NI 43-101 compliant resource of 451K oz Au at an average grade of 1.0 grams Au/T (Measured Resources of 12,119,285 tonnes grading 1.0 g/t Au and Indicated Resources of 2,175,278 tons grading 0.9 g/t Au) is hosted in Lower Proterozoic greenstones with several types of intrusions. The resource is located on a major ENE lineament at the intersection of N-S and NW-SE cross structures. Mineralization consists of pervasive quartz veinlets with carbonates and associated disseminated pyrite where hydrothermal breccias are usually found in the higher grade portions of the mineralized bodies. It is believed that the geophysical survey work will readily identify similar zones of potential gold deposition.
The Zone 1 ground magnetics program covers an area of 3.7 sq km extending partially into Zone 5, with similar line and station spacing to that of Zone 9. Lines are oriented in a NW-SE direction which is perpendicular to the main structure. The ground magnetics program is planned to start in late July, followed by the DC/IP resistivity survey work in early August. This survey will use a pole - dipole array designed for penetration to greater depths as the potential target sizes are large and will include approximately 21 line km surveyed.
All the field survey work is planned to be finished for both phases on both zones by late August, with the data processing and analysis complete by the end of September 2010. In the mean time, core drilling on both zones will continue to investigate existing targets generated by other exploration work. Results of this drilling will be reported as assay results become available and the data is analyzed.
Technical Staff
The Company's mining and exploration program is overseen by Mr. A. David Heyl, P. Geo., Director Mining and Exploration for the Company. Exploration is directed by Mr. Henry Salvado, Chief Geologist. Mr. Salvado is assisted on the hard-rock exploration program by Mr. Wilmar Ladia, and by Mr. Bjorn Jeune, both Senior Project Geologists with many years gold experience. Mr. Ardito Martohardjono is a Director of the Company, and a laboratory specialist who provides assistance establishing lab protocols, sample handling procedures, and assay quality control. The undersigned, Mr. Heyl, and Mr. Salvado are qualified persons under NI 43-101.
Sacre-Coeur grants options to buy 125,000 shares
Ticker Symbol: C:SCM
Sacre-Coeur grants options to buy 125,000 shares
Sacre-Coeur Minerals Ltd (C:SCM)
Shares Issued 29,983,527
Last Close 7/20/2010 $0.66
Wednesday July 21 2010 - Options Proposed
Mr. Irwin Olian reports
SACRE-COUER MINERALS, LTD. GRANTS STOCK OPTIONS
Sacre-Coeur Minerals Ltd. has granted incentive options, subject to any necessary regulatory approvals, to purchase up to an aggregate of 125,000 shares of its common stock. The options are exercisable for a term of three years at a price of 70 cents per share and include an incentive option to purchase 75,000 shares granted to Dr. Edward A. Schiller, director, and an incentive options to purchase 50,000 shares granted to Scott Young, the company's corporate communication representative with respect to Canada. These options are being granted to replace options that recently expired or are being exercised.
Sacre-Coeur Commences Next Phase of Drilling on Million Mountain Zone 9
Aug. 13, 2010 (Business Wire) -- SACRE-COEUR MINERALS, LTD. (the “Company”) today provided further updates on its exploration program on Zone 9 located on the 20km Million Mountain Structural Trend within the Company’s Lower Puruni Block of concessions located in North-central Guyana. As reported in the PR issued last month, ground geophysics, including magnetics and induced polarization had been initiated on Million Mountain Zone 9. The planned start of more trench sampling and core drilling of targets previously identified on the zone was also noted in the same PR.
Trenching and drilling of these targets focused on the contact between a granitic intrusive body and the greenstone country rock, as well as on known vein targets has now begun. Trenching to date has exposed numerous new mineralized veins apparently crossing the granite-greenstone interface. Though assay results from most of the program are still pending, two notable results from a vein hosted in the granitic body returned 41.2 g/t Au over a 50 cm channel sample perpendicular to the dip of the vein, and 69.4 g/t Au from a 1 m panel sample taken down the dip of the vein. These assays were determined by fire assay at Acme Analytical at their Santiago, Chile lab.
To date six shallow (less than 200m) inclined holes have been completed in the contact area and in a nearby area of very small scale, shallow, historic underground mining worked by artisanal miners. While no assays have yet been received from this phase of core drilling, mineralized quartz veining with visible gold has been encountered, as well as sheared and silicified breccias. Though no conclusion can be reached from these empirical observations, the Company is encouraged by the nature and persistence of mineralized veining as well as the existence of the silicified breccias.
Drilling is expected to be on-going at Million Mountain Zone 9 for the next several months to test existing targets as well as those developed by the ground geophysical programs also currently underway. Drilling results in logical information sets will be reported periodically as assays are returned and analyzed.
Zone 9 is located 20 km WSW of Zone 1 on the Million Mountain structural trend. It was originally discovered in the 1980’s by small miners who developed numerous, shallow, underground and surface workings to exploit quartz veins hosted in Lower Proterozoic greenstones and various types of elluvial and alluvial deposits. In addition to the auriferous quartz veins, gold mineralization has been found in the silicified host rocks and potentially in zones of conjugate quartz veining found near intrusive granitic stock contacts, which may have acted as the focusing mechanism for the mineralizing fluids conducted by E-W quartz veins. As reported previously, in 2009 the Company conducted a limited, shallow, test drilling program on Zone 9. Several holes intercepted gold mineralization in quartz veins, the best result being an intercept containing gold mineralization of 4.0 g/t Au over 13.6 meters apparent width, which included 0.55 meters containing 84.26 g/t Au.
Technical Staff
The Company’s mining and exploration program is overseen by Mr. A. David Heyl, P. Geo., Director Mining and Exploration for the Company, under the overall supervision of Mr. Gregory B. Sparks, P. Eng., President and CEO. Exploration is directed by Mr. Henry Salvado, Chief Geologist. Mr. Salvado is assisted on the hard-rock exploration program by Mr. Wilmar Ladia, and by Mr. Bjorn Jeune, both Senior Project Geologists with many years gold experience. Mr. Ardito Martohardjono is a Director of the Company, and a laboratory specialist who provides assistance establishing lab protocols, sample handling procedures, and assay quality control. The undersigned, Mr. Heyl, and Mr. Salvado are qualified persons under NI 43-101.
About Sacre-Coeur
The Company is engaged in the acquisition, exploration and development of properties for the potential mining of gold, metals and diamonds in South America, initially focussing on exploration for gold on its properties in Guyana. The Company presently has an interest in approximately 1000 sq. km of mineral properties in Guyana, including the Million Mountain Property. The Company has offices in Vancouver, Canada and Georgetown, Guyana. More information about the Company is available at .
ON BEHALF OF THE BOARD OF DIRECTORS OF
SACRE-COEUR MINERALS, LTD.
“Gregory B. Sparks”
Gregory B. Sparks
President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company’s expectations. There is no guarantee that the tenor or continuity of the resource target discussed herein will ultimately prove to be as delineated in the Company’s sampling program, nor that the yields obtained by production scale gravity extraction will be comparable to the yields produced in the sampling program
Sacre-Coeur Minerals in Negotiations Regarding its Acquisition
Sep. 8, 2010 (Filing Services Canada) -- Sacre-Coeur Minerals Ltd. (SCM - TSX Venture, S5N - FWB), (the "Company") is pleased to announce that it has received a written non-binding proposal for the acquisition of the Company by a large international mining entity. The proposed terms are now in negotiation, but would involve the purchase of all of the outstanding common shares of the Company at a premium to the current market price. The transaction would be in the form of a Plan of Arrangement and would be subject to customary conditions, including a due diligence review. The Board of Directors of the Company has authorized the negotiation and preparation of formal documentation in respect of the proposed transaction.
Further details of the proposed transaction will be released as soon as available.
Sacre-Coeur Minerals agrees to acquistion by Severstal
2010-09-22 09:51 ET - News Release
Mr. Irwin Olian reports
SACRE-COEUR MINERALS EXECUTES AGREEMENT FOR ITS ACQUISITION BY SEVERSTAL
Sacre-Coeur Minerals Ltd. as well as Severstal Gold NV and Severstal Gold LLC, affiliates of OAO Severstal, have entered into a binding agreement for the purchaser to purchase all of the outstanding common shares of Sacre-Coeur not currently owned by the purchaser and its affiliates for cash consideration of $1.60 per share and for the purchaser to also purchase for cash all of the outstanding warrants and all of the outstanding options (vested and not yet vested) of Sacre-Coeur for a cash payment equal to the difference between $1.60 and the exercise price of the respective warrant or option. The purchase price represents an 88% premium over Sacre-Coeur's average closing price for the 20 trading days on the TSX Venture Exchange preceding Sacre-Coeur's related press release of September 8, 2010. The Purchaser has represented that the cash consideration payable to securityholders of Sacre-Coeur is in place and accordingly there is no financing condition to closing of the Transaction. The Board of Directors of Sacre-Coeur has approved the Transaction. Union Securities Ltd. has agreed to furnish a fairness opinion in connection with the Transaction.
The Transaction is subject to successful completion of due diligence. Sacre-Coeur has agreed not to solicit or accept any competing offer, except in certain circumstances. If the Transaction is not completed under certain of these circumstances, Sacre-Coeur has agreed to pay to the Purchaser a termination fee of CAD$2.75 million. Sacre-Coeur has also provided the Purchaser with certain customary rights, including a right to match competing offers.
The Transaction will be structured as a plan of arrangement under the Canada Business Corporations Act and is subject to customary closing conditions, including receipt of all necessary court and regulatory approvals. The Transaction is also subject to the approval of not less than 66 2/3% of the votes present in person or by proxy at a special meeting of the shareholders of Sacre-Coeur to be called to approve the Transaction. Irwin A. Olian, Jr., Sacre-Coeur's principal shareholder, has executed a voting agreement in favour of the Purchaser, pursuant to which he has agreed to support the Transaction. The special meeting is expected to be held in November 2010 and the Transaction is expected to close within three business days after the meeting.
Morgan Stanley & Company Limited and Cassels Brock & Blackwell LLP are acting as the financial and legal advisors to the Purchaser and Severstal Gold on this transaction. Fasken Martineau DuMoulin LLP is acting as the legal advisor to Sacre-Coeur.
According to Irwin Olian, Chairman of Sacre-Coeur, "We view this transaction as highly beneficial to the shareholders of Sacre-Coeur as it provides them with liquidity at a reasonable valuation in this difficult financial environment and rewards them for their financial support of Sacre-Coeur. At the same time, Severstal Gold and its affiliates are highly experienced in international mining operations and have access to the relatively large financial and technical resources that may be required to bring Sacre-Coeur's Guyanese projects to fruition. Thus, the Transaction is likely to enhance future prospects for successful commercial mining operations at Million Mountain and elsewhere in Guyana, with strong benefits to the people and economy of Guyana. This suggests the Transaction will be a win-win for all concerned."
"We believe that with its portfolio of exploration assets in Guyana, Sacre-Coeur provides an excellent entry point into South America for Severstal Gold," said Nikolai Zelenski, CEO of Severstal Gold.
Sep 23, 2010 09:13 ET
Severstal Increases Stake in Sacre-Couer Minerals, Ltd.
AMSTERDAM, THE NETHERLANDS--(Marketwire - Sept. 23, 2010) - Severstal Gold N.V. ("Severstal Gold"), a subsidiary of OAO Severstal ("Severstal") (LSE:SVST)(RT:CHMF), announced today that it has purchased 3,900,000 common shares ("Common Shares") of Sacre-Couer Minerals, Ltd. ("SCM") at an average price of CAD$1.5444 per Common Share for a total cost of CAD$6,023,160.00 on September 22, 2010. The securities acquired represent ownership and control of approximately 9.89% of the issued and outstanding Common Shares as at the date hereof.
The purchase raised Severstal Gold's direct holdings in SCM to 5,001,500 Common Shares. Castleway Limited, a subsidiary of Severstal Gold holds 2,750,000 Common Shares. Following this transaction, Severstal will have ownership and control over 7,751,500 Common Shares, representing approximately 19.67% of the issued and outstanding Common Shares as at the date hereof.
The additional acquisition of Common Shares was effected to increase Severstal's beneficial ownership position in SCM. Severstal Gold has entered into a binding agreement with SCM to acquire 100% of the issued and outstanding Common Shares that it does not already own, at a price of CAD$1.60 per Common Share.
This press release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR (www.sedar.com) containing additional information with respect to the foregoing matters. A copy of this report may be obtained by contacting Sergey Loktionov, Public Relations, OAO Severstal at +7 495 9810910 ext. 6446.
About Severstal
OAO Severstal is one of the world's leading integrated steel and mining companies with listings in Russia and on the London Stock Exchange. Its main assets are in Russia, Ukraine, Kazakhstan, Italy, France, the USA and Africa. The company focuses on high value added and unique niche products. In 2009, Severstal produced 16.7 million tonnes of steel.
Severstal Gold is an established international, pure-gold producer focused on emerging markets with currently eight producing mines, two development projects, five advanced exploration projects and a broad portfolio of early exploration projects and licenses located across West Africa in Guinea and Burkina Faso, Kazakhstan and the Russian Federation.
The addresses of Severstal and Severstal Gold are:
OAO Severstal
2/3 Klara Tsetkin street, RU-127299
Moscow, Russia
Phone: +7 (495) 926 77 66
Fax: +7 (495) 926 77 61
Sacre-Coeur drills 3.51 g/t Au over 10 m at Million Mt.
Ticker Symbol: C:SCM
Sacre-Coeur drills 3.51 g/t Au over 10 m at Million Mt.
Sacre-Coeur Minerals Ltd (C:SCM)
Shares Issued 38,698,249
Last Close 9/24/2010 $1.56
Monday September 27 2010 - News Release
Mr. Gregory Sparks reports
180 METER STEP OUT DRILLING TO SOUTH OF ZONE 1 AT SACRE-COEURA S MILLION MOUNTAIN PROJECT ADDS MINERALIZATION: RESULTS INCLUDE 10.11 M @ 3.51 G/T AU
SACRE-COEUR MINERALS, LTD. announced further results from its drilling program aimed at expanding the Zone 1 hard-rock resource on its Million Mountain property located in Guyana. Drill hole MM18010 which was drilled 180 meters South of the main resource body returned 1.2 g/t Au over 29.91 meters beginning at a depth of six meters. A second zone of 23.2 meters grading 1.8 g/t Au, which includes 10.11 meter grading 3.51 g/t Au was intersected at a depth of 274.1 meters. Finally, a third zone grading 0.65 g/t Au over 28.26 meters was intersected at a depth of 384.84 meters and continued to the bottom of hole MM18010. Numerous narrow mineralized stringers ranging in width from 0.5 meters to over 3 meters and grading from 0.5 g/t Au to 1.81 g/t Au were encountered between the three main mineralized zones noted above.
In September 2008, the Company reported an NI 43-101 compliant interim resource estimate of Measured Resources of 12,119,285 tonnes grading 1.0 g/t Au and Indicated Resources of 2,175,278 tons grading 0.9 g/t Au. Total contained gold was 451,397 tr oz Au (388,456 tr oz Au Measured and 62,941 tr oz Au Indicated). As reported in the PR issued in June 2010, commencing in early 2010, following completion of initial scout drilling of additional target zones along the 20km Million Mountain structural trend, drilling was resumed on Million Mountain Zone 1 to continue expansion of the Zone 1 resource.
Since completion of the NI 43-101 compliant interim resource estimate in September 2008, the Company has completed 48 additional holes on Zone 1, the results of which have been reported in PR's issued periodically since that time. Drilling is also currently being conducted at Million Mountain Zone 9 aimed to define a resource in this prospective area. Concurrently a ground geophysical program is being conducted at Zone 1 to further develop expansion drill targets there as announced in the PR issued in July 2010. Upon completion of the Zone 1 and Zone 9 ground geophysics program and interpretation of the results, drilling on both zones will resume to follow-up additional targets identified by the geophysics program, which includes both ground magnetic and induced polarization surveys.
Holes MM18210, MM18410, and MM18510 all intersected short intervals of gold mineralization ranging to 3.58 meters in length with grades ranging to 8.04 g/t Au.
We are pleased that Zone 1 step out drilling continues to be productive. With guidance provided by the results of our current geophysical programs on Zone 1, we will be testing further expansion of this mineralized body in addition to new targets indicated at Zone 9.
Technical Staff
The Company's mining and exploration program is overseen by Mr. A. David Heyl, P. Geo., Director Mining and Exploration for the Company, under the overall supervision of Mr. Gregory B. Sparks, P. Eng., President and CEO. Exploration is directed by Mr. Henry Salvado, Chief Geologist. Mr. Salvado is assisted on the hard-rock exploration program by Mr. Wilmar Ladia, and by Mr. Bjorn Jeune, both Senior Project Geologists with many years gold experience. Mr. Ardito Martohardjono is a Director of the Company, and a laboratory specialist who provides assistance establishing lab protocols, sample handling procedures, and assay quality control. The undersigned, Mr. Heyl, and Mr. Salvado are qualified persons under NI 43-101.
Feb 14, 2011 09:11 ET Severstal Terminates Agreement to Acquire Sacre-Couer Minerals, Ltd.
AMSTERDAM, THE NETHERLANDS--(Marketwire - Feb. 14, 2011) - Nord Gold N.V. ("Nord Gold") (formerly Severstal Gold N.V. ("Severstal Gold")), a subsidiary of OAO Severstal ("Severstal") (LSE:SVST)(RT:CHMF), announced today that it has terminated its agreement with Sacre-Coeur Minerals, Ltd. ("SCM") to acquire 100% of the issued and outstanding common shares (the "Common Shares") of SCM that it does not already own.
As disclosed on September 23, 2010, Severstal Gold purchased 3,900,000 common shares ("Common Shares") of SCM at an average price of CAD$1.5444 per Common Share for a total cost of $6,023,160.00 on September 22, 2010. Following this transaction, Nord Gold and its subsidiaries had ownership and control over 7,751,500 Common Shares, representing approximately 19.67% of the issued and outstanding Common Shares as at September 24, 2010. The additional acquisition of Common Shares on September 22, 2010 was effected to increase Severstal's beneficial ownership position in SCM. Severstal Gold entered into a binding agreement with SCM to acquire 100% of the issued and outstanding Common Shares that it did not already own, at a price of CAD$1.60 per Common Share, which agreement was terminated by Nord Gold in accordance with its terms as of February 11, 2011.
This press release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR (www.sedar.com) containing additional information with respect to the foregoing matters. A copy of this report may be obtained by contacting Sergey Loktionov, Public Relations, OAO Severstal at +7 495 9810910 ext. 6446.
Sacre-Coeur Minerals Engages B & D Capital Partners as Corporate Financial Advisor
Jun. 6, 2011 (Business Wire) -- SACRE-COEUR MINERALS, LTD. (the "Company") is pleased to announce that B & D Capital Partners (“B & D”) of 951 – 409 Granville Street, Vancouver, BC has been engaged to provide financial advisory services to the Company for an initial term of one year, subject to earlier termination as provided in the consulting agreement. Among other things, it will assist in developing cost effective strategies for raising investor awareness of the Company and identifying prospective investors and assist with any future financing activities.
B & D is controlled by Mr. Don Mosher. As compensation for its services, B & D will receive CAD$8,000 per month in fees for the first three months of the agreement, $9,000 per month for the second three months of the agreement, and $10,000 per month for the remaining term of the agreement. In addition, the Company is granting employees of B & D an aggregate of 300,000 incentive stock options to purchase Common Shares of the Company at a price of CAD $0.41 per share exercisable for a term of two years.
Quoting Greg Sparks, President & CEO, “We are very happy to have a well-recognized and highly experienced group like Don Mosher and his team at B&D to assist management with pursuing its aggressive growth strategy for the Company.”
Sacre-Coeur Minerals Continues to Delineate Alluvial Gold Mineralization at Million Mountain; Production from New Zone to Commence in July
Jun. 27, 2011 (Business Wire) -- SACRE-COEUR MINERALS, LTD. (the "Company") today announced that the Company's exploration team has identified a new area containing both alluvial and elluvial (concentrated by chemical weathering of host rock) gold near its Million Mountain operations center, located in North-central Guyana. The new area exhibits attractive gold grade, good continuity, and other favourable factors for alluvial mining which make it ideal for start-up of the Company’s new dredge system, expected to be commissioned in July. Though systematic testing of this area is still ongoing, a grid of 65 test pits on 30m x 60m spacing has yielded very encouraging results. A table of key statistics from this the program to date is presented below.
OG Test Pit Statistics a/o 24-Jun, 2011
Total Test Pits 65
Assumed Cutoff Grade (g/cu m) 0.3
Total pits above cutoff grade 37
Number of pits grading 0.3 - 0.5 g/cu m 3
Number of pits grading 0.5 - 1.0 g/cu m 19
Number of pits grading 1.0 - 1.5 g/cu m 4
Number of pits grading 1.5 - 2.0 g/cu m 2
Number of pits grading 2.0 - 2.5 g/cu m 4
Number of pits grading 2.5 - 3.0 g/cu m 2
Number of pits grading > 3.0 g/cu m 3
Weighted average Au grade (g/cu m) 1.26
Total alluvial volume above cutoff (cu m) 79,200
Average strip ratio (ob : alluvial material) 0.61
Test area length (m) 360
Test area width (m) 240
This new area is particularly favourable as:
the contained gold particles are generally significantly coarser than in other alluvial deposits identified by the Company to date, thus making gold recovery by simple gravity concentration more effective,
owing in part to the elluvial contribution from highly weathered veins, fifteen pits have encountered gravity recoverable gold grades over 1.0 gram Au per cubic meter, with one pit grading 7.3 g/cu meter, based on the testing methodology discussed below,
the stripping ratio is low at 0.61 cu m overburden per 1.0 cu m alluvial material, and
the deposit is situated on higher ground than other areas previously identified, thus making it less susceptible to flooding during periods of heavy rainfall.
The 37 pits which yielded results above the assumed cut-off grade, and which contained alluvial/elluvial zones of minable thickness, exhibit remarkable continuity of both grade and thickness, clearly suggesting a reasonably continuous mineralized body suitable for orderly mining. Twenty-eight of the total 65 pits yielded results suggesting they were located on the margins or out of the alluvial paleo-channel and away from the contribution of elluvial gold concentration. Based on test pits completed to date, the orientation of the mineralized trend is well indicated. This trend, which is currently open in three directions, will be expanded to its fullest extent with the continuing test pitting program.
The Company’s new high capacity dredge pumping system has arrived in Guyana and is expected to be fully commissioned and operational in July. Owing to the favourable attributes of this new alluvial/elluvial zone enumerated above, mining will commence on this deposit once the new system is operational.
Quoting Greg Sparks, President & CEO, “We are very pleased to have identified this promising area upon which to put our new dredge system to work initially. We are hopeful that on-going exploration will continue to expand this deposit and identify others with similar attributes to support the addition of multiple, similar production units, each designed to mine and process 25,000 cubic meters of alluvial material per month. Concurrently, we will be continuing with development of processing techniques to profitably recover very fine alluvial gold which is beyond the recovery capabilities of the current system.”
Sampling and Analytical Procedure
1. Test pits are excavated by hydraulic excavator to 20cm below bedrock contact,
2. Vertical section (thickness) of overburden and alluvial strata are each measured and recorded to the nearest centimeter,
3. Alluvial horizon is sampled by careful collection of a representative sample from each alluvial stratum separately (typically including a basal gravel zone, overlain by a sand stratum, collecting a sample volume of 100 liters (0.1 cubic meter) for each zone,
4. Each sample is processed over a mini-sluice to replicate the performance of the production scale sluice,
5. Concentrate consisting of heavy mineral sands and gold from each sample run is removed from the mini-sluice and further concentrated by hand panning,
6. Pan concentrates are amalgamated to collect the gold from the concentrate,
7. Amalgam resulting from each sample is parted using nitric acid to leave a clean gold bead representing the total gold recovered from the sample,
8. The resulting gold bead is weighed on a micro-balance to a precision of 0.005 grams and recorded to the nearest 1/100th of a gram, and
9. The weight of the gold bead resulting from each sample is multiplied by 10 (sample is 1/10th of a cubic meter) to calculate the gravity recoverable gold contained in a cubic meter represented by the sample.
Compilation of Results
1. A weighted composite grade for the entire alluvial zone in each test pit is calculated by multiplying the sample grade for sand by measured sand thickness added to the sample grade for the gravel stratum multiplied by measured gravel thickness and dividing the sum by the total alluvial zone thickness (sand and gravel).
2. The area represented by each pit is based on the grid spacing, in this case 30 meters x 60 meters or 1,800 sq meters per pit.
3. Volume represented by each pit is then determined by multiplying the area (1,800 sq meters) by the measured thickness of the total alluvial zone for the pit.
4. A weighted average grade for all pits with composite sample grades above the assumed cut-off grade (0.3 g/cu m), and for which the alluvial zone thickness is greater than minimum mining thickness (25cm) is calculated by weighting each composite sample by its thickness.
Discussion
Based on more than a year of testing various sampling and testing protocols, and with the contribution of Mr. Randy Clarkson, a leading international expert in alluvial sampling, mining, and processing, the Company believes that the foregoing procedure provides the best practicable quantitative determination of in situ alluvial grade which closely simulates the actual production scale processing. Despite the close simulation of production methodology at pilot scale, the recovery performance of production scale process equipment is likely to be attenuated somewhat from that predicted by the carefully controlled pilot scale simulation. Based on testing to date, the Company expects that recovery at production scale will be approximately 75% of that achieved at pilot scale. Mining dilution is expected to be negligible given the very well defined interface between the alluvial zone and the over/underburden.
Cautionary Statement
Though the testing program presented herein was directly overseen by Mr. Henry Salvado, Exploration Manager for the Company, who is a Qualified Person under NI 43-101, assisted by other senior geologic staff, and the results compiled therefrom are believed to be a reasonable assessment of the in situ grade of gravity recoverable gold mineralization, no attempt to qualify this data as a Resource under NI 43-101 has been made. The results presented herein are therefore not represented to be Resources under NI 43-101.
Technical Staff
The Company’s exploration program is overseen by Mr. Henry Salvado, Registered Geologist and Exploration Manager for the Company, under the overall supervision of Mr. Gregory B. Sparks, P. Eng., President and CEO. Mr. Salvado is assisted by Mr. Bjorn Jeune, Sr. Project Geologist and Mr. Wilmar Ladia, Sr. Project Geologist. Mr. Carl Brink, Manager Alluvial Operations for the Company, collaborates with the Exploration Department with regard to all alluvial sampling and analytical programs. Mr. Ardito Martohardjono a Director of the Company, and a laboratory specialist provides assistance with lab protocols, sample handling procedures, and assay quality control. The undersigned and Mr. Salvado are qualified persons under NI 43-101.
About Sacre-Coeur
The Company is engaged in the acquisition, exploration and development of properties for the potential mining of gold, metals and diamonds in South America, initially focussing on exploration for gold on its properties in Guyana. The Company presently has an interest in approximately 1000 sq. km of mineral properties in Guyana, including the Million Mountain Property. The Company has offices in Vancouver, Canada and Georgetown, Guyana. More information about the Company is available at .
Sacre-Coeur Minerals Clarifies PR Issued June 27Th Regarding New Alluvial Area
Jun. 28, 2011 (Business Wire) -- SACRE-COEUR MINERALS, LTD. (the "Company") today announced that notwithstanding the detailed discussion of methodology qualifying the data presented and notwithstanding the disclosure that the data presented was not a Resource under NI 43-101, the Company has been advised by IIROC that it is not permissible under NI 43-101 to present grade and quantity information even so qualified, unless in the context of a Resource estimate. The table of data presented in the PR issued on June 27, 2011, is hereby retracted and replaced with the table below.
OG Test Pit Statistics a/o 24-Jun, 2011
Total Test Pits 65
Assumed Cutoff Grade (g/cu m) 0.3
Total pits above cutoff grade 37
Number of pits grading 0.3 - 0.5 g/cu m 3
Number of pits grading 0.5 - 1.0 g/cu m 19
Number of pits grading 1.0 - 1.5 g/cu m 4
Number of pits grading 1.5 - 2.0 g/cu m 2
Number of pits grading 2.0 - 2.5 g/cu m 4
Number of pits grading 2.5 - 3.0 g/cu m 2
Number of pits grading > 3.0 g/cu m 3
Test area length (m) 360
Test area width (m) 240
Sacre-Coeur Minerals Appoints Mark Lotz as New CFO and Director
SACRE-COEUR MINERALS, LTD. (the "Company”) is pleased to announce that Mr. Mark Lotz, C.A., has been appointed to serve as the new Chief Financial Officer of the Company and as a Director, replacing Ms. Limor Rubin, C.A. Ms. Rubin has resigned as CFO and as a Director in order to pursue other professional and personal interests as she relocates overseas with her family. She will remain as a Financial Consultant for the Company for a period of one year.
In connection with the appointment of Mr. Lotz as CFO and as a Director, the Company has granted him incentive stock options, subject to any necessary regulatory approvals, to purchase up to 150,000 shares of its Common Stock. The options are exercisable for a term of three years at a price of CAD $0.35 per share.
Mr. Lotz holds a Bachelor’s degree in Business Administration with a joint major in Economics. He is a Canadian Chartered Accountant with 17 years of post-qualification experience, most of which has been in the minerals industry and minerals related securities business. Mr. Lotz has held CFO and other senior financial positions with several well-known mining and exploration companies. He has also served as a senior executive officer for two well-known Vancouver based securities firms. Prior to that, he served as a financial compliance officer for the Vancouver Stock exchange, following four years as a Senior Auditor with Coopers and Lybrand, focusing on the mining and tax sectors.
According to Mr. Gregory B. Sparks, CEO of the Company, “We greatly appreciate the outstanding service of Ms. Rubin in her role as CFO and a Director of the Company, and we wish her well as she moves from the Vancouver area to be with her family. We welcome Mr. Lotz as a highly qualified successor to Ms. Rubin, and look forward to the benefits of his broad experience as a mining industry financial executive in his roles as CFO and a Director of the Company.”
Sacre-Coeur Minerals Appoints Jennifer Todhunter as VP Financial Adminstration
SACRE-COEUR MINERALS, LTD. (the "Company”) is pleased to announce that Ms. Jennifer Todhunter has been appointed to serve as VP Financial Administration of the Company. Ms. Todhunter has been employed by the Company since May of 2005 in the capacity of Finance Manager. Ms. Todhunter has extensive accounting experience spanning facets of both private and public corporation. She has spent the last ten years working with public companies, predominantly those in the mining industry.
In connection with the appointment of Ms. Todhunter as VP Financial Administration the Company has granted her incentive stock options, subject to any necessary regulatory approvals, to purchase up to 50,000 shares of its Common Stock. The options are exercisable for a term of three years at a price of CAD $0.35 per share.
According to Mr. Gregory B. Sparks, CEO of the Company, “We are very pleased to recognize Jennifer’s outstanding performance over the past six years with this well-deserved promotion and attendant assignment of additional corporate and financial responsibilities. Jennifer’s thoroughly demonstrated business and financial knowledge as well as her outstanding professionalism make her a welcome addition to the Company’s executive ranks.”
