Sacre-Coeur’s latest intersects can’t drive up shares

Despite the reporting of recent intercepts at its Million Mountain property in Guyana, Sacre-Coeur Minerals (SCM V) was unable get a boost in its share price, as the price of gold fell for the fifth consecutive day.

In Toronto On June 9 the Vancouver-based company with all of its gold assets in Guyana was off nearly 7% or 13 to $1.77 on 31,000 shares.

The Million Mountain property consists of 21 permits and covers roughly 88 sq. km.

Highlights from the drill program include: 9.6 metres grading 5.8 grams gold per tonne, 17.3 meters grading 4.2 grams gold per tonne, 12.7 metres grading 3.4 grams gold.

The company says the results are from 10 additional drill holes targeting extensions to the already identified shear zone.

While there are no current resources or reserves that are NI 43-101 compliant, the historic inferred resource was updated in 2005 to an estimate of 1.2 million tonnes grading 3.91 grams gold.

In addition to the “insitu” inferred resource; there is an estimated 71,000 tonnes tailings, from sluicing operations, with an estimated grade of 1.4 grams gold.

Sacre-Coeur says drilling was done with an eye towards gaining a better understanding of the geological structure. To do so it drilled fans of holes at -45 and -60 degrees from drill pads on the hanging wall side of the structure. The holes were evenly spaced at 20 meters along a line parallel with the estimated strike of the structure, the company says.

Sacre-Coeur’s chief executive, Irwin Olian, says the company is focused on developing a “low cost, surface-minable resource at the earliest possible date, and is guided by the principles of best professional practice in achieving this goal.”