Guyana-focused Sacre-Coeur Minerals (CVE:SCM) struck a deal with Riverside Resources (CVE:RRI) to sell a core drill, the company said.
Financial terms of the deal were not disclosed in Tuesday’s statement.
drill, which is one of three, has been in storage. The company can opt
to buy the drill back, and can also act as agent to sell the drill to a
According to the deal, if after 120 days
Sacre-Coeur has not repurchased or sold the drill to a third party,
Riverside shall be entitled to put the drill back for the purchase price
plus a 15 per cent premium.
Sacre-Coeur Minerals plans to use the proceeds from the sale of the drill toward working capital as well as general corporate purposes.
company, in addition, plans to update an NI 43-101 resource estimate
for its Million Mountain Zone hard rock resource, as it seeks to move
forward to evaluate production and commercial potential of the deposit.
Million Mountain property hosts a resource of 12.1 million tonnes with
gold grades of one gram per tonne (g/t) in the measured category,
alongside 2.17 million tonnes grading 0.9 g/t gold in the indicated
category, totalling 451,000 troy ounces gold combined.
has been exploring for gold in Guyana South America since 2005. It has
narrowed its focus to two major holdings known as Lower Puruni and the
Northwest District Block.