TORONTO, March 22 /PRNewswire/ - Golden Hope
Mines Limited (TSX VENTURE:GNH) (OTCQX:GOLHF) is pleased to
provide an exploration update on all of its targets in Southeastern Quebec, Canada.
Since August 2009, the company's
main focus has been the exploration of the Bellechasse Belt, an
approximately 18 kilometre (km) belt that includes the
Bellechasse-Timmins gold deposit. The Bellechasse-Timmins Gold
deposit remains the company's main focus for the upcoming Spring
2011 exploration season.
The company has simultaneously advanced a number of exploration
targets outside the Bellechasse Belt and plans to further explore
these targets in the 2011 exploration season.
The Bellechasse Belt
(Summary of previously reported data; March 1, 2010, September
22, 2010, January 20, 2011,
February 15, 2011, March 4, 2011)
The Bellechasse Belt currently includes three main areas;
- Bellechasse-Timmins (incl.; T1, T2A, T2B, 88, Ascot/Road)
- The Beland anomaly (approx. 6.2 kms southwest of
Bellechasse-Timmins)
- The Laval's Mountain
geochemical anomaly (approx. 9.2 kms north of
Bellechasse-Timmins)
Between April 13, 2010 and
February 8, 2011 Golden Hope drilled
a total of 74 holes or 18,442.10 metres on the Bellechasse Belt. 65
holes totaling 16,395.1 meters were drilled in the area of
Bellechasse-Timmins, 3 drill holes totaling 633.0 metres at the
Beland anomaly and 6 drill holes totaling 1,414.0 metres to test
the Laval's Mountain geochemical
anomaly. All diamond drill core has been logged and sampled with
the samples sent to Activation Laboratories in Ancaster, Ontario. All drill holes have been
surveyed.
Some of the highlights from the Bellechasse-Timmins area drill
results reported in 2010 include the following holes from the T1
Zone, the T2A and T2B zones;
- BD2010-124 4.98 grams per tonne (g/t) of gold (Au) over 13
metres (7.41 metres estimated true thickness) on gold zone T1
- BD2010-125 7.57 g/t Au over 10 metres (7.31 metres
estimated true thickness) in gold zone T2B
- BD-2010-132 2.03 g/t Au over 4 metres (1.69 metres
estimated true thickness) in gold zone T1
- BD-2010-132 4.63 g/t Au over 3 metres (1.26 metres
estimated true thickness) in gold zone T2B
- BD-2010-133 9.05 g/t Au over 9 metres (3.80 metres
estimated true thickness) in gold zone T2A
These results were reported on January
20, 2011 and represent highlighted assay values for 4 holes
out of a total of 12 holes.
Golden Hope has already reported
on all of the outstanding drill results from the 2010 exploration
season, with the exception of the six holes or 1414.0 metres
(LM2010-1 to 6) from the Laval's
Mountain geochemical anomaly drilled in late December, 2010 for
which it is still awaiting assay results.
Assay results and final compilation of results are also pending
for 11 holes or 3,454.5 metres (BD2010-146 to 150 and BD2011-151 to
156) from the Bellechasse-Timmins area drilled during the Winter
2011 exploration campaign.
The Winter 2011 exploration drill campaign began on January 11 and was completed on February 8. The company will report these results
as soon as they are received and interpreted.
A table of the combined results is available on the company's
web site at www.goldenhopemines.com.
The company was extremely pleased with the 2010 drill results as
a number of important developments resulted from the campaign.
These developments include:
- Extension of the T1 Zone on strike from 110 metres (m) to 130
metres.
- T2A extended from 310 m to 340 metres
- T2B extended from 240 m to 290 metres.
- Exploration of the 88 Diorite outlined two new zones giving a
current total of 8 zones with drill-confirmed strike lengths up to
100m. These mineralized zones are open along strike and to
depth.
- Intersection of visible gold at the Beland anomaly,
approximately 6.2 kms southwest of Bellechasse-Timmins.
- Tracing the mineralized Ascot/Road Zone for approximately 600
metres on strike.
The company is also very encouraged by initial interpretation of
the Winter 2011 drill holes. As reported in March 10, 2011, visible gold was observed in
three of the holes, BD2011-152, 155, and 156, 85m to 165m on strike
northeast of T1 at a vertical depth of approximately 350 metres
suggesting further extension of the T1 Zone to the northeast. "As
the T1 zone currently represents the company's largest tonnage
potential and most delineated zone, this recent development is very
exciting" stated Mr. Frank Candido,
President of Golden Hope Mines.
Golden Hope has also identified
another target, Sugar Bush, approximately 6 kilometres to the north
of Bellechasse-Timmins. This target is drill ready and is scheduled
to be tested in the 2011 diamond drill exploration campaign. Other
targets along the belt are also being investigated.
Bulk Sampling
Golden Hope also completed two
very important bulk-sampling programs over the past two exploration
seasons.
In October 2009, the company began
a bulk-sampling program at Bellechasse-Timmins with the main focus
being the T1 Zone.
The purpose of the bulk sample program was two-fold:
- to further explore the known zones at Bellechasse-Timmins where
the mineralization comes to surface
- to further investigate the nature of the distribution of gold
in the Bellechasse-Timmins mineralized zones that causes diamond
drill sampling to considerably underestimate the average grade
On March 1, 2010, the company
reported the results of the 2009/10 bulk-sampling program. The
company successfully trenched across the strike on the T1 Zone and
exposed the mineralized rock at surface. The approximately 720
tonnes bulk sample program yielded an average result of 3.0 g/t Au
at T1 Zone.
This result provided the company with valuable information when
comparing the average grade of the drill holes immediately below
the trenches. The bulk sample results yielded an approximately 50%
increase in grade. The mineralized surface exposure indicates that
larger bulk samples from the same mineralized zones are required to
establish a higher confidence level in the indicated grade than can
be achieved from drill core assays alone.
The company was unable to expose the mineralized zone at surface
on the T2 Zone and therefore the results reported from that zone
were not representative of the grade potential.
On March 4, 2011, the company
reported the results from the 2010/11 bulk-sampling program. The
company successfully trenched and exposed across the strike a
larger portion of the T1 Zone and the 88E Zone in the 88
Diorite.
Once again the company was successful in demonstrating that both
the T1 Zone and the 88E Zone yield significantly higher average
gold grades than indicated by assaying diamond drill cores.
When compiled with the previous bulk sampling completed in
2009/10 by Golden Hope Mines Limited as well as by previous
companies (Blackhawk Mining Ltd. and Privex Mines Ltd.) at the T1
Zone, an area of approximately 4120 square metres is outlined at
surface by 80 samples (>0.5 g/t Au) that yield an average of
2.84 g/t Au.
The results from two trenches across the strike of the 88E Zone
yielded 1.85 g/t Au over the entire length of trench 8810B (14.0
metres) with the interval between 6.0 and 12.0 metres averaging
3.37 g/t Au, and an average grade of 2.89 g/t Au over the entire
length of trench 8810C (15.0 metres) with the interval between 0.0
and 6.0 metres averaging 6.49 g/t Au.
Anomalous gold results were returned from the other trenches
suggesting that, as is observed at T2A, mineralization cut in
diamond drill holes does not necessarily extend to surface.
The results from the two large bulk-sampling programs completed
and previously reported on by Golden
Hope demonstrate that the diamond drill sample assay results
significantly underestimate the average grade of the zones. These
bulk sample results provide the company with important information
to aggressively continue its program of exploring and defining the
zones that hold the potential for very large tonnage.
A copy of the map with all of the drill holes including the
holes outstanding can be viewed on the company's web site at
www.goldenhopemines.com.
Other Targets in Southeastern
Quebec
(Exploration results from the 2010 Field Season)
Golden Hope has a number of other
targets outside of the Bellechasse Belt and within different
geological settings. The company has been advancing these targets
through continued exploration since August
2009 and some are now drill ready.
The FSG Target
The FSG anomaly is favourable for both gold and base metals
mineralization. A soil gas hydrocarbon geochemical survey was
completed and the results were reported on October 28, 2009. The results indicate that four
areas may be underlain by gold mineralization and three by base
metals VMS mineralization.
2010 Exploration highlights include;
- 426 outcrops were prospected and 79 samples sent for
geochemistry
- 12 samples returned gold values ranging from 3 parts per
billion (ppb) to 180 ppb Au
- an anomalous gold zone was identified along the boundaries of
the same volcanic unit that contains the CouCou showing;
- implying that the CouCou mineralized breccia may extend
farther.
- anomalous gold values were also obtained near/along strike the
FSG Anomaly.
The FSG target is drill ready.
The St-Luc (Roux)
Target
The St-Luc (Roux) target is
most likely similar to that exposed in the highway rock exposure
near Sherbrooke, Quebec and
especially seen in some Californian gold deposits where the rock, a
listwaenite containing fuschite adjacent to an ultramafic
intrusion, carries high gold values.
2010 Exploration Highlights Include;
- Geological mapping and sampling
- 153 outcrops were prospected and 20 samples sent for
geochemistry
- several ultramafic to mafic bodies were mapped, including an
altered listwaenite
- one sample returned a copper value of 1390 ppm in a schist next
to altered and deformed mafic/ultramafic rocks and another returned
a chromium value of 6940 ppm in a deformed and altered ultramafic
rock
The St-Luc (Roux) target is
drill ready.
Chute du Bras
The Chute du Bras property was acquired in 2008 on the basis of
a 21 g/t Au result (grab sample) obtained during an exploration
campaign in 1998. In the summer 2008 exploration program, 6 grab
samples returned values between 1 g/t Au and 8 g/t Au at Chute du
Bras. The company is currently looking for an extension to the
showing to improve tonnage potential.
LG Showing
Grab samples containing gold values between 1 to 2 g/t Au
approximately 4km north-east of Chute du Bras were found in 2009
while mapping for a possible Chute du Bras extension. Further
exploration is necessary to uncover the nature and size of the
prospect.
Moose Cliff
The Moose Cliff prospect was indicated by regional geophysical
analyses (Frank Glass, 2008), rock
structures, type of rocks and gold-copper anomalies reported in
this area by a prospector in the 1990s (Cranbourne showing). An
anomalous gold region was identified near the contact between mafic
volcanics and hematized mafic volcanic rocks.
2010 Exploration Highlights Include;
- a soil gas hydrocarbon geochemistry survey was completed which
identified 1 gold anomalous zone and 1 VMS anomalous zone
- 225 outcrops were prospected and 27 samples were sent for
geochemistry
- 10 grab samples returned values between 6 to 51 ppb Au
- 2 new copper showings were identified: the Einna showing (1520
ppm copper (Cu)) and the Eilime showing (5200 ppm Cu)
Talon
The Talon prospect includes historical nickel and copper
prospects on a cross-cutting structure near the contact of
ultramafic and basaltic rocks.
2010 Exploration Highlights Include;
- a soil gas hydrocarbon geochemistry campaign led to
identification of 1 gold anomalous zone and 1 VMS anomalous
zone.
- 205 outcrops were prospected and 45 samples sent for
geochemistry
- 10 samples returned gold values ranging from 5 to 74 ppb Au and
4 returned copper values between 1270 ppm and 7850 ppm.
- 3 new copper showings were identified: the Happy Leaves (7850
ppm Cu) and Parfum d'Ours (1270 ppm and 3680 ppm Cu) showings in
ultramafic rocks and the Paradise-A showing (4120 ppm Cu) in red
mudshale adjacent to an ultramafic body.
- the presence of a main, larger system that could be the source
for the copper (and nickel), with the possibility of a gold-hosting
system.
Since late 2009, Golden Hope has
succeeded in expanding the currently known mineralized zones,
reported positive results from two large bulk sample programs
demonstrating the grade potential of the currently known zones and
increased substantially the tonnage potential at
Bellechasse-Timmins.
While there are many challenges that the company must still
overcome, especially the fact that we are in an underexplored area
of Quebec, and despite a staking
rush in the area since mid 2009, Golden
Hope Mines is currently the only company within the area
with an advanced exploration program. Since September 2010, Golden
Hope's share price has been under substantial downward
pressure. However, the Company believes that, given its positive
exploration results to date, its share price no longer reflects the
immediate and long term potential for the deposit.
The company is well financed and expectations for 2011 are high.
Golden Hope is anxiously waiting for
the balance of the results from the 2010 exploration campaign as
well as the winter 2011 exploration campaign. The company is
currently working on its 2011 exploration season plan which it will
report to the market as soon as possible.
James E. Tilsley, P.Eng. is
acting as the qualified person (QP) for Golden Hope Mines in compliance with National
Instrument 43-101 and has reviewed the technical contents of this
release. Mr. Tilsley is a consultant to Golden Hope Mines.
The company uses Activation Laboratories Limited in Ancaster Ontario for all assays. Actlabs is
accredited to the international standard of ISO 17025 for gold
analysis.
About Golden Hope Mines Limited:
Golden Hope is a mineral
exploration company that seeks to grow shareholder value through
the acquisition, exploration and development of potentially
large-scale gold and base metal projects suitable for underground
and/or open-pit mining. The company's focus is in Quebec, Canada. The Bellechasse gold project
in Southeastern Quebec includes
the Timmins 1, Timmins 2 and Ascot gold zones, the new FSG
volcanic environment targets and a number of recently claimed ultra
basic/serpentine bodies. For further information on Golden Hope Mines Limited please
visit www.goldenhopemines.com.
Forward-Looking Information:
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address future
production, reserve potential, exploration drilling, exploitation
activities, share price potential and events or developments that
the company expects are forward-looking statements. Although the
company believes the expectations expressed in such statements are
based on reasonable assumptions, such statements are not guarantees
of future performance and actual results or developments may differ
materially from those in the statements. Various factors could
cause actual results to differ materially from those in
forward-looking statements. These include market prices,
exploitation and exploration successes, continued availability of
capital and financing, and general economic, market or business
conditions. Investors are cautioned that any such statements are
not guarantees of future performance and actual results or
developments may differ materially from those projected in the
forward-looking statements. For more information on the company,
investors should review Golden
Hope's registered filings at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Golden Hope Mines Limited
Frank Candido
President, Director
514-750-8218
416-864-0175 (FAX)
fcandido@goldenhopemines.com or info@goldenhopemines.com
www.goldenhopemines.com
or
Public Relations Canada:
Paradox Public Relations
Corporate Communications
1-866-460-0408
or
Investor Relations USA:
American Capital Ventures
Richard Hull
305-918-7000
SOURCE Golden Hope Mines Limited
