GNH: TSX Venture
TORONTO, Sept. 12, 2011 /PRNewswire/ - Golden Hope Mines (TSXV: GNH)(OTCQX: GOLHF) is pleased to announce that it has drilled 380.8 metres grading 0.61 g/t Au (uncut) or 0.55 g/t (cut) on its first completed hole, BD2011-157, of the summer drill campaign on the Bellechasse Gold Belt.
The hole includes the following significant intersections:
|Hole Number||From(m)||To(m)||Length(m)||g/t (uncut)||g/t (cut to 20g/t)|
According to preliminary geostatistical analysis of the T1 data, the outliers (2 one meter samples) have been cut to 20 g/t for the calculation of the cut average grade.
The diamond drill hole is located between BD2003-12 and BD2006-50 and was drilled at an azimuth of 139 degrees inclined at 80 degrees and was stopped at 467m depth. See map posted on the Company website at www.goldenhopemines.com/_resources/explorations/summer_2011/cross_section.pdf
"We are extremely pleased with the results of this first hole from the summer drill campaign. We have always believed that the deposit held great potential for mineralization to depth and we believe that this hole, particularly the assay results from the deeper portion of the hole, helps to support that belief in a significant manner" states Frank Candido, President, Golden Hope Mines Limited.
A table of the complete results as well as a cross section has been posted to the company's web site at www.goldenhopemines.com/exploration/bellechase_timmins_gold/results/campaign_summer_2011/
On May 19th , the Company announced the commencement of its summer drill campaign. The program originally called for an initial 2500 metres in 6 holes. The Company has completed drilling the 6 holes originally proposed. On August 19th the drill campaign was extended by an additional 2000 metres. The drill is currently on the 7th hole of the SGS series (BD2011-163).
Golden Hope Mines Limited retained SGS Canada-Geostat, as independent technical advisors to the Company. SGS designed this drill program to test past results and to further test the T1, T2 and 88 zones to depth.
More precisely, the objectives of the first phase of the program of oriented NQ core drilling are:
|1)||Identifying and measure mineralized veins structures.|
|2)||Testing extensions of the diorite at depth, which contains the mineralized veins.|
|3)||Better defining the main mineralized zones to assess grade variability and select samples for mineralogical and metallurgical tests.|
Independent sampling has confirmed mineralization near surface and its extension to depth on the section in question. On that section, the T1 Diorite has been drilled to a vertical depth of about 390 meters.
Samples were prepared and analyzed at SGS Minerals Services of Toronto, Ontario (Don Mills laboratory). Analysis for gold was done on one half of core samples following FAI525 fire assay routine.
Quality Assurance and Quality Control (QA/QC):
SGS introduced standards and blanks in the sequence. These blanks were null and these standards were within acceptable limits (10% of expected value).
SGS's independent QP's, Claude Duplessis and Claude Bisaillon are responsible for the first phase of the exploration program as defined by National Instrument 43-101.
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 press release.
This news release contains certain forward-looking information as defined in applicable securities laws (referred to herein as "forward-looking statements"). Specifically, this news release contains forward-looking statements regarding the drill results being incremental to current potential. Forward-looking statements involve known and unknown risks, uncertainties and other factors which are beyond Golden Hope's ability to predict or control and may cause Golden Hope's actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. Golden Hope undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.
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 southeastern Quebec, Canada. The company's claim blocks lie within an area that extends approximately 100 kilometres along the Appalachians of southern Quebec from near Ste-Lucie-de-Beauregard to about 16 kilometres southwest of Beauceville. The Bellechasse-Timmins gold deposit lies 5 kilometres southeast of St-Magloire within the Bellechasse Belt an approximately 18 kilometre long mineralized area. The Bellechasse-Timmins gold deposit includes the T1, T2A, T2B, Ascot/Road gold zones, and eight known parallel gold-bearing breccias in the adjoining 88 Diorite. The company is also working to develop other targets within its claim blocks including the FSG gold and base metal target, the St-Luc (Roux) target, Chute du Bras, the LG showing, Moose Cliff, and Talon. For further information on Golden Hope Mines Limited please visit www.goldenhopemines.com.
Public Relations Canada: Paradox Public Relations
Investor Relations USA:
American Capital Ventures
Richard Hull: 305-918-7000
SOURCE Golden Hope Mines Limited