TSX VENTURE: GNH
PINK SHEETS: GOLHF
MONTREAL, May 30, 2012 /CNW/ - Golden Hope Mines Limited (TSX VENTURE: GNH) (Pink Sheets: GOLHF) - Golden Hope Mines Limited is pleased to announce the confirmation of a high grade intersection in hole BD-2012-184 from 251 to 252 meters. Although visible gold was noted in the core, previous fire assay analysis results did not detect significant presence of the gold visible in the core.
SGS Geostat had requested two separate screen metallic analysis on the rejects of the original sample from 251 to 252 meters in hole BD2012-184. The screen metallic analysis on 0.86kg of reject yielded 105 g/t Au and the remaining 0.4kg of reject returned 82 g/t Au for an average grade of 93.5 g/t Au. The original fire assay reported in a previous press release on April 18, 2012 gave 0.89 g/t Au.
Two additional fire assays on the original pulp done prior to the screen metallic analyses returned 0.22 g/t Au and 0.12 g/t Au for an average fire assay grade of 0.41 g/t Au. The weighted average of all the fire assays and screen metallic assays from this 1-metre section in hole BD2012-184 is 64.1 g/t Au.
Golden Hope is also pleased to report on a gold deportment study carried out by Dr.Tassos Grammatikopoulos, P.Geo. and Senior Process Mineralogist for SGS Lakefield on two composites samples taken from Bellechasse-Timmins. The Gold Deportment Study was performed to determine the gold characteristics; occurrence, grain size, liberation and association with other minerals.
Samples were selected from hole BD2011-159 ("Composite Sample 1") from 30 to 33 meters interval and from hole BD2011-157 ("Composite Sample 2") from 20 to 24 meters interval with both samples having back calculated grades using the Gravity Recoverable Gold process ("GRG") of 0.49 g/t and 4.78 g/t respectively.
Length-weighted gold grams recovered from fire assay is 16.84 grams compared to 20.59 grams recovered by GRG; an increase of 22% in metal content for the compared samples. Table 1 below outlines an impressive 95.6% and 96.8% of the gold is recovered from Sample 1 and 2 respectively using the GRG process.
Table 1: Mass Balance and Au Distribution of Knelson Concentrates and Tails
|Sample/Product ID||Wt||Au||Au Distribution|
|g||%||g/t||wt (x) g/t||%|
|Comp 1 GRG||As Received||5218||100.0||0.49||49.1||100.0|
|Conc 1 (1st Pass)||82.3||1.6||20.7||32.6||66.5|
|Conc 2 (2nd Pass)||75.9||1.5||6.14||8.9||18.2|
|Conc 3 (3rd Pass)||68.9||1.3||2.07||2.7||5.6|
|Comp 2 GRG||As Received||7120||100.0||4.78||477.7||100.0|
|Conc 1 (1st Pass)||82.9||1.2||343.0||399.4||83.6|
|Conc 2 (2nd Pass)||76.7||1.1||29.5||31.8||6.7|
|Conc 3 (3rd Pass)||69.6||1.0||12.0||11.7||2.5|
|Bold italic underline - Back calculation|
In the first Composite Sample 1, 106 gold grains were observed and range in size from <1 to 255 µm with an average of 18µm. In Composite Sample 2, 228 gold grains were observed and range in size from <1 to 255 µm with an average of 10 µm.
To view "Figure 2: Gold Liberation in Comp 1 and Comp 2", please click on http://files.newswire.ca/1075/Figure_2.pdf
In the Composite Sample 1, approximately 61% of the gold grains occur as liberated, 36% as exposed and 3% as inclusions (locked) in sulphides, oxides and non sulphide gangue. In the Composite Sample 2, approximately 42% of the gold grains occur as liberated, 55% as exposed and 3% as inclusions (locked) in sulphides, oxides and non sulphide gangue.
The main gold mineral is native gold (native Au-Ag alloy, with Au >75%, Ag <25%) for both samples. Semi-quantitative analysis of the gold grains indicates yields of 86.8% Au and 10.8% Ag in Composite Sample 1, and 88.4% Au and 9.5% Ag in Composite Sample 2.
"We are extremely pleased with the results of our latest Gold Deportment Study and the technical information regarding the gold characteristics from these composite near surface samples. The gold deportment study further demonstrates that a majority of the gold at Bellechasse-Timmins may be recoverable by gravity process further demonstrating the economic potential of the deposit." states Frank Candido, President, Golden Hope Mines Limited.
Claude Duplessis, Eng and Claude Bisaillon, Eng. are independent qualified persons (QP) in compliance with National Instrument 43-101 and have reviewed the technical contents of this press release.
About Golden Hope:
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 Québec, Canada. The Company's claim blocks lie within an area that extends approximately 100 kilometres along the Appalachians of southern Québec from near Ste-Lucie-de-Beauregard to approximately 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 the 88 Diorite. The Company is also looking to develop the Champagne zone, a partially explored base metal and gold deposit that lies within the Company's Bellechasse Belt claims. A recently completed VTEM survey may identify other similar targets along the horizon. The Company is also working to develop other targets within its claim blocks including the FSG gold and base metal target, Chute du Bras, the LG showing, Moose Cliff, and Talon. For further information on Golden Hope please visit www.goldenhopemines.com.
Statements Regarding Forward-Looking Information: Some statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Such statements include plans, timing and expectations for a resource estimate; the timing for receipt of drilling and assay results; and plans for further exploration and drilling at Bellechasse-Timmins and Champagne/VMS and other targets along the Bellechasse Belt. Investors are cautioned that forward-looking information is inherently uncertain and involves risks and uncertainties that could cause actual facts to differ materially, including timing of and unexpected events regarding the receipt and interpretation of drilling and assay results; delays in the preparation of a resource estimate SGS Geostat or elsewhere; fluctuations in gold price and costs; and general economic conditions. There can be no assurance that future developments affecting the Company will be those anticipated by management. The forecasts contained in this press release constitute management's current estimates, as of the date of this press release, with respect to the matters covered thereby. The Company expects that these estimates will change as new information is received. While the Company may elect to update these estimates at any time, the Company does not undertake to update any estimate at any particular time or in response to any particular event.
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