TSX VENTURE: GNH
PINK SHEETS: GOLHF
MONTREAL, April 26, 2012 /CNW/ - Golden Hope Mines Limited (TSX VENTURE: GNH) (Pink Sheets: GOLHF) - Golden Hope is pleased to announce further positive gold recovery from further preliminary metallurgical test work at its Bellechasse-Timmins gold project in southeastern Quebec, Canada. Additional test work was completed on thirteen composite samples taken from drill core from its 2011 drill program.
When combining the current results with 5 previously announced samples on January 23, 2012 (http://cnw.ca/zdU0), gold recovery using gravity separation ranged from 37% to an outstanding 92% with an average of 77.3%, while total gold recovery using a combination of gravity separation and cyanidation ranged from 95.5% to more than 99.6% with an average total gold recovery of 98%.
"We are extremely pleased with these additional results as they once again demonstrate the excellent gold recovery by gravity while achieving outstanding recoveries using a combination of gravity and cyanidation" explains Frank Candido, President, Golden Hope Mines Limited.
The testwork also determined the head grades of the various composites and compared them with the individual assay results previously announced. SGS Geostat selected composite samples from thirteen different mineralized intersections at various depths with variable grades from drill core that tested mineralized zones within the T1 and T2 diorite at the Bellechasse-Timmins gold deposit. The testwork produced a total gold metallurgical balance that shows calculated feed grade, tailing losses and overall gold recovery data.
A summary of results can be viewed in Table 1 and Table 2 below.
Gravity Test Results Summary
|Gravity Conc||Recovery||Gravity Tail||Head||Average Fire|
|µm||%||Au, g/t||%||Au, g/t||Au, g/t||Au, g/t|
*calculated head from cyanidation test
Cyanidation Test Results Summary
| CN Feed
| Overall Au Recovery
|NaCN||CaO||NaCN||CaO||%||Au, g/t||Au, g/t||%|
*Average of six residue assays.
Average gold grades of the fire assay are slightly higher than the average total gold results and therefore suggests the need to cap the fire assay outliers.
The tests were performed under the supervision of Lesley Hendry, project metallurgist at SGS Lakefield. Details of the Total Gold metallurgical tests with accompanying tables are available upon request by contacting the company at (514) 750-8218 or [email protected].
Claude Duplessis, Eng. is an independent qualified person as defined by National Instrument 43-101 and has reviewed the technical contents of this press release.
There are currently 9 holes outstanding from the Winter 2012 drill campaign at SGS Laboratories in Toronto including BD2012-186, 187, 188, 189, 190, 191, 193, 194 and Beland 05. The Company will announce the results from these holes once received. The Company is also currently working on a plan for a continued exploration/definition drill campaign at Bellechasse-Timmins as well as drilling other priority targets along the Bellechasse Belt.
The Company is currently developing a plan for an exploration/definition drill campaign at the Champagne zone as well as at other priority targets that have been recently identified from the VTEM (helicopter-borne time-domain electromagnetic) survey flown over the area in December 2011. The Company is targeting additional precious metal rich VMS deposits that may be lie within its claim block. The VTEM survey results suggest that there are a significant number of high priority targets that require drill testing.
Since April 2011, the Company has been working closely with SGS Geostat of Blainville, Quebec towards the publication of its first resource estimate. The Company had until recently been targeting Q1 of 2012 as a cut off date for results to be included in the resource estimate. However, not all of the outstanding assay results from the previously conducted Bellechasse-Timmins drill campaign had been received and interpreted during Q1 of 2012. The Company is anticipating that the outstanding assay results will be received by the end of this month and is currently targeting announcing a resource estimate for Bellechasse-Timmins in late May or early June 2012.
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 at 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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