TSX VENTURE: GNH
PINK SHEETS: GOLHF
MONTREAL, Aug. 2, 2012 /CNW/ - Golden Hope Mines Limited (TSX VENTURE: GNH Pink Sheets: GOLHF) is pleased to provide an independent NI 43-101 Technical Report prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101"), on its Bellechasse-Timmins Project in Southeastern Quebec. The Bellechasse-Timmins gold deposit is located approximately 7 kilometres by paved road from the village of St-Magloire in the Bellechasse Township, Beauce Region of southeastern Quebec or approximately 83 kilometres east-southeast of Quebec City
"We are very pleased with having achieved this important milestone for Golden Hope and its shareholders. This is a first important step in establishing southeastern Quebec as an important district for Gold within Quebec. We believe that the mineralization demonstrated to date at Bellechasse-Timmins could simply be the tip of the iceberg for Golden Hope. GNH has a clear plan to continue to expand the resource through further exploration," states Frank Candido, President, Golden Hope Mines Limited.
"We are also excited about the prospects of further discoveries along this mineralized belt, especially as the Bellechasse-Timmins deposit only represents less than 1% of our claim block in the region. The Champagne Volcanoclastic Massive Sulphide ("VMS") zone, which is less than 4 kilometres from Bellechasse-Timmins to the north, is a perfect example of the potential for further economic deposits within this essentially virgin belt. Since 2007, Golden Hope has been the only company to have the vision, determination and resolve to demonstrate that the Appalachian Belt within Quebec could host significant deposits for gold, precious metals and base metals. Since the early days when alluvial gold was mined in this area, no company has discovered nor spent the resources necessary to search for the source of the metal in those placers. As we continue to develop the belt into a potential mining camp, we will also continue to seek out the sources of that alluvial gold. Golden Hope will work to expand its current resource, establish other resources and seek new discoveries in southeastern, Quebec," further states Frank Candido, President, Golden Hope Mines Limited.
The Technical Report entitled "Bellechasse-Timmins Property Resource Estimate, Southeastern Quebec" dated August 1, 2012 with an effective date of June 18, 2012, when it was initially released to the market via public dissemination, was prepared by SGS Canada Inc. and authored by Claude Duplessis, P.Eng., and Claude Bisaillon, P.Eng., and Gilbert Rousseau P. Eng.; Qualified Persons as defined by NI 43-101. The Technical Report is available through the internet under the Company's profile on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com and on the Company's website at www.goldenhopemines.com
The following table summarizes the block model estimates using various cut-off grades:
| GOLDEN HOPE MINES LTD
|Class||Tonnage (Tonnes)||Grade ( g/t Au)||Au (oz)||Cut-off (g/t)|
Note: Rounded numbers, base case cut-off >0.6 g/t gold and capped at 30 g/t.
Author: Claude Duplessis, June 15, 2012
SGS also estimated the resource estimate using uncapped composites. This yields an in situ indicated resource of 313,900 ounces gold (2.9 million tonnes grading 3.36 g/t Au) and inferred resource of 102,000 ounces gold (2.17 million tonnes grading 1.46 g/t Au) using a cut-off grade of 0.60 g/t.
The significant effect of capping the resource suggests that additional drilling is needed to better delineate the high-grade zones in three dimensions and treat them separately as higher-grade zones with a potentially higher capping.
Although the project is at an early stage of development, SGS suggests there is a reasonable prospect of economic extraction by open pit and underground mining when applying a 0.60 g/t cut off for an open pit and 2.0 g/t cut off for an underground mining operation.
SGS also performed a number of metallurgical tests at the Bellechasse-Timmins gold deposit during the most recent exploration campaign. When combining the results from April 26, 2012 with 5 previously announced samples on January 23, 2012, 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%.
SGS's Interpretation and Conclusions are summarized below:
- SGS believes that the Bellechasse Belt is highly prospective and that further resources could be discovered with additional exploration and development.
- The Bellechasse-Timmins deposit has further mineral potential since the true extent of the mineralization on the property within the diorites and other geological units in the belt has not been fully explored.
- The exploration potential is open since only a small area has been explored with drilling by GNH.
- There is every reason to believe that the area of potential mineralization at the Bellechasse-Timmins property is large.
- The stated resources are not materially affected by any known environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other known relevant issues.
- There are no known mining, metallurgical, infrastructure, or other factors that materially affect this mineral resource estimate, at this time.
- SGS recommends further exploration on the Bellechasse Belt by Golden Hope Mines Limited as it is both warranted and justified and the potential for the discovery of additional resources is good.
Based on the information compiled to date, SGS strongly recommends the continuance of the exploration campaign within the Bellechasse Belt. The exploration campaign should allow for up to 18,000 metres of additional drilling. This campaign can be broken up into various phases with the first phase comprising approximately 2,500 metres. SGS also recommends that the exploration and drill campaign target the further expansion of the resource at the Bellechasse-Timmins gold deposit, drill the existing known anomalies such as the Champagne VMS zone and test for new discoveries.
Golden Hope will announce its exploration plan shortly. The Company's primary focus is to expand and grow the resource through further exploration. Once the Company is confident in the level of exploration, it will determine when it should complete a Preliminary Economic Assessment (PEA).
Mr. Claude Duplessis, Eng. of SGS is a Qualified Person who has reviewed and approved the technical contents of this news release and is responsible for the technical information reported herein, including verification of the data disclosed in compliance with NI 43-101.
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 the timing for a technical report; and plans for further exploration and drilling at Bellechasse-Timmins, Champagne/VMS and other targets along the Bellechasse Belt, as well as the potential impact of exploration on the resources of the Company. 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 technical report at SGS 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.
SOURCE: Golden Hope Mines Limited
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