TSX VENTURE: GNH
PINK SHEETS: GOLHF
MONTREAL, June 18, 2012 /CNW/ - Golden Hope Mines Limited (TSX VENTURE: GNH) (Pink Sheets: GOLHF) - Golden Hope Mines Limited is pleased to provide an independent National Instrument 43-101 ("NI 43-101") compliant gold mineral resource estimate on its Bellechasse-Timmins Gold deposit located along the Bellechasse-Beauceville mineral trend in southeastern Quebec, 5 kilometres southeast of St-Magloire de Bellechasse.
SGS Canada Inc. (SGS Geostat Blainville, Québec, "SGS") is the independent resource estimate consulting firm for the Bellechasse-Timmins project and prepared a resource estimate on June 15, 2012.
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.
The company will continue to expand and grow the resource through further exploration.
Details on the parameters of the resource estimates are as follows:
- The database used for Bellechasse-Timmins comprised a total of 47,377 metres of drilling and trenching obtained from the 1987, 1988, 1991, 2003, 2004, 2006, 2007, 2008, 2010, 2011, 2012 programs, for a total of 268 holes and trenches done to date.
- 46 out of 268 holes were drilled in 2011-2012 for 18,834 meters representing 40% of the total metres drilled at Bellechasse-Timmins.
- 199 holes of 268 holes were used in calculating the resource estimate.
- Assays reported by Golden Hope were sampled by fire assay with various procedures of preparation at various laboratories throughout the history of the exploration campaign at Bellechasse-Timmins. For the 2011-2012 SGS drill program, samples were assayed by 50 gram gold Fire Assay at the SGS laboratory in Toronto.
- SGS has supervised the drilling and sampling program on an intermittent basis in order to obtain a necessary level of confidence and enable preparation of a NI 43-101 compliant resource estimate.
- The SGS database comprised of 31,272 assays of Golden Hope validated data.
- The estimates were calculated using Inverse Distance Square (ID2) as the interpolation method based on 1.0 metre analytical composites.
- Composites calculations are based on original sample values and were then capped at 30 g/t.
- All estimates are based on a Parent Cell dimension of 3 metres E, 3 metres N and 3 metres height with search ellipsoid and estimation parameters determined for each mineralized zone geometry. The block model grid extends from UTM 405,600E to 406,557E and 5,156,050N to 5,156,950N from 450m to -297m above sea level. Site surface elevation is around 405m.
- Geological interpretation for the deposit identified six main diorite domains where gold mineralization is structurally-controlled including higher grades within the mineralized envelope hosted in the diorite. The estimation of the mineralized domain was done in 2 runs where the first required a minimum of 3 holes using a maximum of 3 composite per hole within a search ellipsoid, while the second run used a minimum of 3 composites from 1 hole within the larger ellipsoid.
- For the classification, 3 holes with 3 composites were required within the ellipsoid for indicated, the rest being inferred.
- Tonnage estimates are based on rock densities of 2.77 tonnes/cubic metre.
- Additional details will be provided in the technical report to be issued within the next 45 days.
"We are very pleased to have accomplished this important first goal in the evolution of Golden Hope after only 14 months following our engagement of SGS in April 2011. We are encouraged with the potential to expand both the volume and grade of our resource through additional exploration. This is the first gold resource estimate for the company and we believe it is also a first for the region of Bellechasse in southeastern Quebec. As stated above, we were able to accomplish this with less than 19,000 metres of drilling in 2011 and early 2012. We are already finalizing our next planned exploration campaign, which will seek to continue to expand the resource at Bellechasse-Timmins, potentially add a resource for the Champagne Zone and explore new highly prospective targets along the claim belt. We are also very pleased with the level of support and co-operation that we have received from the community in the Bellechasse-Beauce Region" states Frank Candido, President, Golden Hope Mines Limited.
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.
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