Golden Hope Exploration Update
TORONTO, ONTARIO, Sep. 28, 2010 (Marketwire) -- Golden Hope Mines (TSX VENTURE:GNH)(PINK SHEETS:GOLHF) is pleased to report an exploration update on its 2010 diamond drill campaign. The company has been drilling the Bellechasse-Timmins gold deposit since April 13, 2010. As of Friday, September 24, the company has completed approximately 10, 215 meters of drilling in 40 holes.
37 holes were drilled in the immediate area of the Bellechasse-Timmins deposit. 3 holes were drilled at the Beland 2009 Anomaly 6.2 km south of the Bellechasse-Timmins Deposit.
Mineralization at the Bellechasse-Timmins Deposit has been followed for 825 metres along strike and 650 metres across strike, and is open both to the northeast and to the southwest, as well as to depth.
To date, the drill campaign has been an almost equal split between exploration drilling and definition drilling. Exploration drilling concentrates on testing geochemical anomalies and the likely extensions of known zones.
The goal of the definition drilling campaign is to trace the known mineralized structures to determine their volume.
The deposit is a 'nuggety' type deposit as a result of the primary distribution of gold in the mineralized zones. Diamond drill core cannot provide large enough samples on which to base an accurate estimate of average grade. As demonstrated by the approximately 710 tonnes 2009/2010 bulk sample at T1, the approximately 3 g/t average results were considerably higher than the approximate 1.5g to 2 g/t results from diamond drilling. The company expects that this is characteristic of the mineralized zones at Bellechasse-Timmins as well as elsewhere in the Bellechasse Belt. Therefore, the company is very satisfied with diamond drill data to date, which are consistent with historical results.
The drill campaign is currently on the second deep hole (BD2010-133), which will intersect the known zones (from east to west) including a portion of the 88 diorite, the T2B, T2A, T1 and the Ascot/Road Zone. The first deep hole (BD2010-132) intersected these same zones and ended at a vertical depth in the T1 zone of approximately 700 meters. Data from these two deep holes may confirm mineralization extends to depths beyond the 300 meters below surface demonstrated by historical drilling. The company believes that the mineralized breccias extend well beyond 1000 meters in depth.
Snow White (the 88 Diorite)
On September 22, 2010 the company released diamond drill results for a new, previously undefined package of quartz-filled breccias referred to internally as the 'Snow White Zone'. Significant intersections from those drill holes included 4 meters of 1.44 g/t and 34 meters of 3.68 g/t. The zone lies 300 metres southeast of the T1 Zone. Information gathered to date suggests this zone is approximately 70 meters true thickness. It is truncated at surface to the southwest but is open to the northeast. The company is currently stripping the overburden and has exposed part of the zone at surface, which may allow bulk sampling to confirm grade. Drill hole (BD2010-127) intersected the 88 diorite at approximately 70m and continued in diorite bearing quartz in sections to approximately 434 meters. Visible gold was present at approximately 390 meters or 320 meters vertical depth. These results are extremely encouraging and suggest that the Snow White Zone tonnage potential may rival that of the T1 Zone. 11 diamond drill holes have already been spotted to further test the Snow White (88 diorite) and are currently a priority of the diamond drill campaign.
T2A Zone
On September 22, 2010 the company released diamond drill results that extended the previously known T2A Zone from approximately 300 meters to 400 meters in length. This significant extension adds about 1500 tonnes per vertical metre tonnage potential of the T2A Zone. Both the T2 zones remain open to the northeast, to the southwest, and to depth. 36 definition drill holes have already been spotted for the T2 zones. This drilling will define the volume of the T2 zones to a strike length of 390 meters and to a depth of 300 vertical meters.
T1 Zone
Recent geochemical data suggests that the T1 Zone has possible significant extensions to the southwest. The company is most encouraged by this information since the T1 Zone contributes approximately 12,000 tonnes per vertical metre to the tonnage potential of the Bellechasse-Timmins Deposit.
Ascot /Road Zone
On September 22, 2010 the company released diamond drill results, which have traced the Ascot/Road Zone for over 825 meters to the northeast of the T1 Zone. These diamond drill holes were all exploration holes based on soil gas hydrocarbon geochemistry. They intersected mineralization mostly within the volcanics where vein systems tend to be less well developed than in the diorites. Some holes (BD2010-98,105,113) intersected the structure in diorite where mineralization is similar to that observed in the T2 zones. This indicates that the diorite in the part of the Ascot/Road Zone investigated begins somewhere between 50 to 100 meters below surface. The drill core recovered did not adequately explain the geochemical anomalies, and further deeper drilling is warranted. 13 diamond drill holes have already been spotted in the Ascot/Road Zone.
The company has also recently completed further soil hydrocarbon geochemistry northeast of the Ascot/Road zone. The information suggests that mineralization may be found for another 700 meters to the northeast. The company is very encouraged by these preliminary data and will look to continue its efforts to further define the Ascot/Road Zone and to follow the mineralization to the northeast.
2009 Beland Anomaly
The company also announced on September 22, 2010 that it has confirmed significant values for gold at the 2009 Beland Anomaly 6.2 kilometres southwest of the Bellechasse-Timmins. These exploration holes tested for gold mineralization indicated by soil gas hydrocarbon geochemistry. This was the first drilling to test the hypothesis that Bellechasse-Timmins style mineralization may exist elsewhere within the company's claims in Southeastern Quebec. The company is highly encouraged by these results and will continue to investigate selected areas within the Bellechasse Belt for evidence of similar auriferous quartz-filled breccias and veins.
Laval's Mountain and Sugar Bush
The company has also spotted 3 diamond drill holes at Laval's Mountain to test the geochemical anomalies. Laval's Mountain is approximately 9 kilometers northeast of Bellechasse-Timmins. The company has also spotted 3 diamond drill holes at Sugar Bush to test geochemical anomalies. Sugar Bush is approximately 6.1 kilometers northeast of Timmins-Bellechasse. These drill holes will further test the hypothesis that Bellechasse-Timmins style mineralization may exist elsewhere within the company's claims in Southeastern Quebec.
Assaying
Golden Hope Mines Limited uses Activation Laboratories in Ancaster, Ontario, for all of its analytical work, including the soil gas hydrocarbon geochemical determinations and interpretations.
The core samples undergo standard fire assaying on the first pass and, where warranted, are re-assayed using the total pulp metallic method. This process is time-consuming. However, it is considered the most suitable method for core analysis given the 'nuggety' nature of the Bellechasse-Timmins type deposits.
Cash
The company currently has approximately $2,300,000.
A drill table and map has been posted on our web site at www.goldenhopemines.com.
James E. Tilsley, P.Eng is acting as the qualified person (QP) for Golden Hope in compliance with National Instrument 43-101 and has reviewed the technical contents of this release.
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 Quebec, Canada. The Bellechasse gold project in Southeastern Quebec includes the Timmins 1, Timmins 2 and Ascot gold zones, the new FSG volcanic environment targets and a number of recently claimed ultra basic/serpentine bodies. For further information on Golden Hope Mines Limited please visit www.goldenhopemines.com.
Forward-Looking Information:
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the company expects are forward-looking statements. Although the company believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. Various factors could cause actual results to differ materially from those in forward-looking statements. These include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the company, investors should review Golden Hope's registered filings at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Golden Hope Mines Limited President, Director 514-750-8218 416-864-0175 (FAX) fcandido@goldenhopemines.com or info@goldenhopemines.com www.goldenhopemines.com Paradox Public Relations 1-866-460-0408
Source: Marketwire Canada (September 28, 2010 - 8:31 AM EDT)
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