Golden Hope Acquires Property with High Grade Historical Results: Adding to Existing Serpentinite Targets in Quebec
March 03 2008 - 11:09AM
Marketwired
TORONTO, ONTARIO (PINK SHEETS: GOLHF) is pleased to announce the
acquisition of a 100% interest in a new property as part of the
company's Bellechasse project south of Quebec City.
The property is contiguous to other claims already staked by
Golden Hope and together cover 80% of a large serpentinite body
with which the known mineralization is associated.
The property was most recently explored in the late 1980s and in
1998-2000. During the latter program, grab samples taken from
trenches returned assays that ranged from 0.11 to 21.0 g/t gold.
Some assay results for samples taken from the prospect during the
last program are tabulated below (see Table 1).
A March 2000 report on the property by Daniel Duplessis, M.Sc.,
available in the assessment files of the Quebec Ministry of Natural
Resources, concludes the mineralized zone has strong gold content
and its host rocks can be followed easily. It also states that this
favourable geological setting could continue for kilometers.
This serpentinite target is one of 10 recently staked by Golden
Hope as part of the Bellechasse project. The intrusive exposed on
La Gemme D'or Enr. claims has a distinct magnetic signature that
extends for approximately 25 km. (ref. map at
www.goldenhopemines.com).
"These historical assay results demonstrate the potential for
gold mineralization in the serpentinite bodies of the Bellechasse
project," said Louis Hoel, President of Golden Hope. "This
exceptional environment provides us with multiple exploration
targets and outstanding potential."
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Sample Number Grade (g/t Gold)
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42601 0.704
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42602 2.367
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42603 9.787
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42604 3.167
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42605 9.551
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42606 1.976
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42607 1.751
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42608 0.986
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42609 0.110
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42610 2.703
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42611 14.59
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42612 5.283
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42613 0.809
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42614 21.01
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42615 5.951
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Table 1 - Assay results for Gemme D'or Property
The property, comprising eight claims, was acquired from La
Gemme D'or. Terms consisted of:
- $25,000 in cash;
- 200,000 shares of Golden Hope (shares at $0.22 each);
- 200,000 shares of Golden Hope on December 31, 2008 at the
prevailing price at that time.
Serpentinite Program: Priority Exploration Targets For 2008
The Golden Hope technical team decided in late 2007 to stake
selected ultrabasic bodies, many of which have been altered to
serpentinite. These bodies are located within the Bellechasse
mineralized belt.
The team has prior experience exploring and mining mineral
deposits related to similar intrusives. Although nickel, cobalt,
copper and platinum group metals are commonly associated with such
ultrabasic rocks, the 2008 exploration program will focus primarily
on investigating the potential for gold deposits.
The company will aggressively explore targets during the
accelerated 2008 work program, with the objective of defining
mineralized gold zones.
The company has a total of 1,114 claims (including the new
acquisition) in the Bellechasse-Chaudiere area covering 47,837 Ha
(118,205 acres).
In its recent Survey of Mining Companies 2007/2008, the Fraser
Institute rated Quebec as having the best policy environment in the
world for investment.
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
Golden Hope Mines Limited is a mineral exploration company that
seeks to grow shareholder value through the acquisition,
exploration and development of potentially large-scale gold, silver
and base metal projects suitable for underground and/or open-pit
mining. The company's two areas of interest are located in Quebec,
Canada and Maine, U.S. The Bellechasse gold project in Quebec
includes the Timmins and Ascot gold zones, the Coucou volcanic
target and a number of newly claimed serpentinite bodies.
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. Factors that 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
registered filings at www.sedar.com.
Contacts: Golden Hope Mines Ltd. Louis Hoel President (416)
365-3509 (416) 864-0175 (FAX) Email: info@goldenhopemines.com
Website: www.goldenhopemines.com Barnes McInerney Inc. John Vincic
Executive Vice President, Investor Relations (416) 367-5000 ext.
249 (416) 367-5390 (FAX) Email: jvincic@barnesmcinerney.com
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