Exploration Update; Golden Hope Mines Limited
June 17 2010 - 8:30AM
Marketwired
Golden Hope Mines Limited (TSX VENTURE: GNH)(PINK SHEETS: GOLHF) is
pleased to report that the 2010 diamond drill program is proceeding
much ahead of schedule with over 5000 metres of core recovered from
27 holes completed as of June 15th, 2010.
The program began April 13 with an initial 2000 metres planned.
This was completed by April 23 with very encouraging results that
warranted an additional 2000 metre extension of the contract
announced April 30. The third 2000-metre phase of the 2010 drilling
program is currently in progress and approaching the half-way
mark.
The company's technical team are delighted with drilling
progress and greatly encouraged by the data gathered in respect to
testing extensions of previously known zones, exploring soil gas
hydrocarbon anomalies, and locating new zones of quartz-hosting
diorite in previously unexplored ground within the immediate area
of the Bellechasse-Timmins deposit.
Gold occurs in quartz-filled breccias in diorite. The breccias
vary in width from several metres to approximately 50 metres, some
have been traced several hundred metres along strike and
intersected by diamond drilling to 300m below surface. Mineralized
breccias have been intersected by diamond drilling in an area 600
metres wide and about 1000 metres long. The mineralization remains
open along strike to the northeast and to the southwest. The width
of the belt favourable for development of additional parallel
structures is not yet established.
Diamond drill cores give good geological data, but their small
size (approximately 5kg/metre) severely limits their ability to
provide robust grade estimators for the breccia zones. Assays of
diamond drill cores from the Bellechasse-Timmins zones tend to
underestimate the true gold concentration. This is illustrated by
comparison of assays of drill cores taken a short distance below
surface with assays of bulk samples blasted from immediately
overlying trenches. Consequently, for exploration purposes,
quartz-bearing zones that show values greater than approximately
100ppb are considered mineralized and warrant further
attention.
Exploration work is showing geological conditions similar to
those observed at the Bellechasse-Timmins deposit both to the
northeast and southwest of the original discovery. Additional
drilling is planned to test other gold targets in the approximately
20km Bellechasse Belt.
Drilling is also scheduled for other gold and base metals
targets in volcanic and ultrabasic terrains elsewhere on the
Company's extensive properties in the Beauce-Bellechasse area.
Both detailed and reconnaissance soil gas hydrocarbon
geochemical surveys are continuing along with geological mapping
and prospecting at selected locations within the 110km extent of
the company's Beauce-Bellechasse properties.
Frank Candido, President, Golden Hope Mines Limited states "We
are extremely pleased with the progress made this spring at the
Bellechasse-Timmins deposit. Drilling has intersected extensions of
known mineralized zones, discovered new mineralized zones, and
confirmed the usefulness of the soil gas hydrocarbon geochemistry
done last fall and winter. Preliminary drill data suggest at least
13 parallel mineralized zones including the previously known
Timmins 1, Timmins 2 and 88 zones. Visible gold has been observed
in five drill holes, a great encouragement in a deposit having only
about 15% to 20% of the contained gold present in grains large
enough to be seen with the naked eye. Approximately 1500 samples
have been sent to Activation Laboratories in Ancaster, Ontario and
we are awaiting results with great anticipation. This high level of
activity assures an exciting and eventful field season."
About Golden Hope Mines Limited:
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 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 Quebec includes the Timmins 1, Timmins 2, Ascot and
88 gold zones, the new FSG volcanic environment targets and a
number of 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, the size and use of proceeds of the Offering 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 could cause actual results to differ materially
from those in forward-looking statements. These include market
prices, exploitation and exploration successes, and 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.
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.
Contacts: Golden Hope Mines Limited Frank Candido President,
Director 514-750-8218 416-864-0175 (FAX)
fcandido@goldenhopemines.com or info@goldenhopemines.com Paradox
Public Relations Corporate Communications 1-866-460-0408
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