Montreal, Quebec / February 18, 2015 / Golden Hope Mines Limited (TSX VENTURE: GNH) – Golden Hope Mines Limited (‘Golden Hope”, or “the Company”) is pleased to announce that the Institut national de la Recherche Scientifique (“INRS”) led by Marc Richer-Lafleche has submitted its report of a high resolution Audiomagnetotelluric Survey and a Petrophysical Study on the poly-metallic massive sulphide Champagne Deposit in the region of Bellechasse, Quebec. This survey and study followed a Versatile Time Domain Electromagnetic Survey (“VTEM”) that was conducted by Geotech for Golden Hope in late 2011, and confirmed the presence of a number of strong electromagnetic and magnetic anomalies within the Beauceville Formation (Magog Group) and more specifically over the known areas containing massive sulphide deposits. The Champagne sulphide mineralization appears to be a hybrid structure, possessing characteristics of both Sedimentary Exhalative Deposits (‘SEDEX”) and Volcanic-Hosted Massive Sulfide Deposits (“VMS”).
The Audiomagnetotelluric Survey was conducted with readings 25 to 50 metres (“m”) apart, and had a deep vertical penetration of 1500m. The results from the survey over the known Champagne Deposit mineralization indicate a significant sub-vertical conductor beneath the massive sulphides confirmed through previous drilling. The conductor (V) begins at approximately 240m of vertical depth and extends to approximately 650m depth with a maximum implied thickness of approximately 60m. (Figure 2.)
A second prospective conductor (IV) was indentified approximately 500m south of the Champagne Deposit, beginning at approximately 225m vertical depth and extending to an approximate depth of 880m, with a maximum implied thickness of 160m. This second conductor has been interpreted to be associated with the first conductor indicating the repetition of the sulphide target horizon through the presence of a structural fold (syncline).
As a result of this important and encouraging new interpretation of what might potentially be large tonnage poly-metallic sulphide deposits within the Champagne Belt of Southeastern Quebec. Golden Hope will develop an exploration plan to further evaluate the potential of these large geophysical targets associated with the known massive sulphide mineralization. The Company will also expand the geophysical program to determine if similar targets occur elsewhere within the Champagne Belt.
The Company’s contiguous mineral claims include approximately 10 linear kilometres of the stratigraphic horizon near the base of the Beauceville Formation that hosts the Champagne occurrence. The Champagne occurrence lies on the north limb of a synclinal fold. An additional 20 linear kilometres of the horizon is exposed within the company’s claims that cover the south limb of the syncline. The Champagne Deposit is a partially explored base and precious metal occurrence that lies entirely within the Company’s 100% owned Bellechasse Belt, on claims 3.5 kilometres north of the Company’s Bellechasse-Timmins Gold Deposit. Previous work on Champagne outlined a historic estimate of 250,000 tonnes of massive and disseminated sulphides, averaging 2.4 g/t gold, 19.7 g/t silver, 2.7% zinc, 0.40% copper and 0.45% lead (Paradis, Bosse and Gauthier, 1995 Report from the Centre Geoscientifique de Quebec, referencing Bergman (1954)). A Qualified Person as defined by National Instrument 43-101 has not done sufficient work to classify the historical estimate as a current mineral resource, nor is Golden Hope treating the historical estimate as a current mineral resource.
A copy of the INRS presentation can be found on the company’s web site at: http://goldenhopemines.com/exploration/
Marc Richer-Lafleche who is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this press release.
Statements Regarding Forward-Looking Information
Information set forth in this news release by Golden Hope Mines Limited may contain forward-looking information within the meaning of Canadian securities laws. Forward-looking information includes statements that relate to future, not past, events. In this context, forward-looking information often addresses the Company’s expected future business and financial performance, and often contains words such as “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend”, statements that an action or event “may”, “might”, “could”, “should” or “will” be taken or occur, or other similar expressions (including negative and grammatical variations). Such information includes plans, timing and expectations for updates of the Company’s resource estimate; expectations regarding the Company’s planned exploration activities and budget; the timing for receipt of drilling and assay results; and plans for further exploration and drilling at Bellechasse-Timmins and Champagne/VMS and other targets along the Bellechasse Belt. Specifically relating to possible mining of the Bellechasse-Timmins gold deposit, the Company must obtain specific permits beyond the Certificate of Authorization; may complete additional exploration and development work; and obtain appropriate financing before mining may begin. By their nature, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the following risks: the risks associated with any outstanding litigation; risks associated with exploration activities and project development; timing of and unexpected events regarding the receipt and interpretation of drilling and assay results; delays in the preparation of resource estimate updates; the need for additional financing; operational risks associated with mineral exploration; fluctuations in gold and other commodity prices; title matters; technical and permitting issues; environmental liability claims; insurance matters; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume; the impact of taxation; and general economic conditions. Forward-looking information is based on management’s beliefs, estimates and opinions on the date hereof and the Company undertakes no obligation to update any forward-looking information if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking information.
Any historical mineral quantities set forth herein are, unless otherwise indicated, are not compliant with National Instrument 43-101.
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 southeastern Quebec, Canada. The company’s claim blocks lie within an area that extends approximately 100 kilometres along the Appalachians of southern Quebec from near Ste-Lucie-de-Beauregard to about 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:
Golden Hope Mines Limited.
Frank Candido, Presdient, Director
Tel : 514-969-5530
Figure 1. Location of the Champagne Deposit in relation to the Bellechasse-Timmins Gold Deposit
Figure 2. The Audiomagnetotelluric Survey over the known Champagne Deposit in Bellechasse, Quebec.