More than a wish for Golden Hope

Assay results from Golden Hope Mines (GNH-V) confirm that the company has hit upon a second mineralized body at its Bellechasse property in Quebec.

Results come from an area known as the Timmins gold deposit and were highlighted by intersects from four separate holes that measured: 8 metres grading 3.48 grams gold per tonne; 4 metres grading 3.42 grams gold; 4 metres grading 2.317 grams gold and 2 metres grading 2.26 grams gold.

The best intersect of 8 metres grading 3.48 grams gold came from hole BD 2008-92, the deepest hole drilled into the Timmins 2 zone. With mineralization found at depth at the 300 metre level, the company says the deposit is open at depth.

The solid results give the Golden Hope a better understanding of what is a second mineralized intrusive at the site.

The first, which is known as Timmins 1 is a historical deposit found in 1952. The second, Timmins 2, was discovered by Golden Hope in 2007 and was the subject of the 2008 diamond drill program.

The Toronto-based company says both intrusives contain horizontal and vertical to steeply dipping auriferous quartz veins and says gold is present in small clusters of nuggets.

During the 2008 program the company also conducted a geochemical soil survey on a target with Timmins-style mineralization. It plans to perform stripping, drilling, mapping and sampling of the prospect this year.

The Bellechasse gold project is wholly owned by Golden Hope and includes the Timmins and Ascot gold zones, the Coucou volcanic target and a number of newly claimed serpentinite geological formations.

The property lies at the end of the Appalachian range of mountains roughly110 km southeast of Quebec City and 70 km northeast of the town of Saint-Georges.

In Toronto on Jan. 29 the company’s shares were off 5% to 8.5¢ on 82,000 shares traded. Its share price has moved between 3.5¢ and 29¢ over the last 52 weeks and it has 55.7 million shares outstanding.