This past July we were able to re-visit
Golden Hope's Bellechasse Project in the region known as the "Beauce" where an area play of some significance has been developing over the past year, an event which may in part account for GNH's strong stock performance during the past several months.
Golden Hope's current work has been designed to extend the area of known resources and also to advance the concept that the mineralized areas extend far beyond what has been identified to date. During my re-visit, geologist Jim Tinley drove me to an area where step-out drilling took place at the Beland Anomaly, 6.2 Km south of the Timmins area and, sure enough, the company reported intersections with quartz and also visible gold.
While I was on-site, the company had just completed their first phase program for 2010 which involved some 5,232 meters of drilling at Bellechasse-Timmins as well as more than 600 meters at the Beland Anomaly as noted above. A second program was just getting underway which is now partially complete and the company just announced an additional 5,000 meters currently planned later this year, including drilling at prospective areas known as Sugar Bush and Laval, areas which had been identified through GNH's soil gas hydrocarbon work.
Included in the newly announced drill program are 2 deep holes of approximately 700 meters at Bellechasse-Timmins to confirm whether the deposit has mineralization at depth.
Assay results are expected to be received during the rest of 2010. In the meantime, company geologists believe the deposit is open in all directions and further soil gas hydrocarbon work will proceed to identify additional target areas.
I plan to meet personally with company executives wherever possible and will report when important additional information is available.
In the meantime, we cannot help but note that the stock has advanced from under ten cents less than a year ago to a recent high at 98 cents. Aside from bringing satisfaction to shareholders, the price rise will be a factor in facilitating the raising of future cash requirements while encountering significantly less share dilution than would have occurred previously.
Leonard Melman, September 20, 2010