MAGINO2008-05-29 13:50 ET - News Release
Mr. Jean-Marc Lacoste reports
GOLDEN GOOSE REPORTS A NEW 43-101 RESOURCE ESTIMATE FOR ITS MAGINO GOLD PROPERTY
Golden Goose Resources Inc. has provided a new resource estimate for its wholly owned Magino mine property, located 1.5 kilometres southwest of the Richmont/Patricia Island gold mine, near Wawa, Ont. The estimate complies with National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Prepared by Innovexplo, an independent mining and exploration consulting firm based in Val d'Or, Que., the new estimate shows an inferred resource of 3.75 million tonnes grading 5.94 grams per tonne gold at a cut-off grade of three g/t gold, representing over 700,000 ounces of gold. The resource lies in the area below the old Magino mine workings, at a depth of 200 metres to 600 metres. The estimate is mainly based on drilling carried out since the beginning of 2006 that identified some 76 separate mineralized zones, all of which remain open at depth and along strike. The estimation method used was polygons on longitudinal section for each zone, designed based on the future underground mining potential.
"We knew our drill results were excellent, but we are still extremely impressed by the size of the resource," said Jean-Marc Lacoste, president and chief executive officer of Golden Goose. "These numbers clearly demonstrate the excellent potential of the property. We will now begin work on upgrading this inferred resource to the indicated category in preparation for prefeasibility."
Depending on the cut-off grade used, the new estimate shows an inferred resource below the 200-metre level as attached in the Innovexplo inferred mineral resource table.
MAGINO PROJECT -- INNOVEXPLO INFERRED MINERAL RESOURCECut-off Gradegrade Tonnes (Au g/t) Ounces3 g/t 3,755,600 5.94 717,2274 g/t 2,515,400 7.19 581,4695 g/t 1,880,900 8.11 490,4306 g/t 1,371,200 9.09 400,7337 g/t 959,600 10.19 314,380
The independent and qualified persons for the mineral resource estimates as defined by Regulation 43-101 are Carl Pelletier, BSc, PGeo, and Bruno Turcotte, MSc, PGeo (InnovExplo Inc.), and the effective date of the estimate is May 23, 2008.
Notes:
- The mineral resources are not mineral reserves having demonstrated economic viability.
- The results are presented undiluted and in situ. The estimate included 76 gold-bearing zones and covers the Magino project area over 840 metres east-west, 400 metres north-south and from elevation minus 200 metres to minus 600 metres
- The resources were compiled using a cut-off grade of three g/t gold. This cut-off must be re-evaluated in the light of the present market conditions: gold price, exchange rate and mining cost. A fixed density of 2.87 grams per cubic centimetre was used. A minimum of 1.6 metres of true width was applied, using the grade of the adjacent material when assayed, or a value of zero when not assayed. High-grade capping was done on the raw data and established at 40 g/t gold. No drill hole compositing was done. Resources were evaluated from drill hole results using a polygonal-on-longitudinal approach.
- The calculations used metric units (metre, tonnes and g/t gold).
- The company is not aware of any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues that could materially affect the mineral resource estimates.
The new resource is in addition to a near-surface resource estimated by Snowden Mining Industry Consultants Inc. in April, 2004. Snowden estimated measured and indicated resources of 7.3 million tonnes grading 2.33 g/t gold for a total of 544,000 ounces and an inferred resource of 1.2 million tonnes at 2.21 g/t or 84,625 ounces. All these ounces of gold lie between surface and a depth of 200 metres. These near-surface resources were based on a cut-off grade of 1.24 g/t gold. Snowden's mineral resource estimate was designed for low-grade, large-volume, open-pit potential. The estimation method used was a block model with a block size of 7.6 metres by 7.6 metres by three metres. Grade models were estimated with multiple indicator kriging and ordinary kriging.
MAGINO PROJECT RESOURCES SNOWDEN AND INNOVEXPLO ESTIMATES AS AT MAY 23, 2008Innovexplo resource estimate -- May, 2008Area targeted: minus 200 to minus 600 metresCategory Tonnes Grade Ounces (g/t Au)Inferred 3,755,600 5.94 717,227Snowden resource estimate -- April, 2004Area targeted: surface to minus 200Category Tonnes Grade Ounces g/t Au)Measured 6,090,000 2.33 456,209Indicated 1,204,000 2.27 87,871Total: measured and indicated 7,295,000 2.33 544,080Inferred 1,191,000 2.21 84,625
Gilles Provost, PGeo, a qualified person under NI 43-101, plans and supervises the exploration work on the Magino property and has approved the contents of this press release.