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Golden Goose Resources Inc. (TSX-V: GGR | Quote | Chart | News | PowerRating) is pleased to report the filing of the 43-101 report with a substantial increase in estimated gold resources at its wholly-owned Magino property near Wawa, Ontario. The new estimate was prepared in compliance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects shows the following results:
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Magino Mineral Resources Estimate
at a cut-off grade of 3.0 g/t Au
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Grade
Category Tonnes (g/t Au) Ounces
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Measured resource 222,900 5.97 42,749
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Indicated resource 1,869,000 6.83 410,440
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Total Measured and Indicated
resources 2,091,900 6.74 453,189
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Inferred resources 5,828,800 6.29 1,178,124
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The report prepared by Innovexplo, an independent mining and exploration
consulting firm based in Val-d'Or, Quebec, estimates a measured and indicated
resource of 2,091,900 tonnes grading 6.74 grams gold per tonne containing
453,189 ounces of gold, at a cut-off grade of 3.0 grams gold per tonne. The
report also estimates an additional inferred resource of 5,828,800 tonnes
grading 6.29 grams gold per tonne and containing 1,178,124 ounces, at the same
cut-off grade. At an increased cut-off grade of 5.0 grams gold per tonne, the
report says, the measured and indicated resource are 1,200,300 tonnes grading
8.90 grams gold per tonne and containing 343,333 ounces. The additional
inferred resource at the 5.0 grams per tonne cut-off grade is 2,736,800 tonnes
grading 9.08 grams gold per tonne and containing 799,723 ounces.
These resources lie between surface and a depth of 500 metres along a
strike length of 1.2 kilometres, in proximity to the old Magino mine workings.
In addition to the data used in the last resource estimate dated May 2008,
this comprehensive estimate includes the recompilation of all the historic
drill data available for the property and incorporates new data from drilling
carried out over the past three years. A total 1,286 drill holes comprising
124,118 metres of current and historical drilling, and channel sampling, and
geological mapping from old drifts were used in the estimates. The resources
were calculated over a minimum 1.5-metre mining width, and high assays were
capped at 40 grams gold per tonne. The estimation method used is polygonal on
longitudinal section.
The full 43-101 as well as a plan view and three different sections are
available at the following link:
http://www.goldengooseres.com/pages/en/magino_planview
"The complete report paves the way for further progress at the Magino
property," says Francois Perron, President and Chief Executive Officer of
Golden Goose. "The next phase will seek to further delineate and increase the
knowledge of our mineral resource through scoping study work which will
evaluate dewatering, drilling and underground bulk sampling."
The Independent Qualified Persons for the mineral resource estimate, as
defined by Regulation 43-101, are Carl Pelletier, B.Sc., P.Geo., and Bruno
Turcotte, M.Sc., P.Geo. (InnovExplo Inc.), and the effective date of the
estimate is April 24, 2009.
Notes:
- Mineral Resources are not Mineral Reserves having demonstrated economic
viability.
- Results are presented undiluted and in situ. The estimate includes 133
gold-bearing zones and covers the Magino project area over 1,200 metres
E-W, 500 metres N-S, and from an elevation of 0 to -500 m.
- The resources were compiled using a minimum cut-off grade of 3.0 g/t
Au. This cut-off must be re-evaluated in light of current market
conditions (gold price, exchange rate and mining cost).
- A fixed density of 2.87 g/cm3 was used.
- Ounce (troy) = Tonnes X Grade /31.10348
- A minimum of 1.5 m true thickness 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 40.0 g/t
Au.
- No drill hole compositing was done. Resources were evaluated from drill
hole and channel results using a polygonal on longitudinal approach.
- Calculations used metric units (metres, tonnes and g/t Au).
- The Company is not aware of any known environmental, permitting, legal,
title-related, taxation, socio-political, marketing or other relevant
issue that could materially affect the Mineral Resource estimate.
- Any discrepancies in the totals are due to rounding effects; rounding
followed the recommendations in Regulation 43-101.
- Number of tonnes was rounded up to the nearest hundred.
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ABOUT GOLDEN GOOSE RESOURCES
Golden Goose Resources Inc. is a Canadian public company listed on the TSX Venture Exchange under the symbol GGR. The Company is principally engaged in mineral exploration and acquisition and has a portfolio of gold, platinum group metals, and nickel properties in Ontario and Quebec.
Neither 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.
%SEDAR: 00004334EF
SOURCE: GOLDEN GOOSE RESOURCES INC.
Francois Perron, President, Golden Goose Resources Inc., 1-888-928-4667, Fax: 1-888-494-5371, perron@goldengooseres.com; www.goldengooseres.com
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