Golden Goose raises Lac Levac resource (May 09, 2008)

Golden Goose Resources (GGR-V) has released a new National Instrument 43-101 technical report with an updated resource calculation for its Lac Levac copper-nickel-cobalt-PGE project near Nemiscau in the James Bay area of northern Quebec.

Since the compilation of the previous resource estimate, another 11,000 metres of diamond drilling has been completed, and the results were included in the new calculation.

With a nickel cutoff grade of 0.4%, and not including any mining dilution, the measured and indicated resources total 2.04 million tonnes grading 1.06% nickel (equivalent to 47.4 million lb. nickel), 0.55% copper, 0.07% cobalt, 1.03 gram per tonne palladium and 0.23 gram per tonne platinum.

Inferred resources are 1.05 million tonnes grading 0.81% nickel (equivalent to 18.8 million lb. nickel), 0.32% copper, 0.06% cobalt, 1.06 gram per tonne palladium and 0.5 gram per tonne platinum.

The new resource lies within a 900-metre-long mineralized zone that remains open along strike and at depth. Mineralization has been encountered at depths of 12 metres to 330 metres. The geological model is that of an intrusive body, and the company believes that the greatest potential for additional resources is at depth.

The property has other ultramafic lenses which the company plans to explore later this year. The company also believes that it can upgrade the resources from the indicated to the measured categories by completing infill drilling.