Golden Goose releases new resource estimate for Magino gold project

Golden Goose Resources (GGR-V) has released a new National Instrument 43-101 resource estimate for its Magino gold project near Wawa, Ont.

The entire resource is in the inferred category. At a cut-off grade of 3 grams gold per tonne, the report estimates an inferred resource of 3.75 million tonnes grading 5.94 grams gold per tonne, equivalent to 717,000 ounces of gold.

The mineralization has been discovered at depths between 200 and 600 metres, and remains open at depth and along strike. Company management is planning to upgrade the resource to the indicated category.

This new resource is in addition to resources reported in April 2004. That report identified resources between surface and a depth of 200 metres. At a cutoff grade of 1.24 gram gold per tonne, the April 2004 report estimated measured and indicated resources of 7.3 million tonnes grading 2.33 grams gold per tonne, equivalent to 544,000 ounces of gold, plus inferred resources of 1.2 million tonnes grading 2.21 grams gold per tonne, equivalent to 85,000 ounces of gold.