Golden Goose Resources (GGR-V, GGOSF-O) has tallied a new resource at its wholly owned Magino property, 40 km northwest of Wawa in northern Ontario, and plans to proceed to a feasibility study.
At a cutoff grade of 3 grams gold per tonne, the Magino project hosts measured and indicated resources of 2.1 million tonnes grading 6.74 grams gold per tonne for 453,190 contained ounces gold. Magino has another 5.8 million inferred tonnes grading 6.29 grams gold for 1.18 million oz. gold.
If the cutoff is raised to 5 grams gold, the measured and indicated resource shifts to 1.2 million tonnes grading 8.9 grams gold for 343,330 oz. gold, while the inferred changes to 2.7 million tonnes grading 9.08 grams gold for 799,720 oz. gold.
The resource is from surface to a depth of 500 metres, and along a strike length of 1.2 km, close to old mine workings. (The Magino mine produced 105,540 oz. gold between 1988 and 1992.)
The new resource estimate builds on the previous one released in May 2008, and recompiles all historic drill data and new data from drilling over the last three years.
A total of 1,286 drill holes made up of 124,118 metres of current and historical drilling, in addition to channel sampling and geological mapping from old drifts, were used to determine the new resource estimate.
The resources were also calculated over a minimum mining width of 1.5 metres, while high assays were capped at 40 grams gold per tonne.
Hosted by the Goudreau Lake Deformation Zone, or GLDZ, Magino remains open to the northeast and southwest and at depth.
“Golden Goose is determined to move this project forward into the feasibility stage, and getting an overall picture of our resource was a key first step,” Jean-Marc Lacoste, president and chief executive, said in a statement. “This estimate is based on an actual underground mining model and provides a very solid basis on which to proceed.”
The updated estimate includes 133 gold-bearing zones and covers the Magino project over an area of 1,200 by 500 metres.
High-grade capping was done on the raw data and set at 40 grams gold per tonne.
Golden Goose recently traded at 35¢ per share.
Over the last 52 weeks, the Montreal- headquartered junior has traded in a range of 7-95¢; the company has 47.7 million shares outstanding.
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