Golden Goose Resources (GGR-V) has released a new resource estimate for its wholly owned Magino property, 40 km northwest of Wawa in northern Ontario, and plans to proceed to a feasibility study.
At a cut-off grade of 3 grams gold per tonne, the Magino project has measured and indicated resources of 2.09 million tonnes grading 6.74 grams gold per tonne for contained gold of 453,189 ounces. In the inferred category Magino hosts 5.83 million tonnes grading 6.29 grams gold for 1.18 million oz. gold.
If a higher cut-off grade of 5 grams gold per tonne is used, the measured and indicated resource shifts to 1.2 million tonnes grading 8.9 grams gold per tonne for 343,333 oz. gold, while the inferred changes to 2.74 million tonnes grading 9.08 grams gold for 799,723 oz. gold.
The resource was found between surface and a depth of 500 metres, and along a strike length of 1.2 km, close to old mine workings. (The Magino mine produced 105,543 ounces of gold between 1988 and 1992.)
The new resource estimate builds on the last estimate released in May 2008. It incorporates the recompilation of 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 metres by 500 metres.
High-grade capping was done on the raw data and set at 40 grams gold per tonne.
The Montreal-headquartered junior closed 1¢ higher, an increase or 2.53%, at 40.5¢per share.
Over the last 52 weeks, Golden Goose has traded in a range of 7¢-95¢ and has 47.7 million shares outstanding.
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