Business
Golden Goose completes phase I of drilling on its Magino gold property
MONTREAL, Dec. 13 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") is plea...
About this update from Golden Goose Resources Corp.
[{"type":"text","content":"\n\n\n\nMONTREAL, Dec. 13 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR)\n(the "Company") is pleased to announce that Phase 1 of drilling on its\nwholly-owned Magino gold property near Wawa in northwestern Ontario is now\ncomplete. The property hosts the Magino gold mine, which produced about\n105,000 ounces in the late 1980s and early 1990s.\n\n\nPhase I of the program initially consisted of 6,838 metres of drilling\naimed at testing the extensions of the known zones under the Magino mine\nworkings as well as the potential at depth. However, due to the numerous new\ngold zones intersected, the program was increased to nearly 10,000 metres.\nResults for 27 of the 29 holes drilled are shown in the table below, with\nassays for holes 27 and 29 still pending and expected in late January.\n\n\nThe Company has also retained Innovexplo, a consulting firm based in\nVal-d'Or, Quebec, to carry out a new resource estimate for the project based\non the Phase I drill results. The estimate is already underway and is expected\nto be completed in the first quarter of 2008.\n\n\n"The last resource estimate was dated April 2004 and showed a measured\nand indicated resource of about 7.2 million tonnes grading 0.075 opt Au, which\nis more than 500,000 ounces at surface," noted Jean-Marc Lacoste, President\nand Chief Executive Officer of Golden Goose. "We have since done substantial\nwork and obtained very interesting results. Multiple zones have been\nidentified, and the mineralization shows continuity from one hole to the next.\nWe also expect the new QFP zone, which occurs at a depth of about 400 m below\nsurface, to contribute significantly to the new resource estimate."\n\n\nComplete results received to date for Phase 1 of the drilling program on\nthe Magino property are as follows. A map showing the hole locations with the\nbest results can be found on the Company's website at:\n\n\nhttp://www.goldengooseres.com/site/results_12_07.html\n\n\n\n\nHole From To Length(x) Gold\n(number sign) (m) (m) (m) Content\n (g/t)\n-------------------------------------------------------------------------\n1 135.35 139.85 4.50 4.26\n Including 137.35 139.35 2.00 9.00\n Including 138.35 139.35 1.00 13.70\n-------------------------------------------------------------------------\n2 325.00 326.00 1.00 14.65\n----------------...