MONTREAL, Oct. 22 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") is pleased to announce that drilling commenced Friday October 19th at its wholly-owned Lac Levac nickel property in the James Bay area of northern Quebec. The full program consists of a minimum of 6,000 metres in some 30 holes, and is aimed at generating data for an updated NI 43-101-compliant resource estimate.
"Our previous drilling program last spring demonstrated the strong potential of the Lac Levac property, which is why we have committed two drills to this project," said Jean-Marc Lacoste, President of Golden Goose. "The goal of this program is to increase and upgrade our current resource, which is currently open to the east and at depth. We will be disclosing results as they become available, from now through the first quarter of 2008," he added.
The Company has subcontracted the drilling to Bradley Drilling, and the new NI 43-101 resource estimate will be prepared under the supervision of Pierre Trudel from RSW Inc. of Montreal, who also carried out the NI 43-101-compliant evaluation report and resource estimate dated July 2007.
Golden Goose has also retained Abitibi Geophysique of Val-d'Or to conduct an InfiniTEM geophysical survey on two large grids over the drilled anomaly and the eastern extension of the mineralized zone to provide additional information for drilling. The geophysics field work is currently in progress and will be completed over the next two weeks.
The Lac Levac property has been shown to host a mineralized zone containing an indicated resource of 516,000 tonnes at 0.89% nickel, 0.39% copper, 0.06% cobalt, 0.79 g/t palladium and 0.14 g/t platinum and an inferred resource of 734,000 tonnes at 0.89% nickel, 0.34% copper, 0.06% cobalt, 0.77 g/t palladium and 0.14 g/t platinum.
Golden Goose presently has cash resources of $4.0 million with which to pursue its exploration objectives, including $2.2 million in funds reserved for exploration. The budget for the current program is approximately $1.5 million.
The drilling program is being planned and supervised by Marc-Antoine Beaupre, a geological engineer and the qualified person as defined by National Instrument 43-101. Previously employed by RSW Inc., Mr. Beaupre was recently hired by Golden Goose on a full-time basis. He has approved the contents of this press release.
ABOUT GOLDEN GOOSE RESOURCES
Golden Goose Resources Inc. is a Canadian public company listed on the TSX Venture Exchange under the symbol GGR. The Company is principally engaged in mineral exploration and acquisition and has a portfolio of gold and nickel-platinum group metals properties in Ontario and Quebec.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.