GOLDEN GOOSE REPORTS A 43-101 NICKEL RESOURCE AT ITS LAC LEVAC PROPERTY
Montreal, Quebec -May 7th, 2008 - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") is pleased to report the results of a new resource estimate for its wholly-owned Lac Levac nickel project, located 216 km north of Chibougamau in the James Bay area of northern Quebec.
The resource estimate, which complies with the requirements of National Instrument 43-101, was prepared by RSW Inc. of Montreal, who were also responsible for the previous estimate dated July 2007.
The results of the new estimate are as follows:
|
Category |
Tonnes |
Nickel |
Copper
% Cu |
Cobalt
% Co |
palladium
g/t Pd |
Platinum
g/t Pt |
|
% Ni |
lbs |
|
Measured |
1,255,000 |
1.09 |
30,158,000 |
0.56 |
0.07 |
1.11 |
0.20 |
|
Indicated |
783,000 |
1.00 |
17,262,000 |
0.53 |
0.06 |
0.91 |
0.29 |
|
Total |
2,038,000 |
1.06 |
47,420,000 |
0.55 |
0.07 |
1.03 |
0.23 |
|
Inferred |
1,053,000 |
0.81 |
18,803,000 |
0.32 |
0.06 |
1.06 |
0.50 |
Cut off grade was 0.4% nickel and no external dilution was included.
"This 43-101 report confirms our expectations based on the results of fall drilling," stated Jean-Marc Lacoste, President and Chief Executive Officer of Golden Goose. "We have succeeded in outlining a measured and indicated resource of 47.4 million pounds of nickel and an additional 18.8 million pounds inferred. With nickel trading above $12 per pound, we now have excellent grounds for building on our exploration efforts and aiming to put this project into production."
The previous resource estimate for the project showed an indicated resource of 516,000 tonnes at 0.89% Ni and an inferred resource of 734,000 tonnes at 0.89% Ni. In the fall of 2007 and winter 2008, the Company drilled over 11,000 metres of additional drilling in 53 holes on the NISK-1 deposit in order to extend and upgrade the project resource. The new resource estimate was warranted by very strong fall explor
ation results that included the discovery and delineation of the Eastern extension of the deposit.
The new resource lies within a 900-metre long mineralized zone that remains open along strike and at depth. To date, mineralization has been intersected at real vertical depths of between 12 and 330 metres.
"Drilling to date has provided us with fairly high level of confidence in our geological model, which is that of an intrusive body," explained Marc-Antoine Beaupr�, head of Golden Goose's nickel exploration program at Lac Levac. "We consider the greatest potential for additional resources within this intrusive to be at depth, while we should be able to fairly easily upgrade some of the indicated resource to the measured category with additional infill drilling."
Mr. Lacoste also noted that the property hosts several other ultramafic lenses that could provide additional ore for a future operation. The Company plans to begin working on these other poten
tial mineralizated host rock area later this year.
The Lac Levac property lies 200 km east of James Bay and is easily accessible by the extensive road network that serves the Hydro-Qu�bec power projects. It lies less than four kilometres from Hydro-Qu�bec's Albanel substation and 40 km east of the Nemiscau airport.
A map of the Lac Levac property showing holes locations and the best drill results to date can be found at http://www.goldengooseres.com/pages/en/levac_results_07
The Lac Levac drilling programs are planned and supervised by Marc-Antoine Beaupr�, a geological engineer and a qualified person as defined by National Instrument 43 101. Pierre Trudel of RSW Inc. acted as the qualified person for the 43-101 resources estimate. Messrs Beaupr� and Trudel have both 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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Golden Goose Resources Inc.
Jean-Marc Lacoste
Phone: 1-888-928-4667
Fax: 1-888-494-5371
email: lacoste@goldengooseres.com
Renmark Financial Communications Inc.
Barry Mire: bmire@renmarkfinancial.com
James Buchanan : jbuchanan@renmarkfinancial.com
Tel.: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com
QUALIFIED PERSON UNDER NI 43-101
PIERRE TRUDEL, ING.
RSW INC.
TEL.: (514) 878-2621
FAX: (514) 397-0085
WWW.RSWINC.COM
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Golden Goose Resources Inc.
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CODE : GGR.V |
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Golden Goose is a gold exploration company based in Canada. Golden Goose is listed in Canada. Its market capitalisation is CA$ 19.6 millions as of today (US$ 19.5 millions, € 14.5 millions). Its stock quote reached its lowest recent point on December 29, 2000 at CA$ 0.04, and its highest recent level on December 31, 2007 at CA$ 1.25. Golden Goose has 51 562 000 shares outstanding. |