Golden Goose completes winter drilling with new mineralization at the Magino
property
MONTREAL, March 30 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") is pleased to report the final results of winter drilling on its Magino property near Wawa, Ontario. Several high grade areas were intersected including a new zone discovered in the volcanic rocks in the footwall to the deposit.
The program, which started in November 2009, consisted of 14 diamond drill holes totalling approximately 4,000 metres of drilling around the Magino resource envelope. Initial results were disclosed in earlier press releases (see releases dated February 11 and March 4, 2010); the remaining results are as follows:
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Hole From (m) To (m) Length (m) Gold (g/t)
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10-4 51.00 53.00 2.00 4.5
and 59.00 61.00 2.00 3.8
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10-5 189.00 192.00 3.00 1.2
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10-6 No significant
assays
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"The data generated by this campaign yielded new targets for future exploration efforts outside the current resource envelope." said Francois Perron, President and Chief Executive Officer of Golden Goose. "We have intersected several high grade areas; one of these is located in the volcanic rocks in the footwall to the deposit. The drilling here has established the presence of well-developed altered and mineralized shear zones, which were not previously known. These are strong with significant widths and remain open at depth, with excellent potential to add to the existing resource in a future program."
The table below summarizes the best results of the 4,000 metre program initiated in November 2009:
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Hole From (m) To (m) Length (m) Gold (g/t)
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09-3 23.00 24.00 1.00 5.53
and 42.00 43.00 1.00 7.11
and 153.00 155.00 2.00 4.41
including 153.00 154.00 1.00 8.46
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09-6 18.00 22.00 4.00 4.73
including 21.00 22.00 1.00 16.92
and 98.00 100.00 2.00 4.73
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09-7 17.00 18.00 1.00 4.1
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10-2 86.00 88.00 2.00 4.4
86.00 87.00 1.00 8.6
and 126.00 130.00 4.00 12.7
including 126.00 127.00 1.00 29.0
including 127.00 128.00 1.00 21.0
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10-3 59.00 60.00 1.00 4.6
and 64.00 65.00 1.00 9.8
and 68.00 69.00 1.00 4.5
and 240.00 243.00 3.00 21.9
including 241.00 242.00 1.00 65.3
and 277.00 279.00 2.00 5.3
including 277.00 278.00 1.00 8.8
and 298.00 299.00 1.00 6.3
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10-4 51.00 53.00 2.00 4.5
and 59.00 61.00 2.00 3.8
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Note: True width is presently estimated based on the -75 degree dip of
the main zone. Current drilling angles vary from -45 to -50 degrees.
"This new data has provided us with a new understanding and more comprehensive geological model that suggest new targets and the possibility to discover new ore in the mine area. Going forward, we plan to review the historical data in light of the new information to assist in designing our next program," Mr. Perron concluded.
A map showing the location of the drill holes and the mineralized structures as interpreted by Golden Goose can be found on the Company's website at www.goldengooseres.com or through the link http://www.goldengooseres.com/medias/docs/pdf/magino_local_03_10.pdf.
The Magino project currently has an estimated measured and indicated resource of over 453,000 ounces of gold at a grade of 6.74 g/t and an inferred resource of 1,100,000 ounces of gold at a grade of 6.29 g/t. This resource was calculated at a cutoff grade of 3.0 g/t; using a higher cutoff of 5.0 g/t results in a measured and indicated resource of approximately 345,000 ounces at 8.90 g/t and an inferred resource of approximately 800,000 ounces at 9.08 g/t.
Samples were transported directly to the Accurassays laboratories in Thunder Bay, Ontario and assayed using standard fire assay methods. The information contained in this news release has been reviewed and approved by Gilles Provost, M.Sc.A., P.Geo., and a Qualified Person as defined by NI 43-101.
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 properties in Ontario and Quebec.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
For further information: Renmark Financial Communications Inc.: Dan Symons: [email protected]; Jason Roy: [email protected]; Media - Guy Hurd: [email protected], (514) 939-3989 or (416) 644-2020, www.renmarkfinancial.com; Golden Goose Resources Inc.: François Perron, President and Chief Executive Officer, 1-888-928-4667, Fax: 1-888-494-5371, [email protected], www.goldengooseres.com
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