Toronto-based junior Golden Goose Resources (ggr-t) has revised the resource estimate for its Magino gold mine property, 45 km northeast of Wawa, Ont.
The company is hoping to revive the former underground narrow-vein producer as a large-tonnage, low-grade open-pit operation.
Based on an upper cutoff grade of 17.1 grams gold per tonne, two resource calculation methods were employed: inverse-distance-squared, and simple Kriging.
With both methods, the global resource estimate for the granodiorite model is 115 million tonnes grading 0.73 gram gold, equivalent to 2.7 million contained ounces after removal of the mined-out material. The estimate assumes the deposit has a strike length of 975 metres and extends to a depth of 200 metres with minimal overburden.
Within the company’s property boundary, the granodiorite unit extends for an additional 730 metres, mostly to the southwest of the modelled zone.
A lower cutoff grade of 0.86 gram gold produced two estimates for the entire granodiorite model: 24 million tonnes grading 1.68 grams gold, equivalent to 1.3 million contained ounces, using the inverse-distance-squared method; and 35.7 million tonnes of 1.16 grams gold, equivalent to 1.3 million contained ounces, using the Kriging method.
While Pearson, Hofman & Associates prepared these latest calculations, Golden Goose has hired BLM Bharti Engineering Associates to prepare a prefeasibility study, due in October.
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