November 14, 2005 10:02 ET

Golden Goose File Review Taps Into Gold, Nickel and Platinum Group Exploration Opportunities

MONTREAL, QUEBEC--(CCNMatthews - Nov. 14, 2005) - Golden Goose Resources Inc. (TSX VENTURE:GGR) announces the completion of an initial review of the Company's 25-year inventory of properties. Significant untapped gold, nickel and PGE prospects were identified, providing excellent exploration opportunities for the Company. Additional claims (totalling 6,731 hectares) were acquired to increase the land position covering extensions of known mineralization around two of the properties. All the properties were initially obtained through the amalgamation of three companies formerly run by some of Canada's best-known prospectors. The companies included Muscocho Resources Inc., Flanagan McAdam Resources Inc. and McNellen Resources Inc., which were consolidated to create Golden Goose Resources Inc. Golden Goose has not carried out work on the properties but they remain in good standing due to abundant historic work credits.

Golden Goose intends to reactivate exploration on some of the properties and to seek joint venture partners to add value to others. In addition to the Company's primary asset, the Magino gold mine in Ontario where fieldwork is in progress, the Company prioritized seven properties in the province of Quebec, two of which are past producers. Highlights of the Quebec properties are summarized below.

Nickel, PGE Properties

The Company holds 100% interest in two nickel, platinum group properties located 200 km northeast of Matagami, Quebec. The style of mineralization belongs to the "greenstone-gneiss belt magmatism" type of nickel, PGE deposits which tend to be high-grade and includes the La Ronge-Lynn Lake and Flin Flon areas.

Lac Levac

The Lac Levac property has demonstrated its potential for the discovery of extensive nickel massive sulphide and associated PGE mineralization related to layered ultramafic sills. Previous drill intersections include 1.49% Ni, 1.23g/t PGE over 6.8m and 0.98% Ni, 1.02g/t PGE over 11.9m and 36.8% Cr2O3 over 2.78m. Approximately 6,200m of historic drilled intersecting the mineralized horizon over a distance of at least 1.5 km with large unexplored gaps between drill holes. The strongest magnetic anomaly along the horizon occurs in an area which was removed from staking by the government. The Company has recently had this restriction lifted. A total of 4,945 hectares have been staked (claims pending) in addition to the original 288 hectares.

Lac Des Montagnes

The Lac Des Montagnes property is located 20 km southwest of the Lac Lavac property and lies along the same geological trend. An additional 1,786 hectares have been staked to add to the original 400 hectares.

Gold Properties

The Company holds five gold properties in Quebec, four are 100% GGR and one is 50% GGR. Two of the properties contain past producers, the Gwillim Mine and the Montauban Mine. The potential exists on many of the properties for the discovery of additional significant zones of mineralization.

Gwillim Mine

The 472 hectare Gwillim Mine property (50% GGR / 50% MSV Resources) is located eight km northwest of Chibougamau, Quebec and has past production of 221,000 t at 4.9g/t gold from 1980 to 1984. Additional zones have been outlined historically totalling an inferred resource of 307,000 t at 10.3g/t gold (predates NI 43-101 - see cautionary statement) calculated by Muschcho Resources in 1989. Over 48,500m of diamond drilling has been performed in the past and the property has the potential of hosting additional zones of high-grade gold mineralization.

Montauban Mine

The Montauban Mine property (100% GGR) containing 108 hectares is located 80 km west of Quebec City, Quebec. Historic production from the massive sulphide zone during the first half of the 19th century and the gold zones from 1982 to 1990 include the following:

massive sulphide zone: 2.5 Mt at 4.5% zinc, 1.5% lead,
85g/t silver and 0.70g/t gold
north gold zone: 330,000 t at 4.27g/t gold and 12.5g/t silver
south gold zone: 225,000 t at 3.70g/t gold and 72.0g/t silver

Troilus Freegold

The 240 hectare Troilus Freegold property (100% GGR), located 100 km north of Chibougamau, Quebec has over 5,000m of historic diamond drilling which intersected 104.0g/t gold over 0.3m and 22.5g/t gold over 0.76m. The north zone has a historic inferred resource of 15,800 t at 16.4g/t gold (predates NI 43-101 - see cautionary statement) calculated by Muscocho Resources in 1980. Grab samples from the 1980's returned up to 388g/t gold from the north zone.

Troilus East

The Troilus East property (100% GGR) contains 224 hectrares located 105 km north of Chibougamau, Quebec. Approximately 2,800m of diamond drilling has been completed in the past with intersections including 12.7g/t gold over 1.2m.

Troilus North

The 80 hectare Troilus North property (100% GGR) is located 135 km northwest of Chibougamau, Quebec and 12 km southwest of the Troilus Mine which has produced over one million ounces of gold. Approximately 2,900m of shallow diamond drilling has been conducted in the past with intersections including 18.2g/t gold over 1.7m and 3.5g/t gold over 4.8m. The potential exists for the property to host significant mineralization since most holes were limited to approximately 50m vertically.

Cautionary Statement: The historical inferred resource estimates indicated above for the Gwillim Mine and Troilus Freegold properties were completed prior to implementation of NI 43-101 and have not been re-defined to conform to CIM approved standards as defined by NI 43-101. The Company is not treating these historical estimates as a NI 43-101 defined resource or reserve verified by a Qualified Person and therefore the estimates should not be relied upon.

This press release has been reviewed and approved by Craig Waldie, P.Geo., Vice President Exploration for Golden Goose Resources, a Qualified Person as defined by NI 43-101.

The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Golden Goose Resources Inc.
    Craig Waldie
    Vice President Exploration
    (905) 607-5252
    (905) 820-6985 (FAX)