In trying to find more information on this topic, I found this at the End Time Pilgrim website:Sheep and Goats Judgment
The problem for me with that article is that it states the sheep and goats of that parable are all unsaved Gentiles. Sheep (lost or not lost) in my way of thinking always applied to Jews or saved Gentiles so I have trouble with their interpretation. They also say that everyone (all various theological perspectives) teach that it is different from "The Great White Throne Judgment". I personally believe it is possible they are the same, and that is the way it is presented here.
This is another site linked here that says the Sheep and Goats Judgment and the Great White Throne Judgment can be one and the same. I have found that because Jesus mentions something in a couple of sentences (in Matthew ch 25) doesn't mean the events that are told about happen moments (or even a few days) later... and conversely, if it is written about in another chapter using different word pictures, it doesn't mean it's about something else, it is possible the subject is the same but described differently.. There are at least two passages where a comma in the same sentence is separated by a couple thousand years in it's unfolding. I believe it is something that we can all have opinions about, but the final proof will be in the pudding....when it happens we will know exactly what God was talking about, and everyone will be amazed at how accurately God spoke and it will all be cleared up for us and "the why" of why we couldn't understand it before the time it will happen (like we all disagree on how it will be at this time) won't even matter to us then when we see it played out. We will all just be glorifying God in how perfect He is and how perfectly He keeps all of His promises.
However, I was going to talk about goats...
...and more specifically, the scapegoat of the Day of Atonement. Why is it a goat that is being sacrificed when goats represent people that are going to hell in the Sheep and Goats Judgment? Please read Leviticus 16 where the subject is the sacrificing of the two goats, one on the altar, and one as a scapegoat sent away into the wilderness, is given to the Israelites.
This online lesson discusses the possibilities for Azazel (the scapegoat) being Jesus (He was made sin for us) or satan (who is the embodiment of sin), and this particular author concludes that both goats in this offering represent Jesus.
About Azazel (from my esword electronic Bible):
scape goats: Heb. Azazel, that is, the goat-gone-away, The Hebrew עזאזל has been supposed by some to be the name of a place, either a mountain or cliff, to which the goat was led. But no place of that name has ever been pointed out, except a mountain near Sinai, which was too distant for the goat to be conducted there from Jerusalem. Other learned men think it was the name of the devil, who was worshipped by the heathen in the form of a goat. But Bp. Patrick justly objects to this opinion; for it is difficult to conceive, that when the other goat was offered to God, this should be sent among demons. The more probable opinion seems to be, that it was name given to the goat itself, on account of his being let go; from aiz, a goat, and azal, to depart. So LXX αποπομπαιος, and Vulgate emissarius, sent away; Aquila and Symmachus τραγος απερχομενος, or απολελυμενος: the goat going away, or dismissed.
If I find more on the topic, I'll post it at a future date, Lord willing :-) Also if anyone has weblinks that would help to shed more light on this subject, they would be much appreciated. I have a feeling Arnold Fruchtenbaum might have insight into this topic, eh Ma?