Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

April 19, 2010 15:53 ET

Goldeye Extends Gold Zone to Depth on the West Iron Formation on the Big Dome, Tyrrell Project, Ontario

TORONTO, ONTARIO--(Marketwire - April 19, 2010) - Goldeye Explorations Limited ("Goldeye" or the "Company") (TSX VENTURE:GGY) is pleased to announce results from two diamond drill holes testing the west extension of the Big Dome High Grade Zone (see 'longitudinal section' map at http://www.goldeye.ca/pics/Long_section.gif). The extension is an iron formation hosted gold target which was intersected in 2009 by the testing of a borehole induced polarization target west of the Big Dome area. The Tyrrell project is located in the southwestern portion of the Abitibi greenstone belt, approximately 90 kilometres southwest of the Kirkland Lake – Larder Lake gold district, with which Goldeye's Tyrrell property has significant structural and lithologic similarities.

Hole G10-44 returned 6.39 g Au/t over 2.9 metres from within a longer intersection which ran 3.05 g Au/t over 8.85 metres, all hosted by an altered, sulphidized iron formation. A section of altered, brecciated siltstone, 5.95 metres deeper within the mineralized zone, returned 3.13 g Au/t over 3.2 metres. This new diamond drill hole was collared to test approximately 50 metres up-dip from hole G09-41, on section 11,850E, to follow-up on that hole's strong iron formation intersection from the pre-Christmas 2009 Big Dome area drilling.

This previously reported iron formation intersection in hole G09-41 had returned 4.40 g Au/t over 3.0 metres (Goldeye news release, January 15, 2010) with additional assays averaged into the composite.

Hole G10-45 returned 6.1 g Au/t over 3.6 metres from the iron formation within a wide pyrite mineralized envelope grading 1.12 g Au/t over 51.0 metres. In addition, a zone grading 2.18 g Au/t over 4.05 metres was intersected in altered, silicified, pyritic sediments 34.4 metres above the iron formation zone. Hole G10-45 is located approximately 60 metres down-dip from hole G09-41 on the same section (11,850E) and extended the gold mineralization to a depth of approximately 200 metres.

Table of Significant Assays
DDH # Location From (m) To (m) Length (m) Au (g/t) Zone
G10-44 11,849E 145.0 147.9 2.9 6.39 Main Iron Formation
  9,685N 155.2 158.4 3.2 3.13   Footwall Sediment
             
G10-45 11,853E 224.0 228.05 4.05 2.18   Hanging Wall Sediment
  9,570N 262.4 266.0 3.6  6.1   Main Iron Formation
             
G09-41* 11,850E 197.5 200.5 3.0 4.40 Main Iron Formation - previously
  9,640N         reported intersection
All holes were drilled at an azimuth of 25 degrees and collar dips of -55 degrees to respective depths of 246, 362 and 372 metres. *Previously reported intersection.

The present drilling program, which extends over a strike length of 2.4 kilometres of the 5 kilometres of strike length of the Tyrrell Shear Zone (TSZ) on the Goldeye property, totaled 5,035 metres and consisted of 15 drill holes, 10 of which were drilled in the Big Dome area, four in the Hydro Creek (Lacarte) area and one on the Hydro Creek west target. Six of the Big Dome area holes were drilled on the West Iron Formation Zone, and four holes were drilled on the east extension target. One diamond drill remains on the property; pending further encouraging results, it will be available to recommence drilling following spring breakup.

Assay results are pending, and core logging is continuing. The targeting of the holes was assisted by borehole induced polarization (IP) surveys that identified the anomalous distribution of the sulphides, up to 15%, with which the gold was associated.

The gold enriched iron formation occurs within a package of altered, mineralized sediments which are host to and brecciated by the regional Tyrrell Shear Zone. These sediments contain much of the gold at Tyrrell, including significant widths of low grade mineralization encompassing the higher grade zones. The sediments containing the TSZ and related structures have served as a favourable permeable lithology for gold-bearing hydrothermal fluids and a locus for gold deposition. The iron formation is a particularly receptive unit, and by its depositional nature can have substantial aereal extent. At Tyrrell, gold-bearing iron formation has been noted particularly in the western part of the Big Dome area and has been intersected over approximately 700 metres of strike length. The IP inversion anomaly extends to an interpreted depth of at least 800 metres, and hole 45 indicates that the mineralized envelope is increasing in grade and width to depth.

Elsewhere on the property, four holes were drilled within approximately 100 metres of the previously reported intersection of 6.12 g Au/t over 4.43 metres in hole G09-42 of the east extension target (Goldeye news release, January 15, 2010). Several additional intersections of quartz stockworks with heavy sulphides were cut in the new drilling; assays are pending.

On the Big Dome High Grade Zone, five previously drilled holes intersected coarse visible gold with multi-ounce assays to a depth of approximately 450 metres, but several additional previous holes were dyked out. Future drilling here will use oriented core to determine the orientation and extent of the high grade veins.

OTHER GOLDEYE INTERESTS IN TYRRELL TOWNSHIP

In January 2010 Goldeye optioned 23 claims to Creso Resources Inc. adjacent to Creso's Minto property area and anticipates exploration on both areas during 2010; Goldeye can retain a minimum of 25% interest in these claims and at that level is carried to production. The Minto gold occurrence is located 100 metres from the Goldeye-Creso claims boundary. The Goldeye-Temex Resources Corp. joint venture (Goldeye 40%) which ties on to the Juby deposit property, the Goldeye Tyrrell Shear Zone property, and the Minto property extension will be active, with primary exploration being carried out early in the field season and drilling slated for the fall.

QUALITY ASSURANCE and QUALITY CONTROL

The drill core was sampled by sawing at a secure core facility and delivered for analysis to Swastika Laboratories Ltd., Kirkland Lake, Ontario. Swastika Laboratories has provided assaying services to the minerals exploration industry for over 80 years and participates in the Proficiency Testing Program for Mineral Analysis Laboratories which is accredited by the Standards Council of Canada. In addition to the internal laboratory QA/QC, Goldeye inserted one certified standard or one blank sample every twenty samples.

ABOUT GOLDEYE

Goldeye is a Canadian gold-focused exploration company with properties in mineral-rich, politically secure jurisdictions with long traditions of mining (Canada and Chile). Goldeye's approach is to advance precious metal deposits to the development stage, employing, in part, technologically advanced geophysical techniques and occasionally joint venture funding.

The Qualified Person, who has read and approved this press release is Blaine R. Webster, P.Geo., President, and C.E.O. of Goldeye Explorations Limited.

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

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