Goldeye Explorations Limited

Goldeye Explorations Limited

January 23, 2007 12:46 ET

Goldeye Initiates Exploration on the Sonia and Puma Projects, Region V, Chile, and Approves $1.4 Million Exploration Program on the Todd Creek Project, Stewart, BC

TORONTO, ONTARIO--(CCNMatthews - Jan. 23, 2007) - Goldeye Explorations Limited (Goldeye) (TSX VENTURE:GGY) wishes to announce that a geological team has mobilized to commence exploration work on its Sonia-Puma properties in Region V, central Chile. These properties host seven known gold-silver-base metal targets, including the main Sonia vein, where previous chip sampling has yielded values to 7.75 g Au/t and 218 g Ag/t over a width of 5 metres, as well as 0.74 g Au/t and 284 g Ag/t over 11 metres. A three-month mapping/sampling program is underway to evaluate known zones and to explore for new vein systems. Following this work, a 1,000 metre diamond drilling program is envisioned. The project is a 50:50 Joint Venture with Polar Mining Corporation.

In other news, planning has been completed for Goldeye's 2007 exploration program on the Todd Creek property, located near Stewart, B.C. This $1,400,000 work program will consist of geological, geochemical and geophysical surveys, which will be followed by a 3,600 metre diamond drill program. Exploration will be undertaken on several target areas, including the Orange Mountain area, where a Mobile Metal Ions survey conducted in 2006 located a very large anomalous response suggesting the presence of zinc-lead-silver mineralization. Previous work on this target has defined a soil geochemical anomaly measuring 200 metres by 600 metres with silver values to 19.8 g/t and lead values to 0.15%. A grab sample from within the anomalous area returned 0.025 g Au/t, 0.12% Cu, 0.71% Pb, 1.75% Zn and 184 g Ag/t. Previous sampling in the area has reported values up to 232.5 g Ag/t and 12.8% Pb over 0.7 metres. Financing is in place to fund this exploration program, which is scheduled to commence in June, 2007. The project is a 50:50 Joint Venture with Polar Mining Corporation.

On December 20, 2006, Goldeye completed a drilling program comprising 5 holes, totaling 2,244 metres on the Big Dome and Hydro Creek gold targets in Tyrrell Township. An additional 4 holes totaling 673 metres were drilled on the adjacent Fawcett/Leonard Townships project testing geophysical targets. Assay results from these drill holes will be reported upon receipt.

Goldeye is a Canadian mineral exploration company acquiring, exploring and advancing properties in Canada and Chile. Gerald Harron, P. Eng. is the qualified person responsible for the technical information contained in this release.

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Contact Information

  • Goldeye Explorations Limited
    B. Webster
    C.E.O and President
    (905) 886-2538
    (905) 886-8210 (FAX)