Goldeye Explorations Limited

Goldeye Explorations Limited

January 15, 2010 21:17 ET

Goldeye Intersects 4.43 Metres of 6.12 g Au/t and 3.0 Metres of 4.97 g Au/t in Stepout Drilling Near the Big Dome on Tyrrell Project

TORONTO, ONTARIO--(Marketwire - Jan. 15, 2010) - Goldeye Explorations Limited ("Goldeye" or "the Company") (TSX VENTURE:GGY) is pleased to provide the first group of assay results received from the recently completed phase of diamond drilling on the Big Dome area of the Tyrrell Project located approximately 100 kilometres south of Timmins in northeastern Ontario. The program consisted of 4,103 metres drilled in nine holes from which full results have been received for three holes and partial results for three additional holes. The nine holes were drilled over a strike length of 800 metres and ranged in length from 351 to 627 metres. Two of the three targets (West and East) were identified by spectral drill hole induced polarization inversions, while the third is the central High Grade Zone which had been previously drilled by Goldeye. The Tyrrell Project is located in an under-explored area, which had been withdrawn from exploration for 22 years, between 1973 and 1995, because of a land caution imposed by the Ontario Government.


Two new potentially significant gold zones have been located by the current drill program to date. Hole 41 intersected 5.0 g Au/t over 3.0 metres in the West Target on section 11850, and hole 42 intersected 6.12 g/t over 4.43 metres in the East Extension Target on section 12300. The historical centre of Big Dome high grade area is on section 12150. The vertical depth from surface to the hole 41 intersection is 160 meters, and that of hole 42 is 230 metres.


The West Target, which does not come to surface, was identified by the inversion of a down-hole induced polarization survey, and during this phase was tested by holes G–09- 37 and 41. Hole 41 (partial results received), drilled 56 metres east of hole 37, intersected 13 metres of pyrite and jasper-bearing iron formation and returned 4.97 g Au/t over 3.0 metres. This intersection correlates with the iron formation intersection in hole 37, which assayed 1.1 g Au/t over 4.2 metres (including 2.4 g Au/t over 1.0 metres) within a wider mineralized envelope of 17.7 metres grading 0.66 g Au/t.


Two holes, G-09-35 and 36, tested the Big Dome area down plunge from previous high grade drill hole intersections which ranged up to 217 g Au/t over widths up to 2.1 metres. Both holes intersected the depth extension of the wide Big Dome gold–bearing alteration zones containing higher grade intersections. Hole 35 returned 15 metres of 0.96 g Au/t which included 3.0 metres averaging 1.56 g Au/t, and 5.3 metres averaging 1.27 g Au/t. Hole 36, drilled 76 metres west of hole 35, returned 6.3 metres of 1.59 g Au/t which included 2.6 metres of 2.73 g Au/t from the Tyrrell Fault zone.


An east extension of the Big Dome area was also identified by the inversion of a down- hole induced polarization survey and tested by three holes in this phase; partial results have been received to date. In hole G-09-38 an intersection of highly deformed, fractured, and altered metasediments containing 11.4 metres grading 1.16 g Au/t (including 2.55 g Au/t over 2.4 metres) occurs adjacent to the Tyrrell Fault zone; farther downhole a wide intersection of alteration returned 16.8 metres of 0.78 g Au/t (including 8.5 metres of 1.12 g Au/t). Hole 42, stepped out 53 metres east of hole 38, intersected wide zones of alteration, along with several occurrences of fine visible gold. Partial results from hole 42 include 6.12 g Au/t over 4.43 metres within a wider zone of 4.23 g/t over 9.07 metres, with a best assay of 33.9 g/t over 0.47 metres


The new intersections in holes 41 and 42 open up several hundred metres of strike length on both sides of the Big Dome area to high priority drill testing, with these areas open to surface as well, providing potential for a near surface zone. The current drill program has extended the area of the mineralized Big Dome and the subsidiary mineralized areas to a strike length of approximately 600 metres. The holes have also begun to define an open- to-depth mineralized package of rocks and the lateral portion of the mineralization related to the regional Tyrrell Fault zone and its subsidiary structures. See the attached table for summarized drill hole information.


The drill core was sampled by sawing at a secure core facility and delivered for analysis to Activation Laboratories, Ancaster, Ontario. Activation Laboratories is an ISO 17025 certified laboratory accredited for mineral analysis (CAN-P-1579) 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. The Qualified Person, who has read and approved this press release, is Blaine R. Webster, P.Geo., President, and CEO of Goldeye Explorations Limited.


Goldeye is a Canadian gold-focussed exploration company with properties in highly prospective, politically secure jurisdictions with long traditions of mining (Canada and Chile). The Canadian property interests in Ontario (Tyrrell, Sandy Lake, McFaulds Lake, and Gold Rock) and British Columbia (Todd Creek) encompass approximately 490 square kilometres, and involve third party funding at McFaulds Lake and Todd Creek. The 80 square kilometre Chilean property, Sonia, is located in Region V, approximately 180 kilometres north of Santiago, in a particularly promising metallogenic setting.

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.


Goldeye will be exhibiting at the Cambridge House Vancouver Resource Investment Conference and cordially invites attendees to learn more about the Company at Booth H- 15 at the Hyatt Hotel on Sunday January 17 and Monday January 18, 2010.

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

Summarized Drill Hole Information

 DDH# Location  From (m)  To (m)   Length (m)  Au (g/t)  Zone    Remarks 
 G-09-35 12130 E 454.5 501.5 47 0.43 MAIN ZONE    
  9493.7 N incl. 486.5 501.5 15 0.96      
    incl. 486.5 489.5 3.0 1.56      
    and 496.2 499 2.8 1.61      
 G-09-36 12054 E 198 225.8 27.8 0.72 TYRRELL FAULT ZONE    
  9580 N incl. 218.7 225 6.3 1.59      
    incl. 222.4 225 2.6 2.73      
    388.2 485.1 96.9 0.14 MAIN ZONE    
 G-09-37 11794 E 31.75 36.9 5.15 0.83 SOUTH OF TFZ -1    
  9598 N incl. 34.1 35.7 1.6 2.05      
    49 53.9 4.9 0.76 SOUTH OF TFZ -2    
    incl. 51 53 2.0 1.49      
    126 139 13.0 0.48 TYRRELL FAULT ZONE    
    incl. 128 129 1.0 1.2      
    254 271.7 17.7 0.66 MAIN ZONE (BIF )  
    incl. 264.8 269 4.2 1.1      
    incl. 264.8 265.8 1.0 2.4      
 G-09-38 12247 E 121.6 133 11.4 1.16 TYRRELL FAULT ZONE    
  9630 N incl. 121.6 124 2.4 2.55      
    302.3 319.1 16.8 0.78 MAIN ZONE   Partial results
    incl. 305 313.5 8.5 1.12      
 G-09-39 12125 E             Assays pending
  9690 N              
 G-09-40 13000 E             Assays pending
  9486.6 N              
 G-09-41 11850 E 197.5 200.5 3.0 4.97 MAIN ZONE (BIF ) Partial results
  9640 N              
 G-09-42 12300 E 279.8 288.87 9.07 4.23 MAIN ZONE   Specks of VG noted at 3 locations
  9651.5 N incl. 284.44 288.87 4.43 6.12     Partial results
    incl. 288.4 288.87 0.47 33.9      
    and 284.44 285 0.56 12.5      
 G-09-43 12201 E             Assays pending
  9634 N              

Note: All holes were drilled at 025 ° azimuth, and collar dips vary from 50° to 66°.

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

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