Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

August 24, 2010 11:13 ET

Goldeye Intersects Wide Gold-Mineralized Zones, Updates Exploration, Shining Tree Project

TORONTO, ONTARIO--(Marketwire - Aug. 24, 2010) - Goldeye Explorations Limited (TSX VENTURE:GGY) ("Goldeye" or the "Company") is pleased to announce the results of its most recent drilling program, report on its planned exploration, and report on exploration in the immediate area of the Goldeye claims.

HIGHLIGHTS FOR THE AREA OF THE GOLDEYE CLAIMS
  • Goldeye's intersection of wide gold-bearing zones in its 2010 drilling program.
  • Goldeye's completion of a program of trenching, channel sampling, and mapping on the West Iron Formation (Big Dome), and on an induced polarization anomaly approximately one kilometre north of the Tyrrell Shear Zone at the Big Dome area.
  • Interpretations of 3D borehole induced polarization inversions showing that chargeability emanating from gold-associated sulphides is extending to an estimated depth of one kilometre on the Big Dome and Hydro Creek.
  • Goldeye's planning for the linecutting of a 60 kilometre grid which will cover about one kilometre of the west extension of the Tyrrell Shear, and potentially 3.5 kilometres of the South Shear from the Juby JV ground, where several gold showings occur.
  • Creso Exploration's continued drilling of the Minto Occurrence within 80 metres of the ground optioned from Goldeye, in which Goldeye retains a minimum 25% interest carried to production.
  • Juby Joint Venture's (60% Temex Resources, 40% Goldeye) positive surface exploration results include induced polarization anomalies approximately 600 metres east of the Creso high grade drilling results reported as 18.2g Au/t over 65.7 metres and 13.3g Au/t over 82.5 metres (Creso News Releases June 9, 2010 and August 9, 2010); rediscovery of a shear zone subparallel to the Tyrrell Shear, approximately 500 metres south of the Juby deposit lease, trending onto Goldeye claims; and identification of gold-in-soil anomalies, some of which are coincident with induced polarization anomalies (Temex News Release, August 17, 2010).
  • Temex' report (News Release, June 15, 2010) on the Juby Main Zone of a NI 43-101 compliant mineral resource inventory of 614,000 ounces of gold in the indicated category and 602,000 ounces of gold in the inferred category. The deposit is located 3.5 kilometres along the strike of the Tyrrell Shear from the large Goldeye block which overlies approximately five kilometres of the shear zone.

DRILLING PROGRAM RESULTS

Significant widths of 0.35g Au/t to 1.7g Au/t in altered host rock were intersected in the Goldeye drilling program at the Big Dome and Hydro Creek areas, primarily surrounding the Tyrrell Shear Zone. The interpretation of this gold and alteration assemblage is that it represents mineralization and alteration peripheral to more strongly altered rocks containing in their core the higher grade portion of the gold zones, down-dip or on-strike.

Table 1: SUMMARY OF WIDE, GOLD-BEARING INTERSECTIONS
Section Hole Number From (m.) To (m.) Width (m.) Au g/t Mineralized Zone
11750E G10-50 44.70 98.50 53.80 0.55 HW Tyrrell Flt (T Flt)
(9650N)            
11800E G10-52 36.50 71.85 35.35 0.69 T Flt & below
(9725N)            
11800E G10-49 70.00 86.50 16.50 0.57 Above T Flt
(9663N)   101.75 112.00 10.25 1.70 Tyrrell Flt
11900E G10-46 39.84 55.00 15.16 0.62 Above T Flt
(9707.5N)            
12300E G10-51 227.80 241.35 13.55 0.77 Quartz Stockworks
(9715N)            
12400E G10-53 175.50 187.50 12.00 0.35 T Flt
(9719N)            
10400E H10-37 414.00 430.60 16.60 0.71 Iron Formation
(9714N)            
10800E H10-40 178.00 225.50 47.50 1.00 Quartz Stockworks
(9745N)            
10850E H10-39 115.50 141.00 25.50 0.49 Lacarte
(9805N)            
10950E H10-38 220.10 235.10 15.00 1.15 Lacarte
(9670N)            
11850E G10-44* 67.70 83.40 15.70 0.68 T Flt
(9685N)   138.20 160.40 22.20 1.84 IF & FW IF
11850E G10-45* 78.60 87.60 9.00 0.47 Above T Flt
(9570N)   150.30 170.90 20.60 0.62 Above T Flt
    212.00 271.00 59.00 1.04 Below TF & IF
* Designates previously reported holes in 2010 program

At Big Dome, consecutive sections (11750E, 11800E, and 11850E) holes, G10-50, G10-52, and previously reported G10-45 respectively provided composites of 53.8 metres averaging 0.55g Au/t, 35.35 metres of 0.69g Au/t, and 59.0 metres averaging 1.04g Au/t. Similarly at Hydro Creek, holes H10-40 (section 10800E) and H10-39 (section 10850E) respectively provided composites of 47.5 metres averaging 1.0g Au/t and 25.5 metres averaging 0.49g Au/t.

These wide intersections from the Big Dome area are from the West Iron Formation Zone (sections 11750E – 12000E) and display continuity from all holes (G09-41, and G10- 44 and 45) on section 11850E: 4.40g Au/t over 3.0 metres; 6.39g Au/t over 2.9 metres; and 6.1g Au/t over 3.6 metres. Of the additional nine holes over the current 250 metre strike length drilled to test the iron formation, two intersected the target grading 3.0g Au/t over 3.2 metres (Hole G98-12, section 11750E) and 3.31g Au/t over 4.0 metres (Hole G98-08, section 12000E); four holes provided lower grade intersections; and three holes had the iron formation dyked out. The target iron formation is open down dip (section 10850E) and has potential along strike where little drilling has taken place; in the zone, where not locally dyked out, the iron formation continues to be gold-bearing.

Five holes were drilled in the Hydro Creek area. Of the four holes which tested the Lacarte Zone, three returned wide intersections: H10-40 ( section 10800E) over 47.50 metres averaged 1.0g Au/t; H10-39 (section 10850E) over 25.5 metres averaged 0.49g Au/t; and H10-38 (section 10950E) over 15.0 metres averaged 1.15g Au/t. Higher grade intersections up 3.77g Au/t over 3.0 metres (H10-40) were intersected in the wide intersections (see Table 2). Hole H10-37, drilled to test the Lacarte North Zone west of a splay fault, intersected a new iron formation occurrence at approximately 370 metres vertical, which over 16.6 metres ran 0.71g Au/t, including a higher grade section of 4.01g Au/t over 1.75 metres. Hole H10-41 (section 10000E) was drilled to test the down dip extension of the green carbonate (Otter) zone and returned low values from the horizon which here occurred approximately 18 metres beneath a 32 metre fault zone.

Table 2: SUMMARY OF SIGNIFICANT DRILL HOLE INTERSECTIONS
Section Hole Number   Relationship   From (m.)   To (m.)   Width (m.)   Au g/t   Mineralized Zone
11750E G10-50       44.70   98.50   53.80   0.55   HW T Flt
(9650N)     Including   83.50   98.50   15.00   1.23   HW T Flt
      that Includes   94.00   98.50   4.50   2.36   HW T Flt
11800E G10-52       36.50   71.85   35.35   0.69   T Flt & below
(9725N)     Including   62.20   71.85   9.65   1.49   Below TF
      that Includes   68.20   71.85   3.65   3.03   Below TF
      that Includes   70.75   71.85   1.10   6.62   Below TF
11800E G10-49       70.00   86.50   16.50   0.57   Above T Flt
(9663N)         101.75   112.00   10.25   1.70   T Flt
      Including   106.00   107.50   1.50   5.28   T Flt
11850E G10-44*       67.70   83.40   15.70   0.68   T Flt
(9685N)         138.20   160.40   22.20   1.84   IF & FW IF
      Including   140.40   149.25   8.85   3.05   Iron Formation
      that Includes   145.00   147.90   2.90   6.39   Iron Formation
      and   155.20   158.40   3.20   3.12   FW IF
11850E G10-45*       78.60   87.60   9.00   0.47   Above T Flt
(9570N)         150.30   170.90   20.60   0.62   Above T Flt
      Including   154.30   158.30   4.00   1.43   Above T Flt
          212.00   271.00   59.00   1.04   Below TF & IF
      Including   224.00   228.05   4.05   2.18   Below TF
      and Including   261.15   269.00   7.85   3.23   HW-FW IF & IF
      that Includes   262.40   265.25   2.85   7.09   IF
11900E G10-46       39.84   55.00   15.16   0.62   Above T Flt
(9707.5N)         100.10   104.00   3.90   1.59   Below TF
          206.90   213.75   6.85   0.78   New
12300E G10-51       227.80   241.35   13.55   0.77   Quartz Stockworks
(9715N)     Including   232.95   238.95   6.00   1.26   Quartz Stockworks
12300E G10-47       330.00   335.55   5.55   0.45   Quartz Stockworks
(9602.5N)         383.00   384.50   1.50   2.57   New
12350E G10-48       88.00   89.70   1.70   2.64   Above T Flt
(9648N)         109.05   113.55   4.50   1.22   T Flt
          273.00   279.50   6.50   3.45   Quartz Stockworks
      Including   278.00   279.50   1.50   13.92   Quartz Stockworks
12400E G10-53       175.50   187.50   12.00   0.35   T Flt
(9719N)                          
10400E H10-37       173.10   174.10   1.00   9.04   New
(9714N)         414.00   430.60   16.60   0.71   Iron Formation
      Including   418.00   419.75   1.75   4.01   Iron Formation
10800E H10-40       178.00   225.50   47.50   1.00   Quartz Stockworks
(9745H)     Including   188.00   191.00   3.00   3.77   Lacarte
      Including   212.00   216.50   4.50   1.75   Above T Flt
10850E H10-39       115.50   141.00   25.50   0.49   Lacarte
(9805N)     Including   136.50   141.00   4.50   0.82   Lacarte
10950E H10-38       220.10   235.10   15.00   1.15   Lacarte
(9670N)     Including   226.10   232.10   6.00   1.96   Lacarte
UMT co-ordinates are available on the website
Note: All collar azimuths are 025°, and all collar dips are -55° with the exception of holes G-10-50 and 51 which are -46° and holes H-10-39 and H-10-41 which are -50° and -66° respectively. Intersections represent core length. Assays reported are uncut.
* Designates previously reported holes in 2010 program.

Previously unreported wide gold-mineralized composites from the 2009 year-end drilling program, which in light of current similar wide results have attained greater significance, are:

Table 3: WIDE COMPOSITES FROM 2009 DRILLING
Section Hole Number   From (m.)   To (m.)   Width (m.)   Au g/t   Mineralized Zone
11850E G09-41   76.50   113.30   36.80   0.49   T Flt
(9640N)     191.20   202.60   11.40   1.63   Main
12300E G09-42   114.70   129.70   15.00   0.76   T Flt
(9651.5N)     267.22   326.85   59.63   0.98   Main
  Includes   267.22   294.66   27.44   1.90   Main
13000E G09-40   89.50   101.00   11.50   0.71   Ultramafic
(9486.6N)                      

PLANNED EXPLORATION

As a result of this drilling program, several areas in particular will receive priority in the planned fall drilling campaign: the West Iron Formation Zone, the new iron formation occurrence, and the Otter Zone area. Also receiving attention will be the Big Dome Quartz Stockworks Zone, the main Hydro Creek Zone, the altered gold-bearing syenite intrusive at Hydro Creek, and along the 2.8 kilometres extensions of the area not included in the Big Dome–Hydro Creek stretch of the Tyrrell Shear and subsidiary structures.

This program will be carried out on the Goldeye main block where the Company has a 100% interest in 30 square kilometres. Exploration will be completed by Goldeye's partners on the contiguous Temex-Juby JV ground where Goldeye's interest is 40% of 22 square kilometres, and on the contiguous Creso-Athena option where Goldeye will retain a minimum 25% interest carried to production in 4.6 square kilometres.

In addition, Goldeye plans to trench the southern strike extension of the gold-in-iron formation Golden Sylvia Zone which has been acquired by a new entrant to the camp, Mineral Mountain Resources Inc.

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. Additionally a minor number of samples were analyzed by AGAT Laboratories of Mississauga, Ontario. 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, who should be contacted for further information at (905) 731-9367 or (905) 885-2538, or by e-mail at goldeye@goldeye.ca. Goldeye's website is www.goldeye.ca.

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

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