Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

November 07, 2007 12:55 ET

Goldeye Reports 5.55 g/t Gold Over 4.62 Metres From Juby North Joint Venture

TORONTO, ONTARIO--(Marketwire - Nov. 7, 2007) - Goldeye Explorations Limited (TSX VENTURE:GGY) ("Goldeye" or "the Company") is pleased to report results from a recently completed 7-hole 1205 metre drill campaign carried out on the Juby North Gold Property located 20 kilometres west of Gowganda, Ontario. The drilling followed up on a previous program which discovered several new gold zones, and represents the initial phase of a $250,000 approved exploration program that includes geophysics and two phases of drilling. The Property comprises 5,360 acres and is subject to the terms of a 60:40 Joint Venture agreement between Temex Resources Corp. ("Temex") and Goldeye, with Temex being the operator.

Highlights

- New gold zone discovered yielding 15.0 g/t gold over 2.15 metres

- New gold zones wide open along strike and defined by a 650-metre long untested induced polarization anomaly

- 6.76 metres grading 3.31 g/t gold including 2.52 metres grading 7.46 g/t gold within the main Tyrrell Structural Zone

- Phase 2 drill program being planned

Drill hole JU 07-89 was drilled 50 metres to the west of previous drill hole JU 04-64 which targeted an induced polarization ("IP") geophysical anomaly and discovered a new gold zone. In previous drill hole JU 04-64, higher grade intercepts of 3.24 g/t gold over 2.24 metres (including 5.85 g/t gold over 1.11 metres) and 5.18 g/t over 1.71 metres were intersected within a broader auriferous zone that averaged 0.89 g/t gold over 29.85 metres. Hole JU 07-89 intersected multiple gold zones including a new gold zone which assayed 15.0 g/t gold over 2.15 metres. Further downhole, two zones of gold mineralization, representing the extension of gold zones in hole JU 04-64, were intersected. The first intersection assayed 3.41 g/t gold over 2.94 metres while the second broad zone of gold mineralization assayed 1.22 g/t gold over 10.06 metres. In addition, a fourth gold zone yielded 5.33 metres grading 2.33 g/t gold, including 1.50 metres grading 4.53 g/t gold. The gold mineralization occurs within intensely altered siltstones and feldspar porphyries within a sequence of mafic volcanic rocks and is associated with up to 10% disseminated pyrite and minor chalcopyrite. This zone is open in all directions and is associated with a 650-metre IP chargeability anomaly with a coincident gold-in-soil geochemical anomaly.

Among the other drill holes completed during this campaign, two holes tested the depth and strike extension of the gold mineralization intersected in previous hole JU 04-57 which intersected 4.77 g/t gold over 4.91 metres within a broader gold bearing zone which yielded 1.19 g/t gold over a core length of 29.53 metres. Hole JU 07-92 intersected 3.23 g/t gold over 9.37 metres, including 5.55 g/t gold over 4.62 metres, 30 metres vertically below the intersection in hole JU 04-57. This intersection occurred within a broader gold halo grading 1.67 g/t gold over 32.67 metres. Hole JU 07-93, drilled 50 metres to the west of JU 07-92, intersected two gold zones with the upper zone yielding 1.16 g/t gold over 21.20 metres. The lower zone yielded 3.31 g/t gold over 6.76 metres, including 7.46 g/t gold over 2.52 metres. This gold zone is on the Tyrrell Structural Zone ("TSZ") which hosts the Juby Main Zone and is 400 metres to the west of where Inmet Mining Corp. reported an historical drill intersection 234 g/t gold over a core length of 1.5 metres. Further to the west along the TSZ, Goldeye has reported a number of gold intersections including 6.4 metres grading 16.15 g/t gold and 2.05 metres grading 217.52 g/t gold.

The current drill campaign was focused approximately 2 kilometres to the northwest of the Juby Main Zone, which contains a significant NI 43-101 gold resource on Temex's 100% owned Juby Lease Property. As reported by Temex, the gold resource at the Juby Lease Property includes a total indicated mineral resource of 479,000 ounces of gold grading 1.73 g/t gold at a cut-off grade of 1.0 g/t gold, including a core of 315,000 ounces of gold at 2.20 g/t gold, and a total inferred mineral resource of 120,000 ounces of gold grading 2.03 g/t gold at a cut-off grade of 1.5 g/t gold. This resource extends from surface to a vertical depth of 400 metres and is unexplored at depth.

Highlights of the drill results are included in the table following this news release. A map illustrating the drill highlights will be posted on the Company's website at www.goldeye.ca. Blaine Webster, P.Geo., President and CEO and William Hamilton, P.Geo., Geological Consultant, both Qualified Persons as defined by National instrument 43-101, are responsible for the preparation of this news release.

Goldeye is a Canadian exploration company focused on acquiring, exploring and advancing mineral properties in Chile and Canada.



Juby North Joint Venture Drill Result Highlights

Hole From (m) To (m) Width Gold (g/t)
------------------------------------------------
JU 07-87 10.85 13.60 2.75 1.40
195.92 200.39 4.47 1.72
including 197.30 198.85 1.55 3.05
230.79 232.30 1.51 2.82
------------------------------------------------
JU 07-88 No significant values
------------------------------------------------
JU 07-89 41.97 47.30 5.33 2.33
including 42.70 44.20 1.50 4.53
133.50 135.65 2.15 15.00
including 134.33 135.27 0.94 33.74
180.35 183.29 2.94 3.41
216.25 226.31 10.06 1.22
------------------------------------------------
JU 07-90 102.70 104.00 1.30 1.24
119.60 120.90 1.30 1.10
------------------------------------------------
JU 07-91 44.35 46.00 1.65 1.16
53.00 56.00 3.00 1.03
including 54.40 54.60 0.20 7.41
------------------------------------------------
JU 07-92 87.63 120.30 32.67 1.67
including 87.63 97.00 9.37 3.23
including 87.63 92.25 4.62 5.55
including 88.40 92.25 3.85 5.77
105.00 108.00 3.00 3.37
including 107.00 108.00 1.00 8.23
------------------------------------------------
JU 07-93 57.60 78.80 21.20 1.16
including 63.00 63.60 0.60 4.11
and 76.30 78.80 2.50 2.53
97.24 104.00 6.76 3.31
including 97.24 99.76 2.52 7.46


The drill core was sampled using a diamond saw to cut the core in half with one half returned to the core tray and the other half put into the sample bag. The samples were transported by Temex personnel to Swastika Laboratories in Swastika, Ontario. Gold analyses were performed using standard fire assay techniques. Quality control/quality assurance standard and blank samples were inserted into the sample stream. No appreciable discrepancies were observed in the results from these samples.

Shares issued: 72,606,986

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

Contact Information

  • Goldeye Explorations Limited
    Blaine Webster
    (905) 886-2538
    (905) 886-8210 (FAX)
    Website: www.goldeye.ca