Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

August 18, 2010 08:30 ET

Goldeye-Temex Juby JV (GGY 40%, Temex 60%) Expands Program on Gold Property Adjacent to Creso's Minto Property

TORONTO, ONTARIO--(Marketwire - Aug. 18, 2010) - Goldeye Explorations Ltd. ("Goldeye") (TSX VENTURE:GGY) has been advised by Temex Resources Corp. ("Temex") that the Juby Joint Venture is accelerating and expanding exploration activities on the JV ground near the boundary with Creso Exploration Inc. ("Creso"). The expanded program is based on new geophysical and geochemical data obtained from the ongoing surface exploration program.

The Juby JV property is located in the Shining Tree area of northeastern Ontario and consists of exploration land held 60% by Temex and 40% by Goldeye, which surrounds the Juby Lease, and extends north to the Minto Property and west to the Indian Lake block recently optioned by Creso. The property also borders the 100% Goldeye Main Block (30 square km) which contains a 5 km long portion of the Tyrrell Shear Zone that hosts the Hydro Creek and Big Dome gold zones.

The Juby Joint Venture Project (22 square km) is an important part of the Goldeye land package in Tyrrell Twp. To the west, the contiguous Main Block (100% GGY) contains 30 square km including the Big Dome and Hydro Creek zones where over 31 km of drilling have been completed with 90% being focused on the two main mineralized zones, each about 500 m in length. The Tyrrell Shear Zone extends across the property for 5km and is a major, deep-seated structure that is similar to the Porcupine-Destor Fault in the Timmins area.

From the Temex news release of August 17, 2010, the following is a verbatim quote:

"Highlights:

  • Geochemical, geophysical surveys and geological information on Juby Joint Venture property outline high priority targets
  • IP survey expanded in area adjacent to Creso's Minto Property; diamond drilling planned for fall

The expanded surface program on the Joint Venture Property will focus on several areas including due east of Creso's Minto Property. Recently completed Spectral IP surveying defined anomalous zones of weak to moderate chargeability in this high priority target area, which covers the eastern continuation of the stratigraphy that hosts the Minto breccia deposit 800 metres to the west."

This program will also further detail a strong gold-in-soil anomaly, defined over an area of 300 metres by 100 metres with individual results from 53 ppb gold to 420 ppb (0.420 g/t) gold, which was detected in the central part of the Property and will also be surveyed with detailed IP. In the south and adjacent to the recently optioned Indian Lake property by Creso, strong multi-station gold-in-soil anomalies with results ranging from 29 ppb to 226 ppb (0.226 g/t) gold over a strike length of 300 metres with coincident, moderate to strong IP chargeability anomaly has been defined. Additional work to advance this target will be initiated. This target is also along strike 900 metres to the west-northwest from previous discoveries made by the partners highlighted by drill intercepts of 33.74 g/t gold over 0.94 metres, 2.33 g/t gold over 5.33 metres and 0.89 g/t gold over 29.85 metres."

Ian Campbell, P. Geo., President and CEO of Temex, is the designated "qualified person" within the meaning of National Instrument 43-101) responsible for the preparation of the portion of this which was quoted from the Temex news release of August 17, 2010.

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, technically advanced geophysical techniques and occasionally joint venture funding. The qualified person (within the meaning of National Instrument 43-101) who read and approved this press release for Goldeye is Blaine R. Webster President and C.E.O. of Goldeye. 

Forward Looking Statements:

This news release includes certain "forward-looking statements". Such forward-looking statements involve risks and uncertainties. The results or events predicted in these forward-looking statements may differ materially from actual results or events. The Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

For More Information please visit www.goldeye.ca.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information