Goldeye Explorations Limited

Goldeye Explorations Limited

February 06, 2012 08:45 ET

Claims With 600 m (Metres) of Undrilled Minto Shear Zone Adjacent to Minto Property Returned to Goldeye. Drilling to Start on Athena Block March, 2012.

TORONTO, ONTARIO--(Marketwire - Feb. 6, 2012) - Goldeye Explorations Ltd. (TSX VENTURE:GGY) ("Goldeye" or "the Company") announced today that Creso Exploration Inc. (TSX VENTURE:CXT) has declined to continue its option of three claim blocks consisting of 31 claim units optioned by Goldeye to Creso January 31, 2010. Goldeye has engaged JVX Ltd. to review the surface Spectral IP anomalies it located for Goldeye on the property in July 2007. A weak Spectral IP anomaly extends from the Minto Pit where Creso intersected significant gold mineralization (press release dated August 9, 2010).

Two historical Creso drill holes (described immediately below) at the Minto gold deposit are located approximately 75 m west of the Goldeye claim boundary.

Creso DDH # MC09-01(AZ 155°) returned a composite assay of 13.2 g/t Au over 82.9 m from 508.5 m to 591.4 m and a deeper zone assaying 24.48 g/t Au over 1.4 m from 700.8 m to 702.2 m.

Creso DDH # MC-09-02 (AZ 172°) returned a composite assay of 16.1 g/t Au over 76.9 m, from 38.1 m to 115.0 m followed by a second intersection of 9.63 g/t Au over 20.0 m, from 194 m to 214 m, and a deeper zone assaying 5.23 g/t Au over 6.9 m from 430.7 m to 437.59 m.

Several drill targets have been identified on the eastern extension of the Minto structure.

The Minto pit occurs on a 120° structure where it intersects a series of north-south striking structures. The Minto pit is thought to be a vertical breccia pipe (Creso's 43-101 Technical Report filed on Sedar). A mafic dyke that occurs within the Minto structure also strikes at 120°. This dyke is faulted to the north approximately 75 m east of the Minto pit and continues striking at 120° on the 100% Goldeye owned claims, leading the Company to believe that the Minto structure continues onto its claims. A weak JVX Spectral IP anomaly occurs over the Minto pit and continues to the east onto the Goldeye claims. This IP anomaly will be drill tested in an upcoming drill program scheduled for March 2012.

Goldeye will continue the use of JVX's Clarity 3D drillhole Spectral IP system. The system has been used successfully at the Big Dome and the Hydro Creek gold zones and will be used to map the eastern extension of the Minto mineralization onto the Goldeye property.

The March 2012 drill program will consist of up to 3,000 m of drilling and focus on Minto East targets, Hydro Creek, Big Dome-West high grade target, Cigar Lake Gold Zone, the new Hanging Wall Breccia Zone, the north western extension of the Juby JV Gold Zone and in the vicinity of the Golden Lake property recently acquired by Temex Resources and announced in a press release January 18, 2012.

To view "Figure 1 JVX Spectral IP anomaly on Minto and Goldeye claims July 2007," please visit the following link:


Goldeye is a Canadian gold-focused exploration company with properties in mineral rich, politically secure jurisdictions with long traditions of mining (Canada and Chile).

In 2011 and 2012 Goldeye has continued to work on its Tyrrell (NE Ont.), Manitou (NW Ont.) Sonia (Chile) and Sandy Lake (NW Ont.) projects. All projects have the potential to host world class gold and/or base metal deposits. News will be released as results are received. The qualified person (within the meaning of National Instrument 43-101) who read and approved this press release for Goldeye is Jorma J. Hannila, P. Geo.

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.

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.

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