Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

September 14, 2011 12:49 ET

CORRECTION FROM SOURCE: Goldeye Reports Tyrrell Drill Results Including 33.2 g/t Au Over 1.0 m or 4.0 g/t Au Over 9.0 m in Hole G-11-68 from the Hanging Wall of the Tyrrell Shear Zone

TORONTO, ONTARIO--(Marketwire - Sept. 14, 2011) - A correction from source is being issued in respect to the release sent today September 14th, 2011 at 11:34 am ET. The booth number referenced in the second paragraph should be #113 rather than #133. A complete corrected release follows:

Goldeye Explorations Limited (TSX VENTURE:GGY) ("Goldeye" or the "Company") is pleased to announce the results from the 12 diamond drill holes completed during the May-June 2011 program on its 100% owned Tyrrell Property in the Shining Tree area of Northern Ontario.

Goldeye will be at booth #113 at the Investment Conference being held at the Sheraton Hotel in Toronto, Ontario on September 15th & 16th, 2011.

Highlights include the following:

  • Hole G-11-68 intersected three separate new zones of gold mineralization: 33.2 g/t Au over 1.0 m; 2.01 g/t Au over 1.0 m and 3.17 g/t Au over 2.6 m. The gold occurs in brecciated mafic pillowed to massive volcanics which have been extensively bleached, sericitized and silicified. The visible mineralization consists of fine pyrite in a siliceous grey matrix, surrounding the angular fragments with minor quarts veins.
  • Hole G11-61 cut 3.61 g/t Au over 1.0 m in brecciated mafic flows.
  • Hole G-11-63 assayed 2.68 g/t Au over 1.0 m in brecciated mafic flows.

These three holes were drilled 1,100 m apart and intersected the gold mineralization in the hanging wall of the Tyrrell Shear Zone in essentially identical geological settings. Similar style and grade of mineralization was intersected in previous drilling 1,900 m to the NW of Hole G-11-68 giving 3,000 m of strike length to explore. Jorma Hannila, Goldeye CEO, said, "We are very pleased with these results as they have identified an essentially untested high grade target in a new hanging wall environment. Additional drilling is planned for this fall to follow-up these exciting results"

Table 1. Significant Assay results from the Big Dome and Hydro Creek Areas

Big Dome

Hole # From (m) To (m) Interval(m) Au (g/t) Zone Host Rocks
G-11-61 172.00 180.00 8.00 1.54 HW Felsic volc
including 176.00 177.00 1.00 3.61 HW Felsic volc
G-11-62 192.00 194.00 2.00 1.50 HW Felsic volc
G-11-63 246.00 248.00 2.00 1.19 HW Mafic volc
272.00 273.00 1.00 2.68 HW Mafic volc
282.00 283.00 1.00 1.23 HW Mafic volc
G-11-64 No significant gold values
G-11-65 195.00 196.00 1.00 1.16 New Mafic volc
G-11-66 45.00 46.00 1.00 1.05 HW Mafic volc bx
G-11-67 33.00 34.00 1.00 1.20 HW Felsic volc
38.00 39.00 1.00 1.02 HW Felsic volc
68.00 69.00 1.00 1.21 HW Mafic volc bx
74.00 75.00 1.00 1.21 HW Mafic volc bx
79.00 80.00 1.00 1.25 HW Felsic volc bx
105.70 106.85 1.15 1.47 HW Felsic volc bx
135.00 136.10 1.10 2.98 HW Mafic volc bx
G-11-68 51.00 60.00 9.00 4.00 HW Mafic volc bx
51.00 52.00 1.00 33.20 HW Mafic volc bx
122.60 133.00 10.6 1.56 HW Felsic volc bx
including 124.00 125.00 1.00 5.61 HW Felsic volc bx
200.00 201.00 1.00 2.01 New Sediments
Hydro Creek
Hole # From(m) To (m) Interval(m) Au (g/t) Zone Host Rocks
H-11-42 116.00 117.00 1.00 2.09 New Felsic Volc
H-11-43 49.00 50.00 1.00 2.89 New Felsic Volc bx
312.00 313.00 1.00 1.73 New Felsic Volc
H-11-44 147.50 148.00 0.50 1.45 New Felsic Volc
151.50 152.00 0.50 1.19 New Mafic Volc
H-11-45 No significant gold values
Abbreviations: HW - Hanging Wall
BX - Breccia
Volc - Volcanic

QUALITY ASSURANCE AND QUALITY CONTROL

The drill core was sampled by sawing at a secure core facility and delivered for analysis to Activation Laboratories Ltd., Timmins, Ontario. Activation Laboratories uses ISO/IEC 17025 to implement a quality system aimed at improving its ability to consistently produce valid results. 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 Jorma J. Hannila, P.Geo., C.E.O. of Goldeye Explorations Limited, who should be contacted for further information at (905) 886-2538, or by e-mail at jhannila@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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