Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

November 20, 2007 10:01 ET

Goldeye Acquires Claims in the McFaulds Lake Area, Northeastern Ontario

RICHMOND HILL, ONTARIO--(Marketwire - Nov. 20, 2007) - Goldeye Explorations Limited ("Goldeye" or "the Company") (TSX VENTURE:GGY), and 50:50% Joint Venture Partner, Tribute Minerals Inc., are pleased to announce that they have staked 15 claims totaling 216 claim units covering 3,456 hectares in three blocks along the "Ring of Fire" approximately 45 kilometres west of the Double Eagle (Cu, Ni, PGE) discovery of Noront Resources Ltd. in the McFaulds Lake area of the James Bay Lowlands, northern Ontario. The claims protect several airborne magnetic anomalies which are interpreted to exhibit similarities to those associated with the Noront discovery. Peridotite, which hosts the Cu-Ni-PGE mineralization at the Double Eagle zone, was encountered on one of the claims groups during the staking. Several of the claims adjoin property held by Temex Resources Corp. and MacDonald Mines Exploration Ltd., which is currently the subject of an aggressive exploration program. The staking activity continues on behalf of the Company.

On Goldeye's 100% owned Fawcett and Leonard Townships property, a high sensitivity airborne Time Domain electromagnetic survey is being contemplated. This property comprises 205 claim units covering 3,280 hectares, located approximately 95 kilometres south of Timmins, Ontario. Goldeye's claims in northwestern Fawcett Township border on three sides those of Ursa Major's 40-claim unit property, that hosts the Shining Tree nickel deposit. Ursa Major have published an indicated mineral resource of 1.02 million tones grading 0.71% Ni and 0.36% Cu, plus an inferred mineral resource of 1.49 million tones grading 0.67% Ni and 0.36% Cu. One kilometer to the southeast, Goldeye holds the strike extension of the lithologies hosting Ursa Major's deposit. Regionally, the property is situated in a volcanic caldera on the south side of a gravity high.

A compilation of existing data is being undertaken to better identify Cu-Ni targets on Goldeye's 100% owned properties in English and Burrows Townships, located 50 kilometres south of Timmins. The properties consist of 56 claims in two 28 claim groups. The claims cover strong electromagnetic conductors with direct magnetic association correlating with komatiitic volcanics in contact with iron formation and felsic volcanics, which are interpreted to represent favourable sites for copper and nickel mineralization.

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.

Shares issued: 73,756,986

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