Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

October 21, 2010 08:30 ET

Goldeye Advised Priority Drill Targets Identified on Juby JV Property

TORONTO, ONTARIO--(Marketwire - Oct. 21, 2010) - Goldeye Explorations Limited (TSX VENTURE:GGY) has been advised by its partner Temex Resources Corp. (TSX VENTURE:TME) that its surface exploration on the Juby Joint Venture property (Goldeye 40%) has identified a number of priority targets for drilling in three main areas of the property. The Joint Venture ground completely surrounds the Temex Juby Deposit lease which contains a National Instrument 43-101 compliant indicated resource of 614,000 ounces of gold grading 1.36g Au/t at a cut-off grade of 0.5g Au/t, and an inferred resource of 602,000 ounces of gold grading 1.14g Au/t at a cut-off grade of 0.5g Au/t. A series of diamond drill holes are currently being drilled to extend the central portion of the deposit, which is open to depth. Goldeye's large, 100 percent owned, 30 square kilometre block is contiguous with a portion of the west and north boundary of the Joint Venture ground. Temex issued a press release on October 19, 2010, the relevant Joint Venture text of which follows:

"Temex Identifies Priority Drill Targets on Juby Joint Venture Property"

October 19, 2010 (TORONTO, ONTARIO): Temex Resources Corp. (TSX VENTURE:TME)(FRANKFURT:TQ1) ("Temex" of "the Company") announces that multiple new priority targets have been identified as a result of the ongoing and expanded surface exploration program on the Juby Joint Venture Property (the "property") which is a Joint Venture held with Goldeye Explorations Ltd. in which Temex holds a 60% interest and is the operator (news release August 17, 2010).

"The Shining Tree area is highly prospective as demonstrated by the heightened exploration activity in the immediate area. We are very pleased with the number of priority drill targets being generated on the Juby Joint Venture ground and are expediting our efforts to drill test these targets. Our intent is to discover new gold zones that will add to the gold resources already established on our 100% owned Juby Main Zone deposit where we are currently drilling," said Ian Campbell, President and CEP of Temex Resources Corp.

One of the main priorities of the current work program is focusing on the southern portion of the joint venture property, contiguous to the south and partially on the Juby Lease, in an area where historic work dating back to the 1930's recorded several gold occurrences in drilling and in trenches. The historic work on these occurrences, which parallel the Juby Main Zone gold deposit located 500 metres to the north, reported drill intersections and trench sampling including 2.23 g/t gold over 18.2 metres and 3.20 g/t over 12.0 metres. To date IP surveying over these areas has defined two subparallel chargeability anomalies of 600 metres in length that are coincident with the area of historic drilling.

Several other IP chargeability anomalies, coincident with gold-in-soil anomalies and/or gold in bedrock anomalies have been defined throughout the property. One of these, which is located in the north-central portion of the property near where Creso is exploring the Minto property, is a strong gold-in-soil anomaly that has been defined over an area of 300 metres by 100 metres with individual results from 53 ppb to 420 ppb gold. The anomalous area is coincident with a 1200 metre circular magnetic low extending east from the Minto deposit onto the property.

In the south-central part of the property but north of the Juby Lease, strong multi-station gold-in-soil anomalies with results ranging from 29 ppb to 226 ppb gold occur over a strike length of 300 metres. 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 all of which remain open.

Prospecting has also identified several new gold occurrences with anomalous values from grab samples generally ranging from 0.20 g/t to 1.65 g/t gold and some higher grade samples ranging from 2.12 g/t to 5.85 g/t and a single high grade sample of 30.61 g/t gold. Some of these new gold occurrences are within the gold-in-soil anomalous areas. Prospecting and additional IP geophysical surveying continues with analyses pending for a further 75 rock samples collected between late September and early October.

Ian Campbell, P.Geo., President and CEO of the Company, is the designated "qualified person" (within the meaning of National Instrument 43-101) responsible for the preparation of this news release."

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. 

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