Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited
Polar Star Mining Corporation
TSX VENTURE : POS

Polar Star Mining Corporation

August 13, 2007 12:22 ET

Goldeye and Polar Star Complete Drill Program on Todd Creek Project, B.C.

TORONTO, CANADA--(Marketwire - Aug. 13, 2007) - Goldeye Explorations Limited (TSX VENTURE:GGY) and Polar Star Mining Corporation (TSX VENTURE:POS) are pleased to announce that a 12 hole drill program, totaling 2,815 metres, has been completed on the 122 square kilometer Todd Creek Project, located 35 kilometres northeast of Stewart, B.C. The drill program tested several known target areas, as well as targets defined by induced polarization ("IP") and mobile metal ion ("MMI") soil geochemical surveying. The property hosts numerous large alteration zones, with potential to host epithermal targets, possibly underlain by one or more porphyry copper systems, as well as volcanogenic massive sulphide mineralization. A total of 1,613 core samples, including quality control/quality assurance samples are in the process of being submitted to ALS Chemex Laboratories in North Vancouver for analyses. Additionally, 77 rock samples and 317 MMI samples were collected.

A. ORANGE MOUNTAIN TARGET AREA

This large target has dimensions of 1.5 by 2 kilometres and represents an altered zone hosted by volcanic rocks. The current area of interest extends from the Amarillo Zone in the central portion of the target area, to the North Zones, located approximately 1.5 kilometres south of the Amarillo Zone. IP surveying has delineated three main zones of chargeability anomalies in the vicinity of the North Zones. The anomalies are interpreted to become wider and stronger at depth, and appear to coalesce in the vicinity of Fall Creek, where many of the historic gold-copper showings are located. The Fall Creek area appears to be the focus of a large mineralizing system and the IP anomalies remain open to the south. Prospecting of the anomalies has located some massive sulphide sub-crop containing chalcopyrite and pyrite and has indicated that several of the showings have a semi-massive sulphide component. Five holes totaling 1,033.6 metres were drilled to test an IP anomaly that flanks the North A Zone. The North A Zone was tested by Noranda in the 1980's, wherein it was traced over a length of 320 metres and found to be up to 30 metres wide. Trenching by Noranda reported historic values up to 3.8 g Au/t over 14.3 metres. Also, Noranda drilled nine holes along a 150 metre length of the zone, with values up to 3.47 g Au/t and 0.75% Cu over 31.85 metres, including 14.47 g Au/t and 2.06% Cu over 5.95 metres. Previous surface sampling on behalf of Goldeye/Polar reported 93.4 g Au/t and 4.9% Cu over 3 metres from the southern portion of this target. A hole drilled under this showing last year by Goldeye/Polar yielded 1.04 g Au/t and 0.23% Cu over 2.5 metres. An additional two holes totaling 303.8 metres were drilled in the North B Zone target to test another IP target situated 250 metres east of the North A Zone. Prospecting along this anomalous response has also located semi-massive pyrite and chalcopyrite mineralization.

On the Amarillo target, also located in the Orange Mountain Target Area, recent MMI geochemical sampling surveys have reported highly anomalous lead-zinc-silver responses. The Amarillo Zone is underlain by altered volcanics and the alteration zone has dimensions of approximately 1.5 by 1.2 kilometres. Mineralization consists of pyrite +/- hematite, galena, sphalerite and chalcopyrite associated with barite veins and stockworks. Historic chip samples have ranged up to 232.5 g/t Ag and 12.8% Pb across 0.7 metres. Approximately 190 metres further to the northeast, historic grab samples reported values up to 1999.5 g/t Ag and 27.7% Pb. The Amarillo target is interpreted to represent a high level epithermal system, possibly underlain by the same massive volcanogenic system as interpreted in the North Zones area. Two drill holes totaling 644.6 metres were completed to test the geochemically anomalous responses in the Amarillo target.

B. MEXT ZONE

This target is located approximately 5.5 kilometres south of the Orange Mountain Target Area, and it represents the northern extension of the South Zone Deposit. One drill hole totaling 465.7 metres was designed to test the Mext Zone 100 metres below DDHMZ06-02 that intersected 1.06 g Au/t and 0.09% Cu over 13.59 metres. Borehole IP surveying has detected an anomalous response in the down-plunge extension of this zone.

C. SOUTH ZONE DEPOSIT

This target is situated about 300 metres south of the Mext Zone. Noranda tested this zone with 34 drill holes along a 375 metre strike length in the 1980's. Selected historic intersections from this work include 6.12 g Au/t and 0.35% Cu over 6.1 metres, 8.83 g Au/t and 0.45% Cu over 11.7 metres, and 3.61 g Au/t and 0.27% Cu over 29.75 metres. In 2004, Geofine Exploration Consultants drilled an additional four holes testing this deposit. Drill hole DDHSZD04-04 intersected 3.09 g Au/t and 0.29% Cu over 10 metres, including 10.51 g Au/t and 0.88% Cu over 2.22 metres at a vertical depth of about 182 metres. Two holes totaling 367.3 metres were drilled to test 100 metres below the intersection in DDHSZD04-04, although one of these holes was abandoned at a depth of 48.1 metres due to technical problems. Borehole IP surveying has also located an anomaly in the down-plunge extension of this target.

Goldeye Explorations Limited and Polar Star Mining Corporation are exploring the Todd Creek property on a 50:50 basis.

About Goldeye

Goldeye is a Canadian mineral exploration company acquiring, exploring and advancing properties in Canada and Chile. Blaine Webster, P. Geo., President, and William Hamilton, P. Geo., geological consultant, both qualified persons as defined by National Instrument 43-101, supervised the preparation of the technical information contained in this release.

About Polar Star

Polar Star (TSX VENTURE:POS) was created to acquire advanced stage exploration properties focusing on gold, copper-gold and uranium, and is currently participating in the acquisition, exploration and development of mineral claims in Canada and Chile.

Shares issued: 65,298,664

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

Contact Information

  • Goldeye Explorations Limited
    B. Webster
    C.E.O. and President
    (905) 886-2538
    (905) 886-8210 (FAX)
    Website: www.goldeye.ca
    or
    Polar Star Mining Corporation
    D. Willock
    C.E.O. and President
    (416) 368-3949