Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

April 16, 2012 08:22 ET

Goldeye Announces 7.04 g/t Au 1.78 m in New Hanging Wall Zone on the Tyrrell Shear Revealing a 1 by 4 km Unexplored Area to be a High Priority Target

TORONTO, ONTARIO--(Marketwire - April 16, 2012) - Goldeye Explorations Limited (TSX VENTURE:GGY) Goldeye is pleased to announce the results of two holes drilled in March to explore the recently discovered "Hanging Wall Zone" on its 100% owned Tyrrell Township property in the Shining Tree area of Northern Ontario.

These two holes, G-12-69 and 70, were drilled to follow up on the results from hole G-11-68 which intersected the new Hanging Wall Breccia (HWBX) Zone with 33.2 g/t Au from 51 to 52 meters. Results are noted below.

Four holes, G-10-60 and G-11-68, both previously announced, and G-12-69 and G-12-70 have intersected gold in the HWBX Zone and support our view that we have a parallel structure in the hanging wall of the Tyrrell Shear Zone (TSZ). This is of great significance for further exploration as it appears to be the comparable equivalent of the setting at Timmins where significant gold deposits are found in a similar structure in the hanging wall of the Porcupine-Destor Fault and a setting in which a significant percentage of the world's similar gold deposits are found. The Tyrrell Shear Zone is a major gold-bearing southeast striking deformation zone which hosts four significant gold zones including The Juby (Temex) containing 2 M oz of gold, the Cook (Mineral Mountain), Hydro Creek (GGY) and Big Dome (GGY).

Blaine Webster, Goldeye's President stated, "These Hanging Wall results show the potential for the Tyrrell property to host a large gold deposit. The 5 km strike length of the TSZ on Goldeye's 3000 hectare 100% owned claims contains the dilation zone of the TSZ. Similar dilation zones in the 5 gold camps of NE Ontario host between 3 and 65 million ounces of gold. 90% of the holes drilled on Goldeye's Tyrrell property have hit gold mineralization. Using a combination of geologic modeling and Clarity 3D drillhole Spectral IP, Goldeye has identified and successfully drilled gold-bearing zones and shoots. The Hanging Wall target contains six undrilled Spectral IP anomalies located on the southwestern (hanging wall) side of the TSZ extending over a distance of 4 km from Hydro Creek to Indian Lake. The area is covered with glacial deposits, swamps and lakes, possibly indicating a depression where bedrock has been altered. A 350 m deep untested geophysical anomaly extends from Big Dome west to Athena Lake in the Hanging Wall."

Hole G-12-69 was drilled to undercut Hole G-11-68 which returned 4.0 g/t Au over 9.0 metres including 33.2 g/t Au over 1.0 metres from the Hanging Wall of the Tyrrell Shear Zone. The best value was from 26.62 to 26.96 metres in a mafic volcanic grading 5.5 g/t Au over 0.34 metres. The hole also intersected seven separate intervals grading higher than 1.0 g/t Au over core lengths from 0.25 to 1.0 metres in brecciated and altered mafic volcanics. The high grade gold intersection in Hole G-11-68 was apparently cut off by a diabase dike and was not noted in Hole G-12-69.

Hole G-12-70 was drilled 50 metres west of Hole G-11-68. The hole returned the following zones of mineralization: 1) 29.85 to 32.00 metres - 2.15 metres grading 1.11 g/t Au in a mafic volcanic breccia 2) 42.00 to 45.00 metres - 3.00 metres - grading 2.64 g/t Au in a massive to brecciated mafic volcanic 3) 80.00 to 81.00 metres - 1.00 metres grading 2.06 g/t Au in a mafic volcanic breccia 4) 92.00 to 95.00 metres - 3.0 metres grading 1.29 g/t Au in a brecciated mafic volcanic 5) 168.22 to 170.00 metres - 1.78 metres grading 7.04 g/t Au including 12.3 g/t Au over 0.42 metres in a brecciated, sericitic, silicified mafic volcanic with jasperitic fragments.

These two holes extend the Hanging Wall Breccia Zone to depth and also to the west of Hole G-11-68 and clearly demonstrate the possible economic significance of this underexplored zone.

Assays are pending for Hole AT-12-01 which was drilled to test the eastern extension of the Minto Zone on the 100% Goldeye owned Athena claims.

ABOUT GOLDEYE

Goldeye is a Canadian gold-focused exploration company with properties in mineral rich, politically secure jurisdictions with long traditions of mining. In Canada, Goldeye holds Todd Property in British Columbia and the Tyrrell, Gold Rock and Sandy Lake properties in Ontario. In Chile, Goldeye has the Sonia-Puma property north of Santiago.

On behalf of the board of directors of Goldeye Explorations Limited

Jorma Hannila, Chief Executive Officer

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

  • Goldeye Explorations Limited
    Blaine Webster
    416-315-9708
    bwebster@goldeye.ca

    Goldeye Explorations Limited
    Jorma Hannila will be available
    upon his return from Chile, April 23, 2012
    905-886-2538 or 416-970-3324
    www.goldeye.ca