Goldeye Explorations Limited

Goldeye Explorations Limited

September 19, 2007 13:01 ET

Goldeye Announces Commencement of Diamond Drilling on Juby North Gold Project

RICHMOND HILL, ONTARIO--(Marketwire - Sept. 19, 2007) - Goldeye Explorations Limited (TSX VENTURE:GGY) is pleased to announce that a 1000-metre diamond drill program has begun on the Juby North gold Property located 20 kilometres west of Gowganda, Ontario. The Property consists of 40 claims totaling 5,360 acres and is subject to the terms of a 60:40 Joint Venture between Temex Resources Corporation ("Temex") and Goldeye, with Temex being the operator. The drill program is part of a $250,000 approved exploration program that will consist of soil geochemical sampling, geophysics, geological mapping, prospecting, and two phases of diamond drilling.

The drill program will follow-up on the discovery of several new gold zones discovered by the Partners during the previous drill program undertaken in 2004; that program tested a variety of coincident soil and IP geophysical targets. The new gold zones are localized within interpreted splay fault structures north of a flexure in the main auriferous Tyrrell Structural Zone ("TSZ"), deemed a favourable geological environment for high-grade gold deposits. The discoveries yielded intersections which returned up to 3.24 g/t gold over 2.24 metres including 5.85 g/t gold over 1.11 metres and a separate interval which yielded 5.18 g/t over 1.71 metres including 6.96 g/t gold over 0.92 metres. Both of these intervals were contained in a broader auriferous zone that averaged 0.89 g/t gold over a core length of 29.85 metres (JU 04-64). This zone is open in all directions and is associated with a 650-metre long IP chargeability anomaly coinciding with a soil geochemical anomaly. The current drill program will test for both depth and strike extensions of this gold mineralization.

Drilling will also test the depth extension of hole JU 04-57 which intersected 4.77 g/t gold over 4.91 metres contained within a broader gold bearing zone which yielded 1.19 g/t gold over a core length of 29.53. This drill hole tested the western extension of the TSZ two kilometres along strike to the west of the gold mineralization hosted within the Juby Main Zone and 400 metres to the west of where Inmet Mining Corp. previously intersected 234 g/t gold over a core length of 1.5 metres. Further to the west along the TSZ, Goldeye previously reported gold intersections including 6.4 metres grading 16.15 g/t gold and 2.05 metres grading 217 g/t gold.

The fall exploration program will also include geochemical sampling, geological mapping, and prospecting on three separate areas of the property deemed to have significant potential to host high grade gold deposits, with the intent of developing drill targets for the winter 2008 drill campaign.

The Project is easily accessible and is underlain by rocks belonging to the Abitibi greenstone belt similar to those hosting the major gold camps in Timmins and Kirkland Lake, Ontario.

The property surrounds the 100% Temex owned Juby Lease Property, host to the Juby Main Zone, which contains a NI 43-101 gold resource (February 16, 2005). As reported by Temex, the gold resource includes a total indicated resource of 479,000 ounces of gold grading 1.71 g/t gold at a cut-off grade of 1.0 g/t gold, including a core of 315,000 ounces of gold at 2.19 g/t gold, and a total inferred resource of 120,000 ounces of gold grading 2.03 g/t gold at a cut-off grade of 1.5 g/t gold. This resource is contained from surface to a vertical depth of 400 metres and is wide open at depth.

About Goldeye

Goldeye is a Canadian mineral exploration company currently assessing results from a 2815m drill program at Todd Creek, Stewart, B.C. and compiling results from a sampling program on 18 auriferous veins and two adits on its property in Chile.

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
    B. Webster, P. Geo.
    President and C.E.O.
    (905) 886-2538
    Goldeye Explorations Limited
    William Hamilton, P. Geo.
    Geological Consultant
    (905) 886-2538
    (905) 886-8210 (FAX)