Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

September 05, 2013 08:00 ET

Goldeye Channel Sampling Cuts High Grade Gold Values and Locates a Wide Zone of Gold Mineralization at Weebigee

Highlights:

-- Systematic channel sampling at Knoll Zone shows gold values across a 25 metre wide mineralized zone; high grade gold values are associated with intense pervasive silicification

-- Individual channels at Knoll Zone assay up to 34.1 g/t Au

-- Individual channels at Bernadette Zone assay up to 43.5 g/t Au

-- New zone 1.7 km west of Knoll Zone; channel samples return 7.72 g/t Au over 1.7 metres

TORONTO, ONTARIO--(Marketwired - Sept. 5, 2013) - Goldeye Explorations Limited (TSX VENTURE:GGY) ("Goldeye" or "the Company") is pleased to announce results from the NW Arm claim block of the Weebigee Project. Recent prospecting, mapping and channel sampling programs on five areas within the NW Arm claim block have returned numerous significant gold values.

Individual saw-cut channel sample results include:

  • 43.5 g/t Au over 0.28 metres BERNADETTE Area
  • 34.1 g/t Au over 0.35 metres KNOLL Area
  • 22.0 g/t Au over 0.3 metres KNOLL Area
  • 20.9 g/t Au over 0.25 metres KNOLL Area
  • 18.3 g/t Au over 0.25 metres KNOLL Area
  • 17.5 g/t Au over 0.4 metres WAVANO Area

Composite sample results (where sampling was continuous) include:

  • 25.5 g/t Au over 0.85 metres KNOLL
  • 13.4 g/t Au over 0.6 metres KNOLL
  • 18.28 g/t Au over 0.68 metres BERNADETTE
  • 7.72 g/t Au over 1.7 metres WAVANO, incl. 12.55 g/t Au over 0.9 metres

Generally, samples should be within 95% of true width of each structure sampled. Detailed mapping indicates mineralized structures are steeply dipping. A total of 155 samples were taken (154 channels and one grab) with gold values ranging from < 0.005 g/t Au to 43.5 g/t Au.

Blaine Webster, President and CEO of Goldeye, comments: "It is gratifying to see high-grade gold being confirmed over several showings in a wide area in the Northwest Arm. The alteration and gold mineralization at Knoll is much more extensive than we imagined going into this program. Goldeye plans to conduct a winter drill program to start characterizing the strength and size of this gold mineralized system.

We also have a high priority structure near these showings, under Sandy Lake. The Strathcona Report (Technical Report by R. von Guttenberg, 2003; available on SEDAR and www.goldeye.ca) states: 'a serpentinized ultramafic sill or flow in the ash-flow tuff traces a fold structure which is cut by a shear zone (Northwest Arm Shear Zone) under the Northwest Arm. The setting has similarities with those described from mines in the Red Lake district (e.g. Madsen-Starrat and the Goldcorp Red Lake mine).'"

Knoll Zone

The intensity and extent of strain, multiphase silicification, quartz veining and gold mineralization at the Knoll Zone provides a compelling exploration target. Alteration and anomalous gold values occur over a 25 metre width. There had been no previous systematic sampling of this zone. Of 80 samples cut at Knoll, 14 samples assayed > 2 g/t Au, 27 samples assayed > 1 g/t Au and only 4 assayed < 30 ppb Au. Five samples assayed greater than 8 g/t (see highlights). Previous chip sampling in the centre of the zone returned an assay of 11.7 g/t Au over 6 metres. Four holes drilled by Prospectors Airways in 1937 returned gold intersections up to 4.6 g/t Au over 5.7 metres core length (R. von Guttenberg, 2003). Only 90 metres of strike length was tested by historic drilling; 20 meters of strike length was exposed during this channel sampling program.

Wavano

Numerous folded and boudinaged quartz and quartz tourmaline veins are exposed 1.7 km northwest of the Knoll Zone at Wavano. Visible gold was observed in a tight double drag fold on the westernmost set of veins. Channel sampling confirmed a two metre wide zone of highly anomalous gold mineralization in this area that included assays of 17.5 g/t Au over 0.4 metres, 8.59 g/t Au over 0.5 metres, 2.54 g/t Au over 0.55 metres and 1.73 g/t Au over 0.25 metres.

Sandborn

Quartz-tourmaline veins and associated silicification occupy a narrow high strain zone 600 metres southwest of Wavano. A channel across the main vein at the shoreline returned 5.62 g/t Au over 0.3 metres.

Bernadette

This showing consists of a number of parallel quartz-tourmaline veins that have returned narrow high grade gold intersections in historic drilling and surface sampling. Gold values appear to be dominantly within the quartz-tourmaline veins, unlike the widespread values at Knoll, despite being only 100 m away. Channel sampling confirmed the presence of high-grade gold values, including 43.5 g/t Au over 0.28 metres, 16.1 g/t Au over 0.28 metres, 11.7 g/t Au over 0.38 metres, 8.78 g/t Au over 0.28 metres and 7.43 g/t over 0.27 metres.

Project Logistics and QA/QC

All analyses reported in this release are from assay certificates which passed both Goldeye's and Activation Laboratories' QA/QC procedures. All channel sampling was supervised in the field by David R. Jamieson, P.Geo. Samples were securely stored and delivered to Wasaya Airways aircraft at Sandy Lake Airport. The samples were picked up in Red Lake by Activation's personnel and driven to Activation's Thunder Bay facility. Samples were fire assayed for gold. Any analysis greater than 3000 ppb gold was re-assayed using a gravimetric finish. Activation Laboratories is a fully accredited laboratory and conforms to the requirements of ISO/IEC 17025 (ISO 9001) and CAN-P-1579 by the Standards Council of Canada. QA/QC programs include the use of Goldeye supplied standard and blank samples inserted into the assay stream every 20 samples in addition to the laboratory's internal QA/QC programs. Assays reported in ppb were converted to g/t (grams gold per tonne of rock). Screen metallic assaying was used where visible gold was observed in the field.

About the Weebigee Project

Goldeye's 100% owned Weebigee Project is located 230 kilometres north of Red Lake in Northwestern Ontario and is comprised of 220 claims totaling over 5000 hectares. The NW Arm claim block covers approximately 20% of the total project area and hosts the highest density of gold showings in the Sandy Lake Greenstone Belt.

The project is adjacent to Sandy Lake First Nation (population approx. 3,000) which has excellent infrastructure including an airport with daily direct flights to Winnipeg, Red Lake and Sioux Lookout and winter road connection to Red Lake. All weather access roads are located within one kilometre of the Knoll, Bernadette and Wavano areas.

Goldeye is engaged in ongoing consultations with Sandy Lake First Nation and discussions surrounding an Exploration Agreement between Goldeye and Sandy Lake First Nation are in their final stages.

About Goldeye

Goldeye is a Canadian exploration company with precious metals projects in Canada and Chile. In addition to its flagship Weebigee Project, Goldeye holds 100% interests in the West Shining Tree and Gold Rock Projects in Ontario, a 100% interest in the Sonia-Puma Project in Chile and a 24.5% interest in the Todd Project north of Stewart, British Columbia.

Common shares issued and outstanding: 30,998,642

Blaine Webster, P. Geo., is the Qualified Person as defined under NI 43-101 who has reviewed and is responsible for the technical information presented in this news release.

On behalf of the Board of Directors of Goldeye Explorations Limited,

Blaine Webster, President and CEO

For additional information on Goldeye Explorations Limited, please visit www.goldeye.ca.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Such statements include the following: "Goldeye plans to conduct a winter drill program" and "discussions surrounding an Exploration Agreement between Goldeye and Sandy Lake First Nation are in their final stages." Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither 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.

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