Goldeye Explorations Limited

Goldeye Explorations Limited

December 10, 2007 07:00 ET

Goldeye Commences Drill Program on Tyrrell Township Targets

TORONTO, ONTARIO--(Marketwire - Dec. 10, 2007) - Goldeye Explorations Limited ("Goldeye" or "the Company") (TSX VENTURE:GGY) is pleased to announce the commencement of a diamond drilling program testing several targets on the 100% owned Tyrrell Township property. Drilling was initiated on a strong induced polarization ("IP") anomaly in an area of structural complexity interpreted to be underlain by felsic volcanic rocks. The IP anomaly trends west-northwest for a distance of approximately 400 metres along the south shore of a lake and then swings abruptly northwest for an additional 300 metres under the lake, where it remains open. A northwest trending fault, a northerly trending fault and a northeast striking fault are all interpreted to intersect at the inflection point of the IP anomaly. A 500 by 1,000 metre feldspar porphyry stock is located approximately 1,000 metres southwest of the target area. Two holes totaling 701 metres and located 75 metres apart have been drilled testing the inflection point of the IP anomaly. These holes have intersected a sequence of mafic volcanics interlayered with intermediate and felsic volcanic rocks, porphyry dykes and graphitic sediments, debris flows and chert units. The chert is black in colour due to the presence of graphite and contains semi-massive pyrite over core widths of up to 17.5 metres. Locally minor sphalerite has been identified and a 0.34 metre wide carbonate vein is estimated to contain 25% chalcopyrite. The entire section of graphitic sediments, black chert, graphitic breccia and debris flows containing significant quantities of pyrite in the western hole (BZ07-02) totals 42 metres of core width. While the principal target of the drill program is gold, the Company believes that the current drilling indicates that the mineralization reflects the distal part of a volcanogenic massive sulphide system. A third hole is in the process of being drilled 75 metres below hole BZ07-02, and an initial batch of samples has been delivered to Swastica Laboratories Ltd. for gold and base metal analyses on a priority basis.

The current program will encompass approximately 2,000 metres of core drilling. In addition to the new target described above, the Company plans to drill a hole on the Big Dome target, located approximately 1.5 kilometres southwest of the current drilling. The planned hole will test 50 metres west of drill hole G-05-23 which intersected 80.7 g/t Au over 2.09 metres, as well as two 1.5 metre wide zones lower in the hole which assayed 13.3 g/t Au and 10.42 g/t Au respectively.

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, are responsible for the technical information contained in this release.

Shares issued: 73,756,986

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)