Goldeye Explorations Limited

Goldeye Explorations Limited

February 17, 2009 09:47 ET

Goldeye: Diamond Drill Hole H-33 Intersects 4 g/t Au Over 17.5 m and Hole H-34 Intersects 2.59 g/t Au Over 29.4 m at Hydro Creek Tyrrell Twp., N. Ontario

TORONTO, ONTARIO--(Marketwire - Feb. 17, 2009) - Goldeye Explorations Limited ("Goldeye")(TSX VENTURE:GGY) is pleased to announce the most recent results obtained on its Tyrrell Township drill program.

Hydro Creek (1.5 km west of the Big Dome)

DH H-33 intersected 4 g/t Au over 17.5 m from 5.0 m to 22.5 m including 0.5m of 10.5 g/t Au. This drill hole was designed to test the LaCarte North Zone gold grade when drilled from the North (AZ 205 degrees). A second hole on LaCarte North Zone, H-34, was drilled to the north (AZ 25 degrees) and intersected 13 m of 3.91 g/t Au (21.0-34.0 m) indicating that the LaCarte North Zone is plunging to the west and is open. From 32.5 m to 33.0 m H-34 assayed 9.15 g/t Au and a 2 mm piece of visible gold was observed. Hole H-34 assayed 2.59 g/t Au / 29.4 m (from 10 to 39.4 m deep) including an interval of 1.04 g/t Au over 6.8 m. In the interval from 21m to 34m, 57% of the assays are over 3 g/t Au. All assays over 3 g/t Au in the program are being re-assayed by screened metallics, the method of choice for dealing with coarse-grained visible gold mineralization. Also, the zone occurs in mafic volcanics and it is intensely altered (sulphidized (2-5% pyrite), silicified, carbonatized) and intensely fractured.

H-34 was an over cut of hole H-03-06 that intersected 12.5 m of 5.81 g/t Au. (See for pictures of the H-34 core with sulphides and quartz in altered basalt).

Table includes current results and 2003(i) assays

Drill Hole
Depth, Intersection Width Grade Comments
H-33 5.0 m - 22.5 m 17.5 m (57.4 ft) 4 g/t Au As for H-34
100+30N/ (16.4 ft - 73.82 ft) (0.116 opt)
/ 205
70 m
H-34 10.0 m - 39.4 m 29.4 m (96.5 ft) 2.59 g/t Au LaCarte North
99+95N/ (0.077 opt) Zone
105+75E (32.8 ft - 129.3 ft) Intensely
@-40 altered
degrees (sulphidized
/ mafic
25 volcanics,
degrees silicified,
51 m carbonatized),
assays being
Includes 13m
3.9g/t Au
H-5(i) 32 m - 55.6 m 23.6 m (77.4 ft) 2.3g/t Au As for H-34
99+80N/ (105 ft - 182.4 ft) (0.068 opt)
105+75E previously Includes 6.7 m
@-45 reported of 5.2
degrees g/t Au
/ 25
122 m
H-6(i) 44.4 m - 72.2 m 27.8 m (91.2 ft) 2.3 g/t Au As for H-34
99+80N/ (145.7 ft - 236.9 ft) (0.068 opt)
105+75E previously
@-65 reported Includes 12.5 m
degrees 5.81 g/t Au
/ 25
125 m

The existence of both the Hydro Creek and Big Dome gold zones within a 5 km long section of the TSZ (Tyrrell Shear Zone) on the property illustrates the potential of the TSZ to host additional gold mineralization in the entire length of the TSZ on the Goldeye property. Previously reported Hole G-17 located 1 km east of the Big Dome intersected 7.8m of 0.57g/t Au and should be followed up. Less than 1.5 km of the 5 km Tyrrell Shear Zone on the Goldeye property has been drill tested, suggesting excellent potential for the discovery of additional high-grade gold mineralization.

The program's design, and quality assurance is under the control of Gerald Harron P Eng. The diamond drill holes completed were recommended in a December 2007 NI 43-101 report by Strathcona Mineral Services (Dr. Reinhard Von Guttenberg, P. Geo.). The drill core samples are cut with a saw, with one-half sent for analyses and the other half archived. The samples are shipped to Swastika Laboratories of Swastika, Ontario and analyzed using standard fire assay techniques and a screened metallic assay method when appropriate. For Q/A purposes, Goldeye submits one standard and one blank sample in every batch of 20 samples. The lab also repeats assays and submits standards as part of an internal QA/QC program. Results to date indicate acceptable precision and a lack of inter-sample contamination. The pulps and rejects are stored in Goldeye's facilities for future reference.

Goldeye has three other high potential gold properties: 1) Sandy Lake, NW Ontario,2) Todd, NW B.C. (50% Goldeye) and 3) The Sonia project in central Chile. Goldeye has been advancing these projects over the past several years and they are all drill ready.

Forward-Looking Statements

The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations or projections. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussions of such risks and other actors, refer to Goldeye Explorations Limited's filings with Canadian securities regulators available on or the Company's website.

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Contact Information

  • Goldeye Explorations Limited
    Blaine Webster
    (905) 731-9367