Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

June 29, 2011 13:22 ET

Goldeye Discovers 58.38 g/t Au, 531.7 g/t Ag, 2.43% Cu, 21% Pb Over 0.5 m on Lurdes Vein on Sonia Property in Central Chile

TORONTO, ONTARIO--(Marketwire - June 29, 2011) - Goldeye Explorations Limited ("Goldeye" or "the Company") (TSX VENTURE:GGY) is pleased to announce the results of its recently completed trenching, channel sampling, geologic mapping, and magnetometer and VLF-EM surveying on its Sonia Property, approximately 180 kilometres north of Santiago, Chile (regional map click here). The Sonia Property consists of 41 mineral claims covering a total area of 8,103 hectares. Over 40 low sulphidation epithermal veins containing gold, silver and base metal mineralization have been identified on the block.

The recently completed program was carried out on the northwestern part of the property to which there is partial road access. The objective of the work program was to establish vein and structural target areas for follow-up deeper testing by diamond drilling, to be guided in part by future spectral induced polarization ("IP") surveying. The work was concentrated in two areas, the San Pedro (western area) where 343 samples were taken from 11 veins, and the Rancho – Maria Paa (eastern area, four kilometers to the east) where 173 samples were taken from eight veins.

"We are very pleased to continue to discover new veins on the property on new claims acquired in 2009. There are several old workings on the property and now we have significant drill targets that are easily accessible by road. An increase in silver and copper grades is expected at depth in future drilling due to surface leaching and secondary enrichment. Also, the discovery of three alteration zones with porphyry potential is extremely exciting. The strategy of working in mining friendly Chile as well as Ontario provides the Company with exposure to very large gold deposits", commented Blaine Webster, President of Goldeye Explorations Limited.

The San Pedro vein and structure has been traced on a northwesterly trend for approximately two kilometres, and the recent detailed work was carried out as surface cover and topography permitted, over a strike length of approximately 500 metres on the Upper San Pedro on the southeastern end of the zone (click here). In this area at an elevation of approximately 2,700 metres, the San Pedro, Paola, Lurdes, Isa Mar, Camila and Hade veins were trenched and sampled. Approximately one kilometre to the northwest at an elevation of 1,900 metres along the structural grain, the San Pedro, Rosario, Rosario North and Evelyn veins were sampled. Immediately to the east of the San Pedro vein zone area are the Mina (Mine) Morada and Felicidad veins on third party ground being evaluated and operated privately by local miners.

In the following tables the highlights of the sampling results from the current program are reported. All of the veins strike northwesterly to north and dip steeply to vertical. Because of the steep dips, the horizontal sample distances are close to true widths. The veins/zones were sampled in rock exposures where available, in hand excavated trenches and in pits, shafts and tunnels, excavated recently by local small scale miners and by prospectors and miners from pre-colonial and colonial times. Sample sites were for the most part evenly spaced along the trend of the zones. A complete set of trench results (click here) and a map of vein locations (click here) are posted on the Goldeye website, www.goldeye.ca.

San Pedro Area

Upper San Pedro Area - Southeast
In the Upper San Pedro or southeastern part of the San Pedro vein/structure, the following veins were trenched and sampled.
San Pedro
The vein was sampled over a strike length of 190 metres and 8 sites were sampled.
Sample SiteWidth
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
As
(ppm)
Sb
(ppm)
Tr SP 124.000.2628.20.510.070.2818323
Includes1.000.5855.40.600.070.2224114
Tr SP 141.500.4924.11.290.150.4817836
Includes0.202.7273.01.260.290.7617533
Tr SP 151.250.2831.70.410.030.1719948
Tr SP 16A1.050.4010.50.390.090.321219
Includes0.200.8034.70.860.040.088518
Tr SP 170.250.4217.40.150.040.119813
Tr SP 182.000.8936.80.260.150.182386
Includes0.601.2962.00.500.230.1930615
Paola
The vein was sampled over a strike length of 15 metres and 7 sites were sampled.
Sample SiteWidth
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
As
(ppm)
Sb
(ppm)
Tr SP 180.302.6326.30.350.220.1810413
Tr PA 20.700.6020.90.080.110.08231<5
Tr PA 40.902.309.10.270.100.24134<5
and0.600.4211.10.220.160.37105<5
Tr PA 51.000.639.40.330.110.17179<5
Tr PA 60.606.237.10.140.630.1199<5
Lurdes
The vein was sampled over a strike length of 480 metres and 21 sites were sampled.
Sample SiteWidth
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
As
(ppm)
Sb
(ppm)
Tr LU 60.550.775.70.410.140.171329
Tr LU 70.5058.38531.72.4321.870.231658
Tr LU 90.304.8527.81.630.040.1696<5
Shaft S side0.601.1826.80.412.790.101357
Shaft N side0.302.0224.50.520.590.1830120
Tr LU 100.254.4049.71.080.410.073326
Tr LU 130.605.9329.20.350.340.42113<5
Tr LU 160.601.107.70.260.050.05129<5
Tr LU 200.950.48108.90.790.150.16325450
Camila
The vein was sampled over a strike length of 230 metres and 9 sites were sampled.
Sample SiteWidth
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
As
(ppm)
Sb
(ppm)
Outcrop 3 creek0.502.5754.40.200.110.0619689333
Outcrop 60.300.9145.40.070.030.0279<5
Francisca
The vein was sampled over a strike length of 125 metres and 4 sites were sampled.
Sample SiteWidth
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
As
(ppm)
Sb
(ppm)
Tr FR 51.900.533.80.090.170.6372<5
Outcrop0.301.815.60.150.060.4069<5
Lower San Pedro Area–Central
In the central part of the San Pedro vein/structure the following veins were trenched and sampled.
San Pedro Central
The vein was sampled over a strike length of 45 metres and 3 sites were sampled.
Sample SiteWidth
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
As
(ppm)
Sb
(ppm)
Decline 2-1
Face -2m1.001.7031.41.320.110.4823521
Face -4m0.650.4114.00.880.060.6922018
Face -8m0.600.3940.51.150.060.2423221
Face -10m0.300.7947.92.510.070.2121426
Face -12m0.401.4836.21.070.020.4020223
Face -14m0.500.3928.60.940.020.3525242
Decline 2-2
Face0.800.2617.10.820.050.56161<5
Face -6m1.000.9016.91.290.060.3481<5
Outcrop0.800.4214.81.190.050.3810710
Rosario
The vein was sampled over a strike length of 45 metres and 7 sites were sampled.
Sample SiteWidth
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
As
(ppm)
Sb
(ppm)
Decline 1-1
Entrance0.701.9810.90.950.110.9914019
Includes0.403.3916.01.140.141.1415324
Decline 1-2
Face1.700.4441.91.260.010.4812414
Outcrop 21.500.3957.90.310.110.1939771
Includes0.700.51115.80.440.120.20619137
Outcrop 31.300.4014.50.590.050.1919538
Outcrop 40.900.565.31.230.030.3173<5
Tr RO 11.208.8941.80.700.100.27409171
Rosario North
One trench sample and four grab samples were taken from quartz veins and mineralized boulders over an area 90 metres in diameter.
Sample SiteWidth
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
As
(ppm)
Sb
(ppm)
Stockpile 1Grab0.9335.31.310.100.1811522
Stockpile 2Grab0.4332.41.070.110.1225625
Pit 1Grab0.5843.01.680.200.2669<5
Pit 2Grab0.6944.71.130.080.13977
Tr RO 20.350.8498.81.690.280.2934359

Rancho – Maria PAA Area

The veins/structures in this area all trend approximately north-south, are at an elevation of 1,550 – 1,900 metres to the south of the Rio Sobrante, and occur over an east-west distance of approximately 1.2 kilometres, four to five kilometres east of the San Pedro area. On the north side of the river is a well developed hydrothermal alteration zone covering at least one square kilometer, which is the most northerly of three such zones that lie along a north-south trend within the Goldeye holdings. The other two zones are located in the Paso del Inca and Puma areas, three and 15 kilometres respectively to the south. These areas of hydrothermal alteration may be related to porphyry type intrusives.

Rancho
The vein was sampled over a strike length of 170 metres and 5 sites were sampled.
Sample SiteWidth
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
As
(ppm)
Sb
(ppm)
Tunnel 10.401.412.80.040.010.041.29<5
Tr RA 11.301.206.10.200.030.165614
Tunnel 2 Face0.850.534.70.100.070.0910245
Tunnel 2 Entrance1.455.6312.50.080.060.14124518
Includes0.7510.6518.00.100.110.21227236
Tr RA 23.300.702.10.080.010.18102<5
Includes1.001.671.40.030.020.21107<5
Barbara
The vein was sampled over a strike length of 180 metres and 3 sites were sampled.
Sample SiteWidth
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
As
(ppm)
Sb
(ppm)
Decline 1 Face1.100.3848.70.230.270.8656<5
Includes0.400.9080.50.190.630.3280<5
Decline 1 Face -8m1.000.9816.00.410.221.7677<5
Includes0.253.1239.20.430.760.99966
Maria PAA
The vein was sampled over a strike length of 140 metres and 6 sites were sampled.
Sample SiteWidth
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
As
(ppm)
Sb
(ppm)
Tr MP 10.702.353.40.030.010.491078
Tr MP 20.700.424.00.040.180.0682<5
Tr MP 30.700.602.50.020.010.1149<5
Tunnel 1 Entrance2.000.768.50.080.050.09124<5
Includes0.701.305.80.110.030.12185<5
Tun 1 Ent+3.5m S2.400.747.40.060.020.0873<5
Includes0.901.4514.00.030.040.0487<5
Tun 1 face0.700.663.90.130.040.1696<5
Tunnel 2 Decline
Floor -6m S side0.451.7329.50.110.750.09154016
Floor -6m N side0.401.0234.80.231.410.10209418
Floor -4m0.701.1129.60.412.050.28260637
Floor -2m0.603.3323.30.300.540.21101216
Tun 2 entr + 6m S0.403.3528.60.090.110.05583<5
Tun 2 entr E side0.901.2614.00.120.520.07198<5
Trinidad
The vein was sampled over a strike length of 75 metres and 5 sites were sampled.
Sample SiteWidth
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
As
(ppm)
Sb
(ppm)
Tr TR 10.401.2122.90.140.070.12140<5
Tr TR 20.900.5171.30.060.070.1237710
Tr TR 40.801.5552.30.050.040.072239

All samples were put in cloth bags and in sacks that were closed at the end of each day. These were transported by company personel to Actlabs in Coquimbo where they were prepared and analysed. Fire assay with atomic absorbtion finish was performed on 30 g samples. Actlabs provided standards and blanks with repeats on approximately every tenth sample during the assay process. Rejects and pulps have been returned from the laboratory and stored by Goldeye.

ABOUT GOLDEYE

Goldeye is a Canadian gold-focused exploration company with properties in mineral rich, politically secure jurisdictions with long traditions of mining (Canada and Chile). Goldeye's approach is to advance precious metal deposits to the development stage, employing, in part, technically advanced geophysical techniques and occasionally joint venture funding. The qualified person (within the meaning of National Instrument 43-101) who read and approved this press release for Goldeye is Blaine R. Webster President and CEO of Goldeye.

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
    (905) 731-9367 or (905) 886-2538
    bwebster@goldeye.ca
    www.goldeye.ca

    Investor Relations
    Malcolm Finlay
    (416) 505 2845

    Investor Relations
    Blaine Webster
    (905) 731 9367