Goldeye Explorations Limited

Goldeye Explorations Limited

December 14, 2006 16:53 ET

Goldeye Drill Program Updates From Tyrrell & Fawcett/Leonard Township Gold Projects, NE Ontario

TORONTO, ONTARIO--(CCNMatthews - Dec. 14, 2006) - Goldeye Explorations Limited ("Goldeye:)(TSX VENTURE:GGY) is pleased to announce that a total of 2,232 metres (m) of diamond drilling has been completed at the Company's wholly owned Tyrrell property in northeastern Ontario to further test the Big Dome high-grade zone and the South Hydro Creek target.

On the Big Dome, three holes totaling 1,580 m were drilled at an azimuth of 20 degrees to the east of previous drilling (see Goldeye press releases dated May 15 and September 27, 2006). The latest drilling targeted mineralization found in hole G05-23, drilled in 2005, which intercepted 2 m of 80 g/t Au in quartz veining with pyrite, carbonate and ankerite alteration.

Two holes totaling 652 m have also recently been completed at South Hydro Creek, located approximately 1,500 m to the northwest of Big Dome. Here, the drill was located to the west of, and targeted mineralization in, holes HC-23 and HC-02. Because the assay process is incomplete due to high demand at the lab, results from both areas will be compiled and released in January 2007.

The drill has been moved to Southwestern Leonard Twp. for a three-hole test on a 300m long strong airborne conductor associated with F3 rhyolites and gabbro. Ground geophysics has located three IP anomalies. One of these lies on the strong airborne response and is non magnetic; the other two have magnetic anomalies of 300 to 700 nT, and have the potential for Cu/Ni mineralization.

Following completion of drilling at Leonard and early in the New Year drilling will resume at Goldeye's Fawcett and Tyrrell Twps. properties.

Goldeye's Tyrrell property contains 235 claim units extending from the NW part of the Fawcett Twp. border, 15 km west of the southwestern Leonard Twp., as well as on the west, north and eastern boundaries of Ursa Major's property. That company's 40 unit claim block hosts the Shining Tree nickel deposits (2.5MT 0.7 % Ni and 0.36 % Cu) and covers lithologies that could host magmatic Cu/Ni and volcanogenic Cu/Zn deposits. Whole rock analyses of the felsic volcanics done by Goldeye indicate the volcanics to be the type that hosts the 50MT SelBaie Cu/Zn deposit in NW Quebec.

The Tyrrell project is located 90 km south of Timmins and consists of over 200 claim units owned 100% by Goldeye, a Canadian exploration company with projects in Ontario, British Columbia and central Chile. Gerald Harron, P. Eng. is the qualified person responsible for the technical information contained in this release.

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Contact Information

  • Goldeye Explorations Limited
    B. Webster
    C.E.O and President
    (905) 731-9367
    (905) 731-9312 (FAX)