Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

April 09, 2014 09:25 ET

Goldeye Drills More High Grade Gold Intercepts at RvG4 and Bernadette, Including 110 g/t Over 0.3 Metres and 131 g/t Over 0.3 Metres

TORONTO, ONTARIO--(Marketwired - April 9, 2014) -

HIGHLIGHTS:

RVG4 ZONE
BK14-17 9.35 g/t over 4.51 metres, including 110 g/t over 0.3 metres and 19.9 g/t over 0.3 metres (core length; not capped)
BERNADETTE ZONE
BK14-23 10.89 g/t over 3.85 metres, including 131 g/t over 0.3 metres (core length; not capped), from top of bedrock

Goldeye Explorations Limited (TSX VENTURE:GGY) is pleased to release the assay results for drillholes targeting three zones: RvG4 (BK14-17, BK14-20, BK14-21, BK14-22), BERNADETTE (BK14-04, BK14-23), and KNOLL (BK14-09, BK14-23).

RvG4 Zone

Numerous occurrences of visible gold were observed in previously reported BK14-18 (23.25 g/t over 3.97 metres). BK14-17 drilled from the same set-up but different azimuth returned gold assays of 110 g/t and 19.9 g/t within a composite zone assaying 9.35 g/t over 4.51 metres. Holes BK14-20, 21, and 22 were drilled to further delineate the zone. Hole BK14-20 returned assays of 6.63 g/t over 0.3 metres and 11.8 g/t over 0.4 metres within a composite zone assaying 2.36 g/t over 3.55 metres. BK14-22 returned an assay of 5.51 g/t over 0.67 metres. Holes 17, and 20 were drilled beneath a surface showing known as RvG4. Holes 18 and 22 were drilled approximately 25 metres along strike to the southeast of the RvG4 showing. Channel sampling of RvG4 by Goldeye in November 2013 returned gold values of 10.85 g/t over 1.58 metres and 21.64 g/t over 0.86 metres.

Bernadette Zone

Hole BK14-23 collared in highly anomalous gold values related to the Bernadette Zone. Visible gold was noted in cm scale grey quartz veinlets within weak to moderately bleached, silicified quartz-eye tuffs. The top of the hole assayed 10.89 g/t over 3.85 metres including 131 g/t over 0.3 metres.

Bernadette and RvG4 Zones would appear to be part of the same system as Knoll, but outboard of the intense, coherent alteration zone that characterizes Knoll. At Bernadette and RvG4, gold mineralization is characterized by fine visible gold in pyritic mm to cm scale quartz veinlets as well as crack-seal quartz tourmaline veins. The veins/veinlets are surrounded by discrete haloes of bleaching and silicification and biotitization of quartz-eye tuffs.

Knoll Zone

Gold values of 2.95 g/t over 4.1 metres including 6.6 g/t over 1.5 metres in BK14-09 and 1.28 g/t over 10.06 metres, including 2.38 g/t over 2.12 metres in BK14-23 represent the twelfth and thirteenth of thirteen drill holes reported to date at Knoll with significant gold values. Knoll shows consistent geology, pervasive strong to intense silica-carb-sericite alteration with higher gold values associated with intense quartz flooding/veining.

New Results Table

Drill
Hole
From
(metres)
To
(metres)
Interval
(metres)
Composite
Assay
g/t Au
Comment
BK14-04 42.4 45.36 2.96CL 1.88 Bernadette
59.7 60.0 0.30 CL 3.54 Bernadette
BK14-09 78.9 83.0 4.10 CL 2.95 Knoll
1.80 TT 2.95
78.9 80.4 1.50 CL 6.60
0.65 TT 6.60
BK14-17 48.68 53.19 4.51 CL 9.35 RvG4
48.68 53.19 4.51 CL 5.36 Capped at 50 g/t
Incl. 48.68 48.98 0.30 CL 110.00
BK14-20 72.15 75.7 3.55 CL 2.36 RvG4
Incl. 72.15 72.45 0.30 CL 6.63
And 72.3 72.7 0.40 CL 11.80
BK14-21 N.S.V. RvG4
BK14-22 87.68 88.35 0.67 CL 5.51 RvG4
BK14-23 7.85 11.7 3.85 CL 10.89 Bernadette3
7.85 11.7 3.85 CL 4.57 Capped at 50 g/t
Incl. 11.4 11.7 0.30 CL 131.00
23.5 23.8 0.30 CL 5.93 Bernadette2
35.6 35.9 0.30 CL 4.01 Bernadette1
123.04 133.1 10.10 CL 1.28 Knoll
Incl. 123.04 125.16 2.12 CL 2.38
Incl. 124.73 125.16 0.43 CL 4.51
CL = Core Length
TT = True Thickness

Blaine Webster states, "We continue to intersect significant gold values on all three showings we have explored to date. Knoll will be our priority going forward due to the continuity we are seeing; however the higher grade hits we are getting at RvG4 and Bernadette are compelling. These zones are close enough together that we are likely looking at one large gold system. Alteration/mineralized widths also appear to be improving at depth at Knoll and as we drill deeper, more of the Bernadette zones will be tested in the top portion of the holes."

Table of Previously Released Results

Drill
Hole
From
(metres)
To
(metres)
Interval
(metres)
Composite
Assay
g/t Au
Comment
BK14-01 4.45 9.65 5.20 CL 1.44 Upper Knoll
13.60 15.60 2.00 CL 1.79 Knoll
BK14-02 13.10 16.50 1.40 TT 2.89 Upper Knoll
30.60 33.20 1.09 TT 4.74 Knoll
BK14-03 34.15 41.00 4.93 TT 12.86 Bernadette
34.15 41.00 4.93 TT 3.66 Capped at 50 g/t
Incl. 34.15 35.30 0.83 TT 70.23
34.15 35.30 0.83 TT 15.45 Capped at 50 g/t
Incl. 34.15 34.50 0.25 TT 230.00
60.65 62.75 1.51 TT 5.29 Bernadette 2
BK14-05 14.65 18.15 2.73 TT 12.45 Knoll
BK14-06 39.50 40.70 0.88 TT 8.85 Knoll
BK14-07 51.80 58.00 2.05 TT 12.17 Knoll
Incl. 51.80 55.70 1.29 TT 18.69
BK14-08 36.23 39.74 3.51 CL 5.78 Knoll
Incl. 37.56 39.74 2.18 CL 8.59
BK14-10 9.4 11.2 1.80 CL 4.54 Knoll
BK14-10 38 40.5 2.50 CL 4.86 FW Zone
Incl. 38 39.15 1.15 CL 9.59
BK14-11 15 27.57 12.57 CL 3.72 Knoll
Incl. 22.1 27.57 5.47 CL 6.71
Incl. 22.1 23.55 1.45 CL 18.26
BK14-12 20.7 34.97 14.27 CL 4.57 Knoll
Or 20.7 34.97 5.50 TT 4.57
Incl. 20.7 27.73 7.03 CL 6.76
Or 20.7 27.73 3.00 TT 6.76
BK14-12 68.37 70.27 0.55 TT 9.77 FW Zone
BK14-14 52 61.65 9.65 CL 2.58 Knoll
Or 52 61.65 3.20 TT 2.58
BK14-16 78.33 85.16 6.83 CL 8.59 Knoll
Or 78.33 85.16 6.83 CL 7.82 Cap 50g/t
Incl. 78.33 80.88 2.55 CL 18.96
Or 78.33 80.88 2.55 CL 16.88 Cap 50g/t
BK14-18 43.56 47.53 3.97 CL 23.15 RvG4
Or 43.56 47.53 3.97 CL 21.14 Cap 50g/t
And 57.39 61.40 4.01 CL 7.33
CL = Core Length
TT = Estimated True Thickness

True thickness has been estimated where holes have intersected the zone at a relatively low core angle and the geometry of the zone is understood. Individual gold assays have been arbitrarily capped at 50 g/t in some of the results presented above.

Dill Hole Coordinates

Drill
Hole
East North Elevation
(m)
Azimuth Dip Depth
(m)
BK14-01 474178.7 5879387.5 277.6 263 45 93.0
BK14-02 474178.7 5879387.5 277.6 263 79 51.0
BK14-03 474194.8 5879393.1 277.9 074 45 123.0
BK14-04 474194.8 5879393.1 277.9 074 65 81
BK14-05 474177.9 5879362.4 276.7 273 44 93.0
BK14-06 474177.9 5879362.4 276.7 270 69.9 60.0
BK14-07 474177.9 5879362.4 276.7 278 80 99.0
BK14-08 474189.7 5879407.7 278.1 264 44 120
BK14-09 474189.7 5879407.7 278.1 260 65 90
BK14-10 474176.1 5879341.5 274.7 273 43.5 60.0
BK14-11 474176.1 5879341.5 274.7 271 63 50.0
BK14-12 474176.1 5879341.5 274.7 271 73.5 84.0
BK14-14 474199.1 5879329.0 275.6 235 79.5 102.0
BK14-16 474203.4 5879335.9 275 274 65 90.0
BK14-17 473999.7 5879828.8 275.8 075 50 69
BK14-18 473999.7 5879828.8 275.8 109 47 90.0
BK14-20 473992 5879813 275.8 060 45 90
BK14-21 473992 5879813 275.8 007 55 75
BK14-22 473944 5879809 275.8 095 50 102
BK14-23 474260 5879382 275.8 270 45 206.5

The initial 2000 metre program was extended to 2219 metres, and the drill is now stored on site in anticipation of additional 2014 summer and fall drilling programs. Final logging, and sampling has been completed, with the final two holes available for release by mid-April. Additional geochemical assaying, mainly for silver, copper antimony and tungsten will commence once all gold assays have been received.

Comprehensive information about the Weebigee project, including, assays, plan maps, drill sections and drill data made, will be posted on Goldeye's website (www.goldeye.ca) today.

Project Logistics and QA/QC

All analyses reported in this release are from assay certificates which passed Activation Laboratories QA/QC procedures. All diamond drilling, logging and sampling was supervised in the field by David R. Jamieson, P.Geo. Drill core was logged at the Goldeye core facilities in Sandy Lake. Drill core was logged and samples marked off by Goldeye geological staff. Marked samples were cut by a diamond bladed core saw, with one half bagged in plastic for sampling and the remaining half archived at the Sandy Lake core facility. Standard and blank samples were included by Goldeye personnel in the sample stream at the core facility at a rate of approximately every 20 samples. All assays reported in this release have passed Goldeye's QA/QC program. Drill core in which visible gold was noted by the geologist was cut under the geologists supervision to facilitate equal representation of visible gold in both sampled and archived drill core. Where visible gold was noted only in one half of the cut core, this half was archived. Samples were placed in rice bags and shipped by Goldeye personnel by winter road to Red Lake. The samples were picked up in Red Lake by Activations personnel and delivered to Activation's Thunder Bay facility. Samples were fire assayed for gold. Any analysis greater than 5000 ppb was reassayed 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. 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 drill core.

The contents of this news release have been reviewed and approved by David Jamieson, P.Geo., Technical Advisor for Goldeye, and Blaine Webster, President and CEO of Goldeye, both of whom are qualified persons as defined in NI 43-101.

On behalf of the Board of Directors,

Blaine Webster, P.Geo., President and CEO

About the Weebigee Project

Goldeye's 100% owned Weebigee Project is located 227 kilometres north of Red Lake in Northwestern Ontario and is comprised of 363 claims totaling approximately 6000 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, RvG4 and Wavano areas. Goldeye recently signed a comprehensive Exploration Agreement with Sandy Lake First Nation and is pleased to be working closely with the community.

About Goldeye

Goldeye is a Canadian gold-focused exploration company with properties in mineral rich, politically secure jurisdictions having long traditions of mining. Weebigee is Goldeye's flagship project in Canada. Goldeye also holds a 24.5% interest in the Todd Property in British Columbia's Golden Triangle, a 100% interest in the Gold Rock and West Shining Tree properties in Ontario, and additional claims in Tyrrell Twp. In Chile, Goldeye owns 100% of the Sonia-Puma property located 180 km north of Santiago.

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: "These zones are close enough together that we are likely looking at one large system. Alteration/mineralized widths also appear to be improving at depth at Knoll and as we drill deeper, more of the Bernadette zones will be tested in the top portion of the holes", "The initial 2000 metre program was extended to 2219 metres, and the drill is now stored on site in anticipation of additional 2014 summer and fall drilling programs. Final logging, and sampling has been completed, with the final two holes available for release by mid-April. Additional geochemical assaying, mainly for silver, copper antimony and tungsten will commence once all gold assays have been received" and "Comprehensive information about the Weebigee project, including, assays, plan maps, drill sections and drill data made, will be posted on Goldeye's website (www.goldeye.ca) today." 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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