Goldeye Explorations Limited

TSX VENTURE : GGY


Goldeye Explorations Limited

January 07, 2013 08:00 ET

Goldeye Explorations Limited Announces Encouraging Results at Gold Rock

TORONTO, ONTARIO--(Marketwire - Jan. 7, 2013) - Goldeye Explorations Limited (TSX VENTURE:GGY) Goldeye Explorations Limited is pleased to announce results from drilling at Goldeye's 100% owned Gold Rock project near Dryden, Ontario.

Six holes were drilled for a total of 765 metres on three target areas: Cedar Pond, Redden Trenches, and Double Lake. Gold mineralization has been discovered in the three holes drilled at Cedar Pond and Redden Trenches within an important structural corridor that hosts historic gold mines 700 metres southwest of the Goldeye Gold Rock property.

Drilling at Cedar Pond targeted a very strong chargeability anomaly, beneath thick clay and organic material. The anomaly is projected to be within a structural corridor that extends from the historic Laurentian and Elora Gold Mines. The Laurentian Mine produced 8,143 oz. @ 0.4 oz/t Au.

Hole G12-04 intersected a zone of altered and mineralized felsic dyking. Anomalous gold values up to 0.62 g/t over 1.7 metres occur in a zone of pyritic quartz stringers adjacent to a felsic dyke. The association of felsic dyking with auriferous mineralization is typical of the gold-bearing zones historically mined to the southwest. The local topography of the area is floating bog and cedar swamp, and the zone will be followed up by additional drilling after freeze-up. The intent is to trace the structure both south toward the historic Laurentian Gold Mine and north toward the Redden Trenches area.

The Redden Trenches area is 1.5 kilometres northeast of the Cedar Pond discovery. Drilling at the Redden Trenches intersected massive sulphides, with local heavy quartz veining as well as a wide zone of strong carbonate-sericite alteration. Hole G12-05 intersected gold values in brecciated quartz veins within highly altered mafic and felsic volcanics, including 3.61 g/t over 0.6 metres. Hole G12-06 intersected similar alteration and quartz veining with gold values up to 1.7 g/t over 0.4 metres. The strong structural and alteration overprint at Redden Trenches prevents a definite identification of felsic dyke protoliths, but at this stage Goldeye management believes the Redden Trenches are within the same gold bearing Elora-Laurentian structure trend identified in G12-04.

Drilling at Double Lake tested the south end of a large chargeability target in an area of historic trenching. Drilling encountered several bands of deformed, mineralized iron formation within volcaniclastic units and sediments. Anomalous gold values in holes G12-01 and G12-02 are associated with mineralized quartz veins and the iron formation units. Numerous targets remain to be tested in the Double Lake area, including a wide area further west with felsic dykes, geochemical bedrock anomalies and chargeability anomalies that may define a new important structural corridor for gold mineralization in the area.

Blaine Webster, President and CEO said: "These results are very encouraging for a small drill program. They have led us to focus on one of three structural corridors on the property. We have compelling buried Spectral IP targets within the 2000 m long by 300 m wide Elora-Laurentian structural trend. It is a large trend to explore, so we intend to be very systematic in our drilling approach. We look forward to additional results from the winter drill program that will start later this month."

Goldeye will be exhibiting at the Cambridge show in Vancouver later this month, January 20 and 21, 2013, at Booth 1718.

The drill program was carried out under contract by Laframboise Drilling Inc. of Earlton Ontario and supervised by David R. Jamieson, P.Geo. The diamond drill is currently on the property and the drilling is expected to resume in late January.

Drill core was logged in a secure core facility in Dryden, Ontario. Core was logged, marked by Goldeye geologists and cut using core saws on site. One half of the cut sample was archived and the second half was appropriately marked, tagged and bagged. One standard and one blank were inserted by the Goldeye geologist approximately every 20 samples as part of the overall QA/QC protocol.

Sample shipments were organized and transported by the Goldeye geologist to the Activation Labs prep facility in Dryden, Ontario. Analysis is performed at Activation Labs facilities in Ancaster, Ontario. Gold assays were reported as ppm values from standard fire assaying with an AA finish. Gold values greater than 3000 ppm were refinished gravimetrically and reported in grams/tonne. Review of the QA/QC results along with the geological context of the assay results indicates that the sampling and assaying procedures are reliable for the gold values outlined in this press release.

The information in this press release has been reviewed and approved by David Jamieson, P.Geo.

ABOUT GOLDEYE

Goldeye is a Canadian gold-focused exploration company with properties in mineral rich, politically secure jurisdictions with long traditions of mining. In Canada, Goldeye holds a 24.5% interest in the Todd Property in British Columbia, a 100% interest in the Gold Rock, Sandy Lake and Leonard-Fawcett properties in Ontario and additional claims in Tyrrell Twp. after the sale of the main block to Temex Resources Corporation in late 2012. In Chile, Goldeye owns 100% of the Sonia-Puma property located 180 km north of Santiago.

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
    Blaine Webster, P.Geo.
    President and CEO
    (416) 315-9708
    bwebster@goldeye.ca

    David Jamieson, P.Geo.
    705-201-1178