Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

August 09, 2005 09:39 ET

Goldeye Explorations Limited: More High Grade Gold at Cripple Lake, Tyrrell Township, Northern Ontario

TORONTO, ONTARIO--(CCNMatthews - Aug. 9, 2005) - Goldeye Explorations Limited (TSX VENTURE:GGY) -

- Saw cut sample yields 0.30m of 117.33 g/t Au in Trench 23.

- Trench 24, 50m to the west, samples 1.1 m of 12.9 g/t Au.

- Chip sample from a pit 35m east of Trench 23 yields 0.6m of 10.68 g/t Au

In the Mid Tyrrell Zone, saw cut samples from a gabbro-hosted quartz vein system with 3 vein orientations and heavily pyritized selvages assayed 117.33 g/t Au over 0.3m. The steep north-south striking vein contains visible gold. A 0.6m chip sample in an old trench 35m east of trench 23 assayed 10.68 g/t Au. This 1m wide north-dipping vein carries 10 to 15% very fine-grained pyrite. A partially exposed horizontal vein also averaged 2.54 g/t Au over a 0.55m. Additional samples of strongly pyritized parts of this flat vein have been sent out for assay. On strike, 50m to the west, a flat vein in an area of heavier overburden assayed 12.9g/t Au over 1.1m in a sample cut along the vein. This vein may correlate with the one exposed in trench #23. Trench # 25 exposed similar quartz-pyrite mineralization 300m west of trench #23, with anomalous gold values up to 1.22g/t Au over 0.5m and 0.97 g/t Au over 1.0m. Both trench #23 and trench #25 test the same extensive chargeability anomaly.

During June and July, 14 trenches were excavated on Spectral IP anomalies over a strike length of 4 km; 290 channel samples were taken with 8 assaying greater than 2 g/t Au. Significant results were obtained from Trenches 23 and 24 in the Mid Tyrrell Zone.

The Mid-Tyrrell zone, located on wholly owned claims, is spatially coincident with a 1.6 km long magnetic anomaly and associated chargeability anomalies. The dimensions of the geophysical signature and assays returned to date suggest a significant gold bearing structure.

Additional trenching, sampling, and diamond drilling along this large structure are planned for early September. Of special interest is the area between 129E and 133E at 102+75N testing a strong chargeability anomaly with very high resistivity and short decay times that suggest a significant volume of fine-grained sulphides and associated silicification. This type of alteration is associated with gold mineralization.

At the Hydro Creek gold deposit, a 3D Inversion model of the borehole Spectral IP survey data has defined two new gold zones, one having a drill intersection of 5m of 5.2g/t Au, the other 9.1 g/t Au over 1.1m. The inversion also demonstrates that the LaCarte Main Zone extends deeper than 400 meters where hole HC-25 intersected 9.1 g/t Au/2.8m.

The September diamond drill program will further test the new zones at Hydro Creek and probe the depth extent of the Main LaCarte Zone.

Gerald Harron, P. Eng is the qualified person responsible for the technical information contained in this release.

Goldeye is a Canadian exploration company with projects in Region V of central Chile, Northwestern Ontario (Sandy Lake, Gold Rock) and Northeastern Ontario (Fawcett and Tyrrell Twp.)

Goldeye's web-site address is http://www.pathcom.com/%7Egoldeye

Note: We have replaced the tilde symbol with '%7E' in the above URL.

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Contact Information

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