Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

May 08, 2013 09:28 ET

Goldeye Explorations Limited Receives Exploration Permit for its Weebigee Project (Sandy Lake) in Northwestern Ontario

TORONTO, ONTARIO--(Marketwired - May 8, 2013) - Goldeye Explorations Limited (TSX VENTURE:GGY) ("Goldeye" or the "Company") announces that it has received an Exploration Permit (No. PR-13-10172) from the Ministry of Northern Development and Mines for its Weebigee project near Sandy Lake, Ontario. The Exploration Permit covers activities including mechanized drilling, mechanized stripping and line cutting for a period of three years.

Goldeye had previously submitted an Exploration Plan for activities including geophysical surveys, and is now permitted to carry out activities as specified in both the Exploration Plan and Exploration Permit.

Blaine Webster, President and CEO of Goldeye said: "We are very pleased to have received an exploration permit for the Weebigee project. We believe in the potential of this project to deliver a high-grade discovery and look forward to developing the significant economic potential of the area."

The Weebigee project contains a number of underexplored lode gold targets. The property's 220 claim units cover the most prospective portions of the Sandy Lake Greenstone belt with geological similarities to the Red Lake District (Red Lake, Madsen, and Starratt-Olsen mines in particular). High grade grab samples of up to 187 grams per tonne (g/t) gold (Au) have been collected in the Northwest Arm claim block. Base metal showings up to 4.5% zinc (Zn) and 3% copper (Cu) occur 5km to the south at Sandborn Bay along with grab samples of 352 g/t silver (Ag) and 1 g/t Au. Goldeye's summer 2013 exploration program will include geological mapping, lake-bottom geochemistry and geophysical surveys to further prioritize targets for a subsequent drill program.

Goldeye is committed to building a strong and mutually beneficial relationship with Sandy Lake First Nation, the closest Aboriginal community to the Weebigee project. Management has spent several years developing this relationship and will continue to engage in on-going consultative dialogue with the community respecting the company's exploration activities.

On behalf of the Board of Directors

Blaine Webster, P.Geo., President and CEO

Blaine Webster, P. Geo., is the Qualified Person as defined under NI 43-101 who has reviewed and is responsible for the technical information presented in this news release.

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 West Shining Tree properties in Ontario and additional claims in Tyrrell Twp. In Chile, Goldeye owns 100 % of the 100 km2 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: Weebigee is a potential high grade lode gold project; and statements regarding Goldeye's proposed summer 2013 exploration program. 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.

Contact Information

  • Goldeye Explorations Limited
    Blaine Webster, P.Geo.
    President and CEO
    416-315-9708
    bwebster@goldeye.ca

    Goldeye Explorations Limited
    Robin Luke Webster
    Investor Relations
    416-877-6389
    rwebster@goldeye.ca