Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

February 16, 2011 08:45 ET

Goldeye Extends Big Dome West Zone to Depth and Discovers New Gold Mineralization at Cigar Lake on Shining Tree Project

TORONTO, ONTARIO--(Marketwire - Feb. 16, 2011) - Goldeye Explorations Limited (TSX VENTURE:GGY) is pleased to announce the results of the October-December 2010 drilling program on its 100% owned property located in northeastern Ontario. Seven holes were drilled totaling 2,633 m: five to test the mineralization of the West Zone, one as an exploratory hole along the Tyrrell Shear Zone at Cigar Lake east of the Big Dome, and one to test the area of high grade mineralization in the Central Big Dome area.

This drilling program increased the depth extent of the West Zone, and discovered a significant new gold zone at Cigar Lake near the Tyrrell Shear Zone. Exploration is being guided by surface and borehole 3D Spectral IP surveys.

Hole 10-54 intersected 8.4 g/t Au / 3 m from 325 to 328 m (or 7.03 g/t Au over 4 m from 324 to 328 m) in a mineralized zone grading 3.1 g/t Au over 10 m (321 to 331 m). This extends the Big Dome West Zone to a vertical depth of 310 m with the grade and width increasing with depth. 3D borehole IP indicates the sulphides continue to a depth of 1 km. Goldeye will be drill testing the zone to depth. Other holes to the west returned elevated gold values and will be tested at depth. The results of the seven holes are summarized in Table 1.

Nine hundred meters to the east of the West Zone, a new gold zone (Cigar Lake) was discovered in Hole 10-60 intersecting 4.66 g/t Au / 2 m from 124.0 – to 126 m within a zone that assayed 1.56 g/t Au over 14 m from 114 to 128 m. This was within an interval grading 1.1 g/t Au / 26.9 m from 106.1 to 133 m. 2.08 g/t Au / 2 m was intersected deeper in the hole from 219 to 221.2 m. Hole 10-60 was targeted to test a moderate spectral IP anomaly along the Tyrrell Shear Zone where a fold in the associated resistivity high was apparent. The new gold discovery is on Goldeye's 5 km long portion of the 8 km long Tyrrell Shear Zone. Future drilling will continue to test the Cigar Lake Gold Zone to depth and along strike.

Two and one-half kilometres to the northwest of the 100% owned claim block, Mineral Mountain Resources Inc. is drilling the Cook Zone located on the Tyrrell Shear Zone. Two and one-half kilometres to the east of the southeastern corner of the 100% owned claim block, Temex Resources Corp. is drilling on the Juby deposit. The Juby deposit contains 614,000 oz of gold (indicated) and 602,000 oz of gold (inferred) (Temex press release Feb. 3, 2011). The Tyrrell Shear Zone is analogous to the Porcupine- Destor Fault at Timmins and has the potential to host several gold deposits.

A total of seven holes (2,633 m) have been completed on the Big Dome testing the depth extent and the shallow western extension of the West Zone. Hole-59 on the High Grade zone deviated to the east and missed the target. A previous press release dated August 24, 2010 summarizes the 2009 and spring 2010 drilling on the Hydro Creek main block.

At Hydro Creek DHIP (Downhole IP) on Hole HC-22 has identified a very strong high priority IP anomaly occurring in syenite at a hole depth of 450 to 500 m. This high priority drill target occurs within the syenite in the Tyrrell Shear Zone and is associated with 63 m of 0.33 g/t Au.

Fifty km of Spectral IP has been completed on 100% owned ground at Indian Lake and to the west. High priority anomalies were located at Indian Lake and Hydro Lake and will be tested in future drilling.

The 2500 m drill program with JV partner Temex is in progress and Creso Exploration Inc. has completed 2 holes (895 m) on Goldeye's Athena property east of the Minto deposit. Goldeye has also received the second installment on the Creso option ($ 75,000 cash and 100,000 shares) as part of the option agreement with Creso.

Goldeye expects to start drilling in Tyrrell Twp. as soon as meetings are finished with the Sandy Lake First Nation regarding a proposed winter drill program at the Sandy Lake property in NW Ontario.

Ground work is also progressing at our Sonia project in central Chile to establish silver gold targets for drilling.

Table 1: SUMMARY OF October to December 2010 Drill Program 
 
Section Hole Number Relationship From (m) To (m) Width (m) Au g/t   Mineralized Zone
11850E G10-54   198.15 206.50 7.85 1.51   Mfc Pillow flow
Shear zone
(9495N)   Including 200 201 1 3.5    
      321 331 10 3.1   Altrd mfc pillow flow
    Including 324 328 4 7.0   Extends west zone to 310m vertical depth
    Including 325 328 3 8.4    
11650E G10-55   15.9 24.2 3 3.03   Mafic Pillow flow
11600E G10-56   59.0 61.6 2.6 3.9   Chert
9725E     289.0 289.7 2.7 0.9   Silicified mafic volcanics
11600E G10-57   45.5 47.0 1.0 0.76   Sediments
9775N                
11550E G10-58         NSV    
9820N                
121+50E G10-59
Deep Hole on High Grade Corridor
  413.00 422.00 9.30 0.487   Felsic intrusive
95+31N   And 424.00 427.1 3.1 0.93   Felsic Breccia
                Note: Hole G10-59 deviated from target zone.
127+50E?  G10-60   106.1 133.0 26.9 1.11   Porphyritic Felsic Volcanic
94+00E? Cigar Lake New Gold Zone including 114.0 128.0 14.0 1.56    
    including 124.0 126.0 2.0 4.66    
 
- UMT co-ordinates and the press release with maps are available on the website www.goldeye.ca
Note: All collar azimuths are 025°, Holes 54,55,56 are -65º 57,58 are -50º, 59 and 60 are -76º. Intersections represent core length. Assays reported are uncut.

QUALITY ASSURANCE AND QUALITY CONTROL

The drill core was sampled by sawing at a secure core facility and delivered for analysis to Activation Laboratories Ltd., Ancaster, Ontario. Activation Laboratories uses ISO/IEC 17025 to implement a quality system aimed at improving its ability to consistently produce valid results. In addition to the internal laboratory QA/QC, Goldeye inserted one certified standard or one blank sample every twenty samples.

ABOUT GOLDEYE

Goldeye is a Canadian gold-focused exploration company with properties in Canada and Chile, both mineral rich, politically secure jurisdictions with long traditions of mining. Goldeye's approach is to advance precious metal deposits to the development stage, employing, in part, technically advanced geophysical techniques and occasionally joint venture funding.

The qualified person (within the meaning of National Instrument 43-101) who read and approved this press release for Goldeye is Blaine R. Webster President and CEO of Goldeye Explorations Limited, who should be contacted for further information at (905) 731-9367 or (905) 886-2538 or by email at bwebster@goldeye.ca.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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