Goldeye Explorations Limited

Goldeye Explorations Limited

November 01, 2006 10:32 ET

Goldeye Locates 93.4 g/t Au and 4.9% Cu Over 3m From Chip Samples at Todd Creek B.C. and Commences a 2000m Drill Program on High Grade Mineralization at Tyrrell Twp., NE Ontario

TORONTO, ONTARIO--(CCNMatthews - Nov. 1, 2006) - Goldeye Explorations Limited ("Goldeye:) (TSX VENTURE:GGY) and Polar Mining Corporation ("Polar") recently conducted an exploration program on the Todd Creek property in British Columbia, which included 8 drill holes totaling 1,331 metres in three target areas. Three contiguous chip samples taken at the North A Zone target returned an average assay of 93.4 g/t Au and 4.97% Cu over 3m. The samples are located 25 metres east of a historical hole drilled in 1988 that reported 1.51 g/t Au over16.75 metres. One hole drilled by Goldeye/Polar under the area of the chip sampling returned 1.04 g/t Au and 0.23% Cu over 2.5 metre intercept. The North A Zone mineralization is open to the northwest, and will be followed up in the exploration program planned for next year. Two holes were drilled in the Fall Creek target, located about 600 metres south-southwest of the North A Zone. These holes were drilled under a historical 1988 drill hole, which reported 1.27 g/t Au, and 0.12% Cu over 27.85 metres. The drill holes intersected 1.44 g/t Au and 0.21% Cu over 6.1 metres and 1.67 g/t Au and 0.52% Cu over 1.95 metres, within a wider weakly mineralized zone. Additionally, five holes were drilled into the Mext Zone that is located 400 metres north of the South Zone deposit and 4.5 kilometres south of the Fall Creek target. Values in these holes ranged from 0.372 g/t Au and 0.11% Cu over 13 metres in drill hole MZ06-01A, to 1.06 g/t Au and 0.09% Cu over 13.59 metres in drill hole MZ06-02. Additional studies will be done on the historical and Goldeye/Polar drill cores to locate structural zones that may contain higher-grade mineralization. Geofine Exploration Consultants carried out the exploration program on behalf of Goldeye and Polar. Sample analyses were performed by ALS Chemex at their laboratory in Vancouver. Quality control/quality assurance samples were inserted into the sample sequence at one standard for every 20 samples submitted.

Also, a Mobile Metal Ion geochemical survey north of the Fall Creek area has located a very large anomalous response suggesting the presence of zinc/lead/silver mineralization. Historical work in this area defined a soil geochemical anomaly measuring 200 metres by 600 metres with Ag values up to 19.8 g/t and Pb up to 1510 ppm. A grab sample spatially associated with the Mobile Metal Ion anomaly returned 0.025g/t Au, 0.12% Cu, 0.71% Pb, 1.75% Zn and 187 g/t Ag. Additional historical sampling in the area has reported values up to 232.5 g/t Ag and 12.8% Pb over 0.7m.

On the Tyrrell Twp. property in NE Ontario, which is owned 100% by Goldeye, a 2000 metre drill program contract is to commence on Nov. 3, 2006. It is designed to test the Big Dome Zone high-grade gold mineralization around drill hole G-02-23, which intersected 80.7 g/t Au from 377.16 to 379.25 metres. At the Hydro Creek Zone, located 1.5 km to the northeast, a drill program is designed to locate the strike extent of mineralization noted in Hole HC-23, which intersected 6.4 g/t Au from 344.5 to 352 metres. Drilling will be guided by a recently completed data compilation that suggests gold mineralization may be striking in a more northwesterly direction than previously interpreted.

In the Tyrrell area, a Spectral IP survey has been completed on the recently optioned Athena Block, which is located immediately east of the Minto deposit (held by other interests). The Minto deposit is described as a steeply eastward plunging pyrite-quartz-ankerite cemented breccia pipe. Historical drilling has reported intersections assaying up to 10.08 g/t Au over 64 metres within the pipe. An IP response extends from the Minto deposit onto the Goldeye claims situated 100 metres to the east. Old trenches (circa 1930's) were located in this area and expose porphyry and quartz veining. Samples from this area have been sent for assay.

Goldeye is a mineral exploration company acquiring, exploring and advancing properties in Canada and Chile. Goldeye is drilling in Tyrrell Twp. and preparing to commence exploration on the Sonia gold-silver property in Chile. Gerald Harron, P. Eng. is the qualified person responsible for the technical information contained in this release.

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Contact Information

  • Goldeye Explorations Limited
    B. Webster
    C.E.O and President
    (905) 886-2538
    (905) 886-8210 (FAX)