Goldeye Explorations Limited

Goldeye Explorations Limited

January 31, 2006 09:00 ET

Goldeye Options Todd Creek Property, Stewart Gold Camp, NW BC.

TORONTO, ONTARIO--(CCNMatthews - Jan. 31, 2006) - Goldeye Explorations Limited (Goldeye) (TSX VENTURE:GGY) is pleased to announce that it has optioned the Todd Creek gold-copper (Au-Cu) Property from Geofine Exploration Consultants Ltd. (Geofine), representing a private investment group which is arm's length to Goldeye. The property consists of 24 mineral claims containing 414 units covering approximately 100 square kilometers. The Todd Creek property is located in the Stewart Gold Camp, Skeena Mining Division, about 35 km northeast of Stewart, British Columbia.

Goldeye can acquire a 100% ownership interest in the project by making optional cash and share payments totaling $250,000 and 250,000 common shares and incurring exploration expenditures of $1,500,000 over 5 years. Geofine retains a 2.5% net smelter return royalty that Goldeye can purchase at a rate of $750,000 for each 0.5% NSR. Geofine, whose staff have been exploring in the Stewart Gold Camp for over 15 years and whose experience includes the discovery of the Red Mountain deposit, will manage the initial exploration programs for Goldeye.

The Todd Creek exploration targets are large and numerous including both epithermal and mesothermal gold mineralization, showing strike and down dip continuity. In addition, auriferous multi-phase sulfide and oxide breccia veins are: 1) possibly underlain by one or more gold-copper porphyry systems (South Zone, Fall Creek Zones); 2) VMS type targets associated with sulfidized felsic stratigraphy and coarse pyroclastic rocks (Yellow Bowl, Knob Zones); and 3) a large epithermal target characterized by barite and jasper (possibly underlain by a gold-copper porphyry system. Numerous historic gold copper showings occur along a 10 km strike length and are associated with a favorable structural fabric and altered lithologies of the Hazelton Group, which also hosts the most significant mineralization in the Stewart Gold Camp, including the historic Silbak-Premier mine and the current producer, Barrick's Eskay Creek Mine.

Currently known mineralization on the Todd Creek Property includes the South Zone deposit (SZD) partially explored by Hemlo Gold Mines Inc. ("Hemlo"), in 1988. Hemlo's 1988 drill results include 6.12 g Au/t and 0.35% Cu over 6.1 m; 8.83 g Au/t and 0.45% Cu over 11.7 m; and, 3.61 g Au/t and 0.27% Cu over 29.75 m, including 6.91 g Au /t and 0.31% Cu over 8.15 m. The deepest hole drilled on the property, DDH#SZD04-04 intersected the SZD at a vertical depth of about 182 m and returned 3.09 g Au/t and 0.29% Cu over a core length of 10 m, including 10.51 g Au/t and 0.88% Cu over 2.22 m. The SZD remains completely open at depth and along strike.

Geofine discovered the northern extension of the SZD in 1999 in the Gold Gully and MEXT Zone areas. Large samples of "Spec" (semi-massive specular hematite breccia) mineralization and "M" (blebby chalcopyrite multi-phase breccia veins) mineralization collected in MEXT Zone area in 2004 returned 6.77 g Au/t and 0.31% Cu and 5.76 g/Au t and 2.33% Cu, respectively. This northern along-strike extension of the SZD has yet to be evaluated by diamond drilling and is interpreted as a high priority drill target. Geofine has proposed a number of deep holes to evaluate the possibility of a large sulfide/oxide gold-copper deposit associated with plunging shoot morphologies apparent at the GMZ. The SZD has been traced over a 1 km strike length and remains open under the glacial-fluvial deposits of the Todd Creek Valley towards the Knob Zone, 4 km to the north; and, towards the Mylonite Zone, 3 km to the south.

Other priority drill targets are apparent on the Todd Property. For example, additional M Type mineralization was outlined on the Fall Creek Zone (4 km to the north, west of the Knob Zone) by historic geochemical and geophysical surveys and initial diamond drilling conducted by Hemlo. The historical drill results include:

Hole 88-47: 1.24 g Au/t and 0.39% Cu over 31.5 m
incl. 3.14 g Au/t and 0.97% Cu over 11 m
incl. 5.96 g Au/t and 0.50% Cu over 7.9 m
incl. 24.14 g Au/t and 3.79% Cu over 1 m

Hole 88-48: 1.27 g Au/t and 0.12% Cu over 27.85 m
Incl. 3.94 g Au/t and 0.31% Cu over 7.90 m
incl. 4.71 g Au/t and 0.50% Cu over 4.75 m
incl. 15.22 g Au/t and 1.97% Cu over 1 m

Hemlo drill tested the East F1 Zone over a strike length of 100 m and to a depth of 50 m. The East F1 Zone has an apparent strike length of over 800 m and a vertical extent of over 300 m.

Goldeye plans a Phase 1, 2006 exploration program on the Todd Creek Property consisting of helicopter borne time domain electromagnetic surveys and a 1600m drill program that would evaluate a number of the other historic gold-copper targets. The deep penetrating TDEM helicopter survey would be employed to locate concentrations of auriferous semi massive to massive chalcopyrite mineralization and to help prioritize existing drill targets.

David Molloy, P.Geo. (Ontario) is the qualified person responsible for the technical information contained in this release.

Goldeye's web-site address is

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

Shares issued: 30,800,682

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Contact Information

  • Goldeye Explorations Limited
    Blaine Webster
    Chairman and C.E.O.
    (905) 731-9367
    (905) 731-9312 (FAX)