Goldeye Explorations Limited

Goldeye Explorations Limited

February 01, 2010 17:52 ET

Goldeye Plans February Drilling Program at Tyrrell Project, NE Ontario

TORONTO, ONTARIO--(Marketwire - Feb. 1, 2010) - Goldeye Explorations Limited ("Goldeye") (TSX VENTURE:GGY) is pleased to report that it has signed a minimum 4,000 metre diamond drilling contract to continue the evaluation of the gold zones at Hydro Creek and Big Dome commencing in mid February on its Tyrrell Project located 90 kilometres south of Timmins. The Hydro Creek zone is located approximately 800 metres west of the "West Iron Formation Target" at Big Dome, in an interpreted dilation zone developed in this portion of the Tyrrell shear zone, a major structural discontinuity. The Hydro Creek drilling will test the down plunge, westerly extension of the LaCarte North Zone (H-09-33: 4 g Au/t/17.5m).

Drilling completed in late December 2009 centred on the Big Dome High Grade Zone and increased the strike length of its significant mineralization to 700 metres. The Company's objective is to better define the centre of the mineralization by testing the Big Dome High Grade Zone, the newly discovered West Zone iron formation (G-09-41: 5 g Au/t/3m), and also the newly discovered East Extension (G-09-42: 4 g Au/t/9m, incl. 6.2 g Au/t/4.3m with three sightings of visible gold) along strike and to depth. Borehole induced polarization (IP) geophysical surveys have delineated anomalies associated with the mineralization. These IP anomalies extend beyond 700 metre depths on both the Big Dome and Hydro Creek gold zones, demonstrating both the depth potential of the new and previously discovered gold zones and the value of this advanced geophysical tool to guide the drilling.

The program is planned to begin in mid February at Hydro Creek where three to four holes (1,500 metres) are planned, and where winter conditions provide better access. Following which, the Big Dome area targets are planned to receive 3,000 metres of drilling.

About Goldeye

Goldeye is a Canadian gold-focussed exploration company with properties in mineral-rich, politically secure jurisdictions with long traditions of mining (Canada and Chile). The Canadian property interests in Ontario (Tyrrell, Sandy Lake, McFaulds Lake, and Gold Rock) and British Columbia (Todd Creek) encompass approximately 490 square kilometres, and involve third party funding at McFaulds Lake and Todd Creek. The 80 square kilometre Sonia property in Chile is located in Region V, approximately 180 kilometres north of Santiago, in a particularly promising metallogenic setting.

Goldeye's approach is to advance precious metal deposits to the development stage, employing in part technologically advanced geophysical techniques and occasionally joint venture funding. The current number of shares issued and outstanding is 121,736,125.

The Qualified Persons who have read and approved this press release are Gerald Harron, P.Geo. and Blaine R. Webster, P.Geo., President and CEO of Goldeye Explorations Limited.

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

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