Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

July 11, 2007 11:38 ET

Goldeye and Polar Announce Drill Programme on Todd Creek Project, BC., Canada, and Report on Sonia Project, Chile

TORONTO, ONTARIO--(Marketwire - July 11, 2007) - Goldeye Explorations Limited (TSX VENTURE:GGY) and Polar Mining Corporation are pleased to announce the commencement of a 3600 metre drill programme on the Todd Creek Project, located 35 kilometres northeast of Stewart, B.C. The first two holes will be drilled on the South Zone Deposit and MEXT Zones. The drill hole on the South Zone Deposit will follow-up DDHSZD04-04 which intersected 3.09 g/t Au and 0.29% Cu over 10 metres, including 10.51 g/t Au and 0.88% Cu over 2.22 metres. The drill hole on the MEXT Zone is designed to follow-up DDHMZ06-02 which intersected 1.06 g/t Au and 0.09% Cu over 13.59 metres. The drill hole on the South Zone Deposit was recently completed and the drill is currently coring on the MEXT Zone hole. Approximately 725 metres have been drilled to date.

Spectral induced polarization (IP) surveys on the Orange Mountain-North A Zone target area have located several moderate to strong chargeability anomalies associated with anomalous gold, silver, zinc and lead soil geochemical values. These anomalies will be tested by drilling when the South Zone and MEXT Zones programme is completed. Three contiguous chip samples collected last year from a portion of the North A Zone, and containing 93.4 g/t Au and 4.9% Cu over 3 metres, occur on the eastern edge of a strong IP anomaly. The anomaly has two sources: one is associated with a resistivity low and the other with a weak resistivity high with a geophysical signature suggesting that the source contains fine-grained sulphides. The IP anomaly has a strike length of 300 metres and is open to the south. It is planned to drill test this anomaly on two lines. Historic drilling by Noranda in this area was focused on a shallow IP anomaly and the deeper fine-grained source does not appear to have been tested. Other IP anomalies are being correlated with geological information and are being priorized for drilling.

On the Amarillo Zone in the Orange Mountain target area, recent Mobile Metal Ion (MMI) geochemical surveys have returned highly anomalous lead-zinc-silver values. The Amarillo Zone is underlain by altered volcanics and the alteration zone has dimensions of approximately 1,500 by 1,200 metres. Mineralization consists of pyrite ( hematite, galena, sphalerite and chalcopyrite associated with barite veins and stockworks. Historic chip samples have ranged up to 232.5 g/t Ag and 12.8% Pb across 0.7 metres. Approximately 190 metres further to the northeast, historic grab samples reported values up to 1999.5 g/t Ag and 27.7% Pb.

Elsewhere, fieldwork was recently completed on the Sonia property which is located 180 kilometres north of Santiago, in Region V, Chile. A total of 18 major veins have been discovered on the property. An old tunnel (Mina Felicidad) located topographically below the Darcie vein system has been staked, and was recently sampled.

An access road to the Sonia property is being planned in co-operation with Companhia Vale do Rio Doce (CVRD) which is planning to drill a porphyry copper target near the eastern claim boundary of the Sonia property. Antofagasta's Los Prelambres porphyry copper deposit (2.9 billion tonnes grading 0.61% Cu) is located 50 kilometres north of the Sonia property.

Samples from the May-June phase of the prospecting/geological programme on the Sonia property have been submitted to Activation Laboratories Ltd. for analysis. The access road will be started shortly and has been laid out such that it will cross five sets of veins which can subsequently be sampled and drilled.

Both the Chilean and B.C. projects are a 50:50 joint venture between Goldeye Explorations Limited and Polar Mining Corporation.

Goldeye is a Canadian mineral exploration company acquiring, exploring and advancing properties in Canada and Chile. Blaine Webster, P. Geo., President, and William Hamilton, P. Geo., Geological Consultant, both qualified persons as defined by National Instrument 43-101, supervised the preparation of the technical information contained in this release.

Shares issued: 65,298,664

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

Contact Information

  • Goldeye Explorations Limited
    B. Webster
    President and C.E.O.
    (905) 886-2538
    (905) 886-8210 (FAX)
    Website: www.goldeye.ca
    or
    Polar Mining Corporation
    D. Willock
    President and C.E.O.
    (416) 368-3949