Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited
Polar Mining Corporation

June 05, 2007 14:43 ET

Goldeye/Polar Chip Samples From the Condor Vein Return 8.11 g/t Au and 20.0 g/t Ag Over 1 m.

GGY AGM, JUNE 6, 4:00 P.M., TORONTO BOARD OF TRADE

TORONTO, ONTARIO--(Marketwire - June 5, 2007) - Goldeye Explorations Limited (TSX VENTURE:GGY) and Polar Mining Corporation are pleased to announce additional assay results from an on-going sampling program on the Sonia Project located in Region V, Chile. Results have previously been reported from the 700 metre long target Sonia Vein (CCN Matthews, March 14, and April 16, 2007). Assay results have now been received from a total of 150 chip, panel and grab samples collected along the Condor vein structure, which is located approximately 4.5 km west of the Sonia Vein. The north-northeast trending vein has been traced over a strike length of about 550 metres, and is exposed over a vertical elevation difference of 100 metres. Ten chip samples collected over the northern 115 metres of the vein reported values up to 1.30 g/t Au and 54.0 g/t Ag over a width of 0.2 metre from an isolated sample. More detailed sampling (120 samples) along the central 260 metres of the vein system yielded 19 samples greater than 1 g/t Au, with a best value of 8.11 g/t Au and 20.0 g/t Ag over 1 metre from an isolated sample. A sample located 3 metres west of this sample reported 1.18 g/t Au and 44.0 g/t Ag over 0.3 metre, whereas a sample situated 7 metres south-southwest of it assayed 2.88 g/t Au and 29.0 g/t Ag over 0.5 metre. Twenty samples collected from the southern 190 metres reported values to 3.28 g/t Au and 19 g/t Ag over 1 metre, and this sample is still open to the west. The samples represent a quartz vein in brecciated andesite. Trenching is required to better expose this zone.

Prelimary gold and silver assay results have also been received from the Darcie vein, which is situated approximately 770 metres west of the Condor vein described above. Sixty chip, panel and grab samples were collected from this northerly trending structure over a strike length of 500 metres. Of these, 17 samples have assayed greater than 1 g/t Au, with a high value of 6.68 g/t Au and 86 g/t Ag over 0.3 metre which is situated near one of two small, possibly pre-Spanish era, old workings excavated on this vein. The mineralization is related to quartz veining within a brecciated mafic dyke. The current sampling is mainly from the footwall of the brecciated dyke, and a variable dip and poor exposure render the true width of the zone indeterminate at present. Reconnaissance work suggests that this vein has a potential strike length of 2 km. Trenching is required to fully expose the zone.

Preliminary gold and silver results have also been received from eight samples from the interpreted southern extension of the Mina Morada vein. The Mina Morada is a small, dormant, Au-Cu mine located approximately 1 km west of the northwestern corner of the Goldeye/Polar claim block. The current samples were collected from a 55 metre portion of the vein, located 2.1 km south of the mine, and at an elevation about 1.7 km higher. Six of the samples graded in excess of 1 g/t Au, with a best value of 5.09 g/t Au and 50 g/t Ag from a grab sample quartz chips in an old pit.

Grids were emplaced on the Sonia vein, Paso del Inca and Condor vein systems, with additional detailed rock samples taken. The results are incomplete and will be reported when they are received and compiled. Magnetic/VLF-EM and IP/Resistivity surveys have also been undertaken.

Discussions are continuing with representatives of Companhia Vale do Rio Doce ("CVRD"), regarding planning and construction of a road to gain access to the Sonia and El Condor vein systems and to CVRD's porphyry copper project located 4 km further to the east. Road construction is expected to start in the near future. The road will considerably facilitate further exploration of the various targets on this property.

The samples were assayed at Actlabs Chile S.A. using standard fire assay techniques. Final multi element analyses will be performed at Activation Labratories Ltd. in Ancaster, Ontario (ISO accreditation). Blank and duplicate samples were inserted into the sample stream at random intervals for quality control/quality assurance purposes. No obvious discrepancies were noted in the analytical results from these samples.

In other news, camp construction has commenced at the Todd Creek gold-copper project near Stewart, B.C. on June 1st. Geological, geochemical and geophysical surveying, as well as diamond drilling, will be initiated on this project shortly.

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

Goldeye also wishes to announce that two, 28 claim blocks have been staked covering Cu-Ni targets in Burrows and English townships, located approximately 50 km south of Timmins, Ontario. These claim blocks were staked on strong airborne EM conductors situated along a contact between iron formation and komatiitic rocks.

Goldeye is a Canadian mineral exploration company acquiring, exploring and advancing properties in Canada and Chile. William S. Hamilton, P. Geo., geological consultant, is the qualified person as defined by National Instrument 43-101 who 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
    C.E.O and President
    (905) 886-2538
    (905) 886-8210 (FAX)
    Website: www.goldeye.ca