Goldeye Explorations Limited

Goldeye Explorations Limited

April 16, 2007 15:48 ET

Goldeye and Polar Chip Samples From the Sonia Vein Return 26.73 g/t Au and 56.3 g/t Ag Over 3m

TORONTO, ONTARIO--(CCNMatthews - April 16, 2007) - Goldeye Explorations Ltd. (TSX VENTURE:GGY) and Polar Mining Corporation are pleased to announce additional assay results from an on-going sampling program at the Sonia Vein located in Region V, Chile. Results have previously been reported from this 700 metre long target (CCN Matthews, March 14, 2007). Preliminary assay results have been received from a total of 180, one-metre long chip samples, collected to provide further detail along the vein structure. Three contiguous chip samples aggregating 3 meters assayed 26.73 g/t Au and 56.3 g/t Ag. These samples are located 5 metres south and 3 metres east of previously reported sample # 91S, that returned 1 metre grading 12.1 g/t Au and 298 g/t Ag. The samples consist of brecciated felsic dyke with argillic alteration and quartz veining.

Grids have been 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 once they are received and compiled. It is anticipated that geophysical work, involving Magnetic/VLF-EM and IP/Resistivity surveys will also be undertaken on the grids.

Goldeye and Polar have been approached by representatives of Companhia Vale do Rio Doce ("CVRD"), regarding planning and construction of a road which will provide 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 be start within two weeks. 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 Laboratories 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, it is planned that the exploration crew will mobilize to the Todd Creek gold-copper project 35 km northeast of Stewart, B.C. on June 1st. A drill capable of penetrating to depths greater than 500 metres has been contracted, and a large helicopter will be available to move the drill.

At Todd Creek, two holes will be drilled to test the South Zone deposit and MEXT zone at depth. Geochemistry studies of these targets suggest that they could be rooted in a Au-Cu porphyry system at depth. Two holes (300 metres) are planned on the Yellow Bowl target, which is located 2 km northwest of the South Zone deposit. In this target area, a large area of favourably altered mafic to felsic volcanic stratigraphy hosts a number of base metal showings with historic grab sample values up to 1.33% Cu, 0.24% Pb, 0.59% Zn and 52.4 g/t Ag. The North A zone, Fall Creek targets and Orange Mountain targets, are located approximately 5 to 6 km north of the South Zone deposit. It is planned to test these targets with a total of 6 drill holes (2,300 metres). As previously reported (CCN Matthews, November 1, 2006), chip sampling in 2006 of a portion of the North A zone returned 93.4 g/t Au and 4.9% Cu over 3 metres. Drilling under this zone in 2006 reported 1.04 g/t Au and 0.23% Cu over 2.5 metres. In the Amarillo grid area of the Orange Mountain target, an historic 600 metre by 300 metre Ag-Pb-As soil geochemical anomaly defines a target which will be surveyed with Spectral IP. In the Fall Creek area, historic drilling by Noranda reported values up to 1.24 g/t Au and 0.39% Cu over 31.5 metres, including 5.96 g/t Au and 0.5% Cu over 7.9 metres. Drilling by Goldeye/Polar in 2006 intersected values up to 1.44 g/t Au and 0.21% Cu over 6.1 metres.

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 Gerald Harron, P. Eng., independent 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: 54,012,664

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)