Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited
Polar Mining Corporation

February 28, 2007 12:30 ET

Goldeye and Polar Complete Detailed Sampling of the Sonia Target on the Sonia Project, Region V, Chile

TORONTO, ONTARIO--(CCNMatthews - Feb. 28, 2007) - Goldeye Explorations Limited (Goldeye) and Polar Mining Corporation are pleased to announce that a detailed mapping and sampling program has been completed on the Sonia Target, located on the 4500 hectare Sonia property in Region V, central Chile. Including quality control/quality assurance samples, a total of 205 one meter long chip samples were collected for analyses. These samples were taken from outcrop and shallow blast pits over a strike length of 930m, and over a vertical elevation of 311 meters. The vein system ranges between 5 and 30 meters in width strikes at 20 degrees and dips 70 degrees E. Mapping and sampling in 2000 traced the Sonia vein for about 650 m. The current work extends the vein-zone for approximately another 300 m.

The vein system varies from sheeted stockwork quartz stringers to drusy cockcomb quartz. Stringers of quartz and brecciated quartz are also present within the Sonia vein. At higher elevations within the Sonia vein system cellular boxworks of hematite goethite with indication of copper bloom but no indication of sulphide minerals are common due to the extensive surface weathering. Disseminated chalcopyrite, bornite, galena in narrow veinlets occur along the contact with andesite at lower elevations. The samples have been delivered to Actlabs Chile S.A., with final analyses to be performed at Activation Laboratories Ltd. in Ancaster, Ontario. It is anticipated that the results from this detailed sampling work will permit the implementation of a 1,000 metre drill program as a preliminary test of the zone at greater depth and below the oxidized zone. Detailed geological work will now continue on the Condor and Paso del Inca vein systems, which are also located on the Sonia property.

The Sonia and Puma properties host seven known gold-silver-base metal targets, including the main Sonia vein system, where previous chip sampling has yielded values to 7.75 g Au/t and 218 g Ag/t over a width of 5 metres, as well as 0.74 g Au/t and 284 g Ag/t over 11 metres. These zones represent low sulphidation epithermal targets. The project is a 50:50 Joint Venture with Polar Mining Corporation.

Approximately 30 km west-northwest of the Sonia Property is the El Bronce epithermal gold-silver deposit at Petorca. The mineralization identified by Olympus on the Sonia - Puma Properties is considered to be very similar to that at El Bronce and it is considered that the El Bronce provides a very good working model for the Project. The El Bronce epithermal vein system hosts gold-silver-copper mineralization and veins in the district were worked by the indigenous people in precolonial times, by the Spaniards during the 16th to early 19th centuries and by Chilean miners in the late 19th century. Between 1939 and 1955 the Compania Minera El Bronce de Petorca mined approximately 500,000 tonnes averaging 11 g/t gold. The mines closed in 1955 due to low gold prices but the Rosario III ore zone was re-opened in 1980 and to 1989 had yielded 2.5 million tonnes averaging 4.8 g/t gold, 20 g/t silver and 0.30% copper. Recently the mine has been returned to production.

At the PDAC convention Goldeye welcomes visitors to discuss our present sampling in Chile, drilling results and upcoming drill programs on the Tyrrell and Todd projects at Booth 2923 in the Investors Exchange.

Goldeye is a Canadian mineral exploration company acquiring, exploring and advancing properties in Canada and Chile. Gerald Harron P. Eng. is the qualified person responsible for the technical information contained in this release.

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Contact Information

  • Goldeye Explorations Limited
    B. Webster
    C.E.O and President
    (905) 886-2538
    (905) 886-8210 (FAX)
    Website: www.goldeye.ca