Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

August 02, 2006 09:00 ET

Goldeye and Polar Mining Complete 2006 Drill Program on the Todd Creek Property, Stewart Gold Camp Northwestern British Columbia

TORONTO, ONTARIO--(CCNMatthews - Aug. 2, 2006) - Goldeye Explorations Limited (TSX VENTURE:GGY) - The 104 sq. km Todd Creek Property is located 70km SE of Eskay Creek and contains numerous large exploration targets including epithermal/mesothermal multiphase quartz breccia veins possibly underlain by one or more gold-copper porphyry systems. The 2006 Todd Creek drill program was completed on July 24, 2006 and comprised 1,331 metres in 8 holes that evaluated three priority target areas which are hosted by altered (silicified, sericitized, sulfidized, brecciated) crystal tuff volcanic breccia. Core samples (554) and check samples (29) have been submitted to ALS Chemex Lab in North Vancouver.

A. MEXT ZONE: NORTHERN EXTENSION OF SOUTH ZONE GOLD-COPPER DEPOSIT:

Five holes totaling 944 metres (DDHMZ06-01A-D; DDHMZ06-02) comprised the first drill test of the MEXT Zone. The MEXT Zone is the probable along-strike, northern extension of the historic South Zone gold-copper deposit, which was partially outlined by Noranda in 1988. The MEXT Zone, located about 300 metres north of the South Zone, was discovered by Geofine in 1999 when abundant M Type (blebby chalcopyrite multiphase breccia) and Spec Type (specular hematite breccia) mineralization was found in angular talus at the bottom of the MEXT Waterfall. Composite samples of such mineralization collected at the beginning of the 2006 drill program returned 6.36 g/t Au and 1.74% Cu; and, 10.1 g/t Au and 0.03% Cu, respectively. All five MEXT holes, 4 of which were drilled from the same setup, intersected mineralized zones with oxide and sulfide components over core lengths ranging up to and over 20 metres and to vertical depths of over 240 metres. The discovery of the in situ MEXT zone mineralization is deemed to evidence the along strike/down dip extension of the South Zone gold-copper deposit, which also remains completely open to the north.

B. FALL CREEK EAST ZONE

The Fall Creek target area is located about 4 km north of the MEXT Zone. Drill holes FC06-01A & FC06-01B (283.77 metres) were drilled to attempt to confirm and to undercut the historic gold-copper values obtained in the 1988 Noranda drill intersections on the Fall Creek East Zone, referenced below.



Hole 88-47: 1.24 g/t Au and 0.39% Cu over 31.5 metres
incl. 3.14 g/t Au and 0.97% Cu over 11 metres
incl. 5.96 g/t Au and 0.50% Cu over 7.9 metres
incl. 24.14 g Au/t and 3.79% Cu over 1 metres

Hole 88-48: 1.27 g/t Au and 0.12% Cu over 27.85 metres
Incl. 3.94 g/t Au and 0.31% Cu over 7.90 metres
incl. 4.71 g/t Au and 0.50% Cu over 4.75 metres
incl. 15.22 g/t Au and 1.97% Cu over 1 metre


IP and gold soil geochemical anomalies delineate the vein system of the Fall Creek East Zone over an apparent strike length of over 800 metres and a vertical extent of over 300 metres. The 2006 drill holes were successful in intersecting a number of weak to strong zones of multiphase mineralization described as sulfide matrix breccia, and quartz-barite sulfide breccia veins along core lengths ranging up to 20 metres. The core is generally well sulfidized and most of it has been submitted for analysis.

C. FALL CREEK NORTH A ZONE:

DDHNAZ06-01 (103.6 metres) was used to evaluate a postulated, high grade plunging mineralised shoot at the junction of the North A structure and the Fall Creek Fault. The North A zone trends across Fall Creek and was drill tested in the 1980's. In 1999, chip sampling sampled a small portion of the zone yielding an assay of 44.18 g Au/t and 3.30% Cu over 2 metres. The area of the sampling was re-examined in 2006 and a variety of angular, well-brecciated boulders with blebby chalcopyrite were discovered. Two boulders were sent to Chemex for analysis and they have average Au and Cu content of 25.5 g/t Au and 3.54% Cu. DDHNAZ06-01 was drilled under the showing and intersected three weak to strong mineralized zones of interest, with core lengths up to 11.5 metres.

Assays for the samples referenced above should be available later in August. Subject to the analytical results, a follow-up 2007 drill will be proposed. Such a program will also continue the evaluation of several other significant gold-copper targets on the property such as the Amarillo, Yellow Bowl and Knob mineralized zones which are located along a 10 km favourable structural environment.

Geofine Exploration Consultants carried out the program on behalf of Goldeye Explorations Limited and Polar Mining Corporation.

Tyrrell TWP. NE Ontario

A program of trenching has begun on the Big Dome to determine if the high-grade mineralization can be located on surface. Saw cut samples from several quartz veins associated with sulphide mineralization are being sent for assay. When this program has been completed, a 3000 m drill program will begin.

The (104 sq km) Todd Project is located 30 km NE of Stewart in NW B.C. The Tyrrell project is located 90km south of Timmins and consists of over 200 claim units owned 100% by Goldeye, a Canadian exploration company with projects in NE Ontario (Fawcett and Tyrrell Twps.), NW Ontario (Sandy Lake, Gold Rock), Stewart Area NW B.C. and Region V of central Chile. Gerald Harron, P. Eng., is the qualified person responsible for the technical information contained in this release.

Shares issued: 36,617,341

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

Contact Information

  • Goldeye Explorations Limited
    B. Webster
    CEO and President
    (905) 731-9367
    (905) 731-9312 (FAX)
    www.goldeye.ca