Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

September 26, 2013 08:00 ET

Goldeye Provides Update on Weebigee Project, Sandy Lake, NW Ontario

TORONTO, ONTARIO--(Marketwired - Sept. 26, 2013) - Goldeye Explorations Limited (TSX VENTURE:GGY) ("Goldeye" or "the Company") has received the results of Spectral IP and magnetometer surveys recently completed at the Weebigee Project near Sandy Lake, Northwestern Ontario.

Compilation of historic data with the new geophysical data indicates a new target area northwest of the summer 2013 channel sampling program. A strong spectral chargeability anomaly with flanking resistivity highs coincides with historic trenching and drilling in an area known as Tully-Burton. The anomaly has an 800 m strike length and remains open in both directions. Historic work at Tully-Burton consisted of shallow trenching and eight short diamond drill holes, targeting iron formation and sulphidic sediments. Historic gold values reported were anomalous up to 1,000 ppb. Freewest Resources sampled several trenches in this area in 1988, returning gold values between 149 and 958 ppb, with one value of 8,410 ppb.

Two of the eight historic holes tested a VLF conductor just south of the iron formation, in altered blue quartz eye bearing lithologies similar to the Bernadette and Knoll showings further east. Gold values of 1,150 ppb over 5 feet, and 930 ppb over 5 feet were reported, associated with 5-10% pyrite and pyrrhotite.

Blaine Webster, President and CEO of Goldeye said: "The coincidence of the distinctive IP feature with the historic Tully-Burton showing has generated a large new area to explore. The historic 8,410 ppb chip sample by Freewest Resources indicates potential for gold grades similar to those at Knoll, Bernadette and Wavano."

A follow-up program of mapping and additional sampling at Weebigee is planned for mid-October, after Sandy Lake First Nation's traditional hunting week.

The program will enable Goldeye to finalize drill targets and select collar locations for the winter drill program. It will also build on the recent channel sampling program which returned significant gold values (see press release dated September 5th, 2013) at Bernadette (43.5 g/t) Knoll (34.1, 22.0, 20.9, 18.3 g/t) and Wavano (17.5 g/t) gold showings. As work at Weebigee continues, results and interpretive maps will be posted on Goldeye's new website.

On behalf of the Board of Directors,

Blaine Webster, P.Geo.
President and CEO

Blaine Webster, P. Geo., is the Qualified Person as defined under NI 43-101 who has reviewed and is responsible for the technical information presented in this news release.

ABOUT GOLDEYE

Goldeye is a Canadian gold-focused exploration company with properties in mineral rich, politically secure jurisdictions with long traditions of mining. Weebigee, located 225 km north of Red Lake, is Goldeye's flagship project. It consists of 343 claim units (5,488 ha) covering many of the gold and base metal showings in the Sandy Lake Greenstone Belt. In Canada, Goldeye holds a 24.5% interest in the Todd Property in British Columbia's Golden Triangle, a 100% interest in the Gold Rock, and West Shining Tree properties in Ontario and additional claims in Tyrrell Twp. In Chile, Goldeye owns 100% of the Sonia-Puma property located 180 km north of Santiago.

FORWARD LOOKING STATEMENTS

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Such statements include the following: "A follow-up program of mapping and additional sampling at Weebigee is planned for mid-October", and "The program will enable Goldeye to finalize drill targets and select collar locations for the winter drill program". Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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