Goldeye Explorations Limited

Goldeye Explorations Limited

April 14, 2014 09:58 ET

Goldeye Reports on Final Drilling Results at Weebigee

TORONTO, ONTARIO--(Marketwired - April 14, 2014) - Goldeye Explorations Limited (TSX VENTURE:GGY) is pleased to release the final assay results from its winter 2014 drill program at Weebigee. Drill holes BK14-13 and BK14-15 targeted the south extension of the Knoll Zone. The Knoll Zone in both holes was affected by a strong fault, resulting in lost core. Holes drilled below BK14-13 (BK14-16) and BK14-15 (BK14-14) were not affected by the fault, indicating that the fault and Knoll Zone dip away from each other at depth.

New Results Table

Drill Hole From (metres) To (metres) Interval (metres) Composite Assay g/t Au Comment
BK14-13 9.00 11.40 2.40 CL Lost Core Knoll
11.40 11.70 0.30 CL 0.188 Knoll
11.70 12.00 0.30 CL 13.20 Knoll
12.00 14.70 2.70 CL Lost Core Knoll
BK14-15 26.15 26.50 0.35 CL 0.766 Knoll
26.50 27.00 0.50 CL 19.70 Knoll
27.00 27.30 0.30 CL 5.56 65% core recovery
27.30 27.60 0.30 CL 2.650 65% core recovery
27.60 28.40 0.80 CL 0.394 Mafic Dyke 65% core recovery
28.40 30.00 1.60 CL 0.109 Fault Zone 65% core recovery
30.00 35.50 5.50 CL 0.060 Fault Zone 25-40% core recovery
35.50 36.00 0.50 CL 0.639 25% core recovery
36.00 39.00 3.00 CL 0.105 50% core recovery
39.00 42.00 3.00 CL 0.073 33% core recovery
42.00 45.35 3.35 CL 0.756 75% core recovery
BK14-19 NSV Fold Nose Target
CL = Core Length
TT = True Thickness
NSV = No Significant Values

Blaine Webster, President and CEO, states, "We have extended the Knoll Zone another 30 metres southeast. We can now see the zone curves east, rather than truncating against a fault controlled ultramafic/felsic contact. We are also seeing the Knoll Zone at depth is dipping away from a major fault zone within the ultramafic footwall. This will be a key area to test in the upcoming drill program to extend the southern strike length and down dip dimension of the Knoll Zone."

Comprehensive information about the Weebigee project, including assays, plan maps, drill sections and drill data has been posted on Goldeye's website at Additional information will be posted to the website over the coming weeks, as plans are finalized for the summer field work and diamond drilling program.

Project Logistics and QA/QC

All analyses reported in this release are from assay certificates which passed Activation Laboratories QA/QC procedures. All diamond drilling, logging and sampling was supervised in the field by David R. Jamieson, P.Geo. Drill core was logged at the Goldeye core facilities in Sandy Lake. Drill core was logged and samples marked off by Goldeye geological staff. Marked samples were cut by a diamond bladed core saw, with one half bagged in plastic for sampling and the remaining half archived at the Sandy Lake core facility. Standard and blank samples were included by Goldeye personnel in the sample stream at the core facility at a rate of approximately every 20 samples. All assays reported in this release have passed Goldeye's QA/QC program. Drill core in which visible gold was noted by the geologist was cut under the geologists supervision to facilitate equal representation of visible gold in both sampled and archived drill core. Where visible gold was noted only in one half of the cut core, this half was archived. Samples were placed in rice bags and shipped by Goldeye personnel by winter road to Red Lake. The samples were picked up in Red Lake by Activations personnel and delivered to Activation's Thunder Bay facility. Samples were fire assayed for gold. Any analysis greater than 5000 ppb was reassayed using a gravimetric finish. Activation Laboratories is a fully accredited laboratory and conforms to the requirements of ISO/IEC 17025 (ISO 9001) and CAN-P-1579 by the Standards Council of Canada. Assays reported in ppb were converted to g/t (grams gold per tonne of rock). Screen metallic assaying was used where visible gold was observed in drill core.

The contents of this news release have been reviewed and approved by David Jamieson, P.Geo., Technical Advisor for Goldeye, and Blaine Webster, President and CEO of Goldeye, both of whom are qualified persons as defined in NI 43-101.

On behalf of the Board of Directors,

Blaine Webster, P.Geo., President and CEO

About the Weebigee Project

Goldeye's 100% owned Weebigee Project is located 227 kilometres north of Red Lake in Northwestern Ontario and is comprised of 363 claims totaling approximately 6000 hectares. The NW Arm claim block covers approximately 20% of the total project area and hosts the highest density of gold showings in the Sandy Lake Greenstone Belt.

The project is adjacent to Sandy Lake First Nation (population approx. 3000) which has excellent infrastructure including an airport with daily direct flights to Winnipeg, Red Lake and Sioux Lookout and winter road connection to Red Lake. All weather access roads are located within one kilometre of the Knoll, Bernadette, RvG4 and Wavano areas. Goldeye recently signed a comprehensive Exploration Agreement with Sandy Lake First Nation and is pleased to be working closely with the community.

About Goldeye

Goldeye is a Canadian gold-focused exploration company with properties in mineral rich, politically secure jurisdictions having long traditions of mining. Weebigee is Goldeye's flagship project in Canada. Goldeye also 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.


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: "This will be a key area to test in the upcoming drill program to extend the southern strike length and down dip dimension of the Knoll Zone" and "additional information will be posted to the website over the coming weeks, as plans are finalized for the summer field work and diamond drilling 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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