Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

October 16, 2008 09:00 ET

Goldeye Reviews Its Large High-Grade Gold Projects in Ontario and Chile and Announces New Conductors in Fawcett Twp., On

TORONTO, ONTARIO--(Marketwire - Oct. 16, 2008) - Goldeye Explorations Limited ("Goldeye" or the "Company") (TSX VENTURE:GGY) is pleased to present a summary of its large high-grade gold projects in Ontario and Chile, and report the discovery of new conductors in Fawcett Twp., Ontario.

SANDY LAKE: chip sample: 10.5 g/t Au over 6 metres. TYRRELL TWP.: drill hole G05-22: 217 g/t Au over 2.05 metres. SONIA VEIN, CHILE: chip sample: 7.75 g/t Au and 212 g/t Ag over 5.5 metres.

Goldeye's Sandy Lake property covers 5,040 hectares and is located 220 km north of Red Lake in northwestern Ontario. It protects a 1.5 km long, horseshoe-shaped folded ultramafic sequence in dacitic ignimbrite principally occurring under the Northwest Arm of Sandy Lake. Geophysical studies suggest that a deformation zone occurs within the fold axis. Numerous quartz veins and silicified zones are located on the northern shore of the lake, and on an island located within the fold structure. Chip sampling of the Knob Zone of the Bernadette showing situated on the north shore of the lake yielded 10.5 g/t Au over 6 metres. Hole SL-88-02, drilled into this zone in 1988, intersected three quartz veins about 8 metres apart, with a best value of 25.2 g/t Au over 0.15 metres. An island located along the fold axis contains a showing which reported 3 g/t Au from a grab sample. The folded ultramafic body at Sandy Lake has similar dimensions and geology as that which hosts Goldcorp's high-grade gold mine at Red Lake. The alteration pattern is also similar to Red Lake: in particular, sodium depletion of the host rocks and the development of biotite, sericite and tourmaline.

The Tyrrell Township property is located 15 km to the northeast of the Fawcett Township claims. A review has been made of the Hydro Creek gold zone which has yielded selected gold values as follows: 6.42 g/t Au over 7.5 metres (drill hole HC-23) and 9.09 g/t Au over 2.8 metres (drill hole G-25). A surface saw cut from a surface trench of fuchite-bearing green carbonate averaged 5.79 g/t Au over 21 metres (16 metres true width). Drill hole HC-22 intersected 0.33 g/t Au over 63 metres in a highly altered syenite porphyry, with shorter intervals reporting up to 2.6 g/t Au over 1.5 metres, at a vertical elevation about 400 metres subsurface. The gold mineralization is associated with disseminated pyrite, as well as silicification and carbonate alteration. The Big Dome zone is located 1.5 km southeast of Hydro Creek. This high-grade gold zone was discovered in 1998, and further tested in 2005. Drill hole G-98-8 intersected 149 g/t Au over 1.4 metres from 305.0 to 306.4 metres down hole. Drill hole G-05-23 encountered 80.7 g/t Au over 2.1 metres from 377.1 to 379.2 metres, as well as 13.3 g/t Au over 1.5 metres between 410.0 and 411.5 metres. Drill hole G-05-22 reported 217 g/t Au over 2.05 metres from 199.5 to 201.55 metres. The multi-phase gold veins occur near the upper and lower contacts of a 50 metre thick porphyry unit that has a minimum strike length of 300 metres, and a potential length of one km along the Tyrrell Shear Zone. Drilling is planned to extend the mineralization within the altered syenite encountered in drill hole HC-22, as this geological environment is interpreted to be similar to the Kirkland Lake Gold Camp. Further drilling is also planned to follow-up the high-grade gold intersections in the Big Dome zone, as the gold-porphyry intrusive association exhibits similarities to the Dome Mine in Timmins.

On the Company's Athena property 2 km NE of the Big Dome an IP anomaly has been traced from the Minto pit where a drillhole intersected 64m of 10.08 g/t Au onto the Goldeye claim. Grab samples from old trenches on the IP anomaly returned anomalous gold and this target is proposed for drilling.

In central Chile, on the Sonia property, mapping and sampling have identified an extensive vein swarm comprising in excess of 30 epithermal veins hosting polymetallic Ag-Au-Cu-Pb-Zn mineralization. The Sonia vein has been traced over a strike length of 900 metres, and over a vertical extent of 315 metres. It consists of a brecciated felsic dyke with argillic alteration and quartz veining. The best values obtained from sampling of this vein reported 26.73 g/t Au and 56.3 g/t Ag from three contiguous chip samples over a cumulative length of 3 metres. Historical sampling of this vein yielded value up to 7.75 g/t Au and 212 g/t Ag from a 5 metre chip sample.

The entire vein system consists of over 30 veins 4km in length extending 1450m vertically. High-grade gold silver mineralization has been found over sections of the veins at all elevations. The exploration targets occur where structural changes have thickened the veins and concentrated high-grade mineralization.

Goldeye is also pleased to report that it has successfully used new moving loop electromagnetic ("MLEM") technology provided by JVX Ltd. to locate three deep (approximately 500 metres) conductors on its Fawcett Township property. These anomalies are situated from 1.5 to 2 km southeast of Ursa Major Minerals Incorporated's ("Ursa Major") Shining tree deposit. Ursa Major have reported this deposit to contain an indicated mineral resource of 1.02 million tonnes grading 0.71% Ni and 0.36% Cu, as well as an inferred mineral resource totaling 1.49 million tonnes grading 0.67% Ni and 0.36% Cu. Individual drill holes reported by Ursa Major have yielded up to 1.4% Ni and 1.1% Cu over 12 metres. The ultramafic lithologies hosting the Shining Tree deposit extend onto Goldeye's property in the area where the deep conductors occur. An airborne magnetic anomaly correlates with the MLEM conductors.

About Goldeye

Goldeye is a mineral exploration company acquiring, exploring and advancing properties in Canada and Chile. Blaine Webster, P.Geo., President and CEO, a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information contained in this release.

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

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