Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

June 06, 2007 12:23 ET

Goldeye Stakes Cu-Ni Targets in English and Burrows Townships, 50km South of Timmins, NE, Ontario. GGY AGM, June 6, 4:00 p.m., Toronto Board of Trade

TORONTO, ONTARIO--(Marketwire - June 6, 2007) - Goldeye Explorations Limited (TSX VENTURE:GGY) is pleased to announce that it has acquired by staking 56 claims in two 28 unit claim groups located in English and Burrows townships 50 km south of Timmins, Ontario. The claims cover strong electromagnetic conductors with direct magnetic association correlating with komatiitic volcanics in contact with iron formation and felsics volcanics, which represent favourable sites for copper and nickel mineralization. During the staking of the English township property, two grab samples were collected from an exposure exhibiting both massive and disseminated pyrite. These samples are being sent for assay. The new claims are in addition to the 224 claim units that Goldeye owns in Fawcett township. The Fawcett township property borders on three sides claims of Ursa Major Minerals Incorporated's ("Ursa Major") 40-claim unit property, which hosts the Shining Tree nickel deposit. Ursa Major have published an indicated mineral resource of 1.02 million tones grading 0.71% Ni and 0.36% Cu, plus an inferred mineral resource of 1.49 million tones grading 0.67% Ni and 0.36% Cu. Goldeye holds approximately eight kilometers of the strike extension of the lithologies hosting Ursa Major's deposit.

Goldeye has recently completed an IP survey one kilometer northwest of the Shining Tree nickel deposit, which located a strong anomaly. Goldeye has also located a VLF EM conductor situated one kilometre along strike southeast of the deposit. The grid is being expanded to cover this anomaly and to define it with IP and Time Domain EM surveys. A program of prospecting and geological mapping will be initiated on the English and Burrows properties.

Goldeye's annual meeting will be held today, at 4:00 p.m. at the Toronto Board of Trade, 4th Floor, Room A, First Canadian Place.

Goldeye is a Canadian mineral exploration company acquiring, exploring and advancing properties in Canada and Chile. William S. Hamilton, P. Geo., geological consultant, is the qualified person as defined by National Instrument 43-101 who supervised the preparation of the technical information contained in this release.

Shares issued: 65,298,664

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

Contact Information

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