Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

October 20, 2005 10:22 ET

Goldeye Starts 1200m Drill Program for Gold in Tyrrell Twp.; Geophysical Survey Progress on Cu/Ni Targets in Fawcett Twp. NE Ontario

TORONTO, ONTARIO--(CCNMatthews - Oct. 20, 2005) - Goldeye Explorations Limited (TSX VENTURE:GGY) -

Tyrrell Township

Goldeye is pleased to announce that a 1200m drill program has commenced in Tyrrell Township located 100 km south of Timmins. One drill hole will be collared between holes G-98-9 and 98-7 to test the down dip extension of mineralization intersected in both holes. Hole 98-09 intersected 1.4m of 149g/t gold at 271.2m and hole 98-7 intersected 165.9m of 0.26 g/t Au from 200 to 300m including 9.2g/t Au from 205.2 to206.10m.

A second hole will test a 3D borehole IP inversion anomaly that indicates a depth extension of the Main Zone gold mineralization at Hydro creek. This hole will undercut hole H-23 which intersected 6.4g/t Au over 7.5m.

Two holes are being drilled to test the Mid Tyrrell showing where trenching located 12.9 g/t Au over 1.1m on line 131+50E and 12.7g/t Au over 0.7m on line 132+00E.

The drill program is expected to take 3 weeks to complete.

Fawcett Township (205 claim units)

Goldeye's geophysical program has located two spectral IP anomalies in Fawcett Twp., which is located 10km southwest of Tyrrell Twp. A 600m long strong IP anomaly with a 1,000 nT magnetic anomaly has been located 1.5km to the east of Ursa Majors' Shining Tree Nickel deposit where previous operators intersected 18.77m grading 1.37% Ni and 0.6% Cu.

The second anomaly is of moderate strength and located in southeastern Fawcett Twp. where a historic value of 0.5% Cu/0.8m has been intersected in a massive sulphide geological environment. Six reconnaissance lines have been established over magnetic anomalies associated with airborne resistivity lows in ultramafic lithology. These are good targets for copper nickel mineralization.

Goldeye expects an active winter program both in Ontario and Chile.

Gerald Harron, P. Eng is the qualified person responsible for the technical information contained in this release.

Goldeye is a Canadian exploration company with projects in Region V of central Chile, Northwestern Ontario (Sandy Lake, Gold Rock) and Northeastern Ontario (Fawcett and Tyrrell Twp.)

Goldeye's web-site address is http:www:pathcom.com/%7Egoldeye

Please note: We have replaced the tilde symbol with '%7E' in the above URL.

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Contact Information

  • Goldeye Explorations Limited
    B. Webster
    C.E.O. and President
    (905) 731-9367
    (905) 731-9312 (FAX)