Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

August 03, 2011 09:47 ET

Goldeye Updates Its Gold-Silver-Copper Project in Central Chile

TORONTO, ONTARIO--(Marketwire - Aug. 3, 2011) - Goldeye Explorations Limited ("Goldeye" or "the Company") (TSX VENTURE:GGY) is pleased to announce the results of geological mapping and compilation work on its Sonia Property approximately 180 kilometres north of Santiago, Chile (regional map click here). The Sonia Property consists of 41 mineral claims totaling over 8,100 hectares. Forty-nine low sulphidation epithermal veins containing gold, silver and base metal mineralization have been identified on the block.

The property is located near the intersection of the N-S striking Porcuro fault and a large regional fault striking at 310 degrees which is a favourable structural setting for porphyry intrusions and associated epithermal gold-silver-copper deposits. The Los Pelambres porphyry copper deposit (3 Bt 0.65% Cu) is located 40 km to the north; the El Bronce (1 Mt 7.5 g/t Au 18 g/t Ag) mine is 30 km to the west and the Vizcachitas porphyry copper deposit (0.5 Bt 0.4% Cu) is located 30 km to the southeast. Yamana, Codelco and Vale have claims adjacent to the Goldeye property.

Goldeye's president Blaine Webster stated "we are very pleased about the results from the winter sampling program in Chile. The vein systems contain economic grade chip samples from the Sonia vein at 3000 m of elevation where 5 m of 7.7 g/t Au and 217 g/t Ag have been obtained on the Durazno vein at 1900 m elevation. Strong geophysical conductors are associated with some of the veins and with topographic lows which may contain alteration minerals possibly associated with mineralization. Deep penetrating spectral IP (Induced Polarization) surveys will help identify zones associated with higher sulphide content that should contain higher grades because the silver and copper mineralization on surface have been leached. The occurrence of three alteration zones on the property is extremely important to our exploration model. Also, there are five small mining operations near the property which demonstrates economic mineralization occurs in the vicinity".

The recently completed mapping program (click here) was carried out on the northwestern part of the property to which there is partial road access. Work was concentrated in two areas, the San Pedro (western area) and the Rancho – Maria Paa (eastern area, four kilometers to the east). The objective of the work program was to establish vein and structural target areas for follow-up, with deeper testing by diamond drilling to be guided in part by future spectral induced polarization surveying. Within the San Pedro and adjacent areas, four zones have been identified for further evaluation. These are:

  • the Durazno zone where artisanal miners previously exploited the vein/zone in surface workings across a width in the order of 15 metres,
  • the Evelyn vein / San Pedro – split area (joining of two veins),
  • the Rosario area where the San Pedro veins join and form a zone of mineralization potentially several metres wide and,
  • Rosario North where mineralized and quartz-veined boulders occur over an area approximately 90 metres in diameter.

In early May, the company re-examined the Durazno structure where there are 15-20 short declines and 2 open pits that were previously mined on a small scale for gold. Current studies show the area to be a 15-20 metre wide structure dipping steeply to the northwest. One 4 m cut across a section of one of the open pits averaged 3.85 g/t Au, 4.7 g/t Ag, 0.15% Cu, 0.29% Pb and 0.39% Zn.

Previous work by the Company on the Evelyn vein indicated a mineralized strike length of 331 m based on eleven, approximately evenly spaced, surface trenches and samples from two artisanal mine workings. The mineralized zone, across an average true width of 0.90 metres, averages 0.65 g/t Au, 35.4 g/t Ag, 0.54% Cu, 0.15% Pb and 0.15% Zn.

Sampling results from Rosario and Rosario North were reported in the Company's June 29, 2011 new release and are repeated here for ease of reference. A complete set of trench results (click here) and a map of vein locations (click here) are posted on the Goldeye website, www.goldeye.ca.

Rosario

The vein was sampled over a strike length of 45 metres and 7 sites were sampled.

Sample Site Width
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
As
(ppm)
Sb
(ppm)
Decline 1-1
Entrance 0.70 1.98 10.9 0.95 0.11 0.99 140 19
Includes 0.40 3.39 16.0 1.14 0.14 1.14 153 24
Decline 1-2
Face 1.70 0.44 41.9 1.26 0.01 0.48 124 14
Outcrop 2 1.50 0.39 57.9 0.31 0.11 0.19 397 71
Includes 0.70 0.51 115.8 0.44 0.12 0.20 619 137
Outcrop 3 1.30 0.40 14.5 0.59 0.05 0.19 195 38
Outcrop 4 0.90 0.56 5.3 1.23 0.03 0.31 73 <5
Tr RO 1 1.20 8.89 41.8 0.70 0.10 0.27 409 171

Rosario North

One trench sample and four grab samples were taken from quartz veins and mineralized boulders over an area of 90 metres in diameter.

Sample Site Width
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
As
(ppm)
Sb
(ppm)
Stockpile 1 Grab 0.93 35.3 1.31 0.10 0.18 115 22
Stockpile 2 Grab 0.43 32.4 1.07 0.11 0.12 256 25
Pit 1 Grab 0.58 43.0 1.68 0.20 0.26 69 <5
Pit 2 Grab 0.69 44.7 1.13 0.08 0.13 97 7
Tr RO 2 0.35 0.84 98.8 1.69 0.28 0.29 343 59

In the Rancho – Maria Paa area, five veins/zones were mapped, Rancho, Barbara, Maria Paa, Brenda and Trinidad – Malena. Of these five veins/zones, the Rancho, Barbara and Trinidad-Malena veins/zones appear to have the potential for multiple veins and mineralization over widths of several metres. The central part of the Maria Paa vein has a higher grade gold core within a mineralized blowout that reaches up to 6 meters.

The Rancho - Maria Paa area lies on the south side of the Rio Sobrante and immediately to the north, on the north side of the river, is a significant zone of hydrothermal alteration covering in the order of one square kilometre ("the Sobrante alteration zone"). Two additional alteration zones were previously identified at Paso del Inca and on the Puma claims 4 kilometres and 12 kilometres to the south respectively. These zones lie along a major north-south-trending fault structure. In addition the compilation work indicates that the Sonia – Puma property and the alteration and vein zones in particular occur where major north-south structures are crossed by northwest-southeast-trending structures. This structural framework is a well recognized factor in the localization of porphyry copper (molybdenum) and gold deposits in Chile. Porphyry copper models also show a close spatial relationship between porphyry copper deposits and epithermal gold-silver-(copper) mineralization and alteration.

The Sobrante alteration zone appears to be capped by an impermeable volcanic unit with the volcanic package dipping at approximately 30° to the southeast. The Company considers that the alteration zone may be much more extensive than that exposed on surface with the zone continuing downdip to the southeast. Preliminary geochemical – type sampling of the alteration zone has returned anomalous values in silver and arsenic, suggesting epithermal-type mineralization.

The Company is planning to implement a program of induced polarization ("IP") surveying of the target areas in the San Pedro and Rancho – Maria Paa areas as soon as weather conditions permit. The targets will be high grade mineralization such as the Lurdes vein previously reported with a sample of 58.3 g/t Au, 531.1 g/t Ag, 2.43 % Cu and 21% Pd. Sampling and deep-penetrating IP are proposed on the Sobrante alteration zone to test its potential for epithermal gold-silver-type mineralization as well as associated porphyry copper-type mineralization with follow-up drilling on the most prospective targets.

ABOUT GOLDEYE

Goldeye is a Canadian gold-focused exploration company with properties in mineral rich, politically secure jurisdictions with long traditions of mining (Canada and Chile). Goldeye's approach is to advance precious metal deposits to the development stage, employing, in part, technically advanced geophysical techniques and occasionally joint venture funding. The qualified person (within the meaning of National Instrument 43-101) who read and approved this press release for Goldeye is Blaine R. Webster President and C.E.O. of Goldeye.

Forward Looking Statements:

This news release includes certain "forward-looking statements". Such forward-looking statements involve risks and uncertainties. The results or events predicted in these forward-looking statements may differ materially from actual results or events. The Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

Neither the 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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