Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

January 10, 2011 13:28 ET

Goldeye's Juby Joint Venture Partner to Drill Six Gold Targets Shining Tree Gold District, Ontario 2,500 Metres Planned

TORONTO, ONTARIO--(Marketwire - Jan. 10, 2011) - Goldeye Explorations Limited. (TSX VENTURE:GGY) ("Goldeye" or "the Company") announces that diamond drilling is planned to commence immediately on its 22 square kilometre Juby Joint Venture Property (Goldeye 40%) held with Temex Resources Corp. A 2,500 metre, 15-hole Phase I diamond drill program will test six target areas discovered during the recently completed surface exploration program. The targets extend over a series of magnetic lows from the Minto deposit in the north, to the Juby deposit in the south.

Highlights:

Six new priority gold targets to be tested in the emerging Shining Tree Gold District:

  • A two kilometre long gold-in-bedrock trend with coincident induced polarization (IP) anomalies with high chargeability and resistivity identified south of Juby Main Zone.
  • Mineralization in the strike extension of the 100% Temex owned Juby Main Zone gold deposit (>1M oz gold).
  • Additional high-grade surface gold showings (up to 30.6 g/t Au) with coincident IP chargeability and high resistivity anomalies, and gold-in-soil anomalies.

"We are very pleased with the results of the joint venture's recently completed exploration program with high priority IP anomalies with associated high resistivities and gold mineralization extending over a large area in the center of an emerging gold district. We are happy to work with our partner Temex to make new gold discoveries in Tyrrell Township in this period of high gold prices" commented Blaine Webster, President and CEO of Goldeye Explorations Limited."

From the Temex press release of January 10, 2011, the following is a verbatim quote:

"The six priority targets include a 2 km long gold trend (grab samples up to 5.6 g/t Au) with coincident IP anomalies 500 metres south of and parallel to the Juby Main Zone gold deposit. Historic work dating back to the 1930's on one portion of this gold trend reported drill intersections and trench sampling that include up to 2.23 g/t gold over 18.2 metres and 3.20 g/t gold over 12.0 metres. 

Drilling will also test the western extension of the Juby Main Zone where it crosses the Joint Venture ground. Previous drilling by Temex and Goldeye intersected 1.26 g/t gold over 61.60 metres and 3.63 g/t gold over 6.76 metres. This zone remains wide open for expansion at depth.

Several targets occur to the west and north of the Juby Main Zone and are defined by new coincident gold in bedrock and soil anomalies with coincident IP chargeability anomalies. Rock samples collected include gold assays from grab samples of 0.01 to 30.6 g/t gold and gold in soil anomalies of 15 to 420 ppb gold. The northernmost new target is within 800 metres due east of Creso's Minto gold deposit.

The targets surround the Juby Main Zone located on the Company's 100% owned Juby Lease, host to NI 43-101 compliant Indicated resource of 614,000 ounces of gold grading 1.36 g/t gold at a cut-off grade of 0.50 g/t gold and Inferred resource of 602,000 ounces of gold grading 1.14 g/t gold at a cut-off grade of 0.50 g/t gold." 

For a map of the JV Property please visit: www.goldeye.ca or http://files.newswire.ca/322/Jan2011JubyJV.pdf.

ABOUT GOLDEYE

Goldeye is a Canadian gold-focused exploration company with properties Canada and Chile, both mineral rich, politically secure jurisdictions with long traditions of mining. 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 CEO of Goldeye Explorations Ltd, who should be contacted for further information at (905) 731-9367 or (905-886-2538) or by email at bwebster@goldeye.ca.

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

Contact Information

  • Goldeye Explorations Limited
    Blaine R. Webster
    President and CEO
    (905) 731-9367 or (905) 886-2538
    bwebster@goldeye.ca