Goldeye Explorations Limited

Goldeye Explorations Limited

April 13, 2011 09:29 ET

Juby Joint Venture Partner Reports Discovery of New Gold Zone Adjacent to 100% Owned Goldeye Property

TORONTO, ONTARIO--(Marketwire - April 13, 2011) - Goldeye Explorations Limited ("Goldeye" or "the Company")(TSX VENTURE:GGY) is pleased to present the results received from its joint venture ("JV") partner Temex Resources Corp. on a new gold discovery on the Juby Joint Venture property (Goldeye 40% interest) in the Shining Tree area of northeastern Ontario. The diamond drill hole (JJV11-08) tested a portion of a 500 metre long trend of coincident gold in soil and bedrock and induced polarization anomalies, and is located two kilometres west northwest and along trend of the 1.2 million ounce Juby Main gold deposit.

From the Temex press release of April 12, 2011, the following is a verbatim quote:

"Temex Discovers New Gold Zone, Juby Gold Project

April 12, 2011 (TORONTO, ONTARIO): Temex Resources Corp. (TSX VENTURE:TME)(FRANKFURT:TQ1) ("Temex" or "the Company") announces a new gold discovery on the Juby Gold Project with drill hole JJV11-08 intersecting 10.60 metres grading 2.04 g/t gold, including 4.00 g/t gold over 4.25 metres and 10.42 g/t gold over 0.75 metres. The discovery occurs two kilometres west-northwest along trend of the 1.2 million ounce Juby Main Zone gold deposit.

The Juby Project is located in the Shining Tree District of northeastern Ontario which contains the western extension of the Cadillac Larder Lake regional fault system along which occur the Malartic and Kirkland Lake Gold camps. Trelawney's 4.2 million ounce Cote Lake Deposit is 75 kilometres to the west and Northgate Minerals' 3 million ounce Young-Davidson Mine occurs 40 kilometres to the northeast at Matachewan.

"We are very pleased with the initial success drill testing exploration targets generated by our field crews last fall, as our results not only demonstrate the unexplored nature of the area but also because this discovery is on a target horizon that may represent a parallel structure to that which hosts the Juby Main Zone gold deposit. The discovery is wide open in all directions and will be further drill tested along with other priority targets. Our exploration strategy is to make discoveries and define gold resources proximal to the Juby Main Zone, where two rigs are currently working on expanding the defined gold resources," commented Ian Campbell, President and CEO of Temex Resources Corp.

JJV11-08 was part of an ongoing winter drill program testing new exploration targets on the Juby JV Property in which Temex holds 60% interest. The hole tested a 500 metre long trend of coincident gold in soil and bedrock, and IP geophysical anomalies. Gold mineralization occurs with sulphides within albite altered mafic volcanics in contact with ultramafic rocks, a favourable contact for many gold deposits.

On the Juby JV Property nine holes have been completed to date on three exploration targets with assays pending for three holes (see attached table). Holes JJV11-01 to JJV11-06 tested a two kilometre long gold in bedrock trend with coincident IP anomalies 500 metres south of, and parallel to, the Juby Main Zone deposit and encountered variably anomalous gold mineralization including up to 14.8 metres grading 0.54 g/t gold in JJV11-06 at the west end of this gold trend. Holes JJV11-03 intersected over 100 metres of silicified Timiskaming conglomerates similar to alteration at the Juby Main Zone 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 which will be followed-up along with the JJV11-08 area and remaining targets north of the Juby deposit.

The current National Instrument (NI) 43-101 compliant resource at Juby stands at 614,000 ounces of gold grading 1.36 g/t gold in the indicated category plus 602,000 ounces of gold grading 1.14 g/t gold in inferred resources, both at a cut-off grade of 0.50 g/t gold. Gold mineralization occurs within sericite-silica-albite-pyrite altered Timiskaming sedimentary rocks and feldspar porphyries.

Jari Paakki, P. Geo., Vice-President, Exploration of the Company, is the designated "qualified person" (within the meaning of National Instrument 43-101) responsible for the preparation of this news release.

Drill Intersections for Juby JV Property
Hole_IDFrom (m)To (m)Core Length (m)Au (g/t)
JJV11-02 to 04: weakly anomalous gold values; JJV11-05: no significant values
JJV11-07, 08, 09: some or all assays pending

Note: Temex has implemented a quality control (QA/QC) program which includes the use of standards and blanks. Samples of split NQ core are transported by Company personnel to Swastika Laboratories in Swastika, Ontario in sealed bags. The remaining half of the core is kept as a permanent record and stored at a secure facility in Gowganda. The core samples are analyzed using a 30 gram standard fire assay method. Pulp metallic gold assaying is performed as required on samples where visible gold is observed. Intervals reported are core lengths. True widths are unknown at this time."

Diamond drill hole JJVII-08 is located approximately 400 metres along strike of ground held 100% by Goldeye. On the Goldeye ground, a chargeability induced polarization ("I.P.") anomaly extends for approximately 500 metres, and may be contiguous with the IP anomalism drilled by the JV in hole JJVII-08. Historic Battle Mountain Gold work was carried out in this area: trenching returned 6.1g Au/t over 1.7 metres, and results reported from two of three holes, both returning low gold values. The exact field locations of this work will be determined following break-up.

For a map of the joint venture property please visit:


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.

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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