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GOLDEYE EXPLORATIONS LIMITED
SONIA - PUMA GOLD-SILVER PROJECT, REGION V , CHILE
Goldeye Explorations Limited has entered into an option agreement to acquire a 100% interest in the Sonia-Puma low sulphidation epithermal gold-silver properties in Region V, Chile , approximately 180 km north of Santiago.
During the 25 year period commencing in the early 1970's exploration of the circum-Pacific region, of which the Chilean Cordillera is an integral part, identified a number of economically significant low sulphidation gold-silver deposits. Some notable examples with reported tonnages and grades are (Sillitoe, 1995): Note: (50 M/1.58-13.0) represents 50 million tonnes @ 1.58 g/t Au and 13.0 g/t Ag),
McDonald, Montana (168 M/1.0)
Cerro Vanguardia, Argentina (>85 M/>1.0)
Sleeper, Nevada (50 M/1.58-13.0)
Misima, Papua New Guinea (56 M/1.38-21.0)
McLaughlin, California (17.5 M/5.21)
Ladolam, Papua New Guinea (168 M/3.48)
Round Mountain, Nevada (317 M/0.86)
Porgera, Papua New Guinea (118 M/4.7)
Bullfrog, Nevada (28.2 M/2.93)
Kelian, Indonesia (95 M/1.85)
Mesquite, California (95 M/1.13)
Gunung Pongkor, Indonesia (6 M/17.0-162.0)
Kori Kollo, Bolivia (64 M/2.26-13.8)
Hishikari, Japan (3.2 M/63.0).
The El Peñon low sulphidation epithermal gold-silver deposit of Meridian Gold Inc. is located in the Atacama Desert , Region II of northern Chile . The initial reconnaissance program in 1992 located a poorly exposed outcrop of brecciated, flow-banded rhyolite with a quartz vein matrix which yielded 1 g/t Au and 28.7 g/t Ag. A trenching program and a 13 hole drill program returned gold values up to 3.0 g/t Au. Hole 14 was the true discovery hole which intersected 100 m at 10.9 g/t Au and 123.4 g/t Ag. As of December 31, 2002 proven and probable reserves were 5.1 M tonnes at 11.0 g/t Au and 176 g/t Ag and the property is currently producing in the order of 250,000 oz Au and 3.5 M oz Ag per year.
The initial grassroots prospecting/sampling program in the Sonia-Puma Project area identified 4 areas of low sulphidation epithermal gold-silver mineralization; the Sonia-Vinchuca vein system, the Paso del Inca vein system, the Condor-Escondida veins and the Puma Zone of alteration and veining. The north-northeast striking Sonia-Vinchuca vein system has been traced for a strike length of 3 km and veins occur over a zone width of about 700 m in the Sonia area. Surface sampling in the exposed northern part of the Sonia vein gave 7.75 g/t Au and 218 g/t Ag across 5 m and 0.84 g/t Au and 284 g/t Ag across 11 m. An additional 20 samples taken in this sector returned values from 0.047 g/t Au to 1.0 g/t Au with 55.1 g/t Ag to 180 g/t Ag respectively.
In the Paso del Inca area 2.5 km west of Sonia gold-silver-bearing veins trending north to north-northeast occur within a zone about 750 m wide extending north from a quartz-feldspar porphyry flow dome. Gold and silver values range from 0.02 g/t Au with 4.1 g/t Ag across 4.5 m to 1.13 g/t Au with 87.9 g/t Ag across 2.4 m.
At the Escondida-Condor Zone, 1.3 km to the west-southwest of Paso del Inca, two fissure-type quartz vein systems discovered during the second prospecting program have yielded values from 0.067 g/t gold with 2.5 g/t silver across 1.9 m to 4.76 g/t gold with 15.9 g/t silver across 1.5 m.
Within the centre of the Puma alteration zone, two composite chip samples from a pervasively silicified cap-rock assayed 0.45 g/t Au with 3.2 g/t Ag and 0.64 g/t Au with 1.7 g/t Ag. The Puma zone is approximately 10 km south of the Sonia vein main outcrop area.
From a regional tectonic perspective, the age of the mineralized quartz-feldspar porphyry dykes at Sonia and Paso del Inca is reported to be 17.8 to 19.3 Ma (Early to Middle Miocine) which is the same as for the volcanic units and gold mineralization in the Maricunga and El Indo gold belts to the north-northeast which host, for example, the La Coipa, Santa Cecilia, Rufugio and El Indio - Tambo high sulphidation epithermal gold-silver deposits and the Marte and Lobo porphyry-gold deposits.
Goldeye will commence an aggressive exploration program early in the second quarter to follow up on the interesting gold-silver mineralization present in the Sonia-Puma area. The program will include additional sampling, geophysics and diamond drilling.
Sillitoe, R.H., 1995
Exploration and Discovery of Base and Precious - Metal Deposits in the Circum-Pacific Region During the Last 25 Years; for Metal Mining Agency of Japan 127 p.
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