brief summary
| next release
Tyrrell drill assays
Goldeye Explorations Limited
27 Blue Spruce Lane, Thornhill, ON, L3T 3W8, Canada
September 9, 1997
COATS trade symbol: GEYE
Goldeye Explorations Limited (Goldeye) is pleased to announce that it has acquired a 100% interest in the Shining Tree Tyrrell Township property (the Property), a 175-unit contiguous unpatented claim block covering 17.5 square kilometers, from the Tyrrell Syndicate. The purchase price shall be equal to the Tyrrell Syndicate's actual out-of-pocket costs of acquisition and maintenance, including exploration expenses incurred by it on the Property and shall be payable in common shares of Goldeye at a price of $0.25 per share. Goldeye's auditors are to verify such costs which are expected to be approximately $100,000. The Property is subject to a 2.5% NSR in favour of the Tyrrell Syndicate and a 0.5% NSR in favour of Northfield Capital. Blaine and Connie Webster and Richard Dean, who collectively own 92% of the Tyrrell Syndicate are also directors of Goldeye and accordingly declared their interest in the acquisition and refrained from voting in connection with the approval of the Board of Directors of Goldeye. The area was highlighted last year when its eastern boundary became the focus of the Temagami Land Caution staking rush. At that time, Battle Mountain Canada Limited, Royal Oak Mines Inc. and Strike Minerals Inc. acquired ground adjacent to the property.
A summary report by Art Beecham, Consulting Geologist on the project for the past three years, contains the following highlights: (report available upon request)
A Spectral IP survey has been completed on Goldeye's Upper Manitou Lake property located in the historic Gold Rock mining camp in the Dryden area. Several medium to strong chargeability anomalies were located in the areas with gold showings of up to 3 grams.
Mr. Frank Puskas , President of Goldeye, visited the property to evaluate its geology and the geology of the historic producers. He has designed a new geological model for economic gold deposits in the area.
The IP anomalies are generally located in low topographic areas, and have now been prospected. They remain unexplained; it is therefore concluded that they had not been tested in the past when the whole area was intensely prospected. A drilling program is planned.
The Company's Sandy Lake Property will be evaluated by drilling this winter. This property covers an 8km deformation zone with gold showings up to 5 ounces/ton. An untested Spectral IP zone in folded ultramafics is one of several high-priority targets.
The Company is actively seeking joint venture partners and/or financing for its upcoming programs.
Goldeye Explorations Limited is a Canadian junior exploration company with three active projects in Ontario, Canada: the Shining Tree Tyrrell Township property, the Gold Rock project and the Sandy Lake project. The Company has 2,488,801 shares outstanding, 780,001 of which are held in escrow.