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Tyrrell drill assays
Goldeye Explorations Limited
27 Blue Spruce Lane, Thornhill, ON, L3T 3W8, Canada
November 24, 1997
COATS trade symbol: GEYE
Goldeye Explorations Limited (Goldeye) is pleased to announce that estimates of the mineral resource and potential within the Goldeye portion of the Goldeye-LaCarte Gold Zone along the Tyrrell Structural Zone (TSZ) have been made by Mr. Art Beecham, independent geological consultant. Mr. Beecham made two sets of mineral resource estimates.
The first is based on projecting ore up to 50 meters from the drill holes. The following definitions apply:
| Au = gold | g/t = gram/tonne | sht = short ton | vert. ft = vertical foot |
For a medium grade case, the mineral resource is estimated to be 485 000 tonnes at a grade of 4.47 g/t Au (535,620 tons at 0.130 oz/t Au). Figure 1
For a low grade case, which includes mineralization down to 2 g/t Au, the mineral resource is estimated to be 2 200 000 tonnes at a grade of 2.16 g/t Au (2,335,583 tons at 0.063 oz/t). Figure 2
Mr. Beecham calculated a second set of resource figures which incorporated the potential within the apparent mineralization envelope. This assumed that the intersections are from continuous shoots within the envelope as viewed on the longitudinal projection.
These calculated estimates are as follows:
The resource potential in tonnes per vertical meter is as follows:
The potential includes assumed mineralization around DH#23 which lies to the northwest on the LaCarte side of the property boundary.
The TSZ is a deformation zone which was discovered on the Tyrrell property in 1995. Economic intersections and mineral alteration along the TSZ are similar to many Archean gold deposits such as those of the Porcupine and Larder Lake camps. Goldeye has conducted a Deep Spectral Induced Polarization (IP) survey covering 400 meters in strike length over the deposit in the Goldeye-LaCarte Zone. The TSZ was mapped down to a depth of 780 m.
Spectral IP and resistivity data from a 1995 survey one kilometer to the east (near Marshrat Lake, also on Goldeye's Tyrrell property) indicate a broad resistivity high anomaly associated with several Spectral IP anomalies. The character of the Marshrat Lake anomaly is similar to the anomaly over the Goldeye-LaCarte Gold Zone, suggesting that the two zones are related and accordingly a 2.7 km strike length of the TSZ on the Goldeye property remains untested.
Upon completion of financing, Goldeye will attempt to trace the TSZ between these two anomalous zones. A Deep-IP survey will be conducted in an attempt to trace the TSZ from the Goldeye-LaCarte Gold Zone to the Marshrat Lake Spectral IP anomaly. Two cross sections consisting of 500 meters of drilling over four drill holes will attempt to locate the TSZ and any associated gold mineralization.
Further east of the Tyrrell property, significant gold occurrences at the La France and Juby gold showings along strike of the TSZ "break" suggest that the TSZ is associated with significant gold mineralization. The magnitude of this newly-defined Au structure/"break" gives credibility to the speculated existence of Au mineralization in the intervening Marshrat Lake IP anomaly. It is, as yet, untested due to thick glacial overburden.
An occurrence in the north part of the claims containing 6.9 g/t Au over 3.3 meters in iron formation appears similar to the Musselwhite deposit and will also be evaluated by detailed geophysics and drilling.
Goldeye is raising $210 000 in further financing by offering by way of private placement 140 000 units of Goldeye at $1.50/unit. Each unit consists of:
The monies raised will be spent on the Tyrrell Project and/or on other Goldeye properties.
Goldeye is pleased to announce that it has acquired 60 claim units in three blocks in Maisonville Township located 20 km north of Kirkland Lake. The claims cover gabbro-intruded dacitic to rhyolitic volcanics/agglomerate. The regional gravity data show that the properties are located in a thick volcanic pile. A series of four parallel conductors on the claims associated with sediments and volcanics were drilled with two holes in 1965 and assayed only for gold. The results indicate that two of the conductors were graphitic. The other parallel conductors remain to be drilled. Mr. Frank Puskas , president of Goldeye, is compiling the geological data and will recommend an exploration program. A joint venture partner will be solicited.
Goldeye Explorations Limited is a Canadian junior exploration company with four active projects in Ontario, Canada:
The company has 2 488 801 shares outstanding, 780 001 of which are being held in escrow.