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Goldeye Explorations Limited
27 Blue Spruce Lane, Thornhill, ON, L3T 3W8, Canada
March 24, 1998
COATS trade symbol: GEYE
Goldeye Explorations Limited (“Goldeye”) is pleased to announce that it has completed a private placement of 300,000 Units of Goldeye at a price of $0.25 per Unit or $75,000 in total. Each Unit consists of one flow-through share (tax-deductible to the investor) and one common share purchase warrant exercisable until December 31, 1998 at a price of $0.35 per common share.
Goldeye is currently conducting a 1,500 metre drill program at its Tyrrell Township property on the Goldeye zone in the Gowganda area of Northern Ontario. The Goldeye zone, which currently consists of 534,000 tons of 0.13oz Au/t (ounces of gold per ton), will be tested with two holes to check the continuity of a previous intersection of 0.187oz Au/t over 21.3 feet at a vertical depth of 984 feet (Hole HC-23). This zone occurs within a mineralized section of the Tyrrell Structural Zone. The first of such holes (Hole 98-1) has been completed and the second hole (Hole 98-2) is currently being drilled 50 metres above Hole GE-24 which intersected 0.126 oz Au/t over 7.2 feet. Hole 98-1, located 50 metres above Hole HC-23, intersected the mineralized target which is a strongly altered felsic tuff carrying fine-grained pyrite, estimated at 1 to 2%, from 243.5 to 300 metres. Within that unit was observed an intersection containing banded, well-mineralized and highly silicified material from 266.1 to 269.2 metres. A strongly silicified section was encountered from 280 to 300 metres. The top of the felsic unit was cut 10 to 15 metres deeper than expected, indicating that the roll in Hole HC-23 continues farther up dip or that the folding is more complex than previously thought. Assays are expected to be completed on Holes 98-1 and 98-2 within two weeks.
Goldeye will also be testing other Spectral IP anomalies located 1 km to the southeast of the Goldeye-LaCarte zone within the Tyrrell Shear Zone.
There are currently 3,105,201 Common Shares of Goldeye issued and outstanding, of which 780,001 are held in escrow, and 300,000 common share purchase warrants. Additionally, there are 600,000 Special Warrants issued and outstanding which are convertible into 600,000 Units of Goldeye, each Unit consisting of one common share and one common share purchase warrant.