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Goldeye Explorations Limited
27 Blue Spruce Lane, Thornhill, ON, L3T 3W8, Canada
May 1, 1998
CDN trade symbol: GEYE
Goldeye Explorations Limited (“Goldeye”) is pleased to announce that independent verification test results by total screened metallics fire assaying at Lakefield Research Limited has increased the grade in three of four samples submitted from previous drilling. The samples sent to Lakefield were the coarse rejects from NQ hand split core and each weighed approximately two kilograms. The samples were initially assayed by the 30g fire assay method. The total metallics or screened assay technique is designed traditionally to ensure that all relatively coarse gold present in a sample is properly assayed.
The results are as follows:
Hole HC23 52704 (length 1. 5 meter) 3.43 g/t changed to 3.29 - 4%Hole HC23 52706 (length 1.5 meter )15.7 g/t changed to 20.10 + 21.7%
Hole GE24 52812 (length 1.4 meter) 6.65 g/t changed to 6.93 + 4.2%
Hole GE24 52813 (length 1.2 meter) 4.46 g/t changed to 5.19 + 16.4%
The results above indicate some coarse-grained gold was not being detected in the original analysis; therefore the previous assays in general may have under-reported the grade. Goldeye believes these results, if applicable to all the assays, significantly increase the economic potential of the Goldeye zone. More check assaying of rejects is planned to confirm the higher grades. Bearing in mind the previous grade of hole HC-23 a 7.5 meter intersection from 344.5 to 352.0 m which assayed 6.42g/t would now grade 7.27 g/t with the above two assays included.
Goldeye's 1998 work indicates that the previous drill holes were not oriented properly to intersect some of the mineralized veins which also may have resulted in an underestimation of the grade. A drill program on the main Goldeye zone is planned which will take into account heretofore unrecognized structures.
The drilling program on the high priority targets 1.8 km to the southeast of the Goldeye zone will take place once additional financing is arranged.
Frank Puskas (President of Goldeye) has conducted a detailed evaluation of Holes GE 98-1 and GE 98-2 and continues to refine the mineralization controls and the geological model of the Goldeye zone. The validity of the new vein classification was confirmed when a 1cm wide pyrite quartz vein within a zone previously assaying 30 ppb yielded 3g/t gold. Without doubt, repeat reevaluations will yield similar positive results. Also the application of drill hole induced polarization surveys would help locate sulphide zones not intersected in the drill hole and evaluate sulphide vein systems which may have more sulphide associated with the zone than is apparent by the intersection observable in the core.
Goldeye feels these results have considerably enhanced the economic potential of the Goldeye mineralized zone and the Tyrrell Shear Zone. It also enhances the potential of the southeast target, located on the Tyrrell Shear Zone where several high priority induced polarization anomalies occur one of which is associated with a very high resistivity anomaly (140,000 ohm-m) indicating fine grained sulphides associated with silicification.
Goldeye Explorations Limited is a Canadian junior exploration company using state-of-the-art exploration technology on its four active projects in Ontario, Canada: the Shining Tree Tyrrell Township property, the Gold Rock project, the Sandy Lake project and the Maisonville project.
The company has 3,105,201Common shares of Goldeye issued and outstanding, of which 780,001 are held in escrow, and 300,000 common shares and 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.