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press release

Goldeye Explorations Limited

27 Blue Spruce Lane, Thornhill, ON, L3T 3W8, Canada

September 15, 1998
CDN trade symbol: GEYE
Shares issued: 5,367,593 • Fully Diluted: 8,667,693

Goldeye Zone yields 19 intersections ranging from 1 gram/ton over 1 meter to 3.5 grams/ton over 20 meters including 16.63 grams/ton over 1 meter — several of the intersections have visible gold.

New zone (5.93g/t/1.4m) discovered on the Big Dome.

Gowganda Tyrrell Township Property

(Toronto, Ontario) Goldeye Explorations Limited (“Goldeye”) is pleased to announce the results of its July/ August drill program on its 100% owned, 200 unit Tyrrell property. Hole 98-3 (Section 10850E) tested the previously identified wide mineralized structural zone. The hole demonstrates that multiple mineralized zones occur in the “Goldeye Zone” both parallel and perpendicular to the structure. A second hole to test the relative intensity of the cross vein systems will be drilled in early October.

Goldeye Zone

Detail core logging of hole 98-3 has identified numerous, internally composite, fluid-vapour derived, gold-bearing veins. These veins contain native gold (1/25 µm to at least 75 µm in size), several generations of pyrite, silica, a variety of phyllosilicates, and iron carbonate. The veins have been emplaced during repeated distension accompanying presumed doming of the host rocks to the south.

Because of the large size variation in gold grains, repeat analysis by total screened metallics fire assays were requested (May 1, 1998 Press Release). As reported, 3 of 4 initial samples yielded assays from 4.2% to 21.7% higher than the original fire assay results. Additional visible gold (VG) sightings are expected in the lower section of hole 98-3 (191.4m – 266m in table below) when the core with higher assays is relogged.

Spatially, the gold-bearing veins in the “Goldeye Zone” describe a reticulate pattern occuring at low angles to the core axis (high angles to the structure) and at high angles to the core axis (parallel to the bedding).

Systematic variations in the gold assays, a feature evident in all boreholes, combined with detailed logging results, indicate clearly a progressive build-up in gold grades coincident with two zones of intensification in veining. Spatially the two prominent gold zones occur on the footwall (north) side of a stratigraphically lower variolitic, mattress pillowed, intermediate volcanic and an upper basic dike. The footwall of the basic dyke has been sulphidized (presence of seivy megacrysts of pyrite) and impregnated with gold (up to approximately 400 ppb). It would appear logical to assume that the volcanic and the dyke behaved as fronts damming and concentrating the gold. Mr. Puskas detailed similar phenomena associated with an epithermal Au-Ag deposit (Vault) associated with the White Lake Caldera located in the Okanagan area of B.C.

Borehole 98-3 was drilled in the “Goldeye Zone” so as to test the expected increase in gold concentration in the direction of bedding in close proximity to the basic dyke hanging wall. The results tabled do show a significant increase in gold content, in the number of mineralized zones, and in the number of sightings of visible gold (VG).

From (m)	To (m)	Core Length (m)	Grade (g/t)	Gold
24.9	36.9	12.0	1.75
Includes 31.5	32.0	0.5	2.42	one VG cluster
52.3	60.8	8.5	2.92
Includes 55.0	59.4	4.4	4.28	visible gold
55.0	56.0	1.0	4.60	thirteen VG clusters
56.0	56.4	0.4	4.80	nine VG clusters
56.4	56.8	0.4	2.40	one VG cluster
56.8	57.8	1.0	4.30	one VG cluster
57.8	58.6	0.8	6.17	twelve VG clusters
73.5	87.4	13.9	1.70
112.3	112.9	0.6	2.17
142.8	143.8	1.0	3.64
145.8	149.1	3.3	0.96
157.9	159.5	1.6	3.59	twelve VG clusters
171.1	172.05	0.95	1.64
173.7	182.0	8.3	1.29
191.4	192.5	1.1	9.23	VG sightings incomplete
205.5	209.5	4.0	4.46	VG sightings incomplete
236.4	237.7	1.1	3.78	VG sightings incomplete
243.1	244.3	1.2	3.93	VG sightings incomplete
261.3	262.4	1.3	1.89	VG sightings incomplete
266.0	286.2	20.2	3.58	VG sightings incomplete
Includes 272.0	273.0	1.0	16.63	four VG clusters
292.4	308.4	16.0	1.29
342.0	343.4	1.4	1.28

Big Dome

Results from drilling on the newly identified Big Dome zone are being compiled. The Big Dome, in the vicinity of Cigar Lake, is a domal feature located on the Tyrrell Shear Zone (“TSZ”) 1 km SE of the “Goldeye Zone”. The holes were designed to test spectral IP anomalies located on or near the TSZ and to provide lithologic information. Three holes totalling 711 meters have been drilled on sections 12,000E, 12,200E and 12,500E in the region of the Big Dome.

Goldeye project geologist Mr. Art Beecham states that a similar geological setting to that described at the Goldeye zone has been drill tested 1.5 km to the southeast along the TSZ near Cigar Lake. Results have shown significant gold values. This indicates that a large gold-bearing system potentially extends over 3.0 km on the Tyrrell property.

Results to date near Cigar Lake indicate the following:

1. Auriferous environments in lithologies similar to the “Goldeye Zone”.
2. Near-economic grades up to 6.43 g/t over 0.6m in a chemical chert exhalite in 98-07.
3. Near-economic grades 2.08g/t/7m including 3.27g/t/4m and 5.93g/t/1.4m intersected in hole 98-8 in a banded oxide-sulphide iron formation.
4. Highly altered komatiitic volcanics containing 0.3g/t/17.9m intersected in the footwall on section 12500E in hole 98-6.

Further geologic information on the holes will be released when all the data is reviewed.

The next phase of drilling consisting of approximately 1000 m is scheduled to commence in October 1998. This phase will continue to evaluate the “Goldeye Zone” and the Big Dome as well as an airborne conductor located east of Cigar Lake on the TSZ. Results will be released as the program progresses.

geology map

drill hole cross-section

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.

A Goldeye meeting on the Tyrrell results will be held on September 30, 1998 at 4 PM at the Toronto Board of Trade (First Canadian Place, 4th floor, Rooms A&B). Please call (905) 731-9367, fax (905) 731-9312, or e-mail us to reserve a seat

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