map of new claims | Tyrrell property page
press release
Goldeye Explorations Limited
27 Blue Spruce Lane, Thornhill, ON, L3T 3W8, Canada
September 28, 1998
CDN trade symbol: GEYE
Shares issued: 5,367,593 • Fully Diluted: 8,667,693
Goldeye Zone Options 134 Claim Units in Eastern Tyrrell Township from Royal Oak Mines Inc.
Gowganda Tyrrell Township Property
(Toronto, Ontario) Goldeye Explorations Limited (“Goldeye”) is pleased to announce the signing of a letter agreement to earn a 50% interest in 134 claim units in Tyrrell Township, in northeastern Ontario. Terms of the option/joint venture letter agreement require Goldeye to maintain the lands in good standing for 6 years. This will require assessment work filings of about $53,600 annually, for an aggregate expenditure of approximately $321,000. Upon vesting a joint venture will be formed with Royal Oak Mines Inc. (as operator) to further develop the properties. Goldeye calls these lands the GRT Project and the Goldeye lands which together cover 5,400 hectares are shown on the attached map.
The GRT claims are adjacent to Goldeye’s existing 100% owned 200 claim unit Tyrrell Project, where the “Goldeye”, “Big Dome” and “Cigar Lake” gold zones have recently been discovered along a 3 kilometer segment of the newly recognized Tyrrell Structural Zone, (September 15th, Press Release). This recent deal will extend Goldeye’s interest in claims which could host the eastern extension of this important gold-bearing structural feature and the unexplored South Hydro Creek structure.
The GRT land postion also surrounds the “Juby Property” which is wholly-owned by Royal Oak. These lands hold the potential to host any strike extensions of the “Juby Property” gold mineralization.
In the southwestern part of the GRT Project area several airborne electromagnetic conductors are present. These are targets for potential base metal mineralization.
Most of the GRT lands were included in the 1973 Teme-Augama Ashinabai land withdrawl, parts of which were re-opened for exploration in 1990, with the remainder being opened in 1995 and 1996. This 20 year gap in exploration activity suggests that the potential to discover additional deposits in the area is significant. Goldeye now has a participating interest in the largest land position in the area and has the best opportunity to make further discoveries.
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.