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Goldeye Explorations Limited
27 Blue Spruce Lane, Thornhill, ON, L3T 3W8, Canada
November 3, 1998
CDN trade symbol: GEYE
Shares issued: 5,367,593 • Fully Diluted: 8,667,693
Goldeye Explorations Limited (“Goldeye”) is pleased to announce that two follow-up boreholes (98-10 and 98-11) have successfully intersected the target gold pyrite-bearing, zebra-banded magnetite iron formation, as reported by our project geologist Art Beecham. The previous discovery drillhole GE-98-08 yielded 2.1 g/t Au over 7 meters located in the Big Dome area, 1.4 km southeast of the Goldeye Zone.
| Drillhole | Collar | Drill Angle | Remarks |
|---|---|---|---|
| GE-98-08 | 12000E 97+31N |
-46o | Discovery hole; 73.1- 80.2 (2.1g/7.1m), including 1.4 m of 5.9g/t Au. |
| GE-98-10 | 12000E 96+82N |
-50o | 50 meter (vertical) undercut of discovery intersection; cut pyrite-bearing BIF from 137.3m to 143.4m (6.1m). |
| GE-98-11 | 11975E 97+16N |
-49o | 25 m WNW stepout along strike from discovery intersection; cut pyrite bearing BIF from 83.9 to 88.6m (4.7m). Note: GE-11 cut mineralized siltstones/argillites, south of the BIF, from 73.3 to 82.8m (9.5m). These mineralized siltstones/argillites are not present in the more easterly holes (98-08 and 98-10) due to dyking out by diagonally intruding, later, diabase. Combined BIF-siltstone/argillite thickness yields a true width of 14 meters. |
Detailed Spectral IP has traced the iron formation over 400 meters along strike.
A Spectral Induced Polarization survey has been completed 4 km to the southeast on the projected extention of the TSZ near the Juby deposit. Several high priority Spectral IP responses were observed in settings similar to those at the Big Dome. A soil geochemcal survey and geological mapping will begin this week.
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.