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Tyrrell property page
Goldeye Explorations Limited
27 Blue Spruce Lane, Thornhill, ON, L3T 3W8, Canada
June 4, 1999
CDN trade symbol: GEYE
Shares issued: 6,371,080 • Fully Diluted: 9,215,996
Goldeye is pleased to announce that it has recently completed a drillhole spectral IP survey on its Goldeye Zone in Tyrrell Township. In general, the initial results are encouraging, demonstrating that gold bearing sulphide zones can be mapped using this method. Data interpretation will now continue by examining the hole-to-hole continuity of various intersected gold zones and by upgrading adjacent barren holes where IP anomalies occur on target horizons.
The Deep IP logging system worked successfully and is capable of logging holes to a depth of 3000m. Goldeye intends to seek revenue by developing deep drillhole logging systems for its own purposes and marketing the service through an associated company, JVX Ltd.
In other significant developments on adjacent properties, KRL Resources Corp. has commenced a drill program 2 to 3 kilometres to the northwest in MacMurchy Township and has intersected massive volcanogenic sulphides on EM conductors. In addition, Battle Mountain/Pelangio Larder are set to start drilling immediately east of Goldeye's eastern boundary.
Goldeye has several airbourne geophysical conductors on its MacMurchy Township claims. Also, volcanogenic sulphides were intersected in 1998 drilling on the Big Dome near an airborne conductor. In southern Tyrrell Township, a conductor having the characteristics of a kimberlite occurs on the flank of a diabase dike.
Recognizing the potential of the Tyrrell area, several major companies are reviewing the Goldeye and Big Dome gold zones for possible joint venture.