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Boyer Lake property page
Goldeye Explorations Limited
27 Blue Spruce Lane, Thornhill, ON, L3T 3W8, Canada
September 20, 1999
CDN trade symbol: GEYE
Shares issued: 6,621,080 • Fully Diluted: 9,715,996
Goldeye Explorations Limited (GEYE-CDN) is pleased to announce that it has acquired a 100% interest in the Boyer Lake property consisting of three claim blocks located 50km southeast of Dryden in northwestern Ontario. The purchase price is $24,000.00 with a 1% NSR. The purchase price was satisfied through the delivery of 117,725 shares and did not result in a change of control. The vendor of the property is the chief executive officer of the company and regulatory approval was obtained for this non-arm's length acquisition. The area is considered prospective for both gold and basemetals.
The Thunder Cloud Block consists of 20 claims with 186 units. The property contains the north Pelham deposit with a best assay of 18.27 g/t Au over 3.29m. A second locality has returned assays of 5.4 and 5.7 g/t Au in representative samples. A third showing has returned a value of 10.9g/t Au over 1m. The claim block includes the circular 3km in diameter Thunder Cloud sulphide bearing porphyry with gold showings occurring marginal to the stocks. Mapping this summer has located a highly deformed iron formation in the north centre part of the block with low anomalous gold; the western contact is on a deformation zone.
The Sunshine Block consists of 6 claims totalling 65 units with several weak to medium airborne conductors situated on a rhyolite gabbro contact. Previous work on the property has located anomalous basemetal and gold values in mafic volcanics in the vicinity of the conductors. A recent Spectral IP survey has located a strong IP response with very high resistivities that correlates with a newly discovered showing assaying 2.5g/t Au. A gold soil geochemical target coincident with a weak electromagnetic conductor occurs in the northern part of the property.
The Secret Lake block consists of 4 claims totaling 35 units with several medium to strong airborne conductors associated with gossan zones. The gossan zones are characterized by stratiform silicified and sulphidized horizons within mafic volcanic rocks with coincident anomalous geochemical copper, gold, zinc and nickel values. Previous drilling on the property indicated volcanogenic massive sulphide mineralization containing low copper and zinc values.
Goldeye intends to review the previous data and to further prioritize drill targets with additional Spectral IP, mechanical trenching and soil geochemistry surveys.
On September 22, from 4-6pm Goldeye will be holding a presentation at The Toronto Board of Trade (First Canadian Place) to discuss: Goldeye as a Tax Shelter, Goldeye Projects Update, Goldeye as a High Tech Company.
Goldeye Explorations Limited is a Canadian junior exploration company using state-of-the art exploration technology on its five active projects in Ontario, Canada: the Gowganda Tyrrell township property, the Boyer Lake project, the Gold Rock project, the Sandy Lake project and the Maisonville project. Goldeye also participates in a joint venture in the Lac Rocher area of Quebec and is actively pursuing partnerships on all of its properties.