brief summary
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Tyrrell property
| Boyer Lake property
| Lac Rocher property
Goldeye Explorations Limited
27 Blue Spruce Lane, Thornhill, ON, L3T 3W8, Canada
May 29, 2000
CDN trade symbol: GEYE
Shares issued: 8,365,205
Goldeye Explorations Limited ("Goldeye") is pleased to announce that it has completed a private placement of Units of Goldeye at a price of $0.27 per Unit. A total of 555,556 Units ($150,000) of Goldeye were sold to an arm's length investor resulting in the issuance of 555,556 Flow-Through Shares of Goldeye with respect to which Goldeye will renounce Canadian Exploration Expense in favour of subscribers and 555,556 common share purchase warrants entitling the holder to purchase (1) one common share at an exercise price of $0.32 for two years.
The proceeds of the Units will be expended to carry out exploration programs on the mineral properties of Goldeye. Goldeye is a Canadian junior resource company with projects in northwestern Quebec (Lac Rocher), northeastern Ontario (Tyrrell and Maisonville Twps.), and northwestern Ontario (Boyer Lake, Gold Rock and Sandy Lake). Following is a brief description of Goldeye's forthcoming exploration programs.
| Abbreviations | ||
|---|---|---|
|
Au - gold Co - cobalt Cu - copper |
gpt - grams per tonne km - kilometre m - metre |
Ni - nickel opt - ounces per ton PGM - platinum metals group Zn - zinc |
Goldeye will commence a 1000 m drill program on its Tyrrell township property in the Gowganda area of Northern Ontario on June 5th, 2000. The program will test a 350 m long IP anomaly with a resistivity high which correlates with a 149 gpt / 1.4 m Au drill intersection located on the "Big Dome" structure. Goldeye will also test a high priority target 1.2 km to the southeast along the Tyrrell Shear Zone ("TSZ"). The TSZ is a 7 km long deformation zone with the Goldeye Zone (530,000 tons of 0.13 opt Au) on the western end and the Juby Zone (1,000,000 tons of 0.05 opt Au) on its eastern end. The Big Dome is located 2 km east of the Goldeye Zone. Goldeye is targeting sections of the TSZ for drilling and has five significant intersections in previous drilling on the Big Dome including the high grade.
Goldeye will commence geophysical surveys and detailed geological / geochemical follow-up on several previously located base metal and gold anomalies on its Boyer Lake property in Northwestern Ontario. Several strong electromagnetic conductors associated with felsic (fragmentals agglomerates/tuffs) and geochemical anomalies (Cu/Zn/Au) have been identified. These anomalies will be further detailed and trenched.
A deep penetrating time domain electromagnetic and magnetic helicopter geophysical survey encompassing 1500 km has been completed on the 1200 claim Lac Rocher West property. The 1200 claim block represents a property pooling between Goldeye, NovaWest, and Nuinsco. The property is situated at Lac Rocher, Quebec just west of Nuinsco's original 1999 Ni-Cu discovery that intersected 10.8% Ni over 10.6 feet.
There are currently 8,365,205 Common Shares of Goldeye issued and outstanding after the completion of this private placement, of which 312,001 are held in escrow, and 3,729,638 Common Share purchase warrants.
Goldeye's shares trade on the Canadian Dealing Network (CDN) as GEYE.