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Tyrrell property page
Goldeye Explorations Limited
27 Blue Spruce Lane, Thornhill, ON, L3T 3W8, Canada
June 16, 2000
CDN trade symbol: GEYE
Shares issued: 8,365,205
Goldeye Explorations Limited (the "Company"), is pleased to announce that hole 20-14 collared at 121E/98+02N drilling at –50 degrees NE intersected a 1.2 metre wide silicified shear zone containing up to 10% sulphides between 174.5 to 181 metres. The intersection graded 1.23 g/ton gold over 0.41 metre and correlates directly with the high-grade zone drilled in 1998 (DDH 98-9 149 g/t gold/1.4m @ a depth of 273 m). It is common on narrow high-grade systems that only 40% of the holes return ore grade values therefore the Company considers the results to be promising considering the large dimensions (300mx300m) of the mineralized system. A total of 150 metres of core of the 262 metre hole (20-14) has been sent in for assay. Hole 20-15 intersected three quartz vein systems: 1) 1.2m between 85-87m, 2) 2m between 101 to 103m and 3) 10m between 117 to 127m. The silicified stockwork containing between 1 and 5% sulphide is spatially related to the High Grade zone (149 g/t gold/1.4 metres) intersected in November of 1998. Hole 98-07 has been deepened to 374m; it intersected 12 m of the new quartz stockwork from 304.5m to 316.5m.
The extension of the high-grade zone and the quartz stockwork lie to the north of the "Big Dome" where in 1998 Goldeye intersected approximately 3 metres of 3 g/t gold over a strike length of 250 metres in 3 holes. Drilling to date indicates that the alteration zone containing gold values at the Big Dome is approximately 250m wide. The Goldeye zone is located 1.5 km to the northwest and has a resource of 513,000 tons of 4.4 g/t gold. The Juby deposit (located 5.5 km to the east, currently being explored by INMET, has a resource of 1,000,000 tons of 2 g/t gold. The longitudinal section between the Goldeye zone and the Juby deposit indicates the presence of 9 significant mineralized gold zones. Goldeye has a 100% interest in 3 km of the Tyrrell Shear Zone (TSZ) and a 50% interest in 2 km of the TSZ on the Inmet JV. The TSZ has a total strike length of 8 km.
Because overburden depth in the two new holes is only 4 metres it will be possible to remove the overburden and map the bedrock. The HIGH GRADE zone, adjacent structure and mineralization represent a major mineralization system on a splay fault associated with the TSZ. Drilling is continuing.