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Tyrrell property
| Lac Rocher property
| Boyer Lake property
Goldeye Explorations Limited
27 Blue Spruce Lane, Thornhill, ON, L3T 3W8, Canada
September 26, 2000
CDNX trade symbol: YGY
Shares issued: 8,365,205
The drill program intersected a 194 metre thick interval of .25 g/t gold containing a higher grade intersection of 1 metre of 10 g/t gold. The High-grade structure was cut by two holes and contained values up to 4.8 g over 0.4 metres. The 1998 drilling had intersected 149 g over 1.4 metres.
A new mineralized zone was discovered containing 0.6 g/t gold over 7.8 metres. The new discovery extends the gold structure at least 1500 metres to the east.
In summary Goldeye has now located the following four major gold mineralized zones on the TSZ. ZONE 1) The `main' Goldeye Zone which contains 530,000 tons of 0.2 opt gold with intersections to 350 metres 9.1 g/t gold over 2.8 metres. ZONE 2) The Big Dome zebra banded iron formation zone yielded 2 g/t gold over 7 metres. ZONE 3) High Grade Zone 149 g/t gold over 1.4 metres adjacent to a mineralized zone has with 0.25 g/t gold over 194 metres. ZONE 4) The Cigar Lake zone has 0.6 g/t gold over 8.8 metres.
An east-west structure has been identified crossing the property with associated potassium anomalies. This structure is associated with several gold showings that require follow-up.
These gold showings are from 2 to 6 km to the west of the Juby property (1Mt of 0.7 g/t) which has been recently extensively drilled by Inmet and is entirely surrounded by the GOLDEYE-INMET joint venture.
A recent discovery of 3.4 g/t gold over 6 metres trenched in iron formation on the MacMurchy claims optioned to KRL has highlighted the economic potential of the iron formation on the western art of the property. Previous chip sampling by BHP had given four anomalous gold and/or arsenic values over the iron formations' three km length. The iron formation has coincident magnetic and helicopter EM anomalies. Several potassium anomalies are located on the iron formation.
A $175,000 program has been recommended for geology, geophysics and drilling on the 3 km length of the iron formation.
Other Goldeye properties.
Goldeye has a 25% interest in 1200 claims. Nuinsco has completed a high resolution time domain helicopter electromagnetic/magnetic survey over the entire claim block. Approximately twenty high priority targets have been identified in magnetic lithologies. Nuinsco has planned to have a helicopter supported geological prospecting team exploring the claims starting October 9, 2000. As previously mentioned Goldeye and Nuinsco have obtained ultramafic samples which are lithochemically identical to a ultramafic phase associated with Nuinsco's Lac Rocher discovery containing 10.8% nickel over 10.6 feet drill intersection located approximately 10 to 20 km to the east.
Goldeye is carried until $700,000 is spent by Nuinsco.
$300,000.00 program is proposed for geophysics and drilling.
Recent exploration on the Sunshine Lake property has confirmed elevated copper and gold values on the Robin Lake area on the southern part of the property. Pyrite, sphalerite and chalcopyrite mineralization occurs in numerous fine vein systems in gabbros and autobrecciated or crackled basalts. A very strong chargeability anomaly with a very high associated resistivity response occurs near the mineralization. Several strong electromagnetic conductors also occur on the property with associated gold, copper and zinc geochemical anomalies and are high priority drill targets. The rhyolite-gabbro contact with these high priority targets on it is proposed for stripping. A new massive sulphide boulder was discovered on the western edge of the property. The boulder is rounded and has therefore been transported some distance.
A $225,000 prospecting, line cutting, geophysical survey budget is proposed.