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Chile (Sonia-Puma) | Ontario ( Tyrrell | Boyer Lake | Gold Rock | Sandy Lake | McFaulds Lake ) | British Columbia ( Todd Creek)
Goldeye Explorations Limited
27 Blue Spruce Lane, Thornhill, ON, L3T 3W8, Canada
January 12, 2004
TSX trade symbol: GGY.V
Toronto, Canada- Goldeye Explorations Limited announces that a 4,000 meter drill program will start January 19, 2004 on the Hydro Creek and Big Dome zones on the Tyrrell Township property. The program will follow-up a drill program completed in November 2003 on the LaCarte North zone that intersected 7.24 grams per tonne (g/t) gold across 9.4 meters (m). A 700 m long Spectral IP anomaly extends from the LaCarte North Zone to the northwest. Additional holes will be drilled to bracket hole HC-23 that intersected 4.28 g/t gold across 12.1 m including 6.42 g/t gold across 6.5 m. The Big Dome will be drilled approximately 1.5 km to the SE where hole GE-09 intersected 149 g/t gold across 1.4 m and hole GE-07 intersected 0.26 g/t gold across 165.9 m including 9.16 g/t gold across 1.0 m. The first phase of the 2004 drilling project is expected to take two months to complete.
Goldeye is also pleased to announce that it has entered into a letter of intent to form an option agreement with Olympus Exploration Inc. (Olympus), a private Ontario corporation, to acquire a 100% interest in their Sonia-Puma low sulphidization, epithermal, gold-silver exploration project in Region V, Central Chile. Goldeye will carry out exploration on the Sonia Property which covers 3,700 ha and the Puma Property, which covers 600 ha. Within the Sonia Property three areas of gold-silver mineralization have been identified, the Sonia Zone , the Paso del Inca Zone, and the Escondido -Condor Zone. At the Puma the exploration concessions (pedimentos) cover an argillic-siliceous alteration zone. Two programs of surface mapping, prospecting and sampling carried out by Olympus identified the mineralized areas and have shown that the properties lie on a large regional fault structure which hosts porphyry copper and epithermal gold deposits.
Work in the Sonia, Pasco del Inca, and Escondido-Condor areas has identified multiple mineralized zones consisting of banded, fissure type, 0.2 m to 2.5 m wide quartz veins exhibiting low sulphidation-type textures and mineralization as well as pervasively silicified, sheeted quartz stringer zones with widths to 30 m in quartz feldspar porphyry (QFP) dykes. The main Sonia Zone , which is the latter type, has been traced on surface for about 175 m and boulders in talus suggest it continues to the south for about 1 km. To the west there are an additional four parallel zones similar to the Sonia vein-zone as well as mineralized quartz veins. Values at Sonia range from 23 ppb to 0.63 /t gold and 305 g/t silver across 11.0 m as well as 7.75 g/t gold and 218 g/t silver across 5.5 m.
In the Paso del Inca Zone which is 2.5 km west of the Sonia Zone, mineralized quartz veins and pervasively silicified QFP dykes which occur in an area measuring 1.0 km by 0.75 km are associated with a QFP flow dome. Values from surface sampling range from 20 ppb gold to 1.13 g/t gold and 87.9 g/t silver across 2.4 m. At the Escondido-Condor Zone, 1.3 km to the west-south-west of Paso del Inca, two fissure-type quartz vein systems discovered during the second prospecting program have yielded values from 67 ppb gold and 2.5 g/t silver across 1.9 m to 4.76 g/t gold and 15.9 g/t silver across 1.5 m. Within the centre of the Puma alteration zone, two composite chip samples from a pervasively silicified cap-rock assayed 447 ppb gold and 3.2 g/t silver and 640 ppb gold and 1.7 g/t silver respectively.
Goldeye Exploration Limited can earn a 100% interest in the Sonia and Puma Properties, subject to a 2% Net Smelter Return (NSR). A 50% undivided interest will vest in Goldeye if it makes a cash payment of $10,000, delivers 100,000 common shares of Goldeye in accordance with the provisions, policies, and requirements of the TSX Venture Exchange and any other applicable regulatory restrictions or requirements, and incurs exploration expenditures of not less than $100,000 by June 30, 2006 . Goldeye can earn a 100% interest by incurring further expenditures of not less than $500,000 by June 30, 2008 and making a further payment of $250,000 in either cash or the equivalent sum in common shares of Goldeye based on the average closing trading price on the ten trading days prior to the date of delivery of the shares. Goldeye has the right to repurchase the 2% NSR at a price of $500,000 per 0.5% NSR.
Stewart Winter, P.Geo.. an officer and director of Olympus has been actively involved in the exploration work carried out in Chile by Olympus and has agreed to assist Goldeye in its evaluation of the Sonia and Puma properties as well as the surrounding area. Goldeye intends to apply its regional compilation methods to the area and to conduct its proprietary detailed Spectral IP followed up by drilling on the three mineralized zones discovered to date.
Goldeye also wishes to report that it has completed a non-brokered private placement for proceeds of $237,575 with nine arm's length subscribers. 791,917 units were issued at a price of $0.30 per unit consisting of one-flow-through common share and one-half of one warrant. The warrants are non-flow-through and non-transferable and each whole warrant entitles the holder to purchase an additional common share at a price of $ 0.40 per share until December 31, 2005 . The securities issued pursuant to this placement are subject to resale restrictions expiring on April 30, 2004 . Additional investments of $119,304.10 were received by the Company from 7 warrant holders who exercised a total of 635,583 warrants.
Goldeye is a Canadian exploration company with projects in Northwestern Ontario ( Sandy Lake , Boyer Lake and Gold Rock), Northeastern Ontario (Tyrrell Project) and the Sonia-Puma project in central Chile . Goldeye has 18,752,680 issued and outstanding following this offering.
Goldeye invites the public to visit its website at http://www . tor.axxent.com/~goldeye or e-mail us at goldeye@tor.axxent.ca .
For further information please contact: Blaine Webster, Chairman & CEO (905) 731-9367
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.