brief summary
| previous release
| next release
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
Shares issued:
31,940,682
Febuary 9, 2006
Goldeye commences drilling on Big Dome “High Grade Zones,” Tyrrell Twp. Drill hole compilation shows highly favourable geological environment.
Goldeye is pleased to report that drilling has commenced on its Gowganda area “ Big Dome “ property. The new program includes 5 holes (2,000 meters) and is designed to follow up on previously obtained high grade intersections from holes GO5-22 (217 g/t over 2.05 m) and GO5-023 ( 80 g/t over 2.0 m) completed in the fall of 2005 (see Press Release dated December 19, 2005).
Previous drilling on the Big Dome has included a total of 12 holes and 3552 meters over an approximate strike length of 1.2 km and vertical depth of 450 m. Holes G05-22 and 23 are located on line 12150E.
Recent compilation and interpretation of geological data from past exploration indicate that the area is underlain by a southeast trending, steep southwest dipping package of ultramafic to felsic volcanic rocks located along the southeasterly extension of the Tyrell Shear zone ( TSZ). Cross cutting the sequence at a shallow angle is a series of feldspar porphyry and diabase dikes.
Observations from holes G05-22 and G05-23 indicate that in the central part of the property the TSZ is marked by a zone of increased shearing, feldspar porphyry intrusion and potassic to silicic alteration measuring approximately 100 m wide. The strongest alteration and best mineralization identified to date are closely associated with zones of brecciation and quartz veining situated on the flanks of two major lenses of feldspar porphyry. Although, the exact attitude and geometry of geological features and mineralized zones are still uncertain, the best values from hole G05-23 appear to correlate reasonably well with a zone intersected in hole G98-09 located approximately 50m to the northwest (149 g/t Au over 1.4m).
Other significant mineralization from G05-22 and G05-23 includes a series of medium grade (13g/t Au over 1.5m and 10.3g/t Au over 1.5m) zones located near a mafic-ultramafic contact on the north side of the shear zone and between 50 and 100 m north of the best zones in hole G05-23.
A 3D borehole IP/Resistivity model shows a resistivity high along the SE striking shear zone (TSZ) being intersected from the northeast by another resistivity high. The high resistivity is caused by silicification or a porphyry intrusion and the high chargeability is caused by disseminated sulphides.
The current drill program will begin testing areas immediately surrounding holes G05-22 and G05-23 in the intersection of the two resistivity highs, and work progressively further away and to depth as new knowledge is gained on the mineralizing system.
A geological cross section and geological plan will be posted on the Goldeye website shortly.
Swastika Laboratories conducted FA-AAS and gravimetric gold analyses on samples submitted by Goldeye. Samples containing more than 1 g/t Au or every tenth sample, were reanalyzed to document laboratory precision.
In other news, the TSX Venture Exchange has given final acceptance to a non-brokered arms length private placement for proceeds of $ 205,200, announced in a press release on February 2, 2006. 1,140,000 flow through units of Goldeye are to be issued at a price of $0.18 per flow-through unit. Each flow-through unit consists of one flow-through common share and one-half of a non-transferable common share purchase warrant. Each common share purchase warrant entitles the holder to purchase an additional common share for two years at $ 0.25 per share for a two-year period. A commission of $16,416 (8% of $205,200) is payable. The securities are subject to a four-month hold period ending on June 3, 2006.
The Tyrrell project is located 90 km south of Timmins and consists of over 200 claim units owned 100% by Goldeye, a Canadian exploration company with projects in NE Ontario (Fawcett and Tyrrell Twps.), B.C. (Todd Creek property, Stewart gold camp), NW Ontario (Sandy Lake, Gold Rock) and Region V of central Chile. Gerald Harron, P. Eng. is the qualified person responsible for the technical information contained in this release.
For further information please contact B. Webster, C.E.O and President at 905 731 9367, Fax 905 731 9312. Goldeye’s web-site address is www.pathcom.com/~goldeye The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.