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Chile (Sonia-Puma) | Ontario ( Tyrrell | Boyer Lake | Gold Rock | Sandy Lake | McFaulds Lake ) | British Columbia ( Todd Creek)
Goldeye Explorations Limited
105 West Beaver Creek Rd., Suite 5A, Richmond Hill, ON, L4B 1C6, Canada
FOR IMMEDIATE RELEASE TSX VENTURE EXCHANGE SYMBOL GGY
Shares issued 34,967,341
July 18, 2006
Goldeye completes 4 holes on the Mext Zone at Todd Creek and starts drilling the Fall Creek Zone, Stewart Gold camp B.C. Trenching and drill programs to start in Tyrrell Twp., NE Ontario.
Goldeye is pleased to announce that four holes have been completed on the Mext Zone at Todd Creek and the first of three proposed holes on Fall Creek has commenced. The Mext Zone has been intersected in all four holes with 06MX-1D being the most heavily mineralized to date. Hole 06MX-1D intersected 8.5m of sulphide flooded crystal tuff with coarse to massive pyrite/chalcopyrite and specular hematite. The drilling has extended the South Zone deposit 275m to the north. Composite samples from the talus slope below the MEXT Zone returned 6.77g/t Au with 0.31% Cu from specular hematite-type mineralization, and multiphase breccia vein-type material returned 5.76 g/t and 2.33 % Cu. On the Fall Creek East Zone, the first hole is currently at 60m in semi-massive sulphides with large blebs of pyrite. Previous drilling by Noranda in 1988 (drill hole 8847) intersected 1.24g/t Au and 0.39% Cu over 31.5m, including 5.96 g/t Au and 0.5% Cu over 7.l9m. After Fall Creek is tested, two holes are planned on the South Zone to test the down plunge extension of an intersection of 3.1 g/t Au and 0.29% Cu over 10m including 10.51g/t Au and 0.88% Cu over 2.2m. Drill core is being cut and sent to Vancouver to ALS Chemex for assay.
In NE Ontario at Tyrrell Township a recent repeat channel saw cut which had previously reported 10m of 7g/t Au in 2003, returned 10m of 10 g/t Au in the Lacarte North Zone. A repeat assay of rejects from hole G-04-18, which previously assayed 5.15g/t Au over 6m at a vertical depth of 30m, assayed 13g/t Au over the same interval. The assays were performed by Swastika Laboratories Ltd. Given the discrepancies in the above assays, a program of re-assaying the previous holes will commence immediately. On July 23rd a program of stripping will start on the Lacarte North Zone designed to extend the mineralization to the west. Trenches will also be excavated at the Big Dome Zone on the up-dip extension of the High Grade mineralization in G-05–22, which intersected 2m of 217 g/t Au. Hole 98-15 encountered an overburden depth of 4m and intersected 0.8m of 3.1g/t Au from the bedrock-overburden interface to 0.8m depth in the hole. This could represent a wider zone of mineralization and the trenching will determine its size. It is located near the highly favourable felsic porphyry-mafic volcanic contact that hosts the high-grade material at depth. In mid to late August a 3000m drill program will test the high grade zone on the Big Dome target along strike and to depth, along the felsic porphyry-mafic volcanic/sediment contact that has a length of 500m. A computer study of the winter drill program indicates the mineralization may have a more north-northwesterly strike than previously interpreted. Therefore the drilling will be oriented more northeasterly (AZ055°). At Hydro Creek drilling will test the LaCarte North Zone to extend it to the west and to infill previous drilling.
In Fawcett Twp. an airborne EM anomaly associated with F2 rhyolites (Selbaie volcanogenic sulphide type target) will be surveyed and trenched prior to drilling.
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.), NW Ontario (Sandy Lake, Gold Rock), Todd Creek in the Stewart Mining Camp in NW B.C., 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.goldeye.ca
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.