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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
TSX Venture Exchange Symbol GGY
May 29, 2008 Shares Outsdanding: 79,506,986
GOLDEYE EXPLORATIONS LIMITED -- SONIA PROPERTY, CHILE
TORONTO, ONTARIO - (MARKETWIRE - MAY 29, 2008) Goldeye Explorations Limited ("Goldeye" or "the Company") (TSX-Venture: GGY) is pleased to announce trench sample results on the Sonia property located in Region V, Chile, approximately 180 kilometres north of Santiago. Highlights of these results are as follows:
|
VEIN NAME |
LENGTH |
TRUE WIDTH |
Au
(g/t) |
Ag
(g/t) |
Cu
(%) |
|
Evelyn
N portion |
112
m |
0.6
m |
1.59 |
189.4 |
1.48 |
|
Catalina |
270
m |
1.0
m |
0.85 |
60.6 |
0.98 |
|
Verita |
90
m |
1.1
m |
1.38 |
53.3 |
0.45 |
|
Condor |
250
m |
2.6
m |
1.77 |
22.1 |
0.09 |
|
Darcie |
170
m |
2.1
m |
1.85 |
26.0 |
0.40 |
|
Paso
del Inca |
150
m |
1.1
m |
1.68 |
16.0 |
0.18 |
Mapping and sampling undertaken on the Sonia property has identified an extensive vein swarm numbering in excess of 35 epithermal veins hosting polymetallic Ag-Au-Cu-Pb-Zn mineralization. The main veins are clustered into four north-northeast-trending corridors, which from east to west are, the Sonia, the Paso del Inca, the Condor and the Sobrante-Mina Morada corridors. The recent exploration program consisted of hand trenching and detailed sampling of various veins within the Sobrante-Mina Morada, Condor and Paso del Inca corridors. A total of 3,992 linear metres were excavated in 209 trenches and to the end of April, 759 samples had been collected.
Management is pleased with the precious and base metal results obtained from the trenching program, as the dimensions of the mineralized portions of the veins are similar to those currently being mined at the El Bronce mine, located 30 km to the west. Bonanza-type grades at the El Bronce mine are associated with moderate to heavy sulphide mineralization within the quartz vein systems. Preliminary evaluation of the results of the trenching program indicate that the Sobrante-Mina Morada area has more veins, better metal values and with direct road access, is more easily explored than the other targets located at higher elevations. Consequently further work will be directed at exploring the veins in this area with geophysical surveying to define higher grade zones for eventual drilling purposes.
In the Sobrante-Mina Morada area, work was concentrated on the Evelyn, Catalina and Verita Veins. The Evelyn Vein has been traced over a strike length of approximately 500 metres; however, sampling has only been undertaken on the northern 200 metres. The northern section of the vein averaged 112 metres grading 1.59 g/t Au, 189.4 g/t Ag and 1.48% Cu over a true width of 0.6 metres. An old adit on the same vein, located 90 metres further south, reported 1.11 g/t Au, 69.8 g/t Ag and 1.13% Cu over a true width of 0.7 metres along a length of 11 metres. Lower grade material occurs between these two sections. Two bifurcating veins are situated 50 metres west of the main vein. These averaged 0.98 g/t Au, 28.4 g/t Ag and 0.70% Cu over a true width of 1.05 metres along a length of 45 metres, and 1.59 g/t Au, 64.0 g/t Ag 1.38% Cu over a true width of 0.95 metres along a length of 25 metres.
The Catalina Vein is situated about 1.25 km west of Evelyn. Trenching and sampling along a 270 metre section of the vein yielded 0.85 g/t Au, 60.6 g/t Ag and 0.98% Cu over a true width of 1 metre.
The Verita Vein is located 1.25 km N of Catalina. Trenching and sampling along a 90 metre section of this vein averaged 1.38 g/t Au, 53.3 g/t Ag and 0.45% Cu over a true width of 1.1 metres.
The Condor corridor is situated approximately 3 km east of the Sobrante-Mina Morada corridor and it consists of 14 individual veins over situated in an area measuring 3,000 metres east-west by 1,500 metres north-south and between 2,250 and 2,750 metres in elevation. Within this corridor, trenching and sampling were undertaken on four veins, with significant values obtained from the Condor and Darcie Veins. Trenching along a 475 metre portion of the Condor Vein yielded a 250 metre long section which averaged 1.77 g/t Au, 22.1 g/t Ag and 0.09% Cu over a true width of 2.6 metres. The Darcie Vein was trenched over a strike length of 350 metres, of which a 170 metre long section averaged 1.85 g/t Au, 26.0 g/t Ag and 0.40% Cu over a width of 2.1 metres.
The Paso del Inca corridor is located about 1.5 km east of the Condor corridor. Trenching was carried out on 12 veins. The most significant results were obtained from the Pachacutec Vein, wherein a 150 metre long section averaged 1.68 g/t Au, 16.0 g/t Ag and 0.18% Cu over a true width of 1.1 metres.
Quality assurance/quality control (QA/QC) procedures for the Sonia project rock sampling program are described in the news release of April 16, 2007. Companhia Vale do Rio Doce ("CVRD" or "Vale") continue to explore a copper porphyry target near the eastern boundary of the Sonia property. The Chilean subsidiary of Yamana Gold Inc. has acquired a number of claims adjoining the property to the south, whereas Codelco Chile has claims tying onto the north boundary.
Blaine R. Webster, President and CEO and William S. Hamilton, P.Geo, geological consultant, are the qualified persons as defined by National Instrument 43-101 who supervised the preparation of the technical information contained in this release.
Annual General Meeting
The AGM will take place on Thursday, June 5, 2008, at 4:00 p.m. at the Toronto Board of Trade, Ketchum Room, 1 First Canadian Place, Toronto. There will be a visual presentation of the company's McFaulds Lake, Ontario project in the "Ring of Fire", Sonia-Puma, Chile project and Tyrrell, Ontario project.
About Goldeye Explorations Limited
Goldeye is a Canadian mineral exploration company acquiring, exploring and advancing properties in Canada and Chile. In addition to Chile, current exploration efforts are focused on the Company's Joint Venture with Tribute Minerals Inc., in the vicinity of Noront Resources Ltd.'s Ni-Cu-PGM discovery in the James Bay Lowlands.
Forward-Looking Statements
The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. Accordingly, readers should not place undue reliance on forward-looking statements. For a more detailed discussion of such risks and other factors, refer to Goldeye Corporation's filings with Canadian securities regulators available on www.sedar.com or the Company's website at www.goldeye.ca
Share Capitalization: Shares Outstanding: 79, 506,986 as at May 29, 2008.
For further information please contact B. Webster, C.E.O and President at (905) 886 2538, Fax (905) 886 8210, Email: goldeye@goldeye.ca
The Toronto Stock Exchange Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release and the information contained herein.