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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
TRIBUTE MINERALS AND GOLDEYE EXPLORATIONS FORM McFAULDS RESOURCES INC. FOR EXPLORATION IN THE 'RING AND FIRE'
TORONTO, ONTARIO: (MARKETWIRE – June 26, 2008) - Goldeye Explorations Limited ("Goldeye" or the “Company” – TSX-V: GGY) and partner Temex Resources Corp. (“Temex” – TSX-V: TME), announce results from a diamond drill program recently completed on the Juby North JV Property located 20 km west of Gowganda, Ontario. The 10 hole, 1,980 meter program was completed as part of an expanded $400,000 exploration program on the Property bringing the total program to 17 holes for 3,185 metres.
Highlights:
Drilling continued to expand at depth the western extension of the JMZ, defined by previous intersections including hole JU-07-93 which yield 6.76 metres grading 3.31 g/t gold including 2.52 metres grading 7.46 g/t gold (news release Nov 7, 2007). Two holes in the current program (JU-08-94 and JU-08-95) tested the structure below the previous intersections, with both holes intersecting broad zones of gold mineralization enclosing higher grade cores. JU-08-94 yielded an interval of 1.26 g/t gold over 61.60 metres including 2.47 g/t gold over 22.30 metres and a higher grade interval of 5.43 g/t gold over 3.65 metres. JU-08-95 drilled 50 metres along strike intersected a narrower interval of JMZ mineralization of 1.21 g/t gold over 4.23 metres, but also intersected a new gold zone below the JMZ which yielded 1.86 g/t gold over 5.95 metres including 2.23 g/t gold over 4.50 metres, and including 5.07 g/t gold over 1.20 metres. The gold zone has now been tested over a strike length of 100 metres and to a vertical depth of 180 metres where it remains wide open.
Four drill holes extended the strike and depth extension to gold mineralization discovered during the 2007 drill campaign including hole JU-07-89 which intersected multiple gold zones including 5.33 metres grading 2.33 g/t gold, 1.50 metres grading 4.53 g/t gold, 3.41 g/t gold over 2.94 metres, 1.22 g/t gold over 10.06 metres and 15.0 g/t gold over 2.15 metres. These intersections are within shear zones containing altered siltstones and feldspar porphyry intrusive units accompanied by intense silicification and quartz veining. Hole JU-08-99, drilled 50 metres along strike to the west of hole JU-07-89 intersected 0.91 g/t over 5.39 metres and a second interval of 0.57 g/t gold over 12.37 metres, while hole JU-08-100 drilled below JU-07-89 intersected several auriferous zones including 0.94 g/t gold over 6.48 metres, 0.82 g/t gold over 3.90 metres, 0.58 g/t gold over 8.98 metres, and 1.66 g/t gold over 4.03 metres, including 5.14 g/t gold over 0.85 metres.
A new zone of gold mineralization was encountered in hole JU-08-98 grading 2.39 g/t gold over 1.73 metres on the most western section drilled on the Property. Four other drill holes tested both discrete and broad IP chargeability anomalies to the north in areas of the Property not previously tested. The cause of the anomalies was determined to be iron sulfide concentrations in mafic to ultramafic volcanic rocks and no significant gold values were encountered.
The Company is encouraged by the results as the program extended the auriferous zones and demonstrated the potential for not only significant strike lengths with the potential for higher grade shoots, but also the potential for additional gold discoveries. A program of geological mapping incorporating the results of the current drilling has been recommended to continue to advance the program.
The Juby North Property covers 5,520 acres and is subject to the terms of a 60:40 Joint Venture agreement between Temex Resources Corp. and Goldeye; Temex is the operator of the Joint Venture. The areas to be drilled are located within 2 km to the northwest of the Juby Main Zone, located on the 100% Temex owed Juby Lease Property, which contains a significant NI43-101 compliant gold resource (news release Feb 16, 2005; www.sedar.com). The Juby Lease includes an indicated resource of 479,000 ounces of gold grading 1.73 g/t gold at a cut-off grade of 1.0 g/t gold, including a core of 315,000 ounces of gold at 2.20 g/t gold at 2.20 g/t gold at a cut-off grade of 1.5 g/t gold, and an inferred resource of 120,000 ounces of gold grading 2.03 g/t gold at a cut-off grade of 1.5 g/t gold. This resource is contained from surface to a vertical depth of 400 metres and the area is unexplored at depth.
Blaine R. Webster, P. Geo., President and CEO of Goldeye, is the qualified person as defined by National Instrument 43-101 who supervised the preparation of the technical information contained in this release.
Goldeye is a Canadian mineral exploration company acquiring, exploring and advancing properties in Canada and Chile. For further information please contact B. Webster, C.E.O and President at (905) 886 2538, Fax (905) 886 8210, Email: goldeye@goldeye.ca
Shares Outstanding: 79,506,986 as at June 26, 2008.
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
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
The drill core was sampled using a diamond saw to cut the core in half with one half returned to the core tray and the other half put into the sample bag. The samples were transported by Temex personnel to Swastika Laboratories in Swastika, Ontario. Gold analyses were performed using standard fire assay techniques. Quality control/quality assurance standard and blank samples were inserted into the sample stream. No appreciable discrepancies were observed in the results from these samples.