This page contains articles about Goldeye Explorations Limited which have been published in various newspapers and magazines.
• Goldeye has raised $200,000 for search, Northern Daily News
• Goldeye optimistic following prove on property, Timmins Daily Press
• The price is right for exploration, Thornhill Liberal
• Special Feature, Ontario Prospector
• “Investment Starts Phase Two of Shining Tree Drilling” Sudbury Star
• “Mining Company Smells Gold” Thornhill Liberal
• “Good Things Happening for Goldeye Explorations Ltd.” Mining North
• “Thornhill Firm Eyeing Gold in North” Toronto Star
• “Goldeye Explores Property” Northern Daily News
• “Exploration Company Seeks Gold on Virgin Territory” Timmins Daily Press
Goldeye has raised $200,000 for search
By Rick Owen
Tyrrell Township :
Goldeye Explorations Limited has raised $200.000 to use on exploration of its Shining Tree properties.
The company has completed a non-brokered private placement of $200,000 with CMP Resource Limited partnership.
The company issued one million units at a price of $0.20 per unit.
Each unit consisted of one-flow-through common share and one-half of one warrant.
The warrants are non-flow-through and non.transferable.
Each whole warrant entltles the holder to purchase one additional share at a price of $0.25 per share until Oct 9, 2005.
The money will be used to finance Goldeye's exploration program on the Lacarte, the Big Dome and the Iron formation in Tyrrell Township. |
The securities issued pursuant to this placement are subject to resale restrictions which expire Oct. 9, 2004.
The money will be used to finance Goldeye's exploration program on the Lacarte, the Big Dome and the Iron formation in Tyrrell Township.and are scheduled to begin Immediately.
The LaCarte program will include trenching, and sampling on the main trench which assayed 21 metres of 5.79 grams gold per tonne in July of this year. On the Big Dome, where in 1998 1.4 metres of 149 grams gold per tonne was intersected in hole GE-98-9, several trenches will be excavated to test the surface projection of the high grade zone.
A soil geochemistry survey and geophysics will be done on the iron formation 10 kilometres west. on the Tyrrell-MacMurchy Township boundary where International KRL intersected 20 feet of 0 1 ounces gold per ton and 7.2 feet of 0.2 ounces gold per ton in a spring program.
The drill Intersection is about 100 metres west of the Goldeye property boundary on the same iron formation.
The program will form the basis of a drill program that will take place when the present work is complete.
Goldeye is a Canadian Exploration company with projects in Northwestern Ontario and Northeastern Ontario .
The company has 15,600,180 shares outstanding as of the completion of this financing.
Goldeye optimistic following prove on property
By Joyce Hunter
TIMMINS/The Daily Press
Goldeye Explorations Ltd. is already seeing the prospect of future explorations after announcing its best showing of gold.
The junior exploration firm has announced results from its trenching program 95 kilometres southeast of Timmins.
Goldeye will begin reinterpreting the date so it can plan its next drill program which it hopes to begin in early January, said Blaine Webster, chairman and CEO of Goldeye Explorations Ltd.
"We are excited about a 22.5 grams of gold per tonne grab sample and the overall geological picture from mapping the trenches in our most recent project,'" he said. "The 22.5 gram assay comes from a sulfide zone located at the juncture of the Goldeye shear zone and the Tyrrell shear zone – it is located on the edge of a swamp with the rest hidden."
The company's energies on its property have been centred on an area spanning eight kilometres with three known gold deposits and has spent more than $1 million on geophysics, geology and drilling including 2,000 metres of core drilling to date, said Webster.
"The geology is highly favourable in that area," he said.
"There are high grade shots of gold in there that we have hit, but we are still trying to solve the riddle and that requires more drilling to properly define it."
Webster said eight kilometres between the Tyrrell zone and the Temex zone has revealed gold showings all along it.
"And this is likely a new belt," he said.
Goldeye has been active since January with work in the area because business in the mining exploration industry has been heating up due to the rising price of gold.
"We've been able to raise more money for exploration mainly from the rising price of gold," Webster said.
"A year ago gold was $260 US per ounce, now it is $315 US per ounce."
The junior exploration company has properties in Tyrrell, Sandy Lake, and Gold Rock near Dryden.
Timmins Daily Press, Oct. 24, 2002
The price is right for exploration
By Linda Johnson
STAFF WRITER
Hard times in the stock market may bring bad news for many investors, but it has helped breathe new life into the prospects of a Richmond Hill mining company, Goldeye Exploration Ltd.
Since January, the junior mining exploration company has resumed work on promising projects in Northern Ontario. Last month, it announced it was launching a program of surface trenching in one of its major projects in Tyrrell Township, about 100 kilometres southeast of Timmins.
While it's been known for some time the gold was there, it wasn't economical to pursue mining. Until now.
"This is an excellent project. In an eight-kilometre stretch, there are three deposits of gold," president Blaine Webster said.
"There's no reason you couldn't have a major find."
What has heated up business in the mining exploration industry is the rising price of gold. In little more than a year, it's gone from $260 to $320 an ounce. It's only the third time in the past century gold's value has climbed so high.
For Goldeye and other junior mining companies, it's a welcome break, especially after three years of extremely low gold prices.
The price of gold has an inverse relationship to the stock market and the popularity of high tech stocks helped keep the price of gold low. But as high tech stocks declined, investors moved their money to gold.
The United States' threat to attack Iraq has also pushed the price up.
"That's one of the interesting things about gold," Mr. Webster said. "It's about global politics."
Goldeye has three major projects in Northern Ontario: Tyrrell, Sandy Lake and Gold Rock, just south of Dryden.
In a new section of land the company recently optioned in Tyrrell, where it has already done shallow drilling, there are plans to extend the holes to intersect a parallel zone. Geological and geophysical analyses have indicated the area has all the characteristics of a large gold cap.
"So it's certainly a very interesting situation," Mr. Webster said. "What's also nice about this is, if the gold is there, it's still there. In Timmins, they've already taken 90 million ounces out."
Mr. Webster has been in mining all his life. He was born in a mining camp in Bissett, Man. and his father was a miner. He earned a degree in geology and geophysics and the University of British Columbia. In 1986, he started Goldeye Explorations Ltd., taking the company public in June 1997.
In addition to the higher price of gold, recent government initiatives aimed at encouraging investment in Canadian mining projects, have helped put new lustre on the mining business.
In 2000, the federal government introduced "super" flow-through shares. It put a 15-per-cent tax credit on top of the existing 100 per cent deduction of exploration expenditures and is tax-deductible.
This year, the provincial government is also bringing in further tax incentives.
Mr. Webster said the incentives have made a critical difference to junior mining companies looking for capital.
"So they're getting the gold market going," he said. For his own venture, he's looking for about $700,000 to complete the next step of exploration.
"It's exciting, but it takes a lot of money."
Thornhill Liberal, Oct. 13, 2002
By Julie Domvile
In the twelve years since its inception, Goldeye Explorations Limited (GEYE-CDN) has picked up some of the most choice ground in Northern Ontario and is on the verge of realizing one of its goals to become a producing mining company. Goldeye Explorations started trading June 1997 and has 3.2 million shares outstanding.
The release of the Tyrrell Township from the twenty year old Mattagami Land Caution in 1990 incited a staking rush which included Blaine Webster, Goldeye's CEO. One hundred and fifty claim units of the 200 that now make up the Tyrrell Township Project were successfully staked.
That strategic move set the course for Goldeye Explorations. The 100% owned Shining Tree Tyrrell Township property, 100 km south of Timmins, is showing all the signs of hosting an economic deposit. A major gold-bearing deformation zone, the Tyrrell Shear Zone (TSZ) was discovered on the property in 1995. This zone contains mineralization and alteration similar to the Porcupine and Larder Lake gold camps approximately 100 km to the north and northeast. Two gold zones, the Goldeye and Big Dome, have been identified along the TSZ.
The Goldeye Zone is a wide area of gold mineralization at the north end of the property containing up to 40 metres of 2 grams of gold/ton. The geology of the Goldeye Zone's footwall is similar to the Kerr Addison Mine in Kirkland Lake. Results from the July/August 1,300 metre drilling program demonstrate that multiple mineralized zones occur in the Goldeye Zone both parallel and perpendicular to the TSZ. Numerous gold-bearing veins with grades ranging from 1 g/ton over 1 metre to 3.5 g/ton over 20 metres were located. The latter included a zone of 16.63 g/ton over 1 metre and, with few exceptions, all of the intersections contained visible gold.
The Big Dome Zone, a domal feature located on the Tyrrell Shear Zone 1.5 km to the southeast of the Goldeye Zone, has shown significant, near economic grade values. Goldeye's project geologist, Mr. Art Beecham, reports that “a similar geological setting to that described at the Goldeye Zone has been drill tested 1.5 km to the southeast along the TSZ on the Big Dome. Results have shown significant gold values. This indicates that a large gold-bearing system potentially extends over 3.0 kilometres on the Tyrrell property.”
The next phase of diamond drilling on the Tyrrell property has begun. Initial results are in from one of four planned holes. Hole 98-9 on the Big Dome shows a lithology similar to the Goldeye Zone, including a one-cm thick quartz zone containing coarse grained visible gold.
“We're getting close — it's talking to us,” says Webster.
In September, Goldeye Explorations acquired the right to earn 50% interest in the GRT Project from Royal Oak Mines. The GRT lands are adjacent to the Tyrrell Project bringing the total land mass to 5,400 hectares. Goldeye now has 100% of 200 claim units and is earning a 50% interest in a further 130 claim units making it one of the largest land holders in the area.
The company has three other active projects in Ontario: the Gold Rock project, the Sandy Lake project and the Maisonville project.
The Ontario Prospector, Vol. 2, Issue 3, Winter 1999
Investment starts phase two of Shining Tree drilling
By Barb Blakely
SHINING TREE/ Sudbury Star
At a time when many mining and exploration companies are scaling back operations. Goldeye Explorations Limited continues to bulldoze full steam ahead.
Thanks to a $500,000 investment from The Becker Group, phase two of drilling in the Shining Tree area began in October.
Goldeye is a junior exploration company with about 20 square miles of land in an area the company hopes will become a gold producer. Shining Tree is off of Highway 144, about half way between Timmins and Sudbury. Mining was prohibited in the area under the Temagami Land Caution until this decade.
In 1990, Goldeye chief executive officer, Blaine Webster, staked the company's first claim block. Goldeye continues to stake in the area.
“Altogether, we have 200 units in Goldeye, and another 134 units we just purchased from Royal Oak,” says Webster.
Although Goldeye first concentrated its efforts on a deposit they call the Goldeye Zone, the company has extended its drilling to include a new zone that has been named The Big Dome, due to the domal feature of the deposit. The Big Dome is about a kilometre southeast of the original deposit, in the vicinity of Cigar Lake.
Project geologist, Art Beecham says the two deposits are similar.
Webster explains that phase two drilling includes further evaluation of both the Goldeye and Big Dome Zones.
Phase two also includes aerial surveying of another area east of Cigar Lake. With the use of electromagnetism, an aerial conductor will indicate deposits of concentrated sulphides. The sulphides often foster a good environment for gold.
Most of the gold on Goldeye's property is deposited on a break, or major deformation zone known as the Tyrell Structural Zone (TSZ). Webster believes the TSZ is a “large, gold bearing system” that stretches at least three kilometres across Goldeye property. He says earlier drilling has indicated near-economic conditions for gold production. Webster is convinced that the latest phase of drilling will produce even better results. “The chert and iron formations are both highly favourable for gold environments,” he says.
Webster adds that in such a volatile market, Goldeye would never be able to raise the funds for further exploration if the project was not a sound investment.
“Our ability to raise money in these terrible financial times shows the quality of the project, and the technical ability of Goldeye,” he says.
Sudbury Star, December 24, 1998
Northern Daily News, December 24, 1998
By Patrick Casey
STAFF WRITER
With hedged optimism Blaine Webster confirms his Richmond Hill exploration company is on the verge of mining gold from land in Northern Ontario.
Results from a detailed drilling program in the Gowganda Tyrrell Township property in Timmins in July and August have yielded visible gold in many of the 19 intersections tested.
One test showed seven metres of two grams of gold, while another tested 1.6-metres of six grams. And a third drilled area showed 0.9 metres of 10.5 grams of gold.
“That's getting really close,” explained Webster, Goldeye's chief executive officer, following the release of the results last week.
“The rock formations are very favourable for gold. The land is talking to us every time we do testing. We believe we are on to something significant.”
The 200-unit Tyrrell property, located about 100 kilometres south of Timmins, is one of four active projects where the company is using state-of-the-art exploration technology.
With a body of land measuring 100 metres long, four metres wide and up to 300 metres deep, Webster says mining can begin once consistent grades of ten grams of goldare located.
“What we are doing is working a pattern, the same as all the other major mining companies,” added Webster, whose father worked in a Kirkland Lake gold mine in the 1930s.
“It's just like inventing; you keep on going.”
Founded in 1986 by Webster and partner Frank Puskas, the publicly traded company has raised more than $250,000, allowing it to drill 750 metres in the two holes.
Trading has closed at nearly 40 cents a share on the Toronto Stock exchange, compared to its 25-cent opening price.
“That's pretty good in this terrible market,” said Webster, a litho-chemist who operates a geophysical contracting firm. “When somebody is writing a cheque, it shows we are in the ballpark and the geology is right.”
Last week, the price of gold climbed past $300 an ounce for the first time since May, representing a $25 increase over the past month.
Although a far cry from the $400 price reached during its heyday in early 1996, some analysts maintain gold may reach $320 an ounce before the end of the year.
And since a gold mine can generate more than $30 million a year with a net revenue of $5 million, the Goldeye project certainly has the opportunity to create jobs.
“It's geography 101, since we work the hinterland and keep the economy strong,” said Webster, who hired 16 men and a helicopter in 1990 to secure 150 plots in the Tyrrell Township.
“If we could convince the government to finance a railroad, we would be able to help keep Timmins strong and keep the economy growing.”
Goldeye will return to the Tyrrell site later this month with plans to drill 1,000 metres on the Goldeye zone.
Thornhill Liberal, October 6, 1998
Good things happening for Goldeye Explorations Ltd.
By Gregory Reynolds
TIMMINS/Mining Life
Good things are happening on several fronts to junior mining company Goldeye Explorations Limited (GEYE-CDN).
In recent weeks, the company has raised $300,000 which allowed it to complete a geophysical program and drill 750 metres in two holes.
CEO Blaine R. Webster reports “we were fortunate to have a significant part of the financing placed with CaribGold whose president David Bell found Hemlo. CaribGold's chairman, Paul Zyla, has been a big help in our raising money.”…
“A lot of additional drilling is required but the regional geological and geophysical signature of Tyrrell Township matches Timmins and the geology of the Goldeye Zone's footwall geology is similar to the Kerr Addison Mine (in Kirkland Lake).
“We have wide intersections (40 metres of two grams of gold per tonne) and 20.1 grams gold / ton over 1.5 metres in a highly favorable geological environment and expect the Goldeye Zone and several other targets on the large 28 square kilometre (174 claim units) property will keep us busy for a long time,” he said.
Webster added, “Tyrrell benefits from infrastructure that will keep the cost of exploration and development low.
“Our company started trading last June and has 3.2 million shares outstanding and is fortunate to have a near economic mineralized zone on one of its four well-selected large properties acquired for staking costs.”
The Tyrrell Shear Zone (TSZ) appears to coincide with a major volcanopause. Low energy sediments overlie and occur intercalated with variably distended and autobrecciated feldspar porphyry and trachytes.
These lithologies are auriferous and overlie Kerr Addison type green carbonates and south facing spinifexed textured ultramafic flows, he said.
Goldeye is currently conducting a program of Spectral IP / Deep - IP and detailed magnetic geophysical surveys over the overburden covered extension of the Tyrrell Structural Zone (TSZ).
“This work has drawn attention to an area centered about 1.8 km to the east-southeast of the Goldeye Gold Zone where the drilling occurred.
“Several high priority spectral IP anomalies with short time constants indicating fine grained sulphides have been outlined, some of which are associated with very high resistivities (70,000 ohm-m) indicating zones of strong silicification,” he said.
“A linear magnetic feature similar to that associated with the diabase sill overlying the Goldeye Gold Zone has also been identified.”
This magnetic feature is significant because it appears to map the main mineralized structure (TSZ), which hosts the Goldeye Zone to the northwest.
“The sandy overburden in some parts of the area appears to be shallow which may allow mechanical stripping to be employed,” he said.
Resumption of drilling is planned after the completion and evaluation of the geophysics in the next two weeks.
Mining North , June 8, 1998
Thornhill firm eyeing gold in north
TIMMINS (CP) - The flagging price of gold hasn't discouraged a southern-Ontario based exploration company from tapping Northern Ontario land recently released from under an Indian land caution.
Goldeye Explorations, based in Thornhill, owns Shining Tree Tyrrell Township property about 100 kilometres south of Timmins.
The sprawling property is considered by many to be virgin territory as it was only recently opened to mining and logging when the provincial government removed much of the land under the twenty-year-old Mattagami Land Caution.
“It's an unexplored area,” said Blaine Webster, Goldeye's chief executive officer. “It's been prospected but not with modern methods.”
The caution was placed on the land in the mid-1970's by the province when the Tamagami Band Indians claimed no treaty had ever been signed giving away ownership of the land.
“That was like a lid over 1,000 square kilometres worth of territory,” Webster said.
In 1990, Ontario's Liberal government opened up six townships for exploration and, recently, the Conservative government released 100 more.
Exploration has gone on only for a short period of time.
Forest harvesting has improved access to the area and increased rock exposure.
Webster said he isn't worried about the recent drop in worldwide gold prices.
“If you've done any analysis, this drop is going against every historic trend, so now is a good time to hunker down, work it, and things will come back in line,” Webster said.
Toronto Star, December 4, 1997
SHINING TREE (News North) - Goldeye Exploration Limited is showing it's not discouraged by the low price of gold as it goes ahead with its exploration of an untapped area.
In September, the Thornhill-based company acquired of a 100 per cent interest [sic] in the Shining Tree Tyrrell Township property, located 100 km south of Timmins.
The property is considered virgin territory, as it was recently opened for exploration with the removal of the Mattagami Land Caution.
In the mid '70s the Tamagami Band natives convinced the government to put a hold on any mining and logging in the area.
“The Tamagami Band claimed no treaty had been signed,” said Blaine Webster, chief executive officer of Goldeye. “That was like a lid over 1,000 square kilometres of territory.”
The Liberal government opened up six townships in 1990 for exploration. The Mike Harris government opened up more than 100 townships.
“It's an unexplored area,” said Webster. “It's been prospected, but not with modern methods.”
A report by consulting geologist Art Beecham indicates the large property contains lithologies favorable for gold mineralization.
“Highway 560 is one mile north of the property, logging roads and power lines cross it,” wrote Beecham. “The widespread nature of the mineralization is further indicated by other showings as yet untested.”
Webster has liked what he has seen so far at the property.
Webster isn't worried about the current price ($294.40 US per ounce) for gold and believes it can't last forever.
Northern Daily News, December, 1997
Exploration company seeks gold on virgin territory
By John Curran
TIMMINS/The Daily Press
Goldeye Explorations Ltd. is showing it's not discouraged by the low price of gold as it goes ahead with its exploration of an untapped area.
In September, the Thornhill, Ont. based company, acquired of a 100 per cent interest [sic] in the Shining Tree Tyrrell Township property, located 100 kilometres south of Timmins.
The property is considered virgin territory as it was recently opened for exploration with the removal of the Mattagami Land Caution.
In the mid '70s the Tamagami Band natives convinced the government to put a hold on any mining and logging in the area.
“The Tamagami Band claimed no treaty had been signed,” said Blaine Webster, chief executive officer of Goldeye. “That was like a lid over 1,000 square kilometres of territory.”
The Liberal government opened up six townships in 1990 for exploration and now the Mike Harris government has opened up more than 100 townships from under the barrier of the caution.
“It's an unexplored area,” said Webster. “It's been prospected, but not with modern methods.”
A report by consulting geologist Art Beecham indicates the large property contains lithologies favorable for gold mineralization.
“Highway 560 is one mile north of the property, logging roads and power lines cross it,” wrote Beecham. “The widespread nature of the mineralization is further indicated by other showings as yet untested.”
Webster has liked what he has seen so far at the property.
“We've got smoke there,” he said. “We've definitely got a resource here.”
Exploration has only gone on for a short period of time since logging greatly improved the access and rock exposure.
In one area, a designated burn, which expanded beyond its intended limit, removed moss over large areas of the claim group.
Webster isn't worried about the current price of $294.40 US per ounce for gold and believes it can't last forever.
“It's mainly because of the European countries trying to stabilize their economies,” said Webster.
Timmins Daily Press, December 3, 1997