Goldeye Explorations Limited ("Goldeye" or "the Company") is pleased to announce that it has entered into a Letter of Intent (the "Letter") with Sandy Lake First Nation ("SLFN"). Pursuant to the Letter, Goldeye and SLFN will enter into exclusive negotiations regarding potential mineral exploration activities on SLFN Indian Reserve #88, which is adjacent to Goldeye's 100%-owned Weebigee Project.
Blaine Webster, President and Chief Executive Officer of Goldeye, comments: "Goldeye returned very encouraging results during winter drilling at Weebigee with high-grade gold discoveries at the Knoll and Bernadette zones as well as the geologically similar RvG4 zone 500 metres along strike to the Northwest. Highlights included: 12.86 g/t Au over 6.85 metres core length in hole BK-14-03 (Bernadette), 12.45 g/t Au over 3.5 metres core length in hole BK-14-05 (Knoll), and 23.15 g/t Au over 3.97 metres core length in hole BK-14-18 (RvG4). Visible gold was noted in 50% of the drill holes.
While the high-grade gold zones at Knoll, Bernadette and RvG4 are within Goldeye's 100%-owned claim block, this Letter adds greater certainty to the project by defining an exclusive relationship between Goldeye and SLFN within the adjacent Indian Reserve #88 lands for at least the next year and a half as we work towards a final agreement. This Letter further demonstrates Goldeye and SLFN's continuing commitment to work together for the mutual benefit of the people of Sandy Lake First Nation and Goldeye's shareholders."
The contents of this news release have been reviewed and approved by Blaine Webster, P.Geo., President and CEO of Goldeye and a qualified person as defined in NI 43-101.
On behalf of the Board of Directors,
Blaine Webster, P.Geo., President and CEO
About the Weebigee Project
Goldeye's 100%-owned Weebigee Project is located 227 kilometres north of Red Lake in Northwestern Ontario and comprises 363 claims totaling approximately 6,000 hectares. The NW Arm claim block covers approximately 20% of the total project area and hosts the highest density of gold showings in the Sandy Lake Greenstone Belt.
During February and March 2014, Goldeye completed its planned phase 1 drill program at Weebigee. Twenty-three holes were drilled in the NW Arm area for a total of 2,219 m. This preliminary exploration program confirmed the presence of significant gold mineralization at the Knoll, Bernadette and RvG4 Zones and supports management's view of the potential for Weebigee to host a significant gold deposit.
The project is adjacent to Sandy Lake First Nation (population approx. 3,000) which has excellent infrastructure including an airport with daily direct flights to Winnipeg, Red Lake and Sioux Lookout and winter road connection to Red Lake. All weather access roads are located within one kilometre of the Knoll, Bernadette and RvG4 areas. In November 2013, Goldeye and Sandy Lake First Nation signed a comprehensive Exploration Agreement in regards to the project. Goldeye is pleased to have a strong, mutually beneficial relationship with the people of Sandy Lake First Nation.
Goldeye is a Canadian gold-focused exploration company with properties in mineral rich, politically secure jurisdictions having long traditions of mining. Weebigee is Goldeye's flagship project in Canada. Goldeye also holds a 24.5% interest in the Todd Property in British Columbia's Golden Triangle, a 100% interest in the Gold Rock and West Shining Tree properties in Ontario, and additional claims in Tyrrell Twp. In Chile, Goldeye owns 100% of the Sonia-Puma property located 180 km north of Santiago.