Feb 17 2011
Goldeye Explorations Limited (TSX VENTURE:GGY) has announced the results of the October-December 2010 drilling program on its 100% owned property located in northeastern Ontario.
Seven holes were drilled totaling 2,633 m: five to test the mineralization of the West Zone, one as an exploratory hole along the Tyrrell Shear Zone at Cigar Lake east of the Big Dome, and one to test the area of high grade mineralization in the Central Big Dome area.
This drilling program increased the depth extent of the West Zone, and discovered a significant new gold zone at Cigar Lake near the Tyrrell Shear Zone. Exploration is being guided by surface and borehole 3D Spectral IP surveys.
Hole 10-54 intersected 8.4 g/t Au / 3 m from 325 to 328 m (or 7.03 g/t Au over 4 m from 324 to 328 m) in a mineralized zone grading 3.1 g/t Au over 10 m (321 to 331 m). This extends the Big Dome West Zone to a vertical depth of 310 m with the grade and width increasing with depth. 3D borehole IP indicates the sulphides continue to a depth of 1 km. Goldeye will be drill testing the zone to depth. Other holes to the west returned elevated gold values and will be tested at depth.
Nine hundred meters to the east of the West Zone, a new gold zone (Cigar Lake) was discovered in Hole 10-60 intersecting 4.66 g/t Au / 2 m from 124.0 – to 126 m within a zone that assayed 1.56 g/t Au over 14 m from 114 to 128 m. This was within an interval grading 1.1 g/t Au / 26.9 m from 106.1 to 133 m. 2.08 g/t Au / 2 m was intersected deeper in the hole from 219 to 221.2 m. Hole 10-60 was targeted to test a moderate spectral IP anomaly along the Tyrrell Shear Zone where a fold in the associated resistivity high was apparent. The new gold discovery is on Goldeye's 5 km long portion of the 8 km long Tyrrell Shear Zone. Future drilling will continue to test the Cigar Lake Gold Zone to depth and along strike.
Two and one-half kilometres to the northwest of the 100% owned claim block, Mineral Mountain Resources Inc. is drilling the Cook Zone located on the Tyrrell Shear Zone. Two and one-half kilometres to the east of the southeastern corner of the 100% owned claim block, Temex Resources Corp. is drilling on the Juby deposit. The Juby deposit contains 614,000 oz of gold (indicated) and 602,000 oz of gold (inferred) (Temex press release Feb. 3, 2011). The Tyrrell Shear Zone is analogous to the Porcupine- Destor Fault at Timmins and has the potential to host several gold deposits.
A total of seven holes (2,633 m) have been completed on the Big Dome testing the depth extent and the shallow western extension of the West Zone. Hole-59 on the High Grade zone deviated to the east and missed the target. A previous press release dated August 24, 2010 summarizes the 2009 and spring 2010 drilling on the Hydro Creek main block.
At Hydro Creek DHIP (Downhole IP) on Hole HC-22 has identified a very strong high priority IP anomaly occurring in syenite at a hole depth of 450 to 500 m. This high priority drill target occurs within the syenite in the Tyrrell Shear Zone and is associated with 63 m of 0.33 g/t Au.
Fifty km of Spectral IP has been completed on 100% owned ground at Indian Lake and to the west. High priority anomalies were located at Indian Lake and Hydro Lake and will be tested in future drilling.
The 2500 m drill program with JV partner Temex is in progress and Creso Exploration Inc. has completed 2 holes (895 m) on Goldeye's Athena property east of the Minto deposit. Goldeye has also received the second installment on the Creso option ($ 75,000 cash and 100,000 shares) as part of the option agreement with Creso.
Goldeye expects to start drilling in Tyrrell Twp. as soon as meetings are finished with the Sandy Lake First Nation regarding a proposed winter drill program at the Sandy Lake property in NW Ontario.
Ground work is also progressing at our Sonia project in central Chile to establish silver gold targets for drilling.
QUALITY ASSURANCE AND QUALITY CONTROL
The drill core was sampled by sawing at a secure core facility and delivered for analysis to Activation Laboratories Ltd., Ancaster, Ontario. Activation Laboratories uses ISO/IEC 17025 to implement a quality system aimed at improving its ability to consistently produce valid results. In addition to the internal laboratory QA/QC, Goldeye inserted one certified standard or one blank sample every twenty samples.
Source: Goldeye Explorations Limited