CG recently bought a chunk of this company:
Canadian Company Press Release
GEYE 1998-04-21 (provided courtesy of ISDN Wire Service)
GOLDEYE EXPLORATIONS LIMITED - DRILL PROGRAM INCREASES SIZE OF
GOLDEYE ZONE
TORONTO, ONTARIO--
GOWGANDA TYRRELL TOWNSHIP PROPERTY
Goldeye Explorations Limited ('Goldeye" ) is pleased to announce that it has
increased the size of the Goldeye Zone in its recent diamond drill program on
its 178 unit ( 28.8 square km ) property in the Tyrrell Township Gold Area
located 20 km west of Gowganda in northeastern Ontario. Two holes were
drilled to define the updip extension of the main Goldeye Gold Zone.
The Goldeye Zone is hosted in the east-southeast striking Tyrrell Structural
Zone (TSZ) which is a major deformation corridor crossing the property.
The hole returned the following results from the (TSZ) :
Hole GE-98-1
From to Core Est. True g/t
(Meters) (meters) Thickness meters Thickness m Au
249.1 309.8 60.70 51.5 0.50
includ.286.1 287.0 0.90 0.76 2.85
and 301.0 305.4 4.40 3.73 1.43
includ.301.0 301.6 0.60 0.51 2.34
304.5 305.4 0.90 0.76 2.77
The second hole of the 1998 program, GE-98-2, tested the same mineralized
zone 50m above Haddington Hole GE-24 which assayed 5.64 g/t gold over a 2.2
m true thickness within a broad zone of low grade mineralization assaying
1.94 g/t Au over a true thickness of 37.4m. Hole GE98-2 extended the values
in GE24 upward, returning the following encouraging results:
From to Core Est. True g/t
Meters meters Thickness meters Thickness m Au
217.0 250.0 33.0 30.8 1.35
includ.220.0 221.0 1.0 0.93 3.04
and 225.0 233.0 8.0 7.5 2.91
includ.227.0 228.0 1.0 0.93 3.67
228.0 229.0 1.0 0.93 5.98
and 231.0 232.0 1.0 0.93 4.67
The 229-231 interval contains a mafic dike which has lowered the grade of the
225-233 section.
GEOLOGIC MODEL 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 overly Kerr
Addison type green carbonates and south facing spinifexed textured
ultramafic flows.
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.
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.
Resumption of drilling is planned after the completion and evaluation of the
geophysics in the next two weeks. The moderate to strong Spectral IP
anomalies flanking linear magnetic features indicate high volumes of fine
grained sulphides near narrow silicified zones which are high priority
targets. Deep - IP will identify "rolls" in the hanging wall diabase. These
"rolls" appear to be loci for significant gold concentration and therefore
represent targets requiring deeper drill follow-up.
AREA ACTIVITY
Tyrrell Township is becoming the focus of increased exploration activity by
a number of junior and major companies who are actively exploring in the
area.
BHP MINERALS - Goldeye has optioned 3 unpatented claims in Tyrrell township
from BHP minerals. They are located on the western extension of the TSZ
immediately beyond the La Carte Hydro Creek property.
GOLD ROCK PROPERTY - Newhawk Gold Mines Ltd. (TSE) has optioned the 14 claim
Elora Mine property located adjacent to Goldeye's 124 unit property. The
Elora / Laurentian Mine returned a recovered grade of 14.06 g/t gold. A 1000
m diamond drill program by Newhawk will commence shortly. ( Newhawk press
release April 14,1998)
Goldeye Explorations Limited is a Canadian junior exploration company with
four active projects in Ontario, Canada: the Shining Tree Tyrrell Township
property, the Goldrock project, the Sandy Lake project and the Maissonville
project. The company has 3,105,201 Common shares of Goldeye issued and
outstanding, of which 780,001 are held in escrow, and 300,000 common shares
and purchase warrants. Additionally there are 600,000 Special Warrants issued
and outstanding which are convertible into 600,000 Units of Goldeye, each
Unit consisting of one common share and one common share purchase warrant.
Blaine R. Webster, CEO Frank P. Puskas, President
Ph (905) 731-0972 Ph (705) 692- 9276
Fax: (905) 731-9312 Fax:(705) 692-7614
Or Richard Nemis or visit our website: pathcom
Director
Telephone: (416) 864 1456
Fax: ( 416) 947 0807
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