Goldeye Gets an Early Start on 2,000 m Drill Program at Sandy Lake, NW Ontario
January 27 2014 - 7:00AM
Marketwired
Goldeye Gets an Early Start on 2,000 m Drill Program at Sandy Lake,
NW Ontario
TORONTO, ONTARIO--(Marketwired - Jan 27, 2014) - Goldeye
Explorations Limited (TSX-VENTURE:GGY) ("Goldeye" or "the Company")
has begun mobilizing crews and equipment in preparation for a 2,000
m diamond drill program on its Weebigee Project, near the community
of Sandy Lake, Northwestern Ontario, Canada. Goldeye is taking
advantage of favourable early winter conditions to move equipment
in along the newly built winter road from Red Lake. Diamond
drilling and support contracts have been signed with Minotaur
Drilling Inc. and Ackewance Exploration and Services. Drilling is
expected to commence on or before February 5.
The focus of the program will be along a broad structural
corridor that hosts the Knoll, Bernadette and RvG4 showings.
Channel sampling of these showings in 2013 returned significant
gold values up to 43.5 g/t Au (1.27 opt) at Bernadette, 41.1 g/t Au
(1.20 opt) at RvG4, and 53.8 g/t Au (1.57 opt) at Knoll. High grade
gold values at Knoll are associated with zones of intense
silicification within wider envelopes of auriferous
silica-biotite-carbonate-pyrite alteration. Channel cuts across
this mineralization returned 28.31 g/t Au over 1.07 metres and
12.35 g/t Au over 1.86 metres.
It should be noted that the showings within this mineralized
corridor have received relatively little historic diamond drilling
and that much of the bedrock at Sandy Lake is obscured by clay
overburden. The current diamond drilling program has been designed
to extend the strike length of higher grade gold zones as they
trend under clay cover. Follow-up detailed ground work will examine
the geophysical and geochemical signatures of the zones to help
guide further drilling. This will provide key information to
eventually enable efficient exploration of the entire land package
at Weebigee.
Blaine Webster, President and CEO, commented: "There has been no
drilling in the Weebigee Project area since 1988, with less than 50
holes having been drilled in the history of the entire Sandy Lake
Greenstone Belt. Our 2013 channel sampling program returned
significant gold values in all areas sampled. The strongest
alteration and gold mineralization was observed at Knoll and this
will be the focus of the current drilling program. The results and
knowledge gained from this drilling will be used to explore a
larger area around Knoll, as well as many other targets as we move
through 2014. Goldeye is exploring for high grade, high quality
gold deposits, and the sampling grades at Weebigee so far are
encouraging. This is an exciting project that benefits from the
fact that it is located close to established infrastructure and a
ready workforce in nearby Sandy Lake. Goldeye has recently signed
an Exploration Agreement with Sandy Lake First Nation (See Press
Release date Nov 18, 2013) and we look forward to working as
partners with SLFN to advance the project."
On behalf of the Board of Directors,
Blaine Webster, P.Geo., President and CEO
ABOUT GOLDEYE
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.
Additional information can be found at www.goldeye.ca
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking information which is
not comprised of historical facts. Forward-looking information
involves risks, uncertainties and other factors that could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Such statements include the following:
"The results and knowledge gained from this drilling will be used
to explore a larger area around Knoll, as well as many other
targets as we move through 2014." Although the Company believes
that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable,
undue reliance should not be placed on such information, which only
applies as of the date of this news release, and no assurance can
be given that such events will occur in the disclosed time frames
or at all. The Company disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, other than
as required by law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Goldeye Explorations LimitedBlaine Webster, P. Geo.President and
CEO416-315-9708bwebster@goldeye.caGoldeye Explorations LimitedRobin
Luke WebsterManager, Corporate Affairs and Community
Relations416-877-6389rwebster@goldeye.cawww.goldeye.ca
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