Goldeye Explorations Limited Provides Update on Weebigee Project
February 27 2014 - 7:39AM
Marketwired
Goldeye Explorations Limited Provides Update on Weebigee Project
TORONTO, ONTARIO--(Marketwired - Feb 27, 2014) - Goldeye
Explorations Limited (TSX-VENTURE:GGY) is pleased to provide an
update on progress at its Weebigee Project near Sandy Lake,
Northwestern Ontario. Favourable winter conditions have allowed
Goldeye to near completion of the initial drill program at Weebigee
well before break-up conditions become a factor.
Drilling commenced on February 8 and as of February 25, 18 holes
have been completed totalling 1,530 metres. Goldeye anticipates
that 4 additional holes will be completed by Sunday March 2
bringing the total metres drilled to 1,900. Drilling has focused
along a broad structural corridor that hosts the Knoll, Bernadette
and RvG4 showings. Fine visible gold has been identified in 50% of
the holes drilled to date.
Drill core from approximately 50% of the holes has been
processed at the core facility in Sandy Lake and sent to Activation
Laboratories in Thunder Bay. All assays are pending. Goldeye
anticipates that core logging and sampling from the remaining holes
will be completed in the next 2 weeks with a final compilation of
drill results from the program being available by the end of
March.
Blaine Webster, President and CEO of Goldeye, commented: "The
drill program has thus far met our expectations. The identification
of visible gold in drill core in each of the showing areas is very
encouraging, as is the nature and extent of the quartz
veining/alteration zones. Geological and structural controls on the
gold-bearing system are now much clearer. We eagerly await the
assays which will be forthcoming in the next few weeks to allow us
to fully update our investors and partners on the progress Goldeye
has made at Weebigee. As results are received, Goldeye expects to
be able to decide whether to continue drilling before spring
break-up. Goldeye would like to thank its contractors for their
efforts in expediting all the stages of this program. Goldeye can
now efficiently plan and execute its 2014 exploration efforts at
Weebigee. Goldeye would also like to thank Sandy Lake First Nation
for its ongoing support."
The contents of this news release have been reviewed and
approved by David Jamieson, P.Geo., Technical Advisor for Goldeye,
and Blaine Webster, President and CEO of Goldeye, both of whom are
qualified persons as defined in NI 43-101.
Goldeye will be exhibiting at PDAC on Sunday March 2 and Monday
March 3 at Booth #2405A in the Investors Exchange, and will have
core on display.
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. The Weebigee Project, 100%-owned by Goldeye, is located
near Sandy Lake, 227 kilometres north of Red Lake in Northwestern
Ontario, and comprises 363 claim units totaling approximately 6,000
hectares. The project covers many of the most highly prospective
gold and base metal showings in the Sandy Lake Greenstone Belt.
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:
"Goldeye anticipates that 4 additional holes will be completed by
Sunday March 2 bringing the total metres drilled to 1,900",
"Goldeye anticipates that core logging and sampling from the
remaining holes will be completed in the next 2 weeks with a final
compilation of drill results from the program being available by
the end of March" and "As results are received, Goldeye expects to
be able to decide whether to continue drilling before spring
break-up". 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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