Goldeye Drilling Results Confirm Grade and Improve on Widths of Surface Zones at Weebigee Project
March 05 2014 - 6:00AM
Marketwired Canada
Goldeye Explorations Limited (TSX VENTURE:GGY) is pleased to provide initial
drill results at its Weebigee Project north of Red Lake in the Sandy Lake
greenstone belt. Final assay certificates have been received for holes BK14-01
to BK14-03 and BK14-5 to BK14-07. Highlights of assay results (core intercepts)
include:
BK14-03 12.86 g/t over 6.85 metres (core length; uncut)
including 230.00 g/t over 0.35 metres
and 7.74 g/t over 0.40 metres
and 10.20 g/t over 0.40 metres
BK14-05 12.45 g/t over 3.50 metres (core length)
BK14-07 12.17 g/t over 2.05 metres (estimated true thickness)
Drilling during the current program has identified significant gold
mineralization within intensely altered quartz-biotite rich felsic volcanics. At
Knoll, zoned alteration consisting of outer biotite and inner
silica-carbonate-sericite assemblages host gold-bearing multiphase quartz
flooding and quartz tourmaline veining. Sulphide assemblages range from pyrite
dominant, to pyrrhotite-chalcopyrite dominant. Arsenopyrite is a very minor
sulphide phase, occurring locally as very fine needles associated with grey,
pervasive quartz flooding.
At Bernadette, crack and seal style quartz veins returned significant gold
values (drill hole BK14-03). Silica-carbonate bleaching styles of alteration are
restricted to relatively narrow haloes, or are entirely absent around each
discrete vein. It is now apparent that selective sampling at Bernadette could
easily miss significant gold mineralization.
Drill crews are expected back on site by March 10 and drilling will likely
continue until the end of March. Assay results from drill holes BK12-08 to
BK14-18 are expected by mid March.
Blaine Webster, President and CEO, states, "These initial drill results are
showing very similar grades and improving widths compared to our field work
results from 2013. The Knoll showing was tested by fans of three holes directly
beneath the outcrops sampled this summer and each hole showed a thick (5-10
metres) package of strong to intense alteration/veining and highly anomalous
gold mineralization enveloping the higher grade intercepts. Three of these holes
(BK14-05, 06, and 07) are outlined in this release. We will continue to step the
drill out along strike and to depth to explore the Knoll, Bernadette and RvG4
zones."
Table of Results
----------------------------------------------------------------------------
From Interval Composite
Drill Hole (metres) To (metres) (metres) Assay g/t Au Comment
----------------------------------------------------------------------------
BK14-01 4.45 9.65 5.20 CL 1.44 Upper Knoll
----------------------------------------------------------------------------
13.60 15.60 2.00 CL 1.79 Knoll
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BK14-02 13.10 16.50 1.40 TT 2.89 Upper Knoll
----------------------------------------------------------------------------
30.60 33.20 1.09 TT 4.74 Knoll
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BK14-03 34.15 41.00 4.93 TT 12.86 Bernadette
----------------------------------------------------------------------------
Capped at 50
34.15 41.00 4.93 TT 3.66 g/t
----------------------------------------------------------------------------
Incl. 34.15 35.30 0.83 TT 70.23
----------------------------------------------------------------------------
Capped at 50
34.15 35.30 0.83 TT 15.45 g/t
----------------------------------------------------------------------------
Incl 34.15 34.50 0.25 TT 230.00
----------------------------------------------------------------------------
60.65 62.75 1.51 TT 5.29 Bernadette 2
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BK14-05 14.65 18.15 2.73 TT 12.45 Knoll
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BK14-06 39.50 40.70 0.88 TT 8.85 Knoll
----------------------------------------------------------------------------
----------------------------------------------------------------------------
BK14-07 51.80 58.00 2.05 TT 12.17 Knoll
----------------------------------------------------------------------------
Incl. 51.80 55.70 1.29 TT 18.69
----------------------------------------------------------------------------
Table Notes:
CL = Core Length
TT = Estimated True Thickness
True thickness has been estimated where geometry of the zone is understood. One
assay result of 230 g/t was capped at 50 g/t for comparison purposes, and the 50
g/t capping value is arbitrary. Some very low grade material was included in the
composite for hole BK14-03 and no parameters for cut-off grade or internal waste
have yet been established.
Location data for the holes released are presented in the table below. The datum
used for this project is UTM NAD 83.
Drill Hole Collar Information
----------------------------------------------------------------------------
Drill Hole Easting Northing Elevation (m) Azimuth Dip Depth (m)
----------------------------------------------------------------------------
BK14-01 474178 5879387 277 263 45 93.0
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BK14-02 474178 5879387 277 263 79 51.0
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BK14-03 474194 5879393 277 74 45 123.0
----------------------------------------------------------------------------
BK14-05 474177 5879362 276 273 44 93.0
----------------------------------------------------------------------------
BK14-06 474177 5879362 276 270 79 66.0
----------------------------------------------------------------------------
BK14-07 474177 5879362 276 278 80 99.0
----------------------------------------------------------------------------
Project Logistics and QA/QC
All analyses reported in this release are from assay certificates which passed
both Goldeye Explorations Limited and Activation Laboratories QA/QC procedures.
All diamond drilling, logging and sampling, and QA/QC was supervised in the
field by David R. Jamieson, P.Geo. Drill core was logged at the Goldeye core
facilities in Sandy Lake. Drill core was logged and samples marked off and
tagged by Goldeye geological staff. Marked/tagged samples were cut by an
experienced core cutter using a diamond bladed core saw, with one core half plus
tag placed in 6 mm plastic bags for assaying and the remaining core half plus
tag place back in the original core box to be racked and archived at the Sandy
Lake core facility. Standards (OREAS CRM) and blank (Certified crushed granite)
samples were included by Goldeye personnel in the sample stream at the core
facility at a rate of approximately every 20 samples. Samples were shipped in
rice bags by Goldeye personnel by winter road from Sandy Lake to Red Lake. The
samples were picked up in Red Lake by Activation lab contractors and delivered
to Activation's Thunder Bay facility. Samples were fire assayed for gold. Any
analysis greater than 5000 ppb was reassayed using a gravimetric finish.
Activation Laboratories is a fully accredited laboratory and conforms to the
requirements of ISO/IEC 17025 (ISO 9001) and CAN-P-1579 by the Standards Council
of Canada. Assays reported in ppb were converted to g/t (grams gold per tonne of
rock). Screen metallic assaying was used where visible gold was observed in
drill core.
The contents of this news release have been reviewed and approved by David
Jamieson, P.Geo., Senior Technical Advisor for Goldeye, and Blaine Webster,
President and CEO of Goldeye, both of whom are qualified persons 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 230 kilometres north of Red
Lake in Northwestern Ontario and is comprised of 363 claims totaling
approximately 6000 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.
The project is adjacent to Sandy Lake First Nation (population approx. 3000)
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. Goldeye recently signed a comprehensive
Exploration Agreement with Sandy Lake First Nation and is pleased to have a
strong, mutually beneficial relationship with the people of Sandy Lake First
Nation.
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: "Drill crews
are expected back on site by March 10 and drilling will likely continue until
the end of March. Assay results from drill holes BK12-08 to BK14-18 are expected
by mid March." 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Goldeye Explorations Limited
Blaine Webster, P. Geo.
President and CEO
416-315-9708
bwebster@goldeye.ca
Goldeye Explorations Limited
Robin Luke Webster
Manager, Corporate Affairs and Community Relations
416-877-6389
rwebster@goldeye.ca
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