TORONTO, ONTARIO--(Marketwire - Jan. 16, 2012) - Goldeye Explorations Ltd. (TSX VENTURE:GGY) ("Goldeye" or "the Company") is pleased to provide an update of exploration activities on its Tyrrell Township properties.
As reported by Temex Resources Corp ("Temex") in their press release of January 16, 2012 their NI 43-101 mineral resource on the Juby Main Zone located in the Shining Tree area is now 50% larger than Temex's previous resource estimate published in June, 2010. A detailed summary of the resource grades, categories and estimate modeling parameters can be found in their press release.
Of particular significance to Goldeye is the developing tonnage resource on the Juby Joint Venture Property (60% Temex and 40% Goldeye). In the indicated resource category at a cut-off grade of 0.4 g/t gold, Goldeye's 40% share is 578,376 tonnes with a gold grade of 1.44 g/t (Goldeye 26,798 ounces gold). In the inferred resource category at the same cut-off grade of 0.4 g/t gold Goldeye's 40% share is 1,545,023 tonnes with a gold grade of 0.76 g/t (Goldeye 37,791 ounces gold). To quote Temex, "this resource estimate is based on 7 NQ surface drill holes totaling 1, 715 metres drilled by Temex in three drill campaigns conducted between 2004 and 2011 on the Juby Joint Venture Property".
During August of 2011 Temex conducted a B horizon soil sampling program that outlined a strong gold-in-soil anomalous zone to the south of the Juby Main Zone in the Juby Joint Venture Property. Follow up prospecting across this trend discovered several occurrences of gold in bedrock with individual samples ranging from 0.59 g/t gold to 8.26 g/t gold. As reported by Temex in their 24 November, 2011 press release "this anomalous gold zone occurs along the margin of a moderate chargeability and resistivity anomaly with an area of low chargeability and resistivity... and the gold mineralization is hosted in highly altered feldspar porphyry and sedimentary rocks that exhibit iron carbonate alteration and minor amounts of pyrite similar to the Juby Main Zone".
A reconnaissance survey by Goldeye during November 2011 determined that the units hosting the mineralization announced by Temex extend into the Goldeye's 100% owned claim block. This zone appears to be parallel to the main Tyrrell Structural Zone along which Goldeye has discovered three gold mineralized zones (Big Dome/West Zone, Hydro Creek and Cigar Lake) and offers yet another priority gold exploration target. This is in addition to the newly discovered breccia zone in the hanging wall above the Tyrrell Structural Zone which Goldeye is planning to drill in February.
Goldeye looks forward to continuing our working relationship with Temex to explore these high priority gold exploration targets and exploring our own 100% owned highly prospective ground.
Goldeye is a Canadian gold-focused exploration company with properties in mineral rich, politically secure jurisdictions with long traditions of mining (Canada and Chile). Goldeye's approach is to advance precious metal deposits to the development stage, employing, in part, technically advanced geophysical techniques and occasionally joint venture funding.
Forward Looking Statements:
This news release includes certain "forward-looking statements". Such forward-looking statements involve risks and uncertainties. The results or events predicted in these forward-looking statements may differ materially from actual results or events. The Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
Neither the 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.