Goldeye Explorations Continues to Produce Strong Gold Results at
Weebigee
TORONTO, ONTARIO--(Marketwired - Mar 17, 2014) - Goldeye
Explorations Limited (TSX-VENTURE:GGY) is pleased to provide an
update on the winter drilling program at its Weebigee Project near
Sandy Lake, Northwestern Ontario. Final assay certificates have
been received for holes BK14-08, 10, 11, 12, 14, 16 and 18.
Highlights of gold assay results (core intercept composites)
include:
KNOLL
ZONE
BK14-16 |
8.59
g/t over 6.83 metres (core length; not capped) |
Incl. |
18.96
g/t over 2.55 metres (core length; not capped) |
|
|
BK14-12 |
6.76
g/t over 7.03 metres (core length) |
|
|
BK14-11 |
6.71
g/t over 5.47 metres (core length) |
Incl. |
18.26
g/t over 1.4 metres (core length) |
RvG4
ZONE
BK14-18 |
23.15
g/t over 3.97 metres (core length; not capped) |
Drilling during the current program continues to extend the
strike and depth extent of the Knoll Zone. Knoll consists of a
steeply dipping, highly altered and quartz veined high strain zone
within a package of broadly biotite altered felsic quartz-feldspar
crystal tuff. The hanging wall contact of the main gold zone at
Knoll is marked by a late, mafic to ultramafic dyke that has
exploited the extensional structure hosting the intense alteration
and quartz veining.
New Results
Table
Drill Hole |
From (metres) |
To (metres) |
Interval (metres) |
Composite Assay g/t Au |
Comment |
BK14-08 |
36.23 |
39.74 |
3.51 CL |
5.78 |
Knoll |
Incl. |
37.56 |
39.74 |
2.18 CL |
8.59 |
|
|
|
|
|
|
|
BK14-10 |
9.4 |
11.2 |
1.8 CL |
4.54 |
Knoll |
|
|
|
|
|
|
BK14-10 |
38 |
40.5 |
2.5 CL |
4.86 |
FW Zone |
Incl. |
38 |
39.15 |
1.15 CL |
9.59 |
|
|
|
|
|
|
|
BK14-11 |
15 |
27.57 |
12.57 CL |
3.72 |
Knoll |
Incl. |
22.1 |
27.57 |
5.47 CL |
6.71 |
|
Incl. |
22.1 |
23.55 |
1.45 CL |
18.26 |
|
|
|
|
|
|
|
BK14-12 |
20.7 |
34.97 |
14.27 CL |
4.57 |
Knoll |
Or |
20.7 |
34.97 |
5.5 TT |
4.57 |
|
Incl. |
20.7 |
27.73 |
7.03 CL |
6.76 |
|
Or |
20.7 |
27.73 |
3.0 TT |
6.76 |
|
|
|
|
|
|
|
BK14-12 |
68.37 |
70.27 |
0.55 TT |
9.77 |
FW Zone |
|
|
|
|
|
|
BK14-14 |
52 |
61.65 |
9.65 CL |
2.58 |
Knoll |
Or |
52 |
61.65 |
3.2 TT |
2.58 |
|
|
|
|
|
|
|
BK14-16 |
78.33 |
85.16 |
6.83 CL |
8.59 |
Knoll |
Or |
78.33 |
85.16 |
6.83 CL |
7.82 |
Cap 50g/t |
Incl. |
78.33 |
80.88 |
2.55 CL |
18.96 |
|
Or |
78.33 |
80.88 |
2.55 CL |
16.88 |
Cap 50g/t |
|
|
|
|
|
|
BK14-18 |
43.56 |
47.53 |
3.97 CL |
23.15 |
RvG4 |
Or |
43.56 |
47.53 |
3.97 CL |
21.14 |
Cap 50g/t |
And |
57.39 |
61.40 |
4.01 CL |
7.33 |
|
|
CL = Core Length |
TT = Estimated True Thickness |
True thickness (TT) has been estimated where holes have
intersected the zone at a relatively low core angle and the
geometry of the zone is understood. Core Lengths (CL) where
presented represent approximately 50 to 80% of the true thickness
of the assayed zone. All individual gold assays have been
arbitrarily capped at 50 g/t and results where this capping applies
have been noted in the result tables.
Blaine Webster states: "These latest drill results are very
encouraging in terms of both the continuity and grade of
mineralization at Knoll. We are also excited about the significant
gold intersection (23.15 g/t over 3.97 metres) drilled at RvG4,
located on strike and 500 metres NW of Knoll. We have a good handle
on the geometry of the zone at Knoll and it is open in all
directions. We are currently working out the strike and dip
attitudes of gold mineralization at RvG4 by drilling a number of
short holes. The relationship between RvG4 and Knoll zones is not
yet known, however alteration, quartz veining, and host lithologies
are similar. There are a number of occurrences of visible gold in
drill core between 43 and 62 metres downhole in drill hole BK14-18
(RvG4). We believe this is extremely encouraging.
Another area of interest tested during this program is a large
fold nose located beneath the Northwest Arm of Sandy Lake. This
structure has been defined by ground and airborne magnetic surveys.
Hole BK14-19 was drilled from the ice across a discordant feature
along the fold nose. Highly altered (hematite, serpentine,
magnetite) ultramafic and biotite-rich sedimentary rocks were
intersected throughout the hole. Detailed magnetic surveys are
planned to further refine drill targets along this regional
structure."
Table of Previously
Released Results
Drill Hole |
From (metres) |
To (metres) |
Interval (metres) |
Composite 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 |
|
34.15 |
41.00 |
4.93 TT |
3.66 |
Capped at 50 g/t |
Incl. |
34.15 |
35.30 |
0.83 TT |
70.23 |
|
|
34.15 |
35.30 |
0.83 TT |
15.45 |
Capped at 50 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 |
|
|
CL = Core Length |
TT = Estimated True Thickness |
True thickness has been estimated where holes have
intersected the zone at a relatively low core angle and the
geometry of the zone is understood. Individual gold assays have
been arbitrarily capped at 50 g/t in some of the results presented
above.
A table that includes drill hole collar coordinates, azimuths
and dips follows.
Dill Hole
Coordinates
Drill Hole |
East |
North |
Elevation (m) |
Azimuth |
Dip |
Depth (m) |
BK14-01 |
474178.7 |
5879387.5 |
277.6 |
263 |
45 |
93.0 |
BK14-02 |
474178.7 |
5879387.5 |
277.6 |
263 |
79 |
51.0 |
BK14-03 |
474194.8 |
5879393.1 |
277.9 |
74 |
45 |
123.0 |
BK14-05 |
474177.9 |
5879362.4 |
276.7 |
273 |
44 |
93.0 |
BK14-06 |
474177.9 |
5879362.4 |
276.7 |
270 |
79 |
60.0 |
BK14-07 |
474177.9 |
5879362.4 |
276.7 |
278 |
80 |
99.0 |
BK14-08 |
474189.7 |
5879407.7 |
278.1 |
264 |
44 |
120 |
BK14-10 |
474176.1 |
5879341.5 |
274.7 |
273 |
43.5 |
60.0 |
BK14-11 |
474176.1 |
5879341.5 |
274.7 |
271 |
63 |
50.0 |
BK14-12 |
474176.1 |
5879341.5 |
274.7 |
271 |
73.5 |
84.0 |
BK14-14 |
474199.1 |
5879329.0 |
275.6 |
235 |
79.5 |
102.0 |
BK14-16 |
474203.4 |
5879335.9 |
275 |
274 |
65 |
90.0 |
BK14-18 |
473999.7 |
5879828.8 |
275.8 |
109 |
47 |
90.0 |
Drill holes BK14-04, 09 and 17 have been sampled and sent for
analysis. The remaining holes (BK14-13, 15, 19, 20, 21 and 22) will
be logged and sampled over the next two weeks. Drilling is expected
to continue for at least one more week.
A preliminary drill plan and sections will be posted on the
Goldeye website (www.goldeye.ca) soon.
Project Logistics and
QA/QC
All analyses reported in this release are from assay
certificates which passed Activation Laboratories QA/QC procedures.
All diamond drilling, logging and sampling 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 by Goldeye geological staff. Marked samples were
cut by a diamond bladed core saw, with one half bagged in plastic
for sampling and the remaining half archived at the Sandy Lake core
facility. Standard and blank samples were included by Goldeye
personnel in the sample stream at the core facility at a rate of
approximately every 20 samples. All assays reported in this release
have passed Goldeye's QA/QC program. Drill core in which visible
gold was noted by the geologist was cut under the geologists
supervision to facilitate equal representation of visible gold in
both sampled and archived drill core. Where visible gold was noted
only in one half of the cut core, this half was archived. Samples
were placed in rice bags and shipped by Goldeye personnel by winter
road to Red Lake. The samples were picked up in Red Lake by
Activation personnel 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 R. 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:
"Detailed magnetic surveys are planned to further refine drill
targets along this regional structure.", "The remaining holes
(BK14-13, 15, 19, 20, 21, 22) will be logged and sampled over the
next two weeks.", " Drilling is expected to continue for at least
one more week.", and "A preliminary drill plan and sections will be
posted on the Goldeye website soon." 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.
Blaine Webster, P. Geo.President and
CEO416-315-9708bwebster@goldeye.caRobin Luke WebsterManager,
Corporate Affairs and Community
Relations416-877-6389rwebster@goldeye.ca
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