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TABLE OF CONTENTS Mar 31 - Apr 6, 2014 Volume 100 Number 7 - 0 comments

Goldeye rises on golden Weebigee results

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2014-03-26

VANCOUVER — Good gold results from a 22-hole program at the Weebigee project in Ontario have doubled Goldeye Explorations’ (TSXV: GGY; US-OTC: GEYEF) share price since the start of the year.

Weebigee is a 50 sq. km land package, 230 km north of Red Lake. The property covers part of the Sandy Lake greenstone belt, though clay deposits and lakes obscure much of the bedrock.

Prospectors first noticed gold-bearing quartz–tourmaline veins and silicified zones along the shore, where water had cut through the clay. Limited exploration in the 1980s outlined several gold showings along a broad structural corridor, but the entire area had seen fewer than 50 drill holes before Goldeye took ownership, and none since 1988.

Goldeye spent mid-2013 sampling at Weebigee, and the results certainly warranted a follow-up. At Knoll, the channel sampling of a surface showing of intense silicification surrounded by silica–biotite–carbonate–pyrite alteration returned a best result of 53.8 grams gold per tonne.

Knoll is on a point jutting out into Sandy Lake. The Bernadette showing, 50 metres east, returned 43.5 grams gold in a channel sample. Several hundred metres to the northwest, the RvG4 zone sits on an island and produced a channel sample that ran 41.4 grams gold.

Goldeye returned to the project in February with a drill and completed 22 holes totalling 1,900 metres. There was visible gold in half of the holes.

At Knoll, the drills hit gold mineralization. Hole 16 cut 6.8 metres grading 8.59 grams gold, starting 78 metres downhole and including 2.6 metres grading 18.96 grams gold. Hole 11 cut 5.5 metres grading 6.71 grams gold from 15 metres depth and hole 12 returned 7 metres averaging 6.76 grams gold from 21 metres depth.

The company also probed the RvG4 zone, which produced a 4-metre intercept grading 23.15 grams gold.

Goldeye describes Knoll as a steeply dipping, highly altered strain zone within a package of felsic quartz–feldspar crystal tuff. Goldeye president and CEO Blaine Webster says the company is drilling several short holes at RvG4 to ascertain the zone’s strike and dip.

“We are excited about the significant gold intersection drilled at RvG4, located on strike and 500 metres northwest of Knoll,” Webster said. “The relationship between RvG4 and the Knoll zones is not yet known. However, alteration, quartz veining and host lithologies are similar.”

Assay results are pending for the last few holes of the program, including one that tested a large fold nose under the lake and returned highly altered ultramafic and biotite-rich sedimentary rocks.

Goldeye’s share price started the year at 7.5¢, but a steady ascent since has lifted it to 16.5¢. The company has 39 million shares outstanding.



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Photos

At the Weebigee gold project near Sandy Lake, Ontario, from left: geological technician Nick Bain, senior geologist David Jamieson, Minotaur Drilling's Kevin Holmgren, and field assistants Manashe Rae, Curtis Linklater and Dan-Dan Meekis. Credit: Goldeye Explorations
At the Weebigee gold project near Sandy Lake, Ontario, ...

Companies in This Story

Goldeye Explorations Limited

Properties in This Story

Weebigee Project



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