TORONTO, ONTARIO, Mar 03 (MARKET WIRE) —
Goldeye Explorations Limited (“Goldeye” or the “Company”) (TSX VENTURE:
GGY) is pleased to announce that it has optioned 23 claims in Tyrrell
Township in the Shining Tree area of northeastern Ontario to Creso
Resources (Creso). The three blocks of claims adjoin the Minto (Gordon
Lake) deposit on which a historic resource which is non-compliant with
National Instrument 43-101 (and should not be relied upon) was identified
to contain 225,000 tons grading 0.20 g Au/t to a depth of 750 feet, as
reported in the Ontario Ministry of Northern Development and Mines
Resident Geologist Annual Report for 2008. Creso has also acquired the
Minto deposit and other surrounding ground.
The option agreement enables Creso to acquire up to a 75% interest in the
optioned Goldeye claims. To earn an initial 50% direct working interest,
Creso must make payments of $250,000 ($100,000 received), issue 400,000
shares (100,000 received) and incur a minimum aggregate work expenditure
of $1,000,000 no later than three years from the agreement date. To
acquire an additional 10% interest, Creso must incur an additional
$500,000 of work costs within two years of earning its 50% interest. To
acquire an additional 15% interest, for a direct aggregate 75% working
interest, Creso shall assume all costs to bring the Goldeye claims to
production within three years after earning its initial 50% interest.
Annual advance net smelter return royalty payments of $75,000 commence at
the beginning of year four of the option. These royalty payments are to
be applied as advances against the actual Goldeye NSR payments should
Goldeye be diluted to a net smelter return royalty if a joint venture
were to be formed prior to Creso’s earning a 75% interest. As well, the
Company has a separate 2% NSR (half of which is purchasable for
$1,000,000) on two claims included in the option. Additionally, a lump
sum payment of $2,000,000 will be made to Goldeye upon reaching 50,000
ounces of production from the Company’s claims.
Tyrrell Drilling Program Start-Up
Goldeye has recently mobilized a diamond drill and commenced drilling a
minimum 4,000 metre program on its retained Tyrrell Township property,
located approximately three kilometres from the Creso properties. The
drilling will follow-up on the late 2009 drilling in which hole 41
intersected 4.97 g Au/t over 3.0 metres in the West Iron Formation Zone
and hole 42 intersected 6.12 g Au/t over 4.43 metres in the East
Extension Target. Both intersections occur within a mineralized strike
length of 700 metres in the Big Dome area. Drilling is also planned for
the Hydro Creek area, which is located approximately 900 metres to the
west. Here, the down plunge extension of the Lacarte North Zone will be
investigated, as well as additional mineralization associated with the
Tyrrell Shear Zone
Goldeye is a Canadian gold-focused exploration company with properties in
mineral- rich, politically secure jurisdictions with long traditions of
mining (Canada and Chile). The main Canadian property interests in
Ontario (Tyrrell, Sandy Lake, McFaulds Lake, and Gold Rock) and British
Columbia (Todd Creek) encompass approximately 490 square kilometres, and
involve third party funding at McFaulds and Todd Creek. The 80 square
kilometre Sonia property in Chile is located approximately 180 kilometres
north of Santiago in a promising metallogenic setting.
Goldeye’s approach is to advance precious metal deposits to the
development stage, employing, in part, technologically advanced
geophysical techniques and occasionally joint venture funding.
Goldeye will be exhibiting at the Prospectors and Developers Convention
in Toronto on March 7 and 8 (Sunday and Monday), and cordially invites
attendees to meet with us at booth 2405A.
The Qualified Person who has read and approved this press release is
Blaine R. Webster, P.Geo., President and C.E.O. of Goldeye Explorations
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
Goldeye Explorations Limited
President and C.E.O.
(905) 731-9367 or (905) 886-2538
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