Goldeye Explorations Limited

Weebigee / Gold Rock / Sonia & Puma / West Shining Tree / Todd Creek

Goldeye Explorations Limited Profile

Goldeye Explorations Limited, Richmond Hill, ON, TSX.V : GGY, is a Canadian exploration company with properties in Ontario McFaulds Lake, Tyrrell, Fawcett/Leonard, Gold Rock, Boyer Lake, Bryce and Sandy Lake, British Columbia,Todd Creek and central Chile (SoniaPuma).

A 100%owned subsidiary, Minera Goldeye Chile Limitada, was registered in Chile on December 28, 2006.

Option agreements with Olympus Explorations Inc. and Geofine Exploration Consultants Limited are summarized in the Chile and Todd Creek, B.C. property descriptions respectively.

Tyrrell (95 km south of Timmins) - Big Dome & Hydro Creek gold zones

Pursuant to various option agreements, the Company acquired and now owns 100% of a total of 191 claim units in Tyrrell Township.

The 2008 program also included the logging of core obtained during the drilling in 2007, borehole and surface IP surveys, and a gravity survey that extended the target on Breeze Lake.

At Hydro Creek, 3.5 km to the west of Breeze Lake, a new target has been recognized in a review of previous results. Hole HC22 intersected 62 m of 0.32g/tgold in trachytes (syenite) porphyry at a vertical depth of 400 metres.

Drillhole IP surveys indicate that the mineralization has volume and therefore should be tested further via drilling. Trachytes are the host rock for orebodies at Kirkland Lake and Matachewan.

An alteration study commenced by consultants in April 2008 will be continued when financing is secured.

The gold zones, wide open along strike and at depth, were tested by a drill program that was carried out in February 2008.

The program extended the auriferous zones and demonstrated the potential for not only significant strike lengths with the potential for higher grade shoots, but also the potential for additional gold discoveries. Many IP anomalies remain untested at this time.

Fawcett and Leonard Townships (immediately SW of Tyrrell)

Description, Geology and 2008 program

This property comprises 42 claims covering 5,200 hectares, located approximately 95 kilometres south of Timmins, Ontario.

The northwestern Fawcett Township claims share three borders with Ursa Major’s 40- claim unit property that hosts the Shining Tree nickel deposit.

Ursa Major have published an indicated mineral resource of 1.02 million tons grading 0.71% Ni and 0.36% Cu, plus an inferred mineral resource of 1.49 million tons grading 0.67% Ni and 0.36% Cu.

One kilometre to the southeast, the Company holds the strike extension of the lithologies hosting Ursa . In September 2008, two new conductors were located in this area by a deep penetrating moving loop electromagnetic survey.

Exploration to date on this property has located geochemically interesting but non-economic mineralization. Mineral potential appears to be at depths greater than 400m and the Company is looking for partners to undertake the expensive deep drilling program required.

Mineral Property Holdings at September 30, 2008

Mineral Property 1

Target Minerals 2


Goldeye interest


McFaulds Lake

Cu / Ni / PGE

Northern Ontario

50%, 127 claims


Tyrrell Tyrrell (Temex)

Au Au

NE Ontario NE Ontario

100%³, 191 claims 40%, 40 claims

3,648 2,208


Cu / Ni / Zn

NE Ontario

100%, 42 claims


Gold Rock


NW Ontario

100%4, 8 claims


Boyer Lake


NW Ontario

100%, 2 claims



Au / Diamonds

NE Ontario

100%3, 21 claims


Sandy Lake

Au / Cu / Zn

NW Ontario

100%3, 220 claims


Todd Creek

Au / Cu / Ag / Zn

NW British Columbia

50%3,5, 30 claims



Au / Ag

Central Chile

100%3, 34 claims


2008 Activity

McFaulds Lake

Following the Double Eagle (Cu, Ni, PGE) discovery by Noront Resources Ltd. in the James Bay Lowlands area of northern Ontario, Goldeye, in conjunction with 50:50 partner Tribute Minerals Inc., has staked 90 claims covering 19,200 hectares in nine blocks.

The claims are located along the "Ring of Fire" approximately 45 kilometres west of the Double Eagle discovery. The claims protect several airborne magnetic anomalies that are interpreted to exhibit similarities to that associated with the Noront discovery. Peridotite, which hosts the Cu-Ni-PGE mineralization at the Double Eagle zone, was encountered on one of the claims groups during the staking.

The massive sulphide base metal potential is related to central volcanic complexes in board of the zone of mafic and ultramafic intrusions.

An airborne VTEM flown in March 2008 in the southwestern “Ring of Fire” area encompassing approximately 1860 km resulted in the discovery of multiple high priority coppernickel and copperzinc conductive zones.

A second VTEM survey and geophysical ground surveys have been recommended for the second batch of unsurveyed claims with the expectation that additional conductors will be revealed in subsequent data analysis.

During the quarter ended September 30, 2008 the Company and its partner Tribute Minerals Inc. (“Tribute”) entered into a formal agreement to roll their respective interests in the McFaulds Lake land holdings into a new company to be known as McFaulds Resources Inc (“McFaulds”). The new entity was incorporated on July 23, 2008.

Goldeye and Tribute will retain a 1% net smelter return royalty (“NSR”) in the property and will each receive 14,000,000 McFaulds common shares (8,000,000 of which are to be distributed to the parent companies’ shareholders) when the agreement to transfer the property is signed.

As of November 28, 2008, the Company and Tribute have not rolled their interests in the Property to McFaulds. In view of market conditions subsequent to the reporting period, Goldeye and Tribute are reviewing various options relating to the property.

Outlook and Plans

In November 2008, the price of gold rose more than any other month in the past eight years. ( Daily Metal Report, November 28, 2008) Management envisions that the price of gold will continue to rise in U.S. dollar terms due to the massive infusion of capital into the U.S. economic system, thereby increasing the economic viability of Goldeye’s Canadian and Chilean gold properties.

In the longer term, Management expects that the demand for base metals will increase in relation to development in emerging economies, bolstering its confidence in the Company’s McFaulds Lake and Fawcett Township interests.

These factors combined with a new reality of declining exploration and mining costs will facilitate the Company’s search for partners.

Goldeye has three other high potential gold properties:

1) Sandy Lake NW Ontario,

2) Todd NW B.C. (50% Goldeye) and

3) The Sonia project in central Chile.

Goldeye has been advancing these projects over the past several years and they are all drill ready.

Disclosure of Outstanding Share Data

The Corporation is authorized to issue an unlimited number of common shares, and on November 28, 2008 there were 82,322,895 common shares issued.

As at November 28, 2008, there were 2,570,000 options outstanding with a weighted average exercise price of $0.13 expiring between May 22, 2012 and September 8, 2013.

As at the same date, there were 22,892,328 warrants outstanding with a weighted average exercise price of $0.18 expiring between December 1, 2008 and December 28, 2009.

Last changed at 27-Nov-2014 05:52AM by RockLicker