Mexico’s proposed higher mining royalties could block nearly $7bn in investments
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TORONTO, ONTARIO–(Marketwire – Dec. 4, 2012) – Goldeye Explorations Limited (TSX VENTURE:GGY) (“Goldeye” or the “Company”) is pleased to announce that an 8 hole diamond drill program has started on its Gold Rock property on Upper Manitou Lake 30 km south of Dryden, NW Ontario, adjoining spectacular gold discoveries by Manitou Gold on its Big Master property and Treasury Metals on its Goldcliff property.
The planned holes will test high priority Spectral IP anomalies associated with anomalous surface gold occurrences, as well as deeper IP anomalies. Most of the drill targets are located along structural trends that host the Big Master and Laurentian mine currently being explored by Manitou.
The drill will also test newly discovered high priority Spectral IP anomalies indicating fine grained pyrite in the same stratigraphy as the Elora Mine property. The anomalies are also associated with narrow well shaped resistivity highs that may be associated with silicification. The Elora and Laurentian Mines are 1.5 and 0.6 km respectively south of Goldeye’s claim block. The Laurentian produced 8,143 ounces of gold at a grade of 0.4 opt Au. The past producing Big Master Mine is 1 km south of the Goldeye’s Gold Rock property and is the location of Manitou Gold’s discovery in February, 2011 of 53.7 kg/t Au in hole KW-11-26.
Goldeye’s land package is comprised of 76 claim units adjoining the aforementioned mine properties to the north and 296 claim units covering the extension of the stratigraphy being explored by Manitou at their Gaffney Extension property. There has been virtually no historic drilling done on the Goldeye Gold Rock claim block, despite its close proximity along strike of past producing gold deposits. Recent success by Manitou Gold and Treasury Metals in the area highlights the potential of the Manitou Straits deformation Zone structures that trend through the Gold Rock property. Approximately 700 metres of drilling is expected in December before freeze-up to follow-up on recent prospecting and geophysical results.
ABOUT GOLDEYE
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.
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.
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