Goldeye eyes gold at LaCarte (December 31, 2003)

Drilling on the LaCarte North prospect, in Tyrrell Twp. 95 km south of Timmins, Ont., has returned significant gold intersections for junior explorer Goldeye Explorations (GGY-V).

A 13-hole program tested four sections at depth beneath the LaCarte surface showing, where channel sampling in the spring of 2003 had returned an average of 5.8 grams gold per tonne across 21 metres. Ten drill holes below the exposed zone intersected a zone of gold mineralization with grades ranging from just over 1 gram per tonne to 7.7 grams per tonne, with local high-grade intervals up to 36.8 grams per tonne.

The main structure was intersected over drilled core lengths ranging from 2 to 10 metres, except for hole H-03-07, where a 17-metre intersection ran an average 2.7 grams per tonne. Two holes at the southeast end of the structure, H-03-09 and H-03-10, intersected multiple narrow zones of mineralization, 1 metre to 6 metres in core length, with gold grades ranging from 1.4 to 4.4 grams per tonne.

The two westernmost holes, H-03-05 and H-03-06, provided the best intersections, with hole 5 cutting 9.9 metres grading 4.5 grams gold per tonne and hole 6 cutting 9.4 metres that ran 7.2 grams. The intersection in hole 6 included a metre-long interval grading 36.8 grams per tonne.

Goldeye plans a 4,000-metre drill program in January to follow up on the winter results, and to test induced polarization anomalies on the LaCarte showing and the Big Dome showing, about 3 km to the southeast. A $235,000 private placement of flow-through shares and warrants to purchase ordinary shares will finance the work.