Goldeye hopes to hook the big fish with Tyrrell Creek

Blaine Webster, CEO of Goldeye Explorations (GGY-V), believes his company’s Tyrrell Twp. gold property, 90 km south of Timmins, Ont., could turn out to be another Kirkland Lake. The only question is what route the company will take to advance the 36.5-sq.-km property -– and find out if he’s right.

As a penny junior with 85.6 million shares outstanding and a market cap of $3.4 million, Goldeye has two choices, Webster says.

“There’s two paths: there’s the investing path, and then there’s the keep on drilling path and both have their pros and cons,” he says. “The drilling path, if you drill it off and it doesn’t do anything, then you’ve lost your money, but just where (Tyrrell) is, there’s a high probability of success so I’ve got some investors that are quite interested in drilling it off.”

With regard to that first option, Goldeye did draw some interest from companies hunting for precious metals projects at the Prospectors and Developers Association of Canada (PDAC) convention in March, Webster says. And the visible gold in the Tyrrell drill core on display at the Goldeye booth was one reason for that interest.

“When you show the high grade to them, everybody’s interested, so it’s just a matter of getting the word out and getting the stock price up a bit so it’s not too dilutive,” he says.

Webster, an ex-Inco field geophysicist who also has a contracting business called JVX, says two major companies expressed interest in Tyrrell at this year’s PDAC in Toronto, and three were interested in the company’s Sonia silver-gold property in Chile.

“These are heavyweights, so they don’t come easy and hopefully they leave slowly,” he says.

As for the company’s second option, with a nearly empty till and a share price sitting at 4¢, drilling off Tyrrell itself won’t be easy in the current market. The company last raised money in December -– a $100,000 private placement of 3.3 million shares at 3¢ apiece.

“We want to drill as soon as possible, but we’re going to our investors and talk to the major mining companies that are interested and see what to do next.”

The company recently reported results from an eight-hole, 2,195-metre drill program completed in December at Tyrrell. In mid-February, it reported near-surface, high-grade intersections from the LaCarte North zone at the Hydro Creek target: hole H-33 returned 17.5 metres of 4 grams gold from 5 metres depth, and hole H-34 cut 29.4 metres of 2.59 grams gold from 10 metres.

And just today, assays were released for another three holes at the Hydro Creek zone and one at the Big Dome zone, 1.5 km east.

At Big Dome, hole G-32 returned 1.5 metres of 43.1 grams gold per tonne starting at 427.5 metres, and hole G-33 cut 3.2 metres of 5.42 grams gold from 426.3 metres. And at Hydro Creek, hole G-34 intersected 6 metres of 3.06 grams gold from 324.4 metres, followed by 7.6 metres of 2.67 grams gold from 357.5 metres. Hole H-35 returned 2.1 metres of 2.04 grams gold from 98.6 metres, while hole H-36 cut 6.5 metres of 1.2 grams gold starting at 300 metres depth.

The results are giving Goldeye a better understanding of the geology at the property, which Webster says bears similarities with the Kirkland Lake camp. Kirkland Lake lies on the northeast side of the Round Lake Batholith Dome, opposite Tyrrell.

A major gold-bearing deformation zone, the east-west-striking Tyrrell shear zone, crosses the Tyrrell property in a southeasterly direction. The shear zone intersects the Tyrrell volcanic pile, where late-stage intrusions — porphyries and syenites — penetrate the shear zone. The company says there are examples of similar structures at Timmins and Kirkland Lake, and that in total, it has identified six gold targets over 5 km within this area. High-grade mineralization at Tyrell occurs in highly altered basaltic rock.

Goldeye Explorations shares traded half a cent (or 15%) higher on the latest drill results at 4¢. The stock has a 52-week trading range of 1.5-12.5¢.

Goldeye holds 50% of the Todd Creek copper-gold project in B.C., and in Ontario owns the Sandy Lake gold project and a 50% interest in a McFaulds Lake copper-nickel-platinum group elements property.