Nov 19 2013
Goldeye Explorations Limited ("Goldeye" or "the Company") is pleased to announce that it has entered into an exploration agreement (the "Agreement") with Sandy Lake First Nation ("SLFN") regarding Goldeye's mineral exploration activities on its Weebigee Project at Sandy Lake (the "Project") in the Red Lake Mining District, Northwestern Ontario. The mineral claims comprising the Project are located within SLFN's traditional lands.
Chief Bart Meekis of Sandy Lake First Nation (right) and Blaine Webster of Goldeye Explorations Limited (left) with signed Exploration Agreement.
Blaine Webster, President and Chief Executive Officer of Goldeye comments, "This exploration agreement is a milestone in the relationship between Goldeye and Sandy Lake First Nation and provides a positive example for how exploration companies and First Nations in Ontario can work together for the mutual benefit of both parties. We look forward to working in a spirit of partnership with SLFN to advance the Weebigee Project and build value for Goldeye's shareholders including SLFN."
The agreement will strengthen the relationship between SLFN and Goldeye by, among other things, providing a framework for on-going dialogue and information sharing respecting the Project. The Agreement has an overall term of five (5) years, with an initial term of one (1) year renewable on the same terms for two (2) additional two (2) year terms. As part of the Agreement, Goldeye will issue to a trust established by SLFN for the benefit of SLFN members up to a maximum of one million five hundred thousand (1,500,000) common shares of Goldeye ("Common Shares") with five hundred thousand (500,000) Common Shares issued within forty-five (45) days of the execution of the Agreement and five hundred thousand (500,000) Common Shares issued within forty-five (45) days of each renewal. The Agreement and its implementation are subject to the approval of the TSX Venture Exchange and any other necessary regulatory approvals.
Recent Work at Weebigee and Winter Drill Program
In early November, Goldeye collected 31 channel samples along with 4 grab samples. All samples were taken along the north shoreline of the NW Arm from quartz tourmaline veins, silicified zones and quartz-sericite-pyrite altered horizons within the felsic flow/tuff complex. The samples were collected in accordance with Goldeye's QA/QC procedures and have been sent to Activation Laboratories facility in Thunder Bay for assay.
Results from these samples will assist Goldeye in further refining drill targets for the winter 2013-14 drill program. Goldeye is currently planning and organizing the logistics for a 2500 metre drill program that will focus on targets in the NW Arm area of the Weebigee Project.
On behalf of the Board of Directors,
Blaine Webster, P.Geo.
President and CEO
About the Weebigee Project
Weebigee is the Oji-Cree word for Goldeye, a fish that is found throughout Sandy Lake.
The Project, 100%-owned by Goldeye, is located near Sandy Lake, 227 kilometres north of Red Lake in Northwestern Ontario, and comprises 343 claim units totaling 5,488 hectares. The project covers many of the gold and base metal showings in the Sandy Lake Greenstone Belt.
Goldeye's summer 2013 sampling program at the NW Arm claim block returned significant gold values (see press release dated September 5, 2013) including 43.5 grams of gold per tonne (g/t Au) at the Bernadette gold showing, 34.1, 22.0, 20.9, and 18.3 g/t Au at the Knoll gold showing and 17.5 g/t Au at the Wavano gold showing.
A 2500 metre drill program is planned for winter 2013-14.