Goldeye Explorations Limited's Profile

Goldeye Explorations Limited Big Dome & Hydro Creek gold zones in Timmins - McFaulds Lake

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

Location

Goldeye interest

Hectares

McFaulds Lake

Cu / Ni / PGE

Northern Ontario

50%, 127 claims

27,856

Tyrrell Tyrrell (Temex)

Au Au

NE Ontario NE Ontario

100%³, 191 claims 40%, 40 claims

3,648 2,208

Fawcett/Leonard

Cu / Ni / Zn

NE Ontario

100%, 42 claims

5,200

Gold Rock

Au

NW Ontario

100%4, 8 claims

496

Boyer Lake

Au

NW Ontario

100%, 2 claims

304

Bryce

Au / Diamonds

NE Ontario

100%3, 21 claims

339

Sandy Lake

Au / Cu / Zn

NW Ontario

100%3, 220 claims

5,056

Todd Creek

Au / Cu / Ag / Zn

NW British Columbia

50%3,5, 30 claims

12,222

SoniaPuma

Au / Ag

Central Chile

100%3, 34 claims

6,929

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. (www.goldeagle.com 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

Management & Directors

  • Blaine Webster, P.Geo.

    Chief Executive Officer and Director

    Mr. Blaine Webster founded Goldeye as a private company in 1986 and took it public in 1997. He acquired and developed Goldeye`s portfolio of properties and is the company`s Chief Executive Officer. Mr. Webster is a professional geophysicist with 40 years of industry experience and has been involved in the discovery of numerous deposits. Prior to founding Goldeye, he worked for Inco Limited, and Scintrex Ltd. He is also President of JVX Ltd., a provider of geophysical consulting services. Mr. Webster graduated with a B.Sc. from the University of British Columbia in 1971.

  • Robin Luke Webster

    President

    Mr. Robin Luke Webster is responsible for the day to day operations of the company. Mr. Webster was previously Vice President of Corporate Affairs and Community Relations, a role in which he was Goldeye`s main liaison with Sandy Lake First Nation and shared responsibility for investor relations and corporate strategy. He has 5 years of business experience in the industry and previous field experience working on geophysical surveys throughout Ontario. Mr. Webster studied Economics and Politics at Trent University. As a part of his degree Robin attended the Arabic Language Institute at the American University in Cairo.

  • Jorma Hannila, B.Sc., P.Geo.

    Director

    Mr. Jorma Hannila has 35 years of experience in gold, base metals and uranium exploration in Canada, USA, Mexico, Europe and Africa. He served as Chief Executive Officer of Goldeye from 2011 to 2012. Prior to joining Goldeye, Mr. Hannila worked for Inco Limited in a variety of positions, including 6 years as General Manager, Turkey, Asia and Middle East. Mr. Hannila has been involved in the discovery of new ore bodies at Casa Berardi, Quebec, and Thompson, Manitoba and has extensive experience directing surface and underground exploration programs. Mr. Hannila graduated in 1970 with an Honours degree in Geology from Laurentian University. He has been a director of Goldeye since 2011.

  • Roland Horst, B.Sc., M.Sc., MBA, LLB, ICD.D

    Director

    Mr. Horst has 40 years of mining industry experience as a CEO, investment banker, corporate banker and geologist. Mr. Horst is a director of Wallbridge Mining Company Limited, Victory Nickel Inc. and CBay Minerals Inc. He was previously CEO of CBay, Orvana Minerals Corp. and Royal Nickel Corporation. Before Royal Nickel, Mr. Horst was President and CEO of International Nickel Ventures Corporation, Vice President, Business Development for FNX Mining Company Inc. and President of Aurora Platinum Corp. He was also formerly CEO of Aeroquest Limited and Scintrex Limited. Mr. Horst has experience in investment banking as head of the Mining Group at Nesbitt Thomson, Co-Head of the Mining Group at Richardson Greenshields, and as a mining corporate banker with the Bank of Montreal. He started his career as an exploration geologist with INCO.

    Mr. Horst holds a Masters in Business Administration from the Richard Ivey School of Business Administration, University of Western Ontario, a Bachelor of Law (LLB) from the University of Western Ontario, a M.Sc. in Geology from Laurentian University and a B.Sc. in Geology from McGill University. Currently, he is on the Leadership Council of Western and on the advisory board to the Goodman School of Mines at Laurentian University. Mr. Horst holds an ICD.D designation granted by the Institute of Corporate Directors through the ICD – Rotman Directors Education Program.

  • Amy Stephenson, MBA, CFA, CMA

    Chief Financial Officer

    Mrs. Amy Stephenson has over 20 years experience in finance and public company management. She has consulted on corporate reorganizations, and provided accounting, finance, compliance, independent valuation and strategic advice to companies on 5 continents. Mrs. Stephenson completed her MBA with a major in Finance at the California State University in 1984 and became a Chartered Financial Analyst in 1991. She was lecturer of the CFA lecture series for the Toronto Society of Financial Analysts for 10 years. She is currently a non-member (Public) Council to the Association of Professional Geoscientists of Ontario (APGO). Mrs. Stephenson joined Goldeye in 2012.

  • Denise Dodds

    Manager, Administration

    Ms. Denise Dodds has been with Goldeye since 2010 and in her role, oversees office administration and executive secretarial duties for Goldeye. Ms. Dodds has over 15 years experience in the junior mining field including working for Noront Resources, Blue Emerald, Abex, Vencan Gold, among others and has 5 years experience as V.P of Client Services with a boutique Investor Relations firm. Ms. Dodds studied at University of Toronto and the University of Western Ontario.

  • David Jamieson, P. Geo.

    Senior Technical Advisor

    Mr. David Jamieson has worked as an independent consulting geologist on numerous gold, base metal and diamond exploration projects in Ontario, Quebec, Nunavut, and Sweden as part of a 30 year career in the mineral explorastion industry. He has been involved with various Goldeye projects since 2004. Mr. Jamieson is also currently a director of Alchemist Mining Inc. and Vice-President of Tiktaliik Gold Corp, a private exploration company. He is a member of the Association of Professional Geoscientists of Ontario and the Prospectors and Developers Association of Ontario. Mr. Jamieson obtained a B.Sc in Science at the University of Waterloo in 1984.

  • J. Richard Dean, B.Sc., P.Geo

    Acting Chairman

    Mr. J. Richard Dean has over 40 years of experience in the mining industry, 16 of which have been spent in senior management positions. From 2002 until his retirement in 2009, Mr. Dean held the position of Marketing Manager at Elk Valley Coal and Teck Coal, a role in which he negotiated and managed yearly coal delivery contracts up to $500 million dollars. Previously, he was Sr. Engineer Coal Quality for Fording Coal/Elk Valley Coal and earlier Chief Engineer at Fording Coals Greenhills Operations. He has worked throughout Canada and internationally. Mr. Dean graduated from McGill University in 1968 with a B.Sc. in Geology and has been a director of Goldeye since 1991.

  • Richard Nemis, BA, LLB

    Advisor

    Mr. Nemis, a Sudbury native, graduated from the University of Ottawa, Osgoode Law School and practiced in the fields of corporate, commercial and securities law.

    He founded Noront Resources Ltd. in 1983 and, in the Ring of Fire, McFaulds Lake area in north eastern Ontario, the company made major nickel and chromite discoveries. The chromite discovery is potentially considered to be the largest in North America. In recognition of his contributions to the company`s success, Mr. Nemis was appointed Chairman Emeritus of Noront and in 2010, Mr. Nemis was a co-recipient of the Bill Dennis Award for a Canadian discovery for prospecting success, by the Prospectors and Developers Association.

    Mr. Nemis is currently the President and CEO of Bold Ventures Inc.

  • Mackenzie I. Watson, P.Eng.

    Advisor

    Mr. Mackenzie I. Watson has over 45 years of exploration experience. He was awarded Canada`s Prospector of the Year Award in 1991 and 2009 and the Quebec Prospector of the Year Award in 1992 for his participation in the discovery of numerous mineral deposits in Eastern Canada.

    The discoveries include the Icon Sullivan copper mine, the Ellison gold deposit, the Hébercourt copper deposit and the Pusticamica and Verneuil gold deposits in Quebec. He was also involved in the discovery of the Harker Holloway gold mine and, recently, the Black Thor chromite deposit in Ontario’s Ring of Fire.

Broker Fact Sheet

  • GGY Broker Fact Sheet
    Thu Mar 29, 2019
    Fact sheet details
Goldeye Explorations Limited
Symbol
GGY
Exchange
TSX-V
Shares
65,925.724 F/D Nov.14, 2014
Industry
Metals & Minerals
Website
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