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Highlights
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The GRUBE Project is contiguous to the eastern side of NewFound Gold’s (TSX.V:NFG)Queensway Project , straddling the Gander River Ultramafic Belt (GRUB), which has the potential to be one of the main corridors for the transport of gold mineralization in the area. The project covers geological terrain that has the potential to host mineralization in secondary and tertiary structures following the presumed epizonal geological model at the Keats, Knob and Lotto Zones located 20 km’s to the North.-
The Roberts Arm Project is host to a past producing Cu mine.Historical production data undocumented however ore dumps at the Project were estimated to contain ~4,430 tons at a grade of 0.92% Cu and 0.35 oz/t/Ag.The Project also has multiple historical grab samples with up to2.27 g/t Au and 4.56% Cu. The Project is contiguous and surrounded by Leocor Gold’s (CSE:LECR)Western Exploit District Project .-
The Grand Lake Gold Project hosts a historical high grade grab sample that assayed1,234 g/t Au. It is also 7 km southwest of theGlover Island Project which is the host to ahistorical resource estimate of 4.5 million tonnes grading 1.7 g/t Au.- Following exchange approval, Goldeneye plans to immediately execute a phase one reconnaissance program on each of the three Projects.
*References available below
Location Map of the Projects
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About the Projects
Gander River Ultramafic Belt East
The Projects geology consists of polydeformed psammites and pelites of the Lower Ordovician or earlier
The GRUB line is thought to be a potential corridor for the transportation of gold mineralization in the area. Gold is currently being discovered at the Keats, Knob, andLotto Zones approximately 20 km’s to the north in secondary and tertiary structures potentially following a epizonal gold deposit model.
The Project is host to the Ridge Creek Gold Showing (012A/12/Au 001) where a few angular 1' to 2' size blocks of cherty, silicified sedimentary drift (in place) are reported by
The Project is also located approximately 7 km southwest of the
Descriptions of five of the most significant MODS on the property are as follows:
Grab sample DE-95-08 (quartz vein) collected from the
Dump Number 1 2670 tons 1.02% Cu 0.6 oz/T/Ag
Dump Number 2 1760 tons 0.78% Cu 0.33 oz/T/Ag
Total 4430 tons 0.92% Cu 0.35 oz/T/Ag
(Howse and McArthur, 1977, p. 58 - 60).
Crescent Lake Vein C (002E/05/Cu 012):
Grab sample assays include: 4.56% Cu and 1.00 oz/t Ag (MacQuarrie, 1976).
DE-95-16B returned 3.22% Cu, <0.01% Pb, 0.07% Zn, 29 ppb Au, 14.6 ppm Ag, 290 ppm Ba, 5560.0 ppm As, 1730.0 ppm Sb (Evans, 1996). DE-95-16C returned 4.69% Cu, <.01% Pb, 0.15% Zn, 51 ppb Au, 23.4 ppm Ag, 520 ppm Ba, 9670.0 ppm As and 3340.0 ppm Sb (Evans, 1996).
RAF Showing (002E/05/Au 005):
In 2002 grab sample 7355JB01-75 returned 5720 ppb Au (
Fifields Pond South (002E/05/Au 002):
Grab sample assays include: 1410 ppb Au and 5920 As (Pickett and Clarke, 1989) 1470 ppb Au and >10,000 As (Clarke, 1990). A grab sample in 1996 from outcrop assayed 2.27 g/t Au (Saunders and Harris, 1996).
About thePurchase Agreements
The terms of theAgreement to acquire the
------------------------------------------------------------------------------- |Date |Cash |Share | | | |Payment |Issuance | | | | | |-| | | | | | | | | |-| | | | | | |-----------------------------------------------------------------------------| |On execution of the Definitive Agreementand TSX Approval|$100,000|3,100,000| | |-----------------------------------------------------------------------------| |On or before6 months after |$100,000|3,100,000| | |Definitive Agreement and TSX | | | | |Approval | | | | -------------------------------------------------------------------------------
Unitywill retain a3%NSR.The Royalty will be governed by a separate royalty agreement. The royalty agreement will include right of first offer to acquire 66.67% of the Royalty (equal to a 2% net smelter return royalty) for a cash payment of
The terms of theAgreement to acquire the
---------------------------------------------- |Date |Cash |Share | | |Payment|Issuance | | | | | | | | | |--------------------------------------------| |On execution of |$25,000|1,100,000| |theDefinitive Agreementand| | | |TSX Approval | | | ----------------------------------------------
Unitywill retain a3%NSR.The Royalty will be governed by a separate royalty agreement. The royalty agreement will include right of first offer to acquire 66.67% of the Royalty (equal to a 2% net smelter return royalty) for a cash payment of
National Instrument 43-101 disclosure
References:
All MODS data referenced above can be sourced at the following
About
Goldeneye is a mineral exploration company engaged in exploration of precious metal and base metal project in
On behalf of the Board of Directors
“Jack Bal”)
FOR MORE INFORMATION, PLEASE CONTACT:
Telephone: 604.306.5285
jackbalyvr@gmail.com
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