Goldeye Explorations has initiated a stripping program to discover a high-grade zone on its Tyrrell Township property near Timmins. The company has formed a strategic alliance with JVX, a geophysical contractor, to begin stripping a five-kilometre section of the Tyrrell shear zone.
Their trenching program will explore a 300-metre by 300-metre anomaly. One drill hole intersected six metres of 1.44 grams of gold per tonne.
The program's objective is to determine the area's potential for open-pit mining.
Before Goldeye acquired the property, BHP invested $250,000, and then Haddington Resources spent $500,000 and discovered the Goldeye deposit.
Drilling on the Goldeye zone resulted in the discovery of two new zones of mineralization on the Big Dome gold zone. Goldeye has plans to extend its financing up to $750,000 by way of a non-brokered private placement and the company has raised $87,500.