THUNDER BAY – An agreement between Sandy Lake First Nation and Goldeye Explorations Limited will allow the company to continued work on the Weebigee project. Weebigee is the Ojibway word for Goldeye. The fish is found all over the region of Sandy Lake. The mineral claims comprising the Weebigee Project are located within SLFN’s traditional lands.
Blaine Webster, President and Chief Executive Officer of Goldeye commented, “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