Sydney, Feb 1, 2008 (ABN Newswire) - Eagle Eye Metals Limited (ASX: EYE) - December Quarterly - Mr Wayne Ryder, Executive Chairman; Eagle Eye Metals Limited (ASX: EYE) present the following audio webcast regarding "EYE - December Quarterly - Mr Wayne Ryder, Executive Chairman".
Broadcaster: Eagle Eye Metals Limited (ASX: EYE)
Broadcast Title: EYE - December Quarterly - Mr Wayne Ryder, Executive Chairman
Broadcast Type: Audio stream
Audio webcast Link:
http://abnnewswire.net/alnk/K51915W5
Listen to the Audio stream and view the announcement for Eagle Eye Metals Limited (ASX: EYE) below.
http://abnnewswire.net/vlnk/D73AZPD6
APPOINTMENT OF EXPLORATION MANAGER
Eagle Eye Metals Limited ("Eagle Eye") is pleased to announce the appointment of Geologist Graham de la Mare as full time Exploration Manager.
His appointment will assist us to substantially intensify exploration work on the Company's Waite Kauri nickel oxide project, currently well in progress, as well as our 7 other gold and base metals projects in the Leonora-Laverton region of the north-eastern Goldfields of Western Australia. He will work in cooperation with Eagle Eye's geological consultants, Kalgoorlie based BM Geological Services, and our Leonora based prospector/vendors, Neale "Johnno" Johnson and others, to progressively explore all of the Company's projects.
CONSULTING GEOLOGIST'S REPORT BY BM GEOLOGICAL SERVICES
WAITE KAURI NICKEL PROJECT, NE GOLDFIELDS, WESTERN AUSTRALIA
The assay results of the 53 recent holes Eagle Eye drilled as part of it's exploration programme at the Waite Kauri nickel oxide project near Leonora in Western Australia were received during the quarter. The results were extremely encouraging and a 2,600 metre follow up reverse circulation drill programme has been designed to extend the known extents of the mineralisation. In addition to this, the future programme will focus on extending the high grade portion of the Wanaka zone and 5 holes will be drilled to twin existing holes to demonstrate the veracity of earlier results. Once this programme has been completed, a mineral resource at Eagle Eye's Waite Kauri deposit will be generated.
The completion of the drilling programme at Waite Kauri by Eagle Eye has taken the total number of holes drilled to 183. The purpose of the recent 53 hole programme was twofold; to infill the drill lines on 50 metre centres across strike and to extend the known margins of the Ni oxide mineralisation. The programme was successful and ore grade mineralisation was encountered in 14 holes. Mineralised intervals up to 37 metres were achieved in this programme, representing significant depths of continuous mineralisation. All drill holes drilled in the programme were vertical, so mineralised interval equates to the true depth of mineralisation. Due to the nature of the air core drilling, a substantial number of holes were unable to be drilled to any significant depth, and multiple holes ended in ore grade mineralisation. Next drilling (see diagram attached) will engage a reverse circulation drill rig, capable of penetrating siliceous bands which impeded the recent air core drilling programme.
A. Wanaka
The Wanaka prospect is located immediately along strike to the south of the GME Resources Ltd's Waite Kauri nickel oxide deposit (1.30 Mt @ 1.33% Ni and 0.14% Co).
The holes 007WKAC 142 to 183 were drilled at the Wanaka prospect during the previous quarter for a total of 486 metres. Significant results achieved in this programme include:
----------------------------------------------------------007WKAC150 3m @ 0.57% Ni, 0.020% Co and 4.34% Mg from 3m007WKAC152 4m @ 0.57% Ni, 0.040% Co and 4.75% Mg from 9m007WKAC153 15m @ 0.59% Ni, 0.054% Co and 5.11% Mg from 13m007WKAC156 17m @ 0.75% Ni, 0.032% Co and 7.68% Mg from 1m007WKAC157 23m @ 0.67% Ni, 0.019% Co and 6.82% Mg from 4m007WKAC158 2m @ 0.56% Ni, 0.041% Co and 2.55% Mg from 12m007WKAC159 11m @ 0.83% Ni, 0.042% Co and 2.89% Mg from 6mIncluding 2m @ 1.47% Ni, 0.089% Co and 3.77% Mg from 6m007WKAC160 4m @ 0.64% Ni, 0.088% Co and 2.74% Mg from 12m007WKAC168 15m @ 0.61% Ni, 0.033% Co and 5.71% Mg from 5m007WKAC175 15m @ 0.59% Ni, 0.025% Co and 5.95% Mg from 3m007WKAC180 6m @ 0.76% Ni, 0.021% Co and 2.90% Mg from 5m007WKAC182 11m @ 0.60% Ni, 0.027% Co and 9.28% Mg from 2m----------------------------------------------------------
B. Kaikoura
Drilling at the Kaikoura prospect targeted a surface geochemical anomaly with the dimensions of 400 metres strike and widths up to 100 metres. A total of 11 vertical holes were drilled (007WKAC 131 to 141) for 385 metres. Assay results have confirmed the initial geological interpretation with significant intersections of mineralisation up to 37 metres vertical depth being intersected at the prospect. An open body of mineralisation has been delineated at Kaikoura with the dimensions of 150 metres strike, 75 metres wide with an average vertical depth of 25 metres. This body is open to both the north and south.
----------------------------------------------------------007WKAC135 37m @ 0.67% Ni, 0.054% Co and 4.34% Mg from 8m007WKAC138 13m @ 0.73% Ni, 0.060% Co and 4.47% Mg from 19m007WKAC139 28m @ 0.68% Ni, 0.082% Co and 2.89% Mg from 17m----------------------------------------------------------
LEONORA EAST GOLD AND BASE METALS PROJECT, NE GOLDFIELDS, WESTERN AUSTRALIA
Eagle Eye's Leonora East project is located 18 kilometres to the north east of Leonora and encompasses an area in excess of 5,000 hectares. The project is highly prospective for Volcanogenic Massive Sulphide style deposits of Zinc, Copper and Silver analogous to the Jabiru Metals owned Jaguar deposit. Multiple targets have been identified and a ground electro-magnetics (EM) programme has been designed and will be implemented soon.
OTHER PRIORITY TARGETS
Graham de la Mare is now working up programmes for the exploration of the Company's highly prospective gold projects at Mertondale and Erlistoun, and we will advise details of the work to be undertaken and implementation timetables as soon as these are settled upon.
FINANCIAL REPORT
Eagle Eye continues in an excellent financial position, with over $3.5million cash in hand, all exploration projects owned outright, and very few creditors at 31 December 2007.
Contact
Wayne Ryder
Executive Chairman
TEL: +61-8-9385-4450
MOB: +61-418-928-180
Web: www.eagleeyemetals.com
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