Significant grades and widths continue to be intersected at the Bruce Channel Discovery



    
    Latest results include 6.90 Metres at 11.39 g/t Gold (0.33 oz/t over
    22.64 ft) and 0.80 Metres at 47.70 g/t Gold (1.39 oz/t over 2.62 ft)

    TSX: GEA
    

    TORONTO, Aug. 12 /CNW/ - Gold Eagle Mines Ltd. (TSX: GEA) ("Gold Eagle"
or the "Company") is pleased to announce the latest series of drill results on
the Bruce Channel Discovery ("BCD") at its 100% owned Gold Eagle property
located in Red Lake, Ontario. The Gold Eagle property is situated along the
prolific Red Lake Trend, west of Goldcorp Inc's operating Red Lake and
Campbell Mines and immediately southwest of Goldcorp Inc's past producing
Cochenour-Willans Mine.

    
    Highlights:
    -   Drilling continues to intersect significant grades and widths
    -   Drilling continues to encounter multiple high grade zones with
        visible gold
    -   The BCD mineralized envelope extends a minimum of 1,450 metres
        vertically with a horizontal footprint of approximately 800 metres
        northeast-southwest by 450 metres northwest-southeast
    -   The BCD mineralized envelope remains open in all directions
    -   The surface drilling program is continuing as planned
    -   Phase 1 Closure Plan for the Advanced Underground Exploration Program
        accepted by the Ministry of Northern Development and Mines

    Highlights of latest drilling:

    Hole Number     Metres        Grams/Tonne        Feet         Ounces/Ton
                                     (g/t)                          (oz/t)
    ------------------------------------------------------------------------
    BC 29-9            2.40           17.07            7.87            0.50
    ------------------------------------------------------------------------
    including          0.50           39.60            1.64            1.15
    ------------------------------------------------------------------------
    BC 29-9            0.40           37.30            1.31            1.09
    ------------------------------------------------------------------------
    BC 29-10           1.40           15.38            4.59            0.45
    ------------------------------------------------------------------------
    including          0.70           28.20            2.30            0.82
    ------------------------------------------------------------------------
    BC 29-11           0.80           47.70            2.62            1.39
    ------------------------------------------------------------------------
    BC 33-4            6.90           11.39           22.64            0.33
    ------------------------------------------------------------------------
    including          1.50           22.72            4.92            0.66
    ------------------------------------------------------------------------
    BC 33-4            1.00           25.80            3.28            0.75
    ------------------------------------------------------------------------
    

    The BCD is a significant gold structure intersected at approximately 800
metres beneath the shallow Bruce Channel waterway. The mineralized envelope is
currently estimated to extend a minimum of 1,450 metres vertically, with a
horizontal footprint of approximately 800 metres northeast-southwest and
approximately 450 metres northwest-southeast. The BCD mineralized envelope
remains open in all directions.
    In common with Goldcorp Inc's Red Lake Mine, Campbell Mine and
Cochenour-Willans Mine, the BCD lies within the Balmer Assemblage. The
structural and mineralogical characteristics are very similar to the
aforementioned mines. Gold is found in both its native form as well as within
sulphide rich zones - particularly those with 'felted' fine grained
arsenopyrite. A number of high grade structures have been identified within
the BCD mineralized envelope and these structures exhibit horizontal and
vertical continuity.

    BC 29 Series

    The BC 29 Series of holes are testing the open area south of the
significant high grade intersections encountered in the BC 19 Series (BC 19-15
and BC 19-16; See press release dated February 13, 2008) which has been named
the "Upper Main Zone". The Upper Main Zone is one of a number of high grade
gold structures that have so far been intersected within the BCD. In
particular, the Upper Main Zone has demonstrated very strong continuity along
strike and to depth. The BC 29 Series are collared at the same location as the
BC 21, BC 25 and BC 27 Series.
    See map, "Drill Plan (BC Series-12Aug08)", on the company website
    http://www.goldeaglemines.com/_bin/images/maps.cfm

    BC 29-9
    -------
    BC 29-9 was wedged off the mother hole at a depth of 560.00 metres and
directed upwards and north of the trace of BC29 - 8. The hole was drilled to a
final depth of 1,626.00 metres and intersected several mineralized structures
with visible gold within the Balmer Assemblage between 1,122.80 and 1,612.80
metres, a core length of 490.00 metres.
    The hole encountered meta-sedimentary rocks of the Bruce Channel
Assemblage from the wedge to a depth of 638.00 metres. Chloritic altered mafic
volcanic rocks between 638.00 and 679.50 metres marked the transition into the
Balmer Assemblage, followed by serpentinized ultramafic rocks to a depth of
1,113.00 metres. Biotite altered mafic meta-volcanics with ubiquitous weak
disseminated pyrrhotite mineralization dominated between 1,113.00 and 1,393.75
metres.
    A strongly sheared carbonate zone between 1,393.75 and 1,404.65 metres
was followed by a heavily altered interval comprising biotite, chlorite and
silicification between 1,416.50 and 1,445.85 metres. This interval was
brecciated throughout, associated with quartz veining, and mineralization
comprising ubiquitous disseminated pyrrhotite and pyrite with patches of
felted arsenopyrite and visible gold. This interval is interpreted to
represent the Upper Main Zone in this drill hole.
    Pervasively biotite altered mafic meta-volcanics followed to the final
depth of 1,626.00 metres with local silicified breccia zones associated with
disseminated pyrrhotite and gold mineralization.

    
    BC 29-9
    -------------------------------------------------------------------------
       Intersection             Length                 Gold
       (in Metres)                             ---------------------
    -----------------------------------------  Grams per  Ounces per
      From        To       Metres      Feet      Tonne      Ton
                                                 (g/t)     (oz/t)
    -------------------------------------------------------------------------
    1,122.80   1,123.60       0.80       2.62       7.57      0.22
    -------------------------------------------------------------------------
    1,416.50   1,419.50       3.00       9.84       4.46      0.13        VG
    -------------------------------------------------------------------------
    1,436.60   1,437.30       0.70       2.30       9.09      0.27
    -------------------------------------------------------------------------
    1,440.60   1,443.00       2.40       7.87      17.07      0.50
    -------------------------------------------------------------------------
         including            0.50       1.64      39.60      1.15        VG
    -------------------------------------------------------------------------
         including            0.45       1.48      22.10      0.64        VG
    -------------------------------------------------------------------------
    1,453.90   1,454.40       0.50       1.64      14.20      0.41        VG
    -------------------------------------------------------------------------
    1,493.60   1,494.00       0.40       1.31      37.30      1.09        VG
    -------------------------------------------------------------------------
    1,520.60   1,521.30       0.70       2.30      17.17      0.50
    -------------------------------------------------------------------------
         including            0.30       0.98      38.60      1.13        VG
    -------------------------------------------------------------------------
    1,579.20   1,582.40       3.20      10.50       4.83      0.14
    -------------------------------------------------------------------------
         including            0.80       2.62      10.55      0.31
    -------------------------------------------------------------------------
    1,584.80   1,585.60       0.80       2.62       5.36      0.16
    -------------------------------------------------------------------------
    1,610.40   1,612.80       2.40       7.87      12.88      0.38
    -------------------------------------------------------------------------
    

    BC 29-10
    --------
    BC 29-10 was wedged off the mother hole at a depth of 1,171.00 metres and
was directed to the northeast of the trace of BC 29-9. The hole was drilled to
a final depth of 1,635.00 metres and intersected several mineralized
structures with visible gold within the Balmer Assemblage between 1,458.00 and
1,545.00 metres, a core length of 87.00 metres.
    The hole intersected "bleached" mafic meta-volcanics of the Balmer
Assemblage from the wedge to a depth of 1,341.76 metres. A zone of shearing
and carbonate dominated between 1,341.76 and 1,369.16 metres. Heavily altered
mafic volcanics were intersected between 1,406.00 and 1,460.73 metres.
Alteration comprised moderate pervasive biotite overprinted by silica and
chlorite with brecciation throughout. Mineralization consisted of ubiquitous
disseminated pyrrhotite with lesser pyrite. This interval is interpreted to
represent the "Upper Main Zone" in this drill hole.
    The hole intersected weakly pervasive biotite altered mafic
meta-volcanics to the final depth of 1,635.00 metres. Local zones of
brecciation associated with carbonate and chlorite alteration hosted
disseminated pyrrhotite, arsenopyrite and gold mineralization.

    
    BC 29-10
    -------------------------------------------------------------------------
       Intersection             Length                 Gold
       (in Metres)                             -------------------
    -----------------------------------------  Grams per  Ounces per
      From        To       Metres      Feet      Tonne      Ton
                                                 (g/t)     (oz/t)
    -------------------------------------------------------------------------
    1,458.00   1,459.40       1.40       4.59      15.38      0.45
    -------------------------------------------------------------------------
         including            0.70       2.30      28.20      0.82
    -------------------------------------------------------------------------
    1,512.20   1,513.80       1.60       5.25       3.57      0.10
    -------------------------------------------------------------------------
    1,544.20   1,545.00       0.80       2.62       3.81      0.11
    -------------------------------------------------------------------------
    

    BC 29-11
    --------
    BC 29-11 was wedged off the mother hole at a depth of 1,045.00 metres and
directed upwards of the traces of BC 29-9 and BC 29-10. The hole was drilled
to a final depth of 1,503.00 metres and intersected several mineralized
structures with visible gold within the Balmer Assemblage between 1,395.60 and
1,423.00 metres, a core length of 27.40 metres.
    The hole intersected serpentinized ultramafic rocks from the wedge to a
depth 1,113.10 metres. Mafic and felsic meta-volcanics associated with weak
pervasive silica alteration followed to a depth of 1,277.00 metres. Mafic
meta-volcanics with weak biotite alteration were intersected to 1,382.70
metres. Heavily altered mafic meta-volcanic rocks were intersected to the
final depth of 1,503.00 metres. Alteration comprised strong pervasive biotite
overprinted by chlorite, and carbonate. Quartz breccia and quartz veins
occurred throughout this interval with local mineralized zones comprising
pyrrhotite, chalcopyrite, arsenopyrite and visible gold filling fractures.

    
    BC 29-11
    -------------------------------------------------------------------------
       Intersection             Length                 Gold
       (in Metres)                             -------------------
    -----------------------------------------  Grams per  Ounces per
      From        To       Metres      Feet      Tonne      Ton
                                                 (g/t)     (oz/t)
    -------------------------------------------------------------------------
    1,395.60   1,396.40       0.80       2.62      47.70       1.39
    -------------------------------------------------------------------------
    1,421.80   1,423.00       1.20       3.94      10.38       0.30       VG
    -------------------------------------------------------------------------
    

    BC 29- 12
    ---------
    BC 29-12 was wedged off the mother hole at a depth of 1,142.20 metres and
directed upwards. The hole was abandoned short of its target depth at a depth
of 1,167.30 metres when the wedge failed. The hole encountered weakly biotite
and silica altered mafic meta-volcanics of the Balmer Assemblage from the
wedge to the final depth. No significant assays were returned.
    The BC 29 series of drill holes are continuing and additional results
will be reported as they become available.

    BC 33 Series

    The BC 33 Series of holes are collared on the mainland at the same
location as the BC 31 and BC 19 Series but oriented in a more westerly
direction than the BC 31 Series, and inclined less steeply to evaluate the
open area between the BC 19 and the BC 31 Series of drill holes.
    See map, "Drill Plan (BC Series-12Aug08)", on the company website
    http://www.goldeaglemines.com/_bin/images/maps.cfm

    BC 33-3
    -------
    BC 33-3 was wedged off the mother hole at a depth of 1,284.50 metres and
northeast of the trace of BC 31-1 and the abandoned BC 33-2. The hole was
drilled to a depth of 1,497.00 metres intersecting mafic and felsic
meta-volcanic rocks of the Balmer Assemblage. Local zones of breccia textured
alteration comprising biotite and silica with disseminated pyrrhotite were
noted over the interval. The hole was terminated at 1,497.00 metres to
initiate a new hole providing greater deflection to the northeast.

    
    BC 33 -3
    -------------------------------------------------------------------------
       Intersection             Length                 Gold
       (in Metres)                             -------------------
    -----------------------------------------  Grams per  Ounces per
      From        To       Metres      Feet      Tonne      Ton
                                                 (g/t)     (oz/t)
    -------------------------------------------------------------------------
    1,375.00   1,376.00       1.00       3.28       4.83       0.14
    -------------------------------------------------------------------------
    1,393.00   1,394.00       1.00       3.28       6.20       0.18
    -------------------------------------------------------------------------
    

    BC 33-4
    -------
    BC 33-4 was wedged off the mother hole at a depth of 1,271.00 metres and
directed to the northeast of the traces of BC 33-1, 33-2 and 33-3. The hole
was drilled to a final depth of 1,894.00 metres and intersected several
mineralized structures with visible gold within the Balmer Assemblage between
1,757.60 and 1,813.00 metres, a core length of 55.40 metres.
    The drill hole intersected mafic and lesser felsic meta-volcanics of the
Balmer Assemblage from the wedge to a depth 1,701.00 metres. At 1,701.00 to
1,739.90 metres, mafic meta-volcanics became strongly altered with pervasive
biotite overprinted by silica and chlorite in association with brecciation.
Sheared carbonate zones were intersected between 1,739.90 and 1,757.40 metres
followed by a zone of heavily altered and brecciated mafic meta-volcanics to a
depth of 1,780.00 metres. The alteration comprised strong silica and
actinolite along fractures within zones of greenish quartz. Locally very
finely disseminated pyrrhotite and arsenopyrite was associated with very fine
grained disseminated gold. This sequence is similar in style to that seen at
the "Upper Main Zone" located approximately 200 meters to the east-northeast.
    Between 1,780.00 and the final depth of 1,894.00 metres the hole
intersected mafic meta-volcanic rocks which were moderately altered to
biotite, chlorite and carbonate. At 1,800.25 to 1,815.19 localized zones with
breccia textures comprising biotite altered fragments in a matrix of silica
and chlorite hosted disseminated pyrrhotite and arsenopyrite.

    
    BC 33-4
    -------------------------------------------------------------------------
       Intersection             Length                 Gold
       (in Metres)                             -------------------
    -----------------------------------------  Grams per  Ounces per
      From        To       Metres      Feet      Tonne      Ton
                                                 (g/t)     (oz/t)
    -------------------------------------------------------------------------
    1,757.60   1,764.50       6.90      22.64      11.39       0.33
    -------------------------------------------------------------------------
         including            0.50       1.64      23.30       0.68       VG
    -------------------------------------------------------------------------
         including            1.00       3.28      17.85       0.52       VG
    -------------------------------------------------------------------------
         including            1.50       4.92      22.72       0.66       VG
    -------------------------------------------------------------------------
    1,810.00   1,813.00       3.00       9.84      11.04       0.32
    -------------------------------------------------------------------------
         including            1.00       3.28      25.80       0.75
    -------------------------------------------------------------------------
    

    BC 33-2
    -------
    BC 33-2 was wedged off the mother hole at a depth of 1,249.30 metres and
was directed up and to the northeast of the trace of BC 33-1. The hole was
abandoned short of its target at a depth of 1,386.00 metres when the wedge
failed.
    The hole intersected mafic and lesser felsic meta-volcanic rocks of the
Balmer Assemblage from the wedge to the final depth of 1,386.00 metres. Weak
silicification and minor disseminated pyrrhotite was noted throughout. No
significant assays were returned.
    The BC33 Series of holes is continuing and additional results will be
reported as they become available.

    Advanced Underground Exploration Program

    In late July 2008 the Ministry of Northern Development and Mines accepted
the Phase I closure plan, which allows the Company to commence the shaft
collar and site foundation works. With the recent announcement of the Goldcorp
acquisition on July 31, 2008 the shaft collar and site foundation works at the
McKenzie Island site have been paused pending court approval and the
shareholders vote in September 2008.

    
    Notes:
    -   VG - visible gold
    -   Lengths reported are core intersection lengths and do not represent
        true widths
    -   It is anticipated that true width estimates will be made possible
        after additional drilling
    -   Conversion Method: grams per tonne (g/t) multiplied by 0.0292 equals
        troy ounces per short ton (oz/t)
    

    About Gold Eagle

    Gold Eagle Mines Ltd is a Canadian based junior natural resource company
developing a significant new gold discovery in the prolific Red Lake gold
camp, located in Northern Ontario, Canada.

    Qualified Persons

    The drill program is being carried out under the direction of Mr. Chris
Collins, P.Geo and Mr. John F. Whitton, P.Geo, qualified persons within the
meaning of National Instrument 43-101. Mr. Collins and Mr. Whitton have
reviewed the contents of this news release.
    Sample preparation and assay procedures are carried out by ALS
Laboratories using standard fire assaying with an AA or gravimetric finish
where appropriate. Samples noted to contain Visible Gold when core logging are
assayed using a screened metallic's procedure with a gravimetric finish.

    Forward-Looking Statement

    The statements made in this News Release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual events
or results could differ materially from the Company's expectations and
projections. Accordingly, readers should not place undue reliance on
forward-looking statements. For a more detailed discussion of such risks and
other factors, refer to Gold Eagle's filings with Canadian securities
regulators available on www.sedar.com or the Company's website at
www.goldeaglemines.com

    
    The Toronto Stock Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release and the
    information contained herein.
    

    %SEDAR: 00024756E




For further information:

For further information: Tel: (416) 867-8998, Fax: (416) 867-9393,
www.goldeaglemines.com

Organization Profile

GOLD EAGLE MINES LTD.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890