TORONTO, Aug. 27, 2015 /CNW/ - GPM Metals Inc. (TSXV: GPM) (the "Company" or "GPM") and Goldeye Explorations Limited (TSXV: GGY) (the "Company" or "GGY") wish to announce the commencement of an airborne high resolution VTEM survey with 200 meter line spacing over 1264 line kilometers at the Weebigee property and the adjoining recently staked ground consisting of approximately 6,500 hectares in total.
GPM Metals is the operator of the project.
The helicopter airborne EM and Horizontal Magnetic Gradiometer survey will assist the Company in identifying geological structures and conductors that may indicate prospective diamond drill targets.
This survey will be undertaken by Geotech Ltd., Aurora, Ontario.
The Company also reports that a 4 man geological prospecting crew has been groundtruthing, sampling and mapping in the Sandborn Bay area since mid June of this year.
The prospecting field crew is scheduled to re-locate their exploration camp to the eastern section of Sandy Lake within the next 7 days, to continue their early stage reconnaissance field work and sampling.
GPM and Goldeye wish to thank the First Nation communities of Sandy Lake and Keewaywin for their co-operation and logistical support of this ongoing mineral exploration program.
Weebigee is a high-grade gold project located near Sandy Lake, approximately 225 kilometers north of Red Lake and 200 kilometers west of Goldcorp's Musselwhite mine, in Northwestern Ontario. The Project comprises a 100% interest in 225 contiguous claims (363 claim units) covering approximately 6,000 hectares in the highly prospective and underexplored Sandy Lake greenstone belt. Certain of the claims are subject to a 1% net smelter returns (NSR) royalty. The Project has a very promising potential based on its greenstone geology and known mineralization showings. Weebigee lies within the traditional territory of Sandy Lake First Nation ("SLFN") with whom Goldeye signed a comprehensive Exploration Agreement in 2013.
About GPM Metals Inc.
GPM Metals Inc. focuses on acquiring and exploring district scale exploration properties. Currently the two main projects are the Company's Walker Gossan Project, NT; and the Weebigee Gold Project in Sandy Lake, Ontario.
The company treasury is well funded going forward; and has a strong shareholder base. Management and insiders hold approximately 30% of outstanding shares.
About Goldeye Explorations Limited
Goldeye Explorations is a Canadian gold-focused junior exploration company engaged in the acquisition, exploration and evaluation of properties in mineral rich, politically secure jurisdictions. Goldeye's flagship property is Weebigee, located near Sandy Lake in Northwestern Ontario. The company has additional properties in Ontario (Gold Rock, and West Shining Tree), and British Columbia (Todd Creek).
All scientific and technical information in this press release has been prepared under the supervision of Dan Noone, (Vice President Exploration and a Director of GPM), a "qualified person" within the meaning of National Instrument 43-101. Mr. Noone (B.Sc Geology, MBA) is a member of the Australian Institute of Mines and Metallurgy.
Forward Looking Statements
This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "might", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information and/or statements. Forward-looking statements and/or information are based on a number of material factors, expectations and/or assumptions of GPM which have been used to develop such statements and/or information but which may prove to be incorrect. Although GPM believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements as GPM can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: results from planned exploration and drilling activities; GPM's future plans for operational expenditures; the accuracy of the interpretations of exploration and drilling activity results; availability of financing to fund current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which GPM has property interests; the general continuance of current industry conditions; aboriginal matters; the timely receipt of any required regulatory approvals; the ability of GPM to obtain qualified staff, equipment and/or services in a timely and cost efficient manner; the ability of the operator of each project in which GPM has property interests to operate in a safe, efficient and/or effective manner and to fulfill its respective obligations and current plans; future commodity prices; currency, exchange and/or interest rates; and the regulatory framework regarding royalties, taxes and/or environmental matters in the jurisdictions in which GPM has property interests. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and/or statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results and/or events to differ materially from those anticipated in such forward-looking information and/or statements including, without limitation: risks associated with the uncertainty of exploration results and estimates, currency fluctuations, the uncertainty of conducting operations under a foreign regime, exploration risk, the uncertainty of obtaining all applicable regulatory approvals, the availability of labour and/or equipment, the fluctuating prices of commodities, the availability of financing and GPM's dependence on its management personnel, other participants in the property areas and/or certain other risks detailed from time-to-time in GPM's public disclosure documents, (including, without limitation, those risks identified in this news release and GPM's current management's discussion and analysis). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and/or accuracy of this release.
SOURCE GPM Metals Inc.
For further information: GPM Metals Inc., Att: John Patrick Sheridan, CEO, Suite 1205 - 141 Adelaide Street West, Toronto, Ontario, M5H 3L5, Telephone : (416) 628-5904, Telefax : (416) 628-6835, Email: [email protected]; Goldeye Explorations Limited, Blaine Webster, P. Geo. CEO, Tel: (905) 886 2538 Cell: + 1 (416) 315 9708, [email protected]; Robin Luke Webster, President, [email protected], Tel: (905) 886 2538, Cell: +1 (416) 877 6389