July 15, 2008
Drilling confirms continuity of copper mineralization at
Gazooma, Marshall Lake, Thunder Bay, Canada
Copper extends to depth in 3 areas
Continuity between historical surface occurrences demonstrated
Systematic resource definition drilling planned
Assays pending
Eyeconomy Holdings PLC (PLUS: EYE) and its 50% joint venture partner East West
Resource Corporation (TSX-V: EWR) are pleased to announce that a 20 hole, 2950m
(9735 feet) core drilling program has been completed at Marshall Lake.
In addition to testing individual shallow electro-magnetic anomalies produced
by an airborne VTEM survey, the program also tested deep anomalies beneath the
Gazooma Zone and intersected multiple zones of copper mineralization that
extend to 200 metres depth, and continuous in drill core for up to 50 metres.
A section with three holes was also drilled on the continuous geophysical IP
anomaly that links the Gazooma Zone with the Teck Hill occurrence and
intersected multiple zones of mineralization thereby demonstrating continuity
of at least 600 metres.
This discovery now transforms this grass roots project from the discovery stage
to a resource definition drilling project.
Success was also achieved on the Gazooma North in a follow-up to the 2007
drilling discovery where hole GAZN07-02 intersected 31.90 metres of 0.71%
copper. Three holes completed confirm both lateral and depth continuity of
mineralization to 85 metres.
Drill core is currently being processed and samples have been submitted for
assaying.
The project is being supervised by R. Middleton, P.Eng, who is the qualified
person and responsible for quality control of the assaying and reporting.
More details are available at www.mlmining.co.uk
Project details
The Marshall Lake property is located 310 kilometres north of Thunder Bay in
north western Ontario, Canada and has recently become road accessible. Copper
and zinc mineralization hosted in volcanic rock was first discovered in 1954,
resulting in numerous properties being staked and explored. Elevated gold and
silver values are also common on the property. Past diamond drilling resulted
in outlining several mineralized zones. The current program aims to discover
hidden mineralization with the aid of modern geophysics.
Eyeconomy Holdings PLC and its 50:50 joint venture partner, East West Resource
Corporation have consolidated all the existing properties and staked additional
claims resulting in control of 50 square miles of the Marshall Lake
volcanogenic massive sulphide system.
The directors of Eyeconomy Holdings PLC accept responsibility for the contents
of this announcement.
Paul McGroary
Chairman
Eyeconomy Holdings PLC
+44 (0)7930 568160