Bayfield Drills 7.60m of 5.70 G/T Au and 24.27 G/T Ag Within 22.35m of 2.38 G/T Au and 16.42 G/T Ag in Rainy River, NW Ontario
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/12/11 -- Bayfield Ventures Corp. (TSX VENTURE: BYV) (FRANKFURT: B4N) (the 'Company') is pleased to announce an additional significant gold intercept on its 100% owned Burns Block property in the Rainy River District of north-western Ontario. The Burns Block is situated adjacent to the east and on strike to Rainy River Resources' (TSX-V: RR) multi-million ounce gold deposit. Rainy River's February 2011 NI 43-101 resource calculation shows a drill indicated resource of 3.42 million ounces of gold, averaging 1.1 g/t gold, in addition to an inferred resource of 3.17 million ounces of gold, averaging 0.91 g/t gold. The deposit has a 0.35 g/t Au cut-off for open pit mineralization.
Rainy River gold properties claims map:
http://www.bayfieldventures.com/i/pdf/BYVRRArea.pdf
Highlights:
-- Notable gold and silver intercept: 5.7 g/t Ag and 24.27 g/t Ag over 7.6m
within 79.25m of 0.85 g/t Au and 7.62 g/t Ag in drill hole RR11-32
-- A separate intercept of 1.48 g/t Au and 3.16 g/t Ag over 4.6m found 50
metres below the main zone in RR11-32
-- Hole RR11-32 is part of the current infill program on the north
exploration fence at Burns
-- Infill drilling continues to define multi-gram grades at depths less
than 150 metres from surface
-- Exploration on a more northerly exploration fence is being initiated
based on the current drill results with the goal of continuing to define
mineralization in a shallow, up-dip position on the Burns Block
-- Follow-up drilling both east and west of new discovery hole RR11-14 is
continuing
-- Expansion drilling of the continuation of the ODM17 zone to the east on
the Burns Block will continue with the newly arrived third rig
-- Assays pending for eleven more holes
Discussion of Results from Hole RR11-32:
Hole RR11-32 was collared on the north exploration fence, 50 metres east of the west boundary of the Burns Block and is part of the Company's continued exploration and delineation of the high grade gold chute located on the western portion of the Burns Block.
Blebs and fractures fillings of electrum were noted during logging of the mineralized interval which commenced at 124.05 metres down hole. Accessory minerals include abundant dark brown sphalerite, blebs of chalcopyrite and arsenopyrite as well as deformed pyrite stringer veins and cross cutting galena veinlets. Significant assay results from RR11-32 and all other completed assays are summarized in the table below.
Updated Burns Block drilling exploration map:
http://www.bayfieldventures.com/i/maps/BYV_Burns_Exploration_Map_July_2010.jpg
Gold and Silver Assay Results from Hole RR11-32:
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DRILL HOLE FROM (m) TO (m ) INTERVAL (m ) Au (g/t ) Ag (g/t ) AuEq (g/t)
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RR11-32 117.95 197.20 79.25 0.85 7.62 1.03
including 124.05 146.40 22.35 2.38 16.42 2.77
including 138.80 146.40 7.60 5.70 24.27 6.28
including 138.80 143.40 4.60 7.64 29.52 8.34
and 191.10 195.70 4.60 1.48 3.16 1.56
431.90 438.00 6.10 0.31 5.30 0.44
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(i) g/t = grams per metric tonne
(i) AuEq (g/t) values calculated at the current 42 to 1 (gold price vs. silver price) ratio and metallurgical recoveries and net smelter returns are assumed to be 100%
Gold and Silver Assay Results from Other Holes (RR11-22 to RR11-33):
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DRILL HOLE FROM (m ) TO (m ) INTERVAL (m) Au (g/t ) Ag (g/t ) AuEq (g/t)
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RR11-22 281.00 284.05 3.05 0.45 0.20 0.45
306.95 310.00 3.05 0.13 10.87 0.39
335.85 340.45 4.60 0.36 1.23 0.39
370.95 375.00 4.05 0.22 1.52 0.26
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RR11-23 341.50 367.90 26.40 0.54 21.54 1.05
including 347.60 366.90 19.30 0.61 22.72 1.15
including 348.60 350.60 2.00 2.96 125.10 5.94
including 349.60 350.60 1.00 4.70 173.00 8.82
and 365.90 366.90 1.00 1.26 14.30 1.60
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RR11-24 352.65 400.40 47.75 0.22 4.20 0.32
including 367.90 400.40 32.50 0.27 4.14 0.37
including 367.90 372.50 4.60 0.42 7.48 0.60
and 399.40 400.40 1.00 3.08 3.00 3.15
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RR11-25 335.90 340.45 4.55 0.37 2.09 0.42
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RR11-26 219.60 227.70 8.10 0.69 21.81 1.21
including 219.60 223.60 4.00 0.94 37.90 1.84
including 221.60 223.60 2.00 1.23 17.58 1.65
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RR11-27 264.25 267.30 3.05 0.46 3.86 0.55
including 265.80 267.30 1.50 0.63 3.60 0.72
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RR11-28 No Significant Values
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RR11-29 61.60 116.40 54.80 0.44 9.46 0.67
including 76.30 98.60 22.30 0.74 17.26 1.15
including 84.45 98.60 14.15 0.83 14.86 1.18
including 97.60 98.60 1.00 3.80 35.40 4.64
and 102.70 103.70 1.00 1.42 8.10 1.61
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RR11-30 71.20 122.50 51.30 0.39 10.20 0.63
including 74.30 75.30 1.00 1.01 13.90 1.34
and 94.60 100.00 5.40 1.63 64.15 3.16
including 94.60 97.60 3.00 2.44 64.97 3.99
and 121.00 122.50 1.50 0.62 11.80 0.90
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RR11-31 89.50 142.35 52.85 0.30 6.30 0.45
including 89.50 127.10 37.60 0.35 7.63 0.53
including 109.80 110.80 1.00 1.03 13.03 1.34
and 126.70 127.70 1.00 1.87 26.10 2.49
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RR11-33 63.10 111.85 48.75 0.39 9.53 0.62
including 91.60 96.60 5.00 1.08 11.88 1.36
including 103.70 111.85 8.15 0.69 20.02 1.17
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(i) g/t = grams per metric tonne
(i) AuEq (g/t) values calculated at the current 42 to 1 (gold price vs. silver price) ratio and metallurgical recoveries and net smelter returns are assumed to be 100%
Current Exploration Summary:
Bayfield is continuing to define near surface gold and silver mineralization at the Burns Block. To date, approximately 37,000 metres of drilling have been completed out of the newly expanded 100,000 metre drill program. Assays are pending for eleven more holes (RR11-34 through RR11-44).
The Company is currently using two diamond drills to carry out the exploration and expansion of the eastern extension of Rainy River Resource's main ODM17 gold zone onto the Burns Block. A brand new third drill has arrived at the site and is being readied for drilling which will commence shortly.
One of the drills is currently completing infill drilling along the north exploration fence and will move to the new more northerly exploration fence in a matter of a few days. The far north fence will enable Bayfield to continue the up-dip expansion of the main gold zone into the near surface environment.
Additionally, the far north drill fence will be used to conduct the first focused exploration of two deeper zones of gold mineralization that have been identified on the Burns Block yet only limited drilling has tested them (informally named the second and third zones). It is likely that one or both of these deeper gold zones represent the down dip continuation of Rainy Rivers' 433 Zone. Bayfield has intersected robust gold mineralization in these deeper zones in widely spaced holes announced previously and is now ready for a more detailed exploration effort on these important targets.
A second drill is conducting follow-up exploration around the higher grade gold and silver discovery in hole RR11-14 on the central fence. The previously announced results from RR11-14 indicate the potential for the discovery of a second high grade chute on the Burns Block with more drilling underway to test this. The hole represents a 60 metre step-out from the known high grade zone currently being delineated near the western boundary of the property. This mineralization occurs in the foliated and sericite altered and dacite volcanic hosted main zone on the Burns Block.
Quality Assurance:
Drill core analysis and assaying is being conducted by ACT Labs in Thunder Bay, Ont. The lab is ISO/IEC 17025:2005 (CAN-P-4E) certified. The drill core is split and sampled in standard 0.5 metre to 1 metre intervals. The core samples were analyzed for gold by 30-gm fire assay with AA finish and by gravimetric methods from assays over 3000 ppb (over limit). Screened total metallic assays are being performed on samples assaying over 10,000 ppb. The Company has implemented a quality assurance and quality control program to ensure that the sampling and analysis of all samples is conducted in accordance with the best possible practices.
Shane Hu, P.Geo., Project Geologist for Bayfield Ventures is the Qualified Person, as defined by National Instrument 43-101 and supervised both the project field and the preparation of the technical information in this release.
About Bayfield Ventures Corp.:
Bayfield Ventures Corp. is exploring for gold in the Rainy River District of north-western Ontario. The Company has approximately 62 million shares outstanding and over $10 million in its treasury.
On February 15th, Bayfield Ventures was recognized as a TSX Venture 50® company in 2011. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license. The TSX Venture 50® are the top 10 companies listed on the TSX Venture Exchange, in each of five major industry sectors - mining, oil & gas, technology & life sciences, diversified industries and clean technology - based on a ranking formula with equal weighting given to return on investment, market cap growth, trading volume and analyst coverage. All data was as of December 31, 2010.
For further information on Bayfield Ventures Corp. (TSX VENTURE: BYV), visit the Company's web site at www.bayfieldventures.com.
For drilling updates, follow Bayfield on Facebook: http://www.facebook.com/group.php?gid=56518514278&ref=mf#!/group.php?gid=56518514278&v=wall.
ON BEHALF OF THE BOARD OF DIRECTORS
James G. Pettit, Chairman and CEO
This news release may contain certain 'Forward-Looking Statements' that may involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Contacts:
Bayfield Ventures Corp.
James G. Pettit
Chairman and CEO
604-687-3376 or Toll Free: 800-567-8181
604-687-3119 (FAX)
Bayfield Ventures Corp.
Don Myers
Director
604-687-3376 or Toll Free: 800-567-8181
604-687-3119 (FAX)
info@bayfieldventures.com
www.bayfieldventures.com
Envoy Strategic Partners Investor Relations
Jay Bedard
416-977-7778
jay@envoystrategicpartners.com