Bayfield Drills 10.5m of 3.44 g/t Au and 29.16 g/t Ag in New Southeast Discovery Zone at Burns Block in Rainy River District, NW Ontario
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/21/12 -- Bayfield Ventures Corp. (TSX VENTURE: BYV)(FRANKFURT: B4N) (the 'Company') is pleased to announce additional assays from the early stage exploration of the eastern portion of the Burns Block. The Company's 100% owned Burns Block gold-silver project is located in the Rainy River District of north-western Ontario and is situated adjacent to the east and on strike to Rainy River Resources' multi-million ounce gold-silver deposit.
Rainy River District Gold Zones: http://www.bayfieldventures.com/i/pdf/RR-Gold-Zones.pdf
A wide shear zone is in the initial stages of exploration and this zone appears to be the far easterly strike extension of the main ODM17 gold-silver zone which hosts Rainy River's deposit and Bayfield's high grade gold-silver zones 600-700 metres to the west.
This news release reports assays received from the mineralized portions of four holes completed during the initial stages of Bayfield's 2012 drilling program on the Burns property. The current hole being drilled, RR12-5, is a 30 metre easterly step out from hole RR12-3 to test the potential lateral extension of this new discovery area.
The assay results detailed in this announcement clearly show that strong gold mineralization is present over an expanding area, both down dip and along strike at the east Burns Block.
Highlights:
-- Multi-gram gold and silver intercepts are being intercepted in the
first-pass drilling of the southeast corner of the Burns Block
constituting a new discovery zone.
-- The first hole, RR12-3, of a 100 metre southerly step-out drill fence in
the new discovery area returned 10.5 metres of 3.44 g/t Au and 29.16 g/t
Ag including 3.7 metres of 7.71 g/t Au and 52.40 g/t Ag.
-- Mineralization is being found within a 50 to 60 metre wide zone of
shearing, sericite-silica alteration and polymetallic base metal sulfide
and local electrum mineralization.
-- Holes RR12-1 and RR12-2 were drilled in positions up-dip from RR12-3 and
returned lower gold and silver values confirming that gold grades are
increasing down-dip in the eastern portion of the property.
Eastern Burns Block Early-Stage Exploration Discussion:
The drill results presented in the table below include two holes drilled from the initial discovery collar RR11-205 (RR12-1 and RR12-2) as well as partial assays received for holes RR12-3 and RR12-4. Holes RR12-3 and RR12-4 are the first two drill holes in a 100 metre south step-out exploration fence in the southeast corner of the Burns Block. Both holes RR11-1 and RR11-2 contain relatively low gold and silver values but this must be viewed with the newly acquired knowledge that these holes were drilled through the up-dip portion of the main sericite altered zone in the southeast quadrant of the property. Holes RR12-3 and RR12-4 have returned significant mineralized intervals from the down-dip continuation of discovery hole RR11-205 illustrating the increasing tenor of mineralization down-dip in this area of the Burns Block.
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Drill From To Interval Au Ag AuEq Drill
Hole (m) (m) (m) (g/t) (g/t) (g/t) Fence
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RR12-1 102.5 110.0 7.5 0.32 8.62 0.49 Northeast Quadrant
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RR12-2 161.0 164.0 3.0 0.58 8.70 0.75 Northeast Quadrant
178.0 179.5 1.5 0.33 6.30 0.46
485.0 492.5 7.5 0.44 4.76 0.54
519.5 522.5 3.0 0.30 7.25 0.45
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RR12-3 Southeast Quadrant
522.5 524.0 1.5 1.30 1.90 1.34 (partial assays)
533.0 543.5 10.5 3.44 29.16 4.02
including 533.0 539.5 6.5 5.30 41.45 6.13
including 533.0 536.7 3.7 7.71 52.40 8.76
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RR12-4 Southeast Quadrant
524.0 525.5 1.5 0.49 1.50 0.52 (partial assays)
545.0 552.1 7.1 0.29 3.84 0.37
558.0 573.5 15.5 0.99 3.32 1.05
including 562.0 573.5 11.5 1.18 3.98 1.26
including 562.0 565.0 3.0 1.67 2.63 1.72
and 570.5 573.5 3.0 2.10 9.55 2.29
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(i) g/t = grams per metric tonne
(i) The down hole interval lengths are estimated to be approximately 65%-95%
of true width
(i) AuEq (gold equivalent) values calculated at a 50 to 1 (gold price vs.
silver price) ratio and metallurgical recoveries and net smelter returns are
assumed to be 100%
(i) The intervals were determined using a 0.35 g/t gold equivalent cut-off
grade with a maximum gap of 3.0 metres between intervals below the cut-off
grade
The mineralization at the eastern Burns area is very similar in character to that found by Bayfield in the western portion of the property where multi-ounce gold and silver material has been intercepted over significant widths. The gold-silver mineralization is accompanied by abundant sphalerite and galena with local smears and crack fills of electrum.
Updated Burns Block drill hole location map: http://www.bayfieldventures.com/i/maps/BYV_Burns_Block_Drill_Collar_Map_Feb_2012.jpg
Bayfield's experience gained over the last two years of detailed drilling in the western Burns area indicates that the discovery of multi-gram gold so early in the exploration of the eastern Burns is very encouraging. Until the discovery hole RR10-15 was drilled in the western Burns in July 2010, the early assays were nearly identical to what is currently being found in the first-pass exploration in the eastern portion of the property. It is the opinion of the exploration and management team at Bayfield that additional detailed and down-dip drilling has an excellent chance of producing similar results to that seen on the western Burns Block. Drill holes RR12-3 and RR12-4 are the first two holes to test this down-dip strike extension and both intercepted significant zones of gold and silver mineralization.
Newly Discovered Near-Surface Mineralized Zone in Hole RR12-5:
Surface mapping and sampling of the eastern portion of the Burns property was completed by Bayfield in the fall of 2010. The Company found that the altered dacite host rock found in drilling of the till-covered western portion of the property was widely exposed at surface in outcrop in the eastern Burns Block. Rock chip samples of these exposed altered dacite volcanic rocks produced local gold anomalies in the range of 0.5 to 5 g/t.
A two metre interval of strongly sericite altered dacite in the current hole, RR12-5, containing stringers veinlets of dark sphalerite, galena, chalcopyrite and local pin point smears of visible gold has been logged starting at 211.7 metres down hole. This mineralization is in a down dip position to the area of surface mineralization mentioned above. Assays are pending on this interval.
More work is needed to better understand the mineralization now being encountered in the shallow upper dacite sequence and in the underlying sulphide mineralized argillite sedimentary section. Both of these targets present excellent near-surface exploration potential.
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 1.5 metre intervals. The core samples were analyzed for gold by 30-gm fire assay with AA finish and by gravimetric methods from assays over 5,000 ppb (over limit). Screened total metallic assays are being performed on samples assaying over 5,000 ppb. The core samples were analyzed for silver by Ag Aqua Regia-ICP finish and Ag Fire Assay-Gravimetric from assays over 100 ppm (over limit). 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.
Robert Marvin, P.Geo., CPG, VP Exploration for Bayfield Ventures is the Qualified Person as defined by National Instrument 43-101 and supervised both the project field work and the preparation of the technical information in this release.
In other news, Bayfield announces that, pursuant to its stock option plan, the Company has granted incentive stock options to its various directors, officers, consultants and employees to purchase up to an aggregate of 794,800 common shares in the capital stock of the Company, exercisable for a period of two years, at a price of $0.55 per share. The Company's 10% rolling stock option plan was approved by the shareholders at the Annual General Meeting of the Company held on March 29, 2011. These options are subject to a four-month hold period.
About Bayfield Ventures Corp.:
Bayfield Ventures Corp. is exploring for gold and silver in the Rainy River District of north-western Ontario. The Company has completed over 260 holes in its ongoing 100,000 metre drill program with drilling concentrated on the flagship Burns Block Project. The Company has 62.8 million shares outstanding.
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.
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
Envoy Strategic Partners Investor Relations
Jay Bedard
416-977-7778
jay@envoystrategicpartners.com