Feb. 28, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- Bayfield Ventures Corp. (TSX VENTURE:BYV) (FRANKFURT:B4N) (the "Company") is pleased to announce additional significant gold intercepts 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' multi-million ounce gold deposit. Rainy River Resources' February 2011 NI 43-101 resource calculation shows a low grade, bulk tonnage drill indicated resource of 3.42 million ounces of gold, averaging 1.1 grams per tonne gold, in addition to an inferred resource of 3.17 million ounces of gold, averaging 0.91 grams per tonne gold. Of the total 6.59 million ounces of gold inferred and indicated, 5.91 million ounces of gold are contained within open pit parameters and the remaining 0.68 million ounces of gold are below open pit depths.
Rainy River gold properties claims map: http://www.bayfieldventures.com/i/pdf/BYVRRArea.pdf
- Notable high grade gold intercept: 13 g/t gold over 6.6 metres, within 39.95 metres of 2.51 g/t gold in drill hole RR11-5.
- The gold zone in RR11-5 represents the up-plunge extension of the high grade mineralization intercepted in previous holes RR10-15, RR10-18, RR10-52 and RR11-1.
- Significant silver mineralization accompanying gold mineralization in RR11-5 including 70.22 g/t silver over 6.6 metres within 39.95 metres of 20.47 g/t silver.
- East step out hole RR11-2, located 140 metres east of the west Burns boundary, intersects 4.1 metres of 1.85 g/t gold and 2 metres of 2.44 g/t gold within 29.5 metres of 0.60 g/t gold. Silver assays are pending.
- Gold intercepts reported on Bayfield's Burns Block continue to define eastern extension of Rainy River Resource's main ODM17 gold zone.
- Infill and up-plunge extension drilling on the high grade zone continues with one rig
- Expansion drilling of the continuation of the ODM17 zone to the east on the Burns Block continues with second rig.
- Assays pending for ten more holes.
Discussion of Results from Hole RR11-5:
Hole RR11-5 was collared 25 metres north of previously announced high grade gold intercept in hole RR10-15. Hole RR11-5 was drilled by Bayfield early in our 2011 exploration program as part of an effort to extend the known strike length of high grade gold and silver mineralization intersected in July and August, 2010 in the western portion of the Burns block land position. Local, cm-scale intervals containing visible gold were noted during logging of the mineralized interval in RR11-5. Coarse gold and electrum occur as both isolated blebs and in cross cutting fracture fillings within a distinctive foliated and sericite altered dacite host rock. 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 RR11-5 are summarized in the table below. Significant silver mineralization occurs with the gold mineralization. Silver content of the mineralization has an important impact on the grade of the mineralized zones when combined and expressed as gold equivalent values or AuEq (far right column of the table).
Discussion of Results from Hole RR11-2:
Hole RR11-2 was collared 50 metres east of hole RR10-53, a position 150 metres east of the southwest corner of the Burns Block. The hole intersected the targeted foliation, strong sericite alteration and sulfide mineralization zone from 275 metres to 390 metres downhole. The 29.5 metre thick interval of gold mineralization was found within the altered zone. Assays, shown in the table below, include 9.2 metres of 1.05 g/t gold and 2 metres of 2.44 g/t gold within 29.5 metres of 0.60 g/t gold. Silver assay are pending.
The mineralization intersected in RR11-2 is very encouraging as it clearly shows that the gold system extending east from the ODM-17 Zone of Rainey River Resources is maintaining a respectable thickness and grade of gold mineralization at a point 150 metres east of the Company's west boundary. These results are another significant step for Bayfield in the definition of the significant tonnage of mineralized dacite within 300 metres from surface.
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 RR11-5 and Gold Results for RR11-2, 3 and 4:
|HOLE||FROM (m)||TO (m)||INTERVAL (m)||Au (g/t)||Ag (g/t)||AuEq (g/t)|
* g/t = grams per metric tonne
* AuEq (g/t) values calculated at the current 42 to 1 (gold price vs. silver price) ratio
Current Exploration Summary:
Bayfield is still at an early stage of exploration on its Rainy River properties with approximately 28,000 metres of drilling completed out of the planned 50,000+ metre drill program. The program is focused on two complimentary exploration efforts, extension of the high grade zone in the west portion of the block and eastward exploration towards the central portion of the block. Assays are pending for ten additional completed holes (RR11-6 through RR11-15).
Expansion drilling of the high grade zone discovered by Bayfield last August continues to show excellent results, as demonstrated by the results of the up-plunge extension hole RR11-5 reported here. The significant thickness of potential open pit grade (21.2 metres of 4.37 g/t gold and 28.20 g/t silver) in RR11-5 occurs at a vertical depth of only 140 metres. The results from RR11-5 fit well with our goal of delineating a significant resource of an average grade similar to that announced by Rainey River resources.
Bayfield is continuing to explore the up-plunge extension of the high grade zone toward the north. In the near future, a series of infill holes will be drilled along the north exploration fence. The results of that work will be used to plan a more northerly fence to continue to chase the high grade zone up towards surface.
A second rig is continuing to expand the known mineralization eastward and is currently drilling 190 metres east of the Company's west boundary (a position 40 metres east of hole RR11-2).
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.
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.
The Company has approximately 53 million shares outstanding and over $6 million in its treasury.
For further information on Bayfield Ventures Corp. (TSX VENTURE:BYV), visit the Company's web site at www.bayfieldventures.com.
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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.
Bayfield Ventures Corp.
Chairman and CEO
604-687-3376 or Toll Free: 800-567-8181
Bayfield Ventures Corp.
604-687-3376 or Toll Free: 800-567-8181
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