VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 9, 2012) - Bayfield Ventures Corp. (TSX VENTURE:BYV) (OTCBB:BYVVF) (FRANKFURT:B4N) (the "Company") is pleased to announce additional assays from the continuing early stage exploration of an expanding, significant zone of gold and silver mineralization in 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:
The new gold-silver zone is hosted within a strongly sheared and altered dacite volcanic units and is the easterly strike extension of the main ODM17 gold-silver zone which constitutes the bulk of Rainy River Resources' deposit and Bayfield's high grade gold-silver zones 600-700 metres to the west.
- Hole RR12-12 intercepted 13.5 metres of 5.13 g/t gold and 25.21 g/t silver including 3.0 metres of 14.45 g/t gold and 53.95 g/t silver starting at 584 metres down hole.
- The intercept in hole RR12-12 is contained within a wider mineralized interval of 18.0 metres assaying 4.22 g/t gold and 21.54 g/t silver.
- Hole RR12-12 continues to demonstrate that this developing gold-silver zone is getting thicker and higher in grade with depth within the controlling, south dipping shear zone.
- 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.
- This east-central zone of mineralization is completely open down dip and down the interpreted SSW plunge. The zone is also open onto Rainy River Resources' lands to the east.
The results of the four holes completed over the last month continue to show that this significant zone of gold and silver mineralization is improving in grade and thickness down dip of previously reported discovery hole RR11-205. All the drilling in this new zone to date has allowed Bayfield to partially outline mineralization within the NE portion of the Burns Block. The entire down plunge extension target in the SE portion of the Burns Block remains completely unexplored. At least 250 metres of down plunge area and the corresponding lateral dimensions remain to be drilled.
Strong shear foliation, sheared and sericite alteration of the dacite volcanic wall rocks is accompanied by abundant sphalerite, galena and arsenopyrite with local smears, crack fills and pin points of native gold and electrum.
Eastern Burns Block Early-Stage Exploration/Delineation Discussion:
The assay results for holes RR12-9, RR12-10, RR12-11 and RR12-12 detailed in this announcement continue to show that strong gold and silver mineralization is present over an expanding area down dip. Hole RR12-12 intersected the new zone 200 metres north of the south boundary of the Burns Block. This is the furthest south intercept completed to date. The assays results from the main mineralized zone in RR12-12 are the richest to date in this new zone.
Updated Burns Block Drill Hole Location Map:
The thickness of the mineralization within the host shear zone is also increasing (see assay details in the chart below). The mineralized intervals in the highlighted section above are contained within a thicker mineralized interval of 18 metres averaging 4.22 g/t Au and 21.54 g/t silver. This wide, well mineralized interval continues to show that this new East Burns gold-silver zone is very robust and is consistently being intersected on 40 to 50 metre spacing step-out drill holes.
Plan View of 2012 Drill Holes at East Burns:
This developing zone remains more gold dominant than the western Burns area with local zones of very high grade silver mineralization as previously reported for hole RR12-8. Another strong and consistent character of the east area is the presence of abundant base metal sulfides in the gold-silver zones. This sulfide assemblage is dominated by dark brown sphalerite but also contains locally abundant galena and arsenopyrite along with accessory chalcopyrite.
|From (m)||To (m)||Interval (m)||Au (g/t)||Ag (g/t)||AuEq (g/t)||Location|
* g/t = grams per metric tonne
* The down hole interval lengths are estimated to be approximately 65%-95% of true width
* 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%
* 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 consistent 4.0 to 5.0+ g/t gold grade over 8 to 18 metres being found in the eastern mineralized zone along with the high base sulfide content indicate a strong similarity to that of the heart of the Rainy River ODM17 gold-silver deposit. Bayfield is continuing to conduct 40 to 50 metre step-out drill holes in the eastern Burns Block in an effort to outline the extent of this zone. Infill drilling of this zone will be necessary once this initial exploration is completed.
Cross Section of 2012 Drill Holes Looking West at East Burns:
Three important points from the initial drill results from the new eastern Burns Block zone include:
- The success rate from drilling in the eastern area remains very high on a per hole basis, even more so than was the case for early exploratory drilling out on the western side of the property.
- Gold and silver mineralization is showing a pattern of increasing to the east and south, geometry consistent with a SSW plunging mineralized zone.
- 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.
Bayfield is planning on drilling an additional 15,000 to 20,000 metres into the eastern Burns zone and is fully financed to do so.
Bayfield Closes Private Placement:
In other news, Bayfield is pleased to announce that further to its news releases dated April 17 and 19, 2012 it has closed its non-brokered private placement and has issued a total of 5,877,834 flow-through units at a price of $0.48 per unit to raise gross proceeds of $2,821,360. Each flow-through unit consists of one flow-through common share and one non-transferable share purchase warrant which entitles the holder to purchase one additional non flow-through common share of the Company at a price of $0.55 per share for a period of eighteen months. The Company closed the private placement in two tranches. 5,552,834 share purchase warrants are exercisable until November 4, 2013 and the balance of 325,000 share purchase warrants are exercisable until November 9, 2013.
The 5,552,834 flow-through common shares issued under the first tranche closing and any shares issued upon exercise of the warrants will be subject to a four month restriction until September 5, 2012. The balance of 325,000 common shares issued in connection with the second tranche closing and any shares issued upon exercise of the warrants will be subject to a four month restriction until September 10, 2012.
The Company also paid cash Finders' Fees of $194,414.20 and issued a total of 405,031 non flow-through B Warrants in connection with this private placement. The B warrants are on the same terms as the private placement warrants.
Bayfield Ventures intends to utilize the proceeds from these private placements for a continuing drill program on its 100% owned Rainy River gold properties located in north-western Ontario.
"B" Block and "C" Block Exploration Drilling:
In other news, Bayfield completed a series of exploration holes at its "B" Block and "C" Block properties. The drilling at "B" Block occurred in the southern portion of the property and was successful in identifying a new zone of gold and silver mineralization at moderately shallow depth. Hole B12-6 intersected 19.5 metres of mineralization averaging 0.55 g/t gold equivalent. The quartz eye dacites hosted mineralization looks identical to more thoroughly explored zones at the Burns Block and occurs in an area away from other drilling at the "B" Block. The top of this mineralization was intersected at 175 metres below surface. Additional drilling of this area is planned.
"C" Block drilling was focused on completing a geologic cross section of the property in a north-south direction. Altered dacites volcanic rocks were intersected locally but assay results were non-anomalous and no further work is planned at this time.
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.
About Bayfield Ventures Corp.:
Bayfield Ventures Corp. is exploring for gold and silver in the Rainy River District of north-western Ontario. The Company is fully funded to finish its planned 100,000 metre diamond drill program with drilling concentrated on the flagship Burns Block Project. The Company has 70.3 million shares outstanding and has approx. $5 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.
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