Bayfield's Rainy River East Step-Out Drilling Continues to Intercept Gold and Silver
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/14/11 -- 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' (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 grams per tonne gold, in addition to an inferred resource of 3.17 million ounces of gold, averaging 0.91 grams per tonne gold.
Rainy River gold properties claims map: http://www.bayfieldventures.com/i/pdf/BYVRRArea.pdf
Highlights:
- Eastward extension drilling intercepts wide zones of strong gold and silver mineralization
- Hole RR11-14 returns 6.75 g/t Au and 211.07 g/t Ag over 3.0m within 56.9m of 0.62 g/t Au and 13.77 g/t Ag
- High grade extension RR11-20 retuned 2.15 g/t gold and 156.5 g/t silver over 4.3m
- Holes RR11-06 to RR11-17 all intersect pervasive gold mineralization, most of which were drilled in previously unexplored areas
- North drill fence holes RR11-18 to RR11-21 confirm up-plunge extension of high grade zone; more delineation drilling planned
- Continue to significantly increase potential tonnage on Burns Block
- The gold-silver zone in RR11-14 is 60m step-out to east from known high grade zone and most easterly hole drilled on central fence indicating potential for discovering second high grade gold and silver zone
- Hole RR11-16 returns 0.50 g/t Au and 20.26 g/t Ag over 20.85m in a position 190m east of the SW corner of Burns property representing another significant eastward expansion
- Assays pending for eleven more holes completed in March 2011
Discussion of High Grade Zone Exploration Results:
The assay results reported here include both the completion of delineation drilling on the high grade zone between discovery holes RR10-15 and RR10-18, and the first results from the early stage of north extension drilling of the zone in the western portion of the Burns Block property.
North fence drill holes RR11-20 and RR11-21 have confirmed the up-plunge extension of the high grade gold zone on the western portion of the property with more delineation drilling planned to further define this northerly extension of the zone. Local, cm-scale intervals containing visible gold were noted during logging of the mineralized interval in holes RR11-20 and RR11-21. Coarse gold and electrum occur as 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 completed infill and initial northern extension drilling 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).
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 High Grade Extension Drilling:
----------------------------------------------------------------------------
DRILL HOLE FROM (m) TO (m) INTERVAL (m) Au (g/t) Ag (g/t) AuEq (g/t)
----------------------------------------------------------------------------
RR11-20 72.25 132.30 60.05 0.47 25.48 1.18
including 86.50 90.55 4.05 0.70 21.01 1.28
and 99.65 108.80 9.15 0.67 41.76 1.83
and 114.90 115.90 1.00 0.91 36.60 1.93
and 127.10 132.30 5.20 1.89 133.53 5.60
including 127.10 131.40 4.30 2.15 156.50 6.50
----------------------------------------------------------------------------
RR11-21 109.80 171.80 62.00 0.45 7.60 0.66
including 112.90 119.00 6.10 2.08 9.41 2.34
including 117.95 119.00 1.05 7.97 19.24 8.50
and 154.55 155.60 1.05 1.21 30.90 2.07
and 168.80 169.80 1.00 1.87 70.30 3.82
----------------------------------------------------------------------------
(1) g/t = grams per metric tonne
(1) AuEq (g/t) values calculated at the current 36 to 1 (gold price vs.
silver price) ratio
Discussion of Eastward Step-Out Results:
Extension drilling eastward on the Burns Block property continues to define a thick, well mineralized zone. The drilling completed in the last couple of months has been quite successful in increasing the potential tonnage of gold-silver mineralization that could be included in a larger open pit mining operation. The most easterly hole drilled on the Burns Block is located 250 metres east of the southwest corner of the property (assays pending). No drilling has been carried out beyond 250 metres representing roughly 550 metres of strike length that is unexplored.
The eastward extension drilling has been carried out using approximately 50 metre step-outs. This spacing represents a reconnaissance style, first round exploration effort. The completed drilling is confirming our exploration model of the property. The ODM17-style gold mineralization has been intersected in every hole to date as the Company continues to prove up the easterly continuation of Rainy River Resources' main gold zone.
The most eastward hole drilled on the central fence, RR11-14, returned notable gold and silver mineralization (see chart below) and was collared about 140 metres east of the western boundary and 135 metres north of the south boundary. This represents a 60 metre step-out from the known high grade zone currently being delineated near the western boundary of the property. A wide zone of strong alteration and sulfide mineralization containing local, cm-scale intervals with visible gold were noted during logging of the hole. Coarse gold and electrum occur as fracture fillings and isolated blebs within a local silicified zone within the foliated and sericite altered dacite host rock. Accessory minerals include light brown sphalerite, fracture fills and blebs of chalcopyrite and isolated crystals of arsenopyrite, as well as deformed pyrite stringer veins.
South fence extension hole RR11-16 was collared 190 metres east of the southwest corner of the Burns Block. This hole returned significant gold and silver mineralization as summarized in the table below. The mineralization is hosted within highly foliated and sericite altered dacite volcanic rocks. The mineralized zone contains pyrite stringer veinlets as well as local sphalerite and arsenopyrite disseminations and foliation parallel patches and veinlets. Rare galena is also encountered locally.
The widely spaced drilling is being done to define the extension of the mineralized zone and is providing the data necessary to plan more detailed follow-up drilling that will focus on targeting high grade zones within the mineralized envelope. In this regard, the strongly mineralized 3 metre gold and silver interval in hole RR11-14 is very encouraging at this stage of the eastward exploration and indicates a high potential for discovering and delineating a second high grade gold-silver zone during more detailed infill drilling.
Gold and Silver Assay Results from Central Fence Hole RR11-14:
----------------------------------------------------------------------------
DRILL HOLE FROM (m) TO (m) INTERVAL (m) Au (g/t) Ag (g/t) AuEq (g/t)
----------------------------------------------------------------------------
RR11-14 275.50 332.40 56.90 0.62 13.77 1.00
including 275.50 290.70 15.20 1.50 42.46 2.68
including 275.50 278.50 3.00 6.75 211.07 12.61
including 325.25 328.30 3.05 2.14 7.67 2.35
----------------------------------------------------------------------------
Gold and Silver Assay Results from South Fence Hole RR11-16:
----------------------------------------------------------------------------
DRILL HOLE FROM (m) TO (m) INTERVAL (m) Au (g/t) Ag (g/t) AuEq (g/t)
----------------------------------------------------------------------------
RR11-16 558.40 562.90 4.50 1.11 3.07 1.20
and 599.05 619.90 20.85 0.50 20.26 1.06
including 616.80 619.90 3.10 1.18 74.41 3.25
including 616.80 618.90 2.10 1.54 99.84 4.31
----------------------------------------------------------------------------
Summary Table of Significant Assays:
The table below displays all significant assays for all holes covered by the
news release.
----------------------------------------------------------------------------
DRILL HOLE FROM (m) TO (m) INTERVAL (m) Au (g/t) Ag (g/t) AuEq (g/t)
----------------------------------------------------------------------------
RR11-6 561.00 609.70 48.70 0.36 0.36
including 566.00 576.20 10.20 0.84 Assays 0.84
including 566.00 571.10 5.10 0.99 pending 0.99
----------------------------------------------------------------------------
RR11-7 190.70 210.40 19.70 0.55 0.55
including 190.70 191.35 0.65 1.87 Assays 1.87
including 205.30 208.40 3.10 1.05 pending 1.05
----------------------------------------------------------------------------
RR11-8 192.20 218.80 26.60 0.33 Assays 0.33
including 196.20 197.20 1.00 1.16 pending 1.16
----------------------------------------------------------------------------
RR11-9 210.40 211.40 1.00 0.30 25.50 1.01
----------------------------------------------------------------------------
RR11-10 197.60 232.80 35.20 0.33 6.05 0.50
including 223.10 228.70 5.60 0.63 6.64 0.81
including 227.70 228.70 1.00 1.18 14.70 1.59
----------------------------------------------------------------------------
Assays
RR11-11 306.90 308.00 1.10 1.63 pending 1.63
----------------------------------------------------------------------------
RR11-12 218.50 222.60 4.10 0.94 Assays 0.94
including 219.60 221.60 2.00 1.45 pending 1.45
----------------------------------------------------------------------------
RR11-13 201.25 239.90 38.65 0.48 1.46 0.52
including 220.55 226.70 6.15 1.00 4.42 1.12
including 220.55 221.60 1.05 2.93 3.30 3.02
and 225.70 226.70 1.00 2.08 13.30 2.45
----------------------------------------------------------------------------
RR11-14 275.50 332.40 56.90 0.62 13.77 1.00
including 275.50 290.70 15.20 1.50 42.46 2.68
including 275.50 278.50 3.00 6.75 211.07 12.61
including 325.25 328.30 3.05 2.14 7.67 2.35
----------------------------------------------------------------------------
RR11-15 212.45 215.50 3.05 1.63 7.91 1.85
----------------------------------------------------------------------------
RR11-16 558.40 619.90 61.50 0.27 7.62 0.48
including 558.40 562.90 4.50 1.11 3.07 1.20
and 599.05 619.90 20.85 0.50 20.26 1.06
including 616.80 619.90 3.10 1.18 74.41 3.25
including 616.80 618.90 2.10 1.54 99.84 4.31
----------------------------------------------------------------------------
RR11-17 153.50 161.70 8.20 0.98 10.23 1.26
including 159.60 161.70 2.10 1.60 23.85 2.26
----------------------------------------------------------------------------
RR11-18 75.30 92.60 17.30 0.85 7.92 1.07
including 76.30 91.60 15.30 0.90 8.09 1.12
including 76.30 77.30 1.00 3.53 9.30 3.79
and 89.50 91.60 2.10 3.93 27.20 4.69
including 89.50 90.55 1.05 5.94 25.80 6.66
----------------------------------------------------------------------------
RR11-19 71.20 89.50 18.30 0.49 15.41 0.92
including 71.20 85.50 14.30 0.54 14.78 0.95
including 81.40 83.40 2.00 2.03 68.45 3.93
104.70 106.80 2.10 0.59 6.50 0.77
----------------------------------------------------------------------------
RR11-20 72.25 132.30 60.05 0.47 25.48 1.18
including 86.50 90.55 4.05 0.70 21.01 1.28
and 99.65 108.80 9.15 0.67 41.76 1.83
and 114.90 115.90 1.00 0.91 36.60 1.93
and 127.10 132.30 5.20 1.89 133.53 5.60
including 127.10 131.40 4.30 2.15 156.50 6.50
----------------------------------------------------------------------------
RR11-21 109.80 171.80 62.00 0.45 7.60 0.66
including 112.90 119.00 6.10 2.08 9.41 2.34
including 117.95 119.00 1.05 7.97 19.24 8.50
and 154.55 155.60 1.05 1.21 30.90 2.07
and 168.80 169.80 1.00 1.87 70.30 3.82
----------------------------------------------------------------------------
Current Exploration Summary:
Bayfield is still at an early stage of exploration on its Rainy River properties with approximately 32,500 metres of drilling completed out of the planned 50,000 metre drill program. The program is currently focused on two complimentary exploration efforts including delineation of the high grade zone in the west portion of the property as well as the eastward exploration towards the central portion of the block. Assays are pending for eleven additional completed holes (RR11-22 through RR11-33).
The eastward expansion drilling completed in the period from mid-February to mid-March has been highly encouraging as it has significantly increased the potential tonnage of gold-silver mineralization on the Burns Block. The results from RR11-14 also indicate the potential for the discovery of a second high grade shoot. Follow-up drilling in the area of RR11-14 will commence shortly.
Bayfield is continuing to explore the up-plunge extension of the high grade zone towards the north boundary of the property. A series of infill holes are currently being drilled along the northern exploration fence. The initial results of this work will provide more details on the grade and character of this very shallow portion of the developing resource. Once completed, the results from these holes will be used to plan a second and even more northerly fence of holes intended to chase the high grade gold and silver zone up towards surface.
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 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 62 million shares outstanding and over $11 million in its treasury.
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
www.bayfieldventures.com
Envoy Strategic Partners Investor Relations
Jay Bedard
416-977-7778
jay@envoystrategicpartners.com