Bayfield Drills 79.50m of 8.66 g/t Gold and 57.67 g/t Silver Including 11.2m of 60.05 g/t Gold and 362.96 g/t Silver at Rainy River, NW Ontario
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/27/11 -- Bayfield Ventures Corp. (TSX VENTURE: BYV)(FRANKFURT: B4N) (the 'Company') is pleased to announce a major gold and silver 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' multi-million ounce gold deposit.
Rainy River gold properties claims map: http://www.bayfieldventures.com/i/pdf/BYVRRArea.pdf.
Highlights:
-- Initial results from Far North Fence Drilling include 79.50m of 8.66 g/t
Au and 57.67 g/t Ag (starting at a down hole depth of 15.5m) including a
bonanza grade zone of 11.20m of 60.05 g/t Au and 362.96 g/t Ag in hole
RR11-71 (see chart below).
-- This new bonanza grade intercept in hole RR11-71 falls within the up-
plunge projection of the modeled mineralized shoot. The total linear
plunge distance between the bonanza grade zones in holes RR10-18 and
RR11-71 is approximately 600m.
-- The new drill fence, known as the Far North Fence, is an east-west
exploratory fence that has been established in a position 60m north of
the existing North Fence. The purpose of the new fence is to test the
near surface portion of the mineralized zone that has only partially
been delineated on the Burns Block to date.
-- The second Far North Fence drill hole returned 43.8m of 1.02 g/t Au and
28.15 g/t Ag including 9.0m of 3.25 g/t Au and 96.34 g/t Ag in hole
RR11-70.
-- Additional drilling to the west and east along the new Far North Fence
is progressing rapidly while the other two drill rigs continue to expand
the South, Central and North Fences.
-- Assays are pending for fifteen additional holes.
Discussion of Results from Hole RR11-71:
The Far North Fence has been planned for several months and represents an aggressive drill exploration program focused in the near surface, up-dip portion of the partially delineated gold-silver mineralized zone at the Burns Block. The position of the high grade gold and silver zones discovered by Bayfield last year in holes RR10-15 and RR10-18 strongly suggested that the rich mineralization was confined to a SSW plunging shoot of very similar geometry to other high grade zones roughly outlined by Rainy River Resources to the west of the Burns Block. Previously released hole RR10-18 intersected 35.93 g/t Au and 359.65 g/t Ag over 10.0 metres while hole RR10-15 intersected 12.88 g/t Au and 39.26 g/t Ag over 9.0 metres.
The new bonanza grade intercept in hole RR11-71 falls within the up-plunge projection of the modeled mineralized gold-silver shoot on the western portion of the property thereby expanding the known high grade zone to the northeast. The total linear plunge distance between the bonanza grade zones in RR10-18 and RR11-71 is approximately 600 metres. The continuity of mineralization within this shoot has been difficult to establish but continued success strongly supports the presence of a discrete structural zone which hosts significant high grade gold-silver mineralization in a SSW-NNE orientation.
Updated Burns Block drilling exploration map: http://www.bayfieldventures.com/i/maps/BYV_Burns_Exploration_Map_July_2010.jpg.
The new high grade intercept in hole RR11-71 lies within a broad halo of sub-gram level to multi-gram level gold and silver mineralization that is contained within the well-established west-east trending zone of strong foliation, sericite alteration, locally intense deformation and highly variable pyrite mineralization. This pattern of high grade zones lying within lower grade mineralized halos has been seen at the Burns Block many times during the continuing exploration and delineation drill program.
Gold and silver assays from the wide mineralized interval in hole RR11-71 are presented in summary form in the table below. The true width of the zone in RR11-71 is estimated to be approximately 70%-80% of the listed down hole interval lengths.
Gold and Silver Assay Results from Far North Fence Hole RR11-71:
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Drill From To Interval Au Ag AuEq
Hole (m) (m) (m) (g/t) (g/t) (g/t)
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RR11-71 15.50 95.00 79.50 8.66 57.67 10.03
including 38.00 90.60 52.60 13.07 85.70 15.11
including 46.00 61.00 15.00 45.24 281.03 51.93
including 47.80 59.00 11.20 60.05 362.96 68.69
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Individual Gold and Silver Assay Results from the High Grade Core in RR11-71:
The table below displays the consecutive individual samples which together comprise the 11.2 metre core section of the high grade mineralized zone in hole RR11-71.
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Drill From To Interval Au Ag AuEq
Hole (m) (m) (m) (g/t) (g/t) (g/t)
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RR11-71 47.80 48.60 0.80 224.00 86.90 226.07
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and 48.60 50.00 1.40 6.49 52.20 7.73
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and 50.00 51.00 1.00 19.90 82.10 21.85
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and 51.00 52.00 1.00 114.00 830.00 133.76
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and 52.00 53.00 1.00 105.00 1220.00 134.05
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and 53.00 54.00 1.00 59.20 211.00 64.22
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and 54.00 55.00 1.00 43.10 35.00 43.93
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and 55.00 56.00 1.00 27.20 46.50 28.31
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and 56.00 57.00 1.00 38.30 308.00 45.63
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and 57.00 58.00 1.00 68.10 1100.00 94.29
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and 58.00 59.00 1.00 9.47 90.00 11.61
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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%
Detailed Mineralogy of the RR11-71 Intercept:
A detailed description of the mineralization in RR11-71 has been excerpted from a summary log made during the initial stages of logging of the discovery:
'A ten to twelve metre wide zone of high grade mineralization is apparent in hole RR11-71, maybe 40 to 50 electrum sites seen thus far in a bonanza looking zone of intense sphalerite-galena-chalcopyrite mineralization of the foliated dacite host rock. Zone runs roughly from 47m to 58m down hole, maybe wider. The noted electrum sites consist of easily visible crack fills, clusters of grains and as ladder veinlets cutting across grey quartz veinlets. Most electrum seen so far is occurring in numerous centimetre to decimetre-scale grey to white quartz veinlets, both lying in and cross cutting the foliation. The veinlets are deformed and highly discontinuous but are numerous enough to give the impression of being breccias infill silica rather than true veinlets. The electrum bearing intervals are surrounded by dense webs of dark brown sphalerite and associated galena and chalcopyrite. The noted electrum is very pale to nearly as white as native silver. Rarely, it has a bronze sheen when smeared but is never bright yellow.'
The logging of the pale, smeared material as electrum is fully supported by fire and total metallic gold assays of the zone. The details of the mineralogy of the silver mineralization have not been confidently established. The logged amounts of electrum can likely explain the silver values that are less than 300 g/t. The much higher values seen in several of the individual samples in this zone strongly suggest silver is also occurring as a sulfide, either within argentiferous galena or as a primary silver sulfide. It is also likely that some of the bright white native metal logged as electrum could be nearly pure native silver.
Other Results from the Central, North and Far North Fence Drilling:
The following table summarizes a series of holes which have been received since the last news release. Note that the list of hole numbers in the table contain gaps due to delays in assays being completed.
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Drill From To Interval Au Ag AuEq Drill Dip Az.
Hole (m) (m) (m) (g/t) (g/t) (g/t) Fence (Deg.) (Deg.)
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RR11-43 114.90 122.55 7.65 0.49 12.17 0.78 North 55 1.5
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RR11-44 371.00 374.00 3.00 0.42 0.80 0.44 Central 80 358
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RR11-45 134.70 154.55 19.85 0.39 10.62 0.64 North 70 1.5
including 153.00 154.55 1.55 1.28 2.50 1.34
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RR11-53 267.50 269.00 1.50 1.92 65.50 3.48 Central 80 0
and 306.50 308.00 1.50 2.70 4.90 2.82
and 335.00 336.50 1.50 1.61 6.80 1.78
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RR11-54 100.00 113.00 13.00 0.64 32.48 1.42 North 45 353
including 100.00 101.00 1.00 1.19 61.30 2.65
including 107.00 108.00 1.00 1.77 72.00 3.48
including 109.00 110.00 1.00 1.13 41.70 2.12
including 112.00 113.00 1.00 1.25 17.80 1.67
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RR11-55 166.00 167.00 1.00 1.21 9.60 1.44 Central 45 355
and 185.00 186.50 1.50 0.46 38.70 1.38
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RR11-56 98.00 99.00 1.00 0.10 22.30 0.63 North 50 353
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RR11-57 186.00 188.00 2.00 0.74 32.55 1.52 Central 60 355
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RR11-58 95.00 98.00 3.00 0.40 1.95 0.44 North 60 353
and 108.50 120.50 12.00 0.14 18.91 0.59
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RR11-59 157.00 161.00 4.00 1.02 22.00 1.54 North 80 353
including 158.00 159.00 1.00 1.68 23.60 2.24
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RR11-60 213.50 222.50 9.00 0.36 6.27 0.51 Central 57 355
including 216.50 219.50 3.00 0.59 12.25 0.89
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RR11-62 219.50 221.00 1.50 0.59 4.80 0.71 Central 55 358
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RR11-64 34.20 53.00 18.80 0.29 7.21 0.46 Far 45 355
including 34.20 39.50 5.30 0.71 12.66 1.01 North
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RR11-70 24.50 84.80 60.30 0.79 23.22 1.34 Far 60 358
including 38.00 84.80 46.80 0.99 27.39 1.64 North
including 41.00 84.80 43.80 1.02 28.15 1.69
including 41.00 50.00 9.00 3.25 96.34 5.54
including 45.00 46.00 1.00 17.90 511.00 30.07
and 81.40 82.80 1.40 4.20 61.10 5.65
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RR11-71 15.50 95.00 79.50 8.66 57.67 10.03 Far 70 358
including 38.00 90.60 52.60 13.07 85.70 15.11 North
including 46.00 61.00 15.00 45.24 281.03 51.93
including 47.80 59.00 11.20 60.05 362.96 68.69
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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%
(i) The down hole interval lengths in hole RR11-70 are estimated to be
approximately 85%-95% of true width
Current Exploration Summary:
Aggressive drilling is continuing at the Burns property using three well maintained hydrostat diamond rigs. The average daily core production is between 250 and 325 metres of drill core. The man power behind this program is increasingly being attained from First Nations and local workers living in the area bounded by Fort Frances, Nestor Falls and Rainy River, Ontario.
Bayfield's exploration and delineation drill program continues to consist of two main objectives. The primary objective is to continue to define the eastward extension of the main zone of foliated, sericite altered and sulfide mineralized dacite rocks. This rock package is the primary host for both the low grade and high grade gold and silver mineralization found at the Burns Block to date. Infill drilling of the widely spaced expansion drilling accomplishes the second objective which is the discovery of high grade gold and silver mineralization within the lower grade envelope. Thus far, the majority of the drilling has focused in on the western 250 metres of the property leaving 550 metres of strike length unexplored to the east.
Jim Pettit, CEO of Bayfield Ventures, stated: 'Drilling the highest grade interval to date, and expanding the high grade mineralized shoot to the north and near surface, is a major milestone for the Burns Block project. This significant achievement by our technical team further illustrates the continuous value being added to the property as well as the considerable exploration potential going forward. The high grade intercept in hole RR11-71 is approximately 600 metres away from the high grade discovery made last year in hole RR10-18 as measured by the linear plunge distance. The Company will continue the exploratory drilling to the east to further prove up the bulk tonnage, pervasive mineralization on the property while attempting to locate and delineate additional high grade zones. With three active drill rigs and over 50,000 metres of drilling left in the program, management is very pleased with the progress to date as well as the future prospects for the Company.'
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.
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 61 million shares outstanding and approximately $9 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)
info@bayfieldventures.com
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