Bayfield Drills 5.5m of 20.23 g/t Gold and 39.19 g/t Silver Near Surface in Rainy River, NW Ontario
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/20/11 -- Bayfield Ventures Corp. (TSX VENTURE: BYV) (FRANKFURT: B4N) (the 'Company') is pleased to announce additional significant gold and silver 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: RR) multi-million ounce gold deposit.
Rainy River Resources latest NI 43-101 resource calculation shows a measured and indicated resource of 4.41 million ounces of gold, averaging 1.17 g/t gold, in addition to an inferred resource of 2.33 million ounces of gold, averaging 0.94 g/t gold. Rainy River considers that the material above the final depth of the conceptual pit shell (450 metres vertical depth) offers reasonable prospects for economic extraction from an open pit using a cut-off grade of 0.35 g/t gold (June 29, 2011 by SRK Consulting (Canada) Inc.).
Rainy River gold properties claims map: http://www.bayfieldventures.com/i/pdf/BYVRRArea.pdf
Highlights:
-- Far North Fence hole RR11-162 intercepted 10.0 metres of high grade
mineralization of 11.22 g/t gold and 26.91 g/t silver starting at 52
metres down hole. This intercept contains a high grade core of 5.5
metres grading 20.23 g/t gold and 39.19 g/t silver.
-- Far North Fence infill drilling continues to intercept wide zones of
gold and silver mineralization in near surface drilling.
-- Far North Fence hole RR11-159 intercepted 13.50 metres of 2.58 g/t gold
and 23.65 g/t silver starting at 59.0 metres down hole. This intercept
contains a high grade core of 6.0 metres grading 5.26 g/t gold and 35.01
g/t silver.
-- Hole RR11-107 in the central portion of the Burns property has
intersected two zones of gold mineralization located below the main zone
including 7.55 metres of 1.31 g/t gold starting at 507 metres down hole
and 3 metres of 3.0 g/t gold starting at 605 metres down hole.
-- Assays for twenty eight additional completed holes are pending including
several with in the NW high grade area that contain locally abundant
electrum.
Discussion of Current Results:
Detailed infill drilling along the Far North Exploration Fence has continued to define a well mineralized shear zone at near surface levels. Success in extending the bonanza grade mineralization intersected in hole RR11-71 both upwards toward surface and laterally is occurring. Holes RR11-159 and RR11-162 where drilled from a common collar located 22 metres southeast of RR11-71. The well mineralized portions of these two holes reported here are of the same style as hole RR11-71 which suggests some level of geologic continuity of the rich, near surface zone. Assays are pending from additional well mineralized intercepts in other holes from this infill drilling program. The goal of the infill program is to increase the value of this near surface, high grade mineralized zone.
Mineralization commences immediately under 15 to 25 metres glacial till cover. Bayfield continues to see high variability in gold and silver content of the mineralized intervals. Note that the 10 metre interval of 11.22 g/t gold reported here for hole RR11-162 contains relatively lower silver averaging 26.91 g/t over the 10 metre interval. This complex, high grade mineralization contains both gold rich and silver rich portions as well as intercepts that are very high in both gold and silver. Work is underway to help determine the mineralogy of the silver mineralization in several drill holes in the Northwest portion of the Burns property.
The pattern of strong gold and silver mineralization being in swarms of mm-scale cracks filled with sulfides and electrum is continuing. These cracks are dominantly oriented at low to sub parallel angle to core axis. This geometry strongly suggests that late, potentially north south oriented fractures were a primary location for deposition of high grade mineralization at the Burns property.
The eastward continuation of reconnaissance drilling on the Burns block has resulted in the discovery of gold mineralization within sericite altered zones well below the main zone. These zones are mineralogically similar to those found in hole RR10-3 completed in February 2010 where a 17 metre interval from 730 to 747 metres contained three mineralized zones in the range of 2.69 g/t to 9.51 g/t gold over one metre minimum lengths. Holes RR11-107 and RR11-108 intercepted five distinct mineralized zones commencing at depths ranging from 507 to 816 metres down hole. As with the mineralized zone deep in RR10-3, the gold and silver mineralization is associated with silica-sericite-pyrite alteration of the dacites wall rocks.
While these deep zones do not currently qualify as resource delineation targets, they do present high quality exploration targets for high grade mineralization as evidenced by the 9.51 gram per tonne gold intercept from hole RR10-3. Bayfield will continue to drill wide spaced holes well into the footwall of the main zone to continue to explore this deeper mineralization on the property.
Updated Burns Block drill hole location map: http://www.bayfieldventures.com/i/maps/BYV_Burns_Exploration_Map_July_2010.jpg
Significant Gold and Silver Assay Results:
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From Interval Au Ag AuEq
Drill Hole (m) To (m) (m) (g/t) (g/t) (g/t) Drill Fence
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RR11-117 87.50 110.00 22.50 0.54 28.87 1.18 Far North
including 104.00 108.50 4.50 1.46 102.13 3.73
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RR11-118 68.00 99.50 31.50 0.30 12.04 0.57 Far North
including 72.50 74.00 1.50 1.03 47.30 2.08
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RR11-120 34.00 35.50 1.50 3.53 2.50 3.59 Far North
52.00 70.00 18.00 0.53 13.36 0.83
including 62.50 67.00 4.50 1.17 24.57 1.72
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RR11-121 46.00 64.00 18.00 0.64 13.35 0.94 Far North
including 58.00 61.00 3.00 2.21 37.10 3.03
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RR11-128 54.50 56.00 1.50 0.24 7.80 0.41 Far North
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RR11-139 60.00 60.80 0.80 0.34 1.60 0.38 Far North
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RR11-159 59.00 72.50 13.50 2.58 23.65 3.11 Far North
including 62.00 68.00 6.00 5.26 35.01 6.03
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RR11-162 52.00 62.00 10.00 11.22 26.91 11.82 Far North
including 55.60 61.10 5.50 20.23 39.19 21.11
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RR11-104 124.00 125.50 1.50 0.26 5.90 0.39 North
130.00 131.50 1.50 0.11 11.20 0.36
134.50 136.00 1.50 0.43 1.30 0.46
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RR11-109 92.00 93.50 1.50 0.57 1.10 0.59 North
107.00 108.50 1.50 0.24 7.90 0.42
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RR11-110 123.00 124.00 1.00 5.75 45.50 6.76 North
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RR11-111 105.50 107.00 1.50 0.55 3.20 0.62 North
116.00 117.50 1.50 0.37 0.20 0.37
125.00 126.50 1.50 0.57 1.50 0.60
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RR11-112 158.00 162.50 4.50 0.31 3.63 0.39 North
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RR11-125 165.30 166.30 1.00 0.43 7.80 0.60 North
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RR11-134 3.50 5.00 1.50 0.36 2.20 0.41 North
29.00 30.50 1.50 0.72 2.00 0.76
36.50 41.00 4.50 0.56 7.77 0.73
Including 36.50 38.00 1.50 1.15 12.00 1.42
155.80 159.50 3.70 0.63 4.54 0.73
including 155.80 157.00 1.20 1.00 13.00 1.29
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RR11-145 38.00 39.00 1.00 0.33 2.60 0.39 North
51.00 51.80 0.80 0.32 4.10 0.41
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RR11-146 40.00 41.30 1.30 0.52 4.20 0.61 North
49.00 50.00 1.00 0.32 2.80 0.38
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RR11-83 255.50 257.00 1.50 0.32 8.50 0.51 Central
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RR11-105 243.00 246.00 3.00 2.49 2.75 2.55 Central
including 244.50 246.00 1.50 4.30 3.20 4.37
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RR11-106 251.00 252.50 1.50 0.23 8.40 0.42 Central
257.00 260.00 3.00 0.25 9.90 0.47
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RR11-107 66.70 69.70 3.00 0.70 1.00 0.72 Central
308.45 309.95 1.50 0.51 0.60 0.52
324.60 329.00 4.40 0.52 6.72 0.67
507.45 515.00 7.55 1.31 1.48 1.34
including 507.45 511.90 4.45 1.79 1.80 1.83
541.00 542.50 1.50 0.87 1.00 0.89
576.50 588.50 12.00 0.40 0.81 0.42
605.00 608.00 3.00 1.47 0.95 1.49
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RR11-122 218.00 219.50 1.50 0.33 3.10 0.40 Central
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RR11-123 237.50 240.50 3.00 0.29 10.25 0.52 Central
251.00 252.50 1.50 0.58 2.70 0.64
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RR11-133 119.00 120.50 1.50 0.40 0.90 0.42 Central
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RR11-135 273.30 274.65 1.35 0.43 3.80 0.51 Central
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RR11-108 711.50 714.50 3.00 0.36 29.80 1.02 South
including 713.50 714.50 1.00 0.45 45.50 1.46
767.00 771.50 4.50 0.19 7.80 0.36
788.00 795.50 7.50 0.90 5.76 1.03
including 791.00 794.00 3.00 1.37 7.90 1.55
800.00 804.50 4.50 0.97 13.53 1.27
including 801.50 803.00 1.50 1.67 24.60 2.22
813.50 816.50 3.00 1.16 0.95 1.18
including 815.00 816.50 1.50 1.87 1.20 1.90
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RR11-140 215.00 221.00 6.00 0.81 0.68 0.83 South
including 219.50 221.00 1.50 1.19 0.80 1.21
449.70 450.70 1.00 1.63 26.50 2.22
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Note:
(i) Holes RR11-113,114,115,116,124,126,127,129,130,132,136,137,141,142,143,147 and 148 had no significant values
(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 45 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
Current Exploration Summary:
Bayfield is continuing to infill the high grade NW Burns area with one rig while exploring the eastward extension of the alteration / mineralization system to the east with a second rig.
In the NW Burns area, Bayfield just initiated the drilling of a series of holes drilled on due west azimuths to explore for additional high grade, electrum bearing fracture zones between the existing pattern of north facing dill holes. Three set-ups are planned to further delineate mineralization around holes RR11-71, RR10-15 and RR10-52.
To the east Bayfield is continuing to drill across the main sericite altered shear zone while also closely watching for additional mineralization in both the hanging wall and footwall of the main zone.
Contracting of a third rig to conduct reconnaissance exploration of the large C Block land position to the west is still on the slate and is considered very important. The C Block is well positioned along the western extension of the Rainy River gold district and has had no previous diamond drilling done. Ground conditions will be the deciding factor in whether this exploration can be commenced this fall or whether it will have to wait until freeze up in early 2012.
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, 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 62 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.
ON BEHALF OF THE BOARD OF DIRECTORS
James G. Pettit, Chairman and CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
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