Bayfield Ventures Corp.: Bayfield Discovers Multi-Gram Gold in New Far East Zone on Burns Block in Rainy River, NW Ontario
VANCOUVER, BC -- (Marketwire) -- 01/23/12 --
Suite 2230 - 885 West Georgia Street, Vancouver, BC, V6C 3E8, CANADA
www.bayfieldventures.com
TSX-V Trading Symbol: BYV
Email:info@bayfieldventures.com
January 23, 2012
Vancouver, BC - Bayfield Ventures Corp. (TSX-V: BYV) (FWB: B4N) (the
'Company')
is pleased to announce assay results from the early stage exploration
of the
eastern portion of its 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'
(TSX: RR) multi-million ounce gold deposit.
Rainy River gold properties claims map:
http://www.bayfieldventures.com/i/pdf/BYVRRArea.pdf
A wide shear zone is in the initial stages of exploration and this zone
is the
easterly strike extension of the main ODM17 Gold Zone which hosts Rainy
River's
deposit and Bayfield's high grade gold and silver zones 700+ metres to the
west.
Drilling on the Burns Block property was halted for a break over the
holiday
season but has since resumed with the commencement of exploratory
drilling of
mineralization initially discovered at surface in 2010 on the eastern
portion of
the property. The assay results detailed in this news release conclusively
show
that structurally controlled gold-silver mineralization continues for at
least
700 metres from west to east across the Burns Block property. Much more
infill
and definition drilling is planned along this strike length.
Highlights:
* Mineralization is being found within a 50 to 60 metre wide zone of
shearing,
sericite-silica alteration and poly-metallic base metal sulfide
mineralization.
* The wall rocks to the mineralization are the same dacites volcanic
package
found in the western portion of the Burns Block.
* Initial wide spaced drilling in the eastern portion of the Burns Block
is
intercepting multi-gram gold assays including values up to 5.58 g/t Au
and
32.87 g/t Ag over 1.9 metres.
* The drilling thus far on the eastern portion of the Burns Block has
focused
on the NE quadrant leaving the SE quadrant of the property unexplored;
initial drilling of this area is forthcoming.
* Gold and silver values are getting richer at depth and approximately
500
metres of down-plunge distance within the south-dipping shear zone is
unexplored.
* Before the discovery of multi-ounce gold and silver mineralization on
the
western portion of the Burns Block, the initial assay results from the
west
side were nearly identical to what is currently being found in the
first
pass of exploration on the east side of the property.
* It is the opinion of Bayfield's exploration and management team that
more
detailed drilling in this area has an excellent chance of intercepting
richer assay results once the key high-grade mineralized structures are
indentified.
Eastern Burns Block Early Stage Exploration Discussion:
Initial reconnaissance exploration on the far-east side of the Burns
Block
started in late 2010 with surface mapping and sampling. Two key results of
this
work were:
1. The recognition that the altered dacites host rock, found underneath
the
till cover on the western portion of the property, was widely exposed
at
surface in an outcrop on the eastern side of the Burns Block.
2. Rock chip samples of these exposed altered dacites volcanic rocks
returned
local gold anomalies in the range of 0.5 to 5 g/t Au.
Based on this information and the obvious potential for the predominant W-
NW to
E-SE trending mineralized shear zone to continue into the eastern portion
of the
property, Bayfield initiated drilling of the area in the fall of 2011. The
first
significant mineralization was encountered within a 40 to 50 metre wide
zone of
shearing and alteration in hole RR11-192 where 19.50 metres of 0.72 g/t
Au was
intercepted starting at approximately 218 metres below surface (see
December
12, 2011 news release).
Updated Burns Block drill hole location map:
http://www.bayfieldventures.com/i/maps/BYV_Burns_Block_Drill_Collar_Map_Nov
_2011
.jpg
The drill results presented in the table below are from continued
drilling to
the east and south of hole RR11-192. The results from these exploratory
drill
holes are beginning to outline a new area of gold-silver mineralization.
Much
like the western portion of the Burns Block, Bayfield is defining a lower
grade
envelope that could encompass much higher grade gold and silver
zones. The
potential for this is illustrated with hole RR11-205 which intercepted a
22.0
metre wide zone containing several distinct zones of gold mineralization
in the
range of 1.74 to 5.58 g/t Au along with silver values up to 34.30 g/t Ag.
Table 1: Gold and Silver Assay Results from the NE Portion of the Burns
Block
+----------+--------+------+------------+--------+--------+--------+-------
----+
|Drill Hole|From (m)|To (m)|Interval (m)|Au (g/t)|Ag (g/t)| AuEq |
Location |
| | | | | | | (g/t) |
|
+----------+--------+------+------------+--------+--------+--------+-------
----+
| RR11-202 | 139.60 |142.50| 2.90 | 0.29 | 4.24 | 0.38 |
|
| | | | | | | |
|
| | 404.00 |405.50| 1.50 | 0.37 | 2.90 | 0.43 |
|
| | | | | | | |
|
| | 427.90 |431.00| 3.10 | 0.51 | 9.27 | 0.70 |
|
| | | | | | | |
|
| | 447.90 |448.80| 0.90 | 0.51 | 20.40 | 0.92 |NE
Quadrant|
| | | | | | | |
|
| | 453.50 |460.40| 6.90 | 1.41 | 7.67 | 1.56 |
|
| | | | | | | |
|
|including | 453.50 |456.50| 3.00 | 2.56 | 9.00 | 2.74 |
|
| | | | | | | |
|
|including | 455.00 |456.50| 1.50 | 4.08 | 9.80 | 4.28 |
|
+----------+--------+------+------------+--------+--------+--------+-------
----+
| RR11-205 | 413.00 |417.50| 4.50 | 0.34 | 3.80 | 0.42 |
|
| | | | | | | |
|
| | 467.30 |469.20| 1.90 | 5.58 | 32.87 | 6.24 |
|
| | | | | | | |
|
| | 479.00 |491.00| 12.00 | 0.66 | 7.83 | 0.82 |NE
Quadrant|
| | | | | | | |
|
|including | 479.00 |483.50| 4.50 | 1.08 | 15.23 | 1.38 |
|
| | | | | | | |
|
|including | 479.00 |480.50| 1.50 | 1.74 | 34.30 | 2.43 |
|
+----------+--------+------+------------+--------+--------+--------+-------
----+
Table 2: Additional Gold and Silver Assay Results from 2011
+----------+--------+------+------------+--------+--------+--------+-------
----+
|Drill Hole|From (m)|To (m)|Interval (m)|Au (g/t)|Ag (g/t)| AuEq |
Location |
| | | | | | | (g/t) |
|
+----------+--------+------+------------+--------+--------+--------+-------
----+
| RR11-197 | 234.90 |236.00| 1.10 | 0.76 | 0.90 | 0.78 |
|
| | | | | | | |
|
| | 594.50 |617.00| 22.50 | 0.68 | 16.02 | 1.00 |
|
| | | | | | | |
|
| | 623.00 |624.50| 1.50 | 0.40 | 3.90 | 0.48 |
|
| | | | | | | |
|
| | 629.00 |638.00| 9.00 | 1.06 | 7.25 | 1.21 |
|
| | | | | | | |
|
|including | 630.50 |632.00| 1.50 | 3.82 | 13.90 | 4.10 |SW
Quadrant|
| | | | | | | |
|
| | 647.00 |678.50| 31.50 | 0.60 | 6.58 | 0.73 |
|
| | | | | | | |
|
|including | 663.50 |666.50| 3.00 | 1.16 | 8.70 | 1.33 |
|
| | | | | | | |
|
| | 668.00 |669.50| 1.50 | 1.07 | 7.30 | 1.22 |
|
+----------+--------+------+------------+--------+--------+--------+-------
----+
| RR11-200 | 327.50 |332.00| 4.50 | 0.17 | 11.03 | 0.39 |
|
| | | | | | | |NW
Quadrant|
| | 345.50 |353.00| 7.50 | 0.20 | 12.22 | 0.44 |
|
+----------+--------+------+------------+--------+--------+--------+-------
----+
* 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
* Holes RR11-199 & 201 assayed 0.21 g/t Au and 7.60 g/t Ag over 1.50m &
0.34 g/t
Au and 8.30 g/t Ag over 1.50m respectively. Hole RR11-203 was abandoned &
Hole
RR11-204 has not been completed.
The initially compiled results from the northeast portion of the Burns
Block
show a distinct trend of higher gold values at deeper levels within this
newly
discovered mineralized zone. This observation is highly encouraging
as the
initial intercepts from this new zone open up significant down-dip
potential as
the target altered structure dips to the south. There is over 300
metres of
unexplored ground to the south towards the property boundary and the
true
untested down-plunge linear distance of the target shear zone is likely
between
450 to 600 metres.
Notably, the mineralization intercepted in this far-east zone is very
similar in
character to that discovered by Bayfield in the western portion of the
Burns
property. Gold-silver mineralization is accompanied by abundant
sphalerite and
galena with local smears and crack fills of electrum. The Company's
experience
from its detailed drilling of the western Burns Block area indicates
that the
discovery of multi-gram gold so early on in the exploration of the eastern
side
is highly encouraging. Until discovery hole RR10-15 was drilled in the
western
Burns Block area, our early assays were nearly identical to what
we are
currently finding in this first pass of exploration on the east side
of the
property. It is the opinion of Bayfield's exploration and management team
that
more detailed and down-dip drilling has an excellent chance of
intercepting
richer assay results once the key high-grade mineralized structures
are
indentified.
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, 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 has completed over 260 holes
in
its ongoing 100,000 metre drill program with drilling concentrated on the
flagship Burns Block Project.
The Company has 62.8 million shares outstanding and over $4 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-V: BYV), visit the
Company's web site at www.bayfieldventures.com.
ON BEHALF OF THE BOARD OF DIRECTORS
'Jim Pettit'
_______________________________
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.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Bayfield Ventures Corp. via Thomson Reuters ONE
[HUG#1579271]
For further information contact myself or:
Don Myers
Director
Bayfield Ventures Corp.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: Email Contact
Other Contact:
Envoy Strategic Partners Investor Relations
Jay Bedard
Telephone: 416-977-7778
Email: Email Contact