Bayfield Extends Near Surface Gold-Silver Mineralization in Easterly Step-Out Holes at Rainy River, NW Ontario |
| Marketwire.com - Aug 9, 2011 |
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 9, 2011) - Bayfield Ventures Corp. (TSX VENTURE:BYV) (FRANKFURT:B4N) (the "Company") is pleased to announce additional 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-V: RR) multi-million ounce gold deposit.
Rainy River's 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:
•Latest batch of results reported here illustrates strong gold and silver mineralization intersected in step-out holes to the east of the high grade shoot on the western portion of the Burns Block.
•Drill hole RR11-119 intercepts 22.5 metres of 2.39 g/t Au and 25.37 g/t Ag including 15.0 metres of 3.46 g/t Au and 34.34 g/t Ag in a 45 metre step-out to the southeast from hole RR11-71.
•Central Fence step-out holes RR11-63 and RR11-68 both intersected well mineralized intervals including 7.2 metres of 3.07 g/t Au and 10.5 metres of 1.72 g/t Au respectively.
•10.0 metres of 1.48 g/t Au and 107.24 g/t Ag was intersected in North Fence infill hole RR11-52.
•Bayfield is currently backlogged with pending assays for 57 holes totaling approximately 2,900 cut samples of core from completed drilling.
Discussion of Results:
A wide, near surface, zone of gold and silver mineralization has been intersected in drill hole RR11-119 which is located 45 metres southeast of the collar of high grade hole RR11-71 along the Far North Drill Fence at the Burns Block. The 22.5 metre interval of 2.95 g/t gold equivalent in RR11-119 starts at 58 metres down hole or approximately 48 metres vertically below surface given the 60 degree inclination of the drill hole.
The mineralization is hosted within the main foliated and sheared zone or envelope that extends onto the Burns property from the main ODM17 gold-silver deposit of Rainy River Resources directly to the west. The intercept in hole RR11-119 lies outside to the east of the zone encompassing the southwest plunging series of high grade gold-silver intersections discovered by Bayfield at the Burns Block. Whether this intercept represents a fault offset portion of the partially delineated high grade zone to the west, or whether it is a separate zone is not known at the present time. A detailed compilation of logged structural data is underway to try to improve the understanding of the mineralization and to help in the targeting of additional drilling in the area.
Updated Burns Block drilling exploration map: http://www.bayfieldventures.com/i/maps/BYV_Burns_Exploration_Map_July_2010.jpg
Bayfield is also pleased to report success on the central fence drilling as additional discoveries of mineralized gold-silver intervals are being made in the west-central portion of the Burns property. Holes RR11-63 and RR11-68 were drilled from a common collar position 20 metres southeast from the collar of hole RR11-14. Previously reported hole RR11-14 had a high grade zone of 3.0 metres grading 11.44 g/t gold equivalent at a depth of 275 metres down hole. This recently discovered zone is 60 metres east of the known high grade zone on the western portion of the property. As was mentioned in the highlights above and as displayed in the table below both RR11-63 and RR11-68 intersected significant mineralized zones containing multi-gram gold and silver values over approximately 7-10 metre intervals. We are waiting on assays from additional step-out holes completed further east along strike.
Gold and Silver Assay Results from Central and North Fence Drilling:
Drill Hole From (m) To (m) Interval (m) Au (g/t) Ag (g/t) AuEq (g/t) Drill Fence
RR11-77 48.50 69.50 21.00 0.71 12.36 0.99 Far North Fence
51.50 55.00 3.50 2.43 29.51 3.09
81.50 83.00 1.50 2.33 28.40 2.96
RR11-80 32.00 36.50 4.50 0.44 9.50 0.65 Far North Fence
RR11-81 30.50 41.00 10.50 0.56 13.69 0.86 Far North Fence
including 32.00 38.00 6.00 0.75 18.13 1.15
45.5 54.5 9.00 0.44 5.28 0.56
RR11-82 27.50 44.00 16.50 0.27 8.45 0.46 Far North Fence
RR11-84 No significant values Far North Fence
RR11-119 58.00 80.50 22.50 2.39 25.37 2.95 Far North Fence
including 61.00 76.00 15.00 3.46 34.34 4.22
RR11-46 192.60 195.70 3.10 0.23 7.50 0.40 North Fence
RR11-48 110.30 116.40 6.10 0.20 6.21 0.34 North Fence
127.10 131.70 4.60 0.28 2.70 0.34
RR11-49 10.30 11.30 1.00 0.79 0.50 0.80 North Fence
23.90 25.10 1.20 0.99 1.80 1.03
RR11-52 5.00 6.50 1.50 0.95 1.80 0.99 North Fence
96.00 115.00 19.00 0.87 61.68 2.24
including 102.00 112.00 10.00 1.48 107.24 3.87
including 105.00 109.00 4.00 2.26 183.10 6.32
RR11-47 222.50 239.00 16.50 0.82 3.06 0.88 Central Fence
including 222.50 224.00 1.50 4.86 3.00 4.93
RR11-51 287.00 297.50 10.50 0.20 13.49 0.50 Central Fence
305.00 308.00 3.00 0.61 7.20 0.77
365.00 369.50 4.50 0.42 0.67 0.43
RR11-63 251.00 252.50 1.50 1.77 2.10 1.82 Central Fence
279.50 281.00 1.50 0.43 1.50 0.46
333.50 340.70 7.20 3.07 32.46 3.79
including 333.50 336.50 3.00 6.81 63.95 8.23
RR11-68 272.00 276.50 4.50 0.21 8.63 0.40 Central Fence
297.50 308.00 10.50 1.72 11.66 1.98
333.50 335.00 1.50 0.40 6.50 0.54
341.00 344.00 3.00 0.58 11.65 0.84
RR11-75 291.50 293.00 1.50 0.52 5.60 0.64 Central Fence
297.50 303.50 6.00 0.60 6.43 0.74
326.00 335.00 9.00 0.81 16.07 1.17
including 327.50 333.50 6.00 1.04 20.78 1.50
RR11-67 541.00 545.50 4.50 0.77 7.23 0.93 South Fence
* g/t = grams per metric tonne
* 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%
* 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 still at an early stage of exploration on its Rainy River properties with approximately 50,000 metres of drilling completed out of the planned 100,000 metre drill program. However, due to the backlog of pending assays at the labs, approximately 40,000 metres have been announced with the additional 10,000 metres still pending.
Assays Specific Hole Numbers Holes Pending Total Metres Pending
Partial Assays RR11-61/65/66/69/72/73/74/76/78/79 10 holes 2267.00m
No Assays RR11-85 to RR11-132 (excluding RR11-119) 47 holes 10870.45m
Total 57 holes 13137.45m
This latest batch of results reported above illustrates strong gold and silver mineralization intersected in step-out holes to the east of the high grade shoot on the western portion of the Burns Block. Follow-up drilling is planned for these newly discovered zones as well as expansion drilling further to the east and additional definition drilling of the known high grade zone to the west.
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 62.2 million shares outstanding and approximately $7.5 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.
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.
Contact Information
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
Jay Bedard
Investor Relations
416-977-7778
jay@envoystrategicpartners.com
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- Posted: 2011-08-11 11:25:49
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