Bayfield Ventures Corp. : Bayfield Drills 13.5m of 5.13 g/t Au and 25.21 g/t Ag in Developing East Discovery Zone at Burns Block in Rainy River District, NW Ontario
(Thomson Reuters ONE) -
Suite 2230 - 885 West Georgia Street, Vancouver, BC, V6C 3E8, CANADA
www.bayfieldventures.com
TSX-V Trading Symbol: BYV
Email: info(at)bayfieldventures.com
May 9, 2012
Vancouver, BC - Bayfield Ventures Corp. (TSX-V: BYV) (OTC Pink: BYVVF) (the
"Company") is pleased to announce additional assays from the continuing early
stage exploration of an expanding, significant zone of gold and silver
mineralization in the eastern portion of the 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-silver deposit.
Rainy River District Gold Zones:
http://www.bayfieldventures.com/i/pdf/RR-Gold-Zones.pdf
The new gold-silver zone is hosted within a strongly sheared and altered dacite
volcanic units and is the easterly strike extension of the main ODM17 gold-
silver zone which constitutes the bulk of Rainy River Resources' deposit and
Bayfield's high grade gold-silver zones 600-700 metres to the west.
Highlights:
* Hole RR12-12 intercepted 13.5 metres of 5.13 g/t gold and 25.21 g/t silver
including 3.0 metres of 14.45 g/t gold and 53.95 g/t silver starting at 584
metres down hole.
* The intercept in hole RR12-12 is contained within a wider mineralized
interval of 18.0 metres assaying 4.22 g/t gold and 21.54 g/t silver.
* Hole RR12-12 continues to demonstrate that this developing gold-silver zone
is getting thicker and higher in grade with depth within the controlling,
south dipping shear zone.
* Mineralization is being found within a 50 to 60 metre wide zone of shearing,
sericite-silica alteration and polymetallic base metal sulfide and local
electrum mineralization.
* This east-central zone of mineralization is completely open down dip and
down the interpreted SSW plunge. The zone is also open onto Rainy River
Resources' lands to the east.
The results of the four holes completed over the last month continue to show
that this significant zone of gold and silver mineralization is improving in
grade and thickness down dip of previously reported discovery hole RR11-205. All
the drilling in this new zone to date has allowed Bayfield to partially outline
mineralization within the NE portion of the Burns Block. The entire down plunge
extension target in the SE portion of the Burns Block remains completely
unexplored. At least 250 metres of down plunge area and the corresponding
lateral dimensions remain to be drilled.
Strong shear foliation, sheared and sericite alteration of the dacite volcanic
wall rocks is accompanied by abundant sphalerite, galena and arsenopyrite with
local smears, crack fills and pin points of native gold and electrum.
Eastern Burns Block Early-Stage Exploration/Delineation Discussion:
The assay results for holes RR12-9, RR12-10, RR12-11 and RR12-12 detailed in
this announcement continue to show that strong gold and silver mineralization is
present over an expanding area down dip. Hole RR12-12 intersected the new zone
200 metres north of the south boundary of the Burns Block. This is the furthest
south intercept completed to date. The assays results from the main mineralized
zone in RR12-12 are the richest to date in this new zone.
Updated Burns Block Drill Hole Location Map:
http://www.bayfieldventures.com/i/maps/BYV_Burns_Block_Drill_Collar_Map_Feb_2012
.jpg
The thickness of the mineralization within the host shear zone is also
increasing (see assay details in the chart below). The mineralized intervals in
the highlighted section above are contained within a thicker mineralized
interval of 18 metres averaging 4.22 g/t Au and 21.54 g/t silver. This wide,
well mineralized interval continues to show that this new East Burns gold-silver
zone is very robust and is consistently being intersected on 40 to 50 metre
spacing step-out drill holes.
Plan View of 2012 Drill Holes at East Burns:
http://www.bayfieldventures.com/i/maps/BYV_Plan_View_20120424.jpg
This developing zone remains more gold dominant than the western Burns area with
local zones of very high grade silver mineralization as previously reported for
hole RR12-8. Another strong and consistent character of the east area is the
presence of abundant base metal sulfides in the gold-silver zones. This sulfide
assemblage is dominated by dark brown sphalerite but also contains locally
abundant galena and arsenopyrite along with accessory chalcopyrite.
+----------+--------+------+-----------+--------+--------+--------+------------+
|Drill Hole|From (m)|To (m)| Interval |Au (g/t)|Ag (g/t)| AuEq | Location |
| | | | (m) | | | (g/t) | |
+----------+--------+------+-----------+--------+--------+--------+------------+
| RR12-9 | 110.00 |111.40| 1.40 | 0.34 | 3.90 | 0.42 | |
| | | | | | | | |
| | 113.00 |114.50| 1.50 | 0.34 | 2.60 | 0.39 | |
| | | | | | | | |
| | 120.50 |122.00| 1.50 | 0.30 | 4.20 | 0.38 | |
| | | | | | | | |
| | 408.50 |410.00| 1.50 | 0.56 | 1.70 | 0.59 | |
| | | | | | | | |
| | 429.50 |431.00| 1.50 | 0.96 | 0.80 | 0.98 | Northeast |
| | | | | | | | Quadrant |
| | 437.00 |438.50| 1.50 | 0.73 | 3.20 | 0.79 | |
| | | | | | | | |
| | 452.00 |458.00| 6.00 | 0.34 | 1.45 | 0.37 | |
| | | | | | | | |
| | 467.00 |473.00| 6.00 | 2.94 | 21.24 | 3.36 | |
| | | | | | | | |
|including | 468.20 |471.80| 3.60 | 4.61 | 31.06 | 5.23 | |
| | | | | | | | |
|including | 468.20 |469.30| 1.10 | 12.30 | 66.20 | 13.62 | |
+----------+--------+------+-----------+--------+--------+--------+------------+
| RR12-10 | 90.80 |92.40 | 1.60 | 0.31 | 5.60 | 0.42 | |
| | | | | | | | |
| | 117.10 |122.70| 5.60 | 1.81 | 10.36 | 2.02 | |
| | | | | | | | |
|including | 122.00 |122.70| 0.70 | 11.60 | 34.20 | 12.28 | Northeast |
| | | | | | | | Quadrant |
| | 354.50 |356.00| 1.50 | 0.34 | 1.10 | 0.36 | |
| | | | | | | | |
| | 362.00 |363.50| 1.50 | 0.54 | 6.00 | 0.66 | |
| | | | | | | | |
| | 372.50 |383.00| 10.50 | 0.26 | 5.11 | 0.36 | |
+----------+--------+------+-----------+--------+--------+--------+------------+
| RR12-11 | 89.00 |90.50 | 1.50 | 0.97 | 2.40 | 1.02 | |
| | | | | | | | |
| | 297.50 |299.00| 1.50 | 0.69 | 13.90 | 0.97 | Northeast |
| | | | | | | | Quadrant |
| | 318.50 |320.00| 1.50 | 0.22 | 7.20 | 0.36 | |
| | | | | | | | |
| | 334.40 |336.40| 2.00 | 0.14 | 19.18 | 0.52 | |
+----------+--------+------+-----------+--------+--------+--------+------------+
| RR12-12 | 264.50 |273.50| 9.00 | 0.34 | 4.35 | 0.43 | |
| | | | | | | | |
| | 570.50 |572.00| 1.50 | 0.27 | 7.50 | 0.42 | |
| | | | | | | | |
| | 584.00 |602.00| 18.00 | 4.22 | 21.54 | 4.65 | Northeast |
| | | | | | | | Quadrant |
|including | 584.00 |600.50| 16.50 | 4.55 | 23.19 | 5.01 | |
| | | | | | | | |
|including | 584.00 |597.50| 13.50 | 5.13 | 25.21 | 5.63 | |
| | | | | | | | |
|including | 591.50 |594.50| 3.00 | 14.45 | 53.95 | 15.53 | |
+----------+--------+------+-----------+--------+--------+--------+------------+
* 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
The consistent 4.0 to 5.0+ g/t gold grade over 8 to 18 metres being found in the
eastern mineralized zone along with the high base sulfide content indicate a
strong similarity to that of the heart of the Rainy River ODM17 gold-silver
deposit. Bayfield is continuing to conduct 40 to 50 metre step-out drill holes
in the eastern Burns Block in an effort to outline the extent of this zone.
Infill drilling of this zone will be necessary once this initial exploration is
completed.
Cross Section of 2012 Drill Holes Looking West at East Burns:
http://www.bayfieldventures.com/i/maps/BYV_Looking_West_20120424.jpg
Three important points from the initial drill results from the new eastern Burns
Block zone include:
1. The success rate from drilling in the eastern area remains very high on a
per hole basis, even more so than was the case for early exploratory
drilling out on the western side of the property.
2. Gold and silver mineralization is showing a pattern of increasing to the
east and south, geometry consistent with a SSW plunging mineralized zone.
3. The mineralization at the eastern Burns area is very similar in character to
that found by Bayfield in the western portion of the property where multi-
ounce gold and silver material has been intercepted over significant widths.
Bayfield is planning on drilling an additional 15,000 to 20,000 metres into the
eastern Burns zone and is fully financed to do so.
Bayfield Closes Private Placement:
In other news, Bayfield is pleased to announce that further to its news releases
dated April 17 and 19, 2012 it has closed its non-brokered private placement and
has issued a total of 5,877,834 flow-through units at a price of $0.48 per unit
to raise gross proceeds of $2,821,360. Each flow-through unit consists of one
flow-through common share and one non-transferable share purchase warrant which
entitles the holder to purchase one additional non flow-through common share of
the Company at a price of $0.55 per share for a period of eighteen months. The
Company closed the private placement in two tranches. 5,552,834 share purchase
warrants are exercisable until November 4, 2013 and the balance of 325,000 share
purchase warrants are exercisable until November 9, 2013.
The 5,552,834 flow-through common shares issued under the first tranche closing
and any shares issued upon exercise of the warrants will be subject to a four
month restriction until September 5, 2012. The balance of 325,000 common shares
issued in connection with the second tranche closing and any shares issued upon
exercise of the warrants will be subject to a four month restriction until
September 10, 2012.
The Company also paid cash Finders' Fees of $194,414.20 and issued a total of
405,031 non flow-through B Warrants in connection with this private placement.
The B warrants are on the same terms as the private placement warrants.
Bayfield Ventures intends to utilize the proceeds from these private placements
for a continuing drill program on its 100% owned Rainy River gold properties
located in north-western Ontario.
"B" Block and "C" Block Exploration Drilling:
In other news, Bayfield completed a series of exploration holes at its "B" Block
and "C" Block properties. The drilling at "B" Block occurred in the southern
portion of the property and was successful in identifying a new zone of gold and
silver mineralization at moderately shallow depth. Hole B12-6 intersected 19.5
metres of mineralization averaging 0.55 g/t gold equivalent. The quartz eye
dacites hosted mineralization looks identical to more thoroughly explored zones
at the Burns Block and occurs in an area away from other drilling at the "B"
Block. The top of this mineralization was intersected at 175 metres below
surface. Additional drilling of this area is planned.
"C" Block drilling was focused on completing a geologic cross section of the
property in a north-south direction. Altered dacites volcanic rocks were
intersected locally but assay results were non-anomalous and no further work is
planned at this time.
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 is fully funded to finish its
planned 100,000 metre diamond drill program with drilling concentrated on the
flagship Burns Block Project. The Company has 70.3 million shares outstanding
and has approx. $5 million in its treasury.
For further information on Bayfield Ventures Corp. (TSX-V: BYV), visit the
Company's web site at www.bayfieldventures.com.
Follow the Company on Waggle at
http://waggle.ca/companies/mining/bayfield_ventures_corp/default.aspx. Waggle is
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one another.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jim Pettit"
_______________________________
James G. Pettit
Chairman and CEO
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: info(at)bayfieldventures.com
Other Contact:
Envoy Strategic Partners Investor Relations
Jay Bedard
Telephone: 416-977-7778
Email: jay(at)envoystrategicpartners.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.
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#1610146]
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Datum: 09.05.2012 - 04:36 Uhr
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