Bayfield Drills 26.5m of 8.82 g/t Au and 39.44 g/t Ag and Extends East Burns Zone 55m in Rainy River, NW Ontario
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/20/12 -- Bayfield Ventures Corp. (TSX VENTURE: BYV) (OTCBB: BYVVF) (FRANKFURT: B4N) (the "Company") is pleased to announce additional assays from the continuing exploration of the 100% owned Burns Block Gold-Silver Project. The Company's Burns Project is located in the Rainy River District of north-western Ontario and is ideally situated adjacent to the east of Rainy River Resources' (TSX: RR) main ODM17 gold deposit and to the west of their expanding Intrepid gold-silver zone.
Rainy River District Gold Zones: http://www.bayfieldventures.com/i/pdf/RR-Gold-Zones.pdf
East Burns - Intrepid Zone Highlights:
-- Hole RR12-34 returns 26.50 metres grading 8.82 g/t gold and 39.44 g/t
silver including 11.60 metres of 17.04 g/t gold and 79.07 g/t silver at
East Burns - Intrepid Zone.
-- This is the best drill interval to date at this rapidly expanding zone
and extends high grade mineralization 55 metres down-plunge from
previously reported hole RR12-30 which returned 19.60 metres of 5.45 g/t
gold and 20.63 g/t silver.
-- Bayfield continues to explore the down-plunge extension of this robust
mineralized zone interpreted to be the lower portion of Rainy River's
Intrepid Zone.
-- Further step-out drilling to the southwest is ongoing to test the high
grade gold-silver zone which remains open down-dip and displays tendency
for increasing grade at depth.
-- Gold-silver mineralization is consistently being found on eastern
portion of Burns property within a 50 to 70 metre wide zone of shearing,
sericite-silica alteration and polymetallic base metal sulphide
mineralization.
Discussion of East Burns - Intrepid Drill Holes RR12-31 to RR12-34:
This news release reports assay results from East Burns step out holes RR12-31 to RR12-34. Hole RR12-34 intersected a very strong interval of gold and silver mineralization in a position approximately 55 metres down-plunge from previously reported hole RR12-30 thereby extending the known mineralized zone at depth. Hole RR12-34 intersected a down-hole interval of 26.50 metres grading 8.82 g/t gold and 39.44 g/t silver including 11.60 metres of 17.04 g/t gold and 79.07 g/t silver. This down-plunge offset of the previously announced mineralization in hole RR12-30 contains the highest grade gold-silver interval intersected at the East Burns - Intrepid Discovery Area to date.
Updated Burns Block Drill Hole Location Map: http://www.bayfieldventures.com/i/maps/BYV_Burns_Block_Drill_Collar_Map_Feb_2012.jpg
A trend of increasing grade and thickness of the southwest plunging, precious and base metal mineralized shoot is becoming evident based on the combined results of holes RR12-12, RR12-30 and now RR12-34. The gold-silver intercepts in these three holes, the deepest and highest grade to date at the East Burns, trace higher grade mineralization over a down-plunge distance of approximately 70 metres and the zone remains open at depth. This persistent, robust zone of gold-silver-base metal mineralization is part of a larger system which Bayfield discovered near the east property boundary in late 2011 and which has been roughly outlined over a nearly 200-metre strike length and approximately 200 metres down-dip.
Cross Section of 2012 Drill Holes at East Burns: http://www.bayfieldventures.com/i/maps/BYV-look-west-Eastern-burns-block-Oct-23-2012.jpg
Holes RR12-31 to RR12-34 were drilled as exploration holes to test the down-plunge extension of mineralization southwest of hole RR12-30 which returned 19.60 metres of 5.45 g/t gold and 20.63 g/t silver. Hole RR12-34 was collared 22 metres west and 30 metres south of hole RR12-30 and intersected a high grade zone of gold and silver over a 26.50 metre down-hole interval commencing at approximately 650 metres below surface. Bayfield continues to drill test the down-plunge extension of this expanding mineralized zone which is projected to be the down-dip portion of Rainy River's newly discovered Intrepid Zone.
Plan View of 2012 Drill Holes at East Burns: http://www.bayfieldventures.com/i/maps/eastern-burns-block-plan-view-oct-23-2012.jpg
Holes RR12-31 to RR12-33 were collared as large southwest step-outs ranging from 70 to 150 metres from hole RR12-30. All three holes flattened faster than planned and passed above the targeted high grade gold-silver zone and thus did not intersect any significant precious metal mineralization. The results of the four holes reported have shown Bayfield's geological team that targeting the down-plunge extension of the East Burns - Intrepid high grade zone is best done by drilling at very steep angles from collar positions S-SW of holes RR12-12 and RR12-30. Drilling more shallowly angled holes from positions further south has resulted in a tendency for the holes to flatten and overshoot the high grade zone leading to lower grade mineralization being intersected. This new drilling strategy should allow the Company to more effectively target the down-plunge extension of this developing high grade zone at the East Burns.
Assay Results from Hole RR12-31 and RR12-34:
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AuEq Drill
Drill Hole From (m) To (m) Interval (m) Au (g/t) Ag (g/t) (g/t) Fence
----------------------------------------------------------------------------
Eastern
RR12-31 305.80 307.10 1.30 0.70 3.80 0.78 Zone
581.00 582.50 1.50 0.55 0.90 0.57
591.50 593.00 1.50 0.47 1.80 0.51
599.00 605.00 6.00 0.38 5.63 0.49
----------------------------------------------------------------------------
Eastern
RR12-34 231.50 233.00 1.50 0.31 4.00 0.49 Zone
299.60 301.10 1.50 0.34 3.30 0.49
635.00 638.00 3.00 0.36 5.25 0.49
642.50 644.00 1.50 0.41 2.50 0.49
651.50 678.00 26.50 8.82 39.44 9.61
including 651.50 673.50 22.00 10.31 45.67 11.22
including 656.00 667.60 11.60 17.04 79.07 18.62
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(i) g/t = grams per metric tonne
(i) The down hole interval lengths are estimated to be approximately 50%-70%
of true width
(i) 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%
(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
Eastern Burns Block Geology and Continuing Exploration Discussion:
The mineralized zone in hole RR12-34 is associated with discontinuous dark red-brown sphalerite matrix breccia veinlets and rare quartz-carbonate-galena-chalcopyrite veinlet swarms with accompanying visible gold and silver smears and crack infillings. Local millimetre-scale smears of gold, silver and electrum are associated with dark red-brown sphalerite matrix breccia veinlets and quartz carbonate veinlets in the down-hole interval from 651.5 to 667.6 metres. The logged vein textures and mineral assemblage are very similar to that at the West Burns high grade zone seen in previously reported hole RR11-71 which returned 25.5 metres of 26.70 g/t gold and 170.69 g/t silver.
While the dimensions and plan-section geometry suggest that the plunge of the East Burns - Intrepid Zone is approximately 45 degrees to the SW, logging details indicate that focusing of the mineralization into the highly altered dacite host rock is related to the interaction of complex folding, faulting and fracturing. It is also apparent in the detailed logging and assay data to date that multiple, structurally-controlled zones of gold-silver mineralization exist in the eastern Burns area. As a result, multiple targets for expanding the known mineralization beyond the current, ongoing down-plunge exploration effort are being identified.
This mineralized envelope at the East Burns is characterized by well defined 10 to +25 metre down-hole intersections of multi-gram gold mineralization surrounded by a relatively narrow halo of gram to sub gram mineralization. The overall metallic signature of the higher grade core of the zone is very similar to that of mineralization seen at the western portion of the property in that higher gold grades are accompanied by very high silver values and base metal-quartz-carbonate veinlet swarms.
Current Exploration Summary at East Burns - Intrepid Zone:
Bayfield will continue to delineate this rapidly expanding East Burns - Intrepid Zone with a focus on exploring for higher grade gold-silver mineralization at depth. Rainy River is delineating the interpreted up-dip extension of this mineralized zone on their ground adjacent to the east of the Burns Block with three diamond drill rigs. Rainy River stated in their November 13, 2012 news release that thus far they have drilled 33 drill holes that have intersected the Intrepid Zone over a 280-metre strike length and have traced the mineralization down dip for 350 metres.
Jim Pettit, Chairman and CEO of Bayfield Ventures, stated: "The mineralized interval encountered in hole RR12-34 is the richest zone of gold and silver encountered to date at this developing East Burns - Intrepid Zone as we continue to see the tenor of mineralization increasing at depth. The Company will continue exploring for high quality ounces in this new eastern zone into the New Year while Rainy River delineates the interpreted up-dip extension of this mineralization at their Intrepid Zone."
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.
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.
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
