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VANCOUVER, BRITISH COLUMBIA--(March 13, 2012) - Bayfield Ventures Corp. (TSX VENTURE:BYV) (OTCBB:BYVVF) (the "Company") is pleased to announce additional assays from the exploration of 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
This news release reports assays received from hole RR12-5 of Bayfield's ongoing 2012 drilling program on the Burns property. The assay results clearly show that strong gold mineralization is present over an expanding area, both down-dip and along strike at the east Burns Block. Hole RR12-5 is a 31 metre easterly step out from previously reported hole RR12-3 to test the lateral extension of this new discovery area. In total, ten holes have been collared in this eastern high grade zone and Bayfield plans on drilling at least an additional 10,000 metres in this area.
Highlights:
- Multi-gram gold and silver intercepts are being intercepted in the first-pass drilling of the east-central section of the Burns Block constituting a new discovery zone.
- Hole RR12-5 returned 19.5m of 3.46 g/t Au and 8.93 g/t Ag including 3.0m of 13.94 g/t Au and 16.70 g/t Ag in eastern discovery zone at Burns Block.
- Gold grades are increasing to the east and down-plunge in the new high grade zone at the eastern Burns Block area.
- Bayfield has been consistently intercepting >8 metre wide zones of multi-gram gold mineralization by using the geologic model developed at the west Burns Block area.
- The geometry of this new high grade zone presents large, prospective undrilled target areas both up and down-plunge from the current drill-tested area.
Summary of Current East Burns Block Exploration:
Ten holes have now been collared in the southeast portion of the Burns property including recently completed holes RR12-6 and RR12-7 in which assays are pending. Thus far all but one of the east-central zone drill holes have intercepted multi-gram gold mineralization illustrating the strong tenor and consistency of gold mineralization in this new zone. Four important points can be drawn from initial drilling in the eastern zone:
- On a per hole basis, Bayfield is intercepting consistently strong gold mineralization in each drill hole, even more so than was seen in the early exploratory drilling of the western high grade zone.
- Gold and silver grades appear to be increasing with depth within the main shear zone target at the east Burns Block. This point is supported by common collar hole RR11-205 and RR12-1. Previously reported hole RR12-1 is a 50 degree hole that returned 7.5 metres of 0.49 g/t AuEq. Previously reported hole RR11-205, 83 degree initial angle, returned 12 metres 0.82 g/t AuEq and included several multi-gram zones above and within this main zone. Moving down-dip, previously reported hole RR12-3 returned 10.5 metres of 4.02 g/t AuEq. The results of RR12-3 have been surpassed by the results of hole RR12-5, presented in the table below.
- Gold grades appear to be increasing to the east as is demonstrated by the results from hole RR12-3 and the results from RR12-5. Hole RR12-7 was collared 33 metres east of RR12-5.
- The geometry of the new high grade zone presents large, prospective undrilled target areas both up and down-plunge from the current drill-tested area.
Updated Burns Block Drill Hole Location Map: http://www.bayfieldventures.com/i/maps/BYV_Burns_Block_Drill_Collar_Map_Feb_2012.jpg
| Drill Hole |
|
From (m) |
|
To (m) |
|
Interval (m) |
|
Au (g/t) |
|
Ag (g/t) |
|
AuEq (g/t) |
|
Drill Fence |
| RR12-5 |
|
545.00 |
|
564.50 |
|
19.50 |
|
3.46 |
|
8.93 |
|
3.64 |
|
East-Central
Zone |
| including |
|
549.00 |
|
561.50 |
|
12.50 |
|
5.24 |
|
12.90 |
|
5.50 |
|
| including |
|
549.00 |
|
557.00 |
|
8.00 |
|
7.61 |
|
17.30 |
|
7.96 |
|
| including |
|
549.00 |
|
552.00 |
|
3.00 |
|
13.94 |
|
16.70 |
|
14.27 |
|
| |
|
581.00 |
|
582.50 |
|
1.50 |
|
0.40 |
|
31.80 |
|
1.04 |
|
* g/t = grams per metric tonne
* The down hole interval lengths are estimated to be approximately 70% 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
Geological Description of East-Central High Grade Zone:
Previously announced eastern discovery hole RR11-205 was drilled at the end of the 2011 drill program at the Burns Block. This new discovery area occurs in the eastward extension of the main shear zone which has been drilled for over 3.5 kilometres of strike length to the west by Bayfield and Rainy River Resources and is host to the bulk of the gold resources in the district.
Cross Section of 2012 Drill Holes Looking West at East Burns: http://www.bayfieldventures.com/i/maps/BurnsBlock-WestHoles.jpg
The geologic setting of this newly discovered high grade zone at the east Burns Block is largely identical to that of the western high grade zone. The eastern area lies on the direct extension of the main shear zone and is occurring within a second bend in the strike of this main shear zone as it warps NE. The western Burns area appears to be centered on a warp that changed the strike of the main shear from W-NW to E-W. It has become evident that at the east Burns Block area we see another warp in the strike of the main shear from E-W to N-NE.
Cross Section of 2012 Drill Holes Looking North at East Burns: http://www.bayfieldventures.com/i/maps/BurnsBlock-NorthHoles.jpg
It is likely that the axis of these fairly subtle warps plunge steeply S-SW and that this geometry accounts for the observed higher grade gold-silver zones. Bayfield has yet to drill-test the up and down-plunge extensions of this zone, which are considered highly prospective for hosting additional gold-silver mineralization.
Detailed Description of the Mineralized Zone in Hole RR12-5:
Hole RR12-5 intersected a down hole interval of 19.50 metres from 545.0 metres to 564.5 metres. The mineralized interval is contained within the main district-scale shear zone. As was mentioned above, the shear zone in the eastern Burns property strikes E-NE as it is warped by a second broad, open fold on the property.
The mineralized interval is strongly foliated and sericite altered with two distinct types of decimetre-scale veins occurring in the interval. One type is mineralogically complex and is composed of quartz, dolomite, fluorite and rhodocrosite. The second vein type consists of cryptocrystalline grey quartz with locally abundant galena, dark sphalerite, chalcopyrite, arsenopyrite and electrum. These veins and veinlets occur either parallel to the foliation or as discontinuous, irregular, cross-cutting stringers.. They are strongly mineralized and account for some of the highest gold values returned from hole RR12-5. Gold and silver mineralization in the zone reported here from RR12-5 is also associated with centimetre to decimetre scale sphalerite-galena-chalcopyrite-arsenopyrite-pyrite stringer veinlets. The veinlets are regularly distributed through the 19.5 metre mineralized zone.
Comparison of Mineralization Styles at Western Burns and Eastern Burns:
The developing new high grade zone in the east-central portion of the Burns property has a few differences but many similarities when compared to the well mineralized zones previously discovered on the western portion of the property. One difference is the presence of a thick sequence of sulfide rich argillite and cherty iron formation units that occur above the hanging wall dacite unit at the east Burns Block. Also of note is that the new eastern Burns discovery area is more gold rich with lesser silver grades than the western area.
The overall mineral assemblage of the zones is nearly identical in both areas. The combination of the very similar geologic setting of both the west and east areas of the Burns Block is very encouraging. More importantly however is the very high success rate being seen in the form of underground grade and width of the mineralized intervals in view of the limited drilling done at the east-central Burns target area to date. Bayfield has been consistently intercepting >8 metre wide zones of multi-gram gold mineralization at the new easterly zone by using the same geologic model developed at the west Burns area. It is expected that this mineralization continues both up and down-plunge of the current exploration area as the Company continues to delineate this new gold-silver mineralized shoot.
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.
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.
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