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.
Thu Jan 20, 2011 Drilling Resumes in Rainy River, NW Ontario, Sampling, VTEM Survey, and Drill Results Announced
Vancouver, BC - Bayfield Ventures Corp. (TSX-V: BYV) (FWB: B4N) (the "Company") is providing an exploration update on its 100% owned Rainy River gold properties in north-western Ontario. The Company's Burns Block is situated adjacent to the east and on strike to Rainy River Resources' (TSX-V: RR) multi-million ounce gold deposit.
• 25,000+ metres of diamond drilling planned for 2011; two rigs have commenced drilling on Burns Block
• Continuing to prove up lower grade, bulk tonnage gold mineralization as well as higher grade gold zones / chutes
• Gold intercepts reported on Burns Block continue to define eastern extension of Rainy River Resource's main ODM17 gold zone
• Late 2010 detailed geologic mapping and sampling highlight excellent potential for new discoveries as well as extending ODM17 gold zone completely across Burns Block, a strike length of 800 metres
• Airborne geophysical survey completed December, 2010: strong, discrete conductor in the east portion of Burns Block in same area as multi-gram surface samples (will be drill tested)
• "C" Block survey presents top quality drill targets with drill testing planned for Q1
Resumption of Drilling on the Burns Block:
Bayfield has re-mobilized drill crews back onto its Burns Block property and diamond drilling has commenced after a break for the holiday season. One of the drill rigs is currently drilling a vertical hole in the southwest corner of the property while the second rig has just resumed drilling 50 metres east of previously drilled holes RR10-53 and 54. The Company will continue its aggressive exploration program with 25,000+ metres of diamond drilling planned for its Rainy River projects which will carry on throughout this year. The results thus far in the program have been very successful in delineating the eastern extension of Rainy River's main ODM17 gold zone onto the Burns Block. Bayfield continues to discover and define both lower grade, bulk tonnage mineralization as well as higher grade zones on its Burns property. There is a high potential for further gold discoveries, including additional high grade chutes, east of the current drilling which has only extended approximately 150 metres from the western border of the property.
Detailed geologic mapping and sampling of the Burns Block in September and October 2010 confirmed that the key altered and foliated dacite volcanic unit extends completely across the Burns Block property to the east. Surface samples collected during the mapping returned several assays greater than 1 g/t Au. Follow-up chip sampling was completed in the eastern portion of the Burns Block in November 2010. Assays from these samples have been received and indicate the presence of strong gold mineralization at surface. Of the 23 chip samples collected, five returned gold assays greater than 1 g/t Au including values of 5.2 g/t Au, 4.05 g/t Au and 3.5 g/t Au.
These results highlight the excellent potential for extending the ODM17 gold zone completely across the Burns Block, constituting a strike length of 800 metres.
VTEM and Cesium Magnetic Survey:
Bayfield contracted Geotech Ltd. to fly a combined VTEM and high sensitivity cesium magnetometer survey over its Burns, "B" and "C" Block properties. A total of 308 line kilometres were flown in the survey which was completed in mid-December, 2010. Preliminary data from the survey has now been received and is being used to advance the understanding of the structural geology of the surveyed areas as well as to provide specific drill targets at discrete conductors, resistors and structural intersections.
The survey was flown in two distinct blocks, an eastern block covering the Burns and "B" Block exploration areas and a western block covering the large "C" Block exploration area. Interpretation of the preliminary data is complete and the following drill targets have been identified:
• A strong, discrete conductor in the east-central portion of the Burns Block has been identified and will be drill tested. No previous drilling has been done in this portion of the property. The anomaly is located in the same area as the multi gram surface samples reported above.
• A strong, discrete conductor in the northeast portion of the "B" Block has been identified and will be drill tested. No previous drilling has been done in this portion of the "B" Block property.
• The cesium magnetic data from the "C" Block survey show clear evidence of mafic volcanic rocks in the northern portion of the property. These rocks are separated from interpreted intermediate volcanic rocks by a sharp contact that is very likely a fault. The interpreted fault contact and the area of interpreted intermediate volcanic (dacite or equivalent) rocks present top quality drill targets at the "C" Block. Drill testing of this area is planned for the first quarter.
Discussion of Gold Assay Results from Holes RR10-50 to RR10-54:
Bayfield has received the remaining assays from the last few holes completed before the holiday break. Previously reported hole RR10-52 contains 143.10 g/t Au over 0.6 metres, 89.96 g/t Au over 1.1 metres, and 9.52 g/t Au over 10.6 metres all within 46.6 metres of 2.28 g/t Au. This drill intercept is at a depth of about 400 metres down-hole and the 1.1 metre high grade intersection is hosted in a quartz-calcite vein. Hole RR10-53 intercepted 12.2 metres of 1.25 g/t Au from 555.2 to 567.4 metres as well as 3.0 metres of 2.24 g/t Au from 562.3 to 565.3 metres. Hole RR10-51 intercepted 14.0 metres of 0.96 g/t Au from 530.0 to 544.0 metres down-hole. Contained within that intersection is 1.0 metre of 4.03 g/t Au, 1.0 metre of 3.59 g/t Au and 1.0 metre of 1.35 g/t Au. Hole RR10-54 returned metre long samples of 1.83 g/t Au and 1.42 g/t Au within an anomalous interval from 404.5 to 439.0 metres down-hole. Hole RR10-50 carried anomalous gold values over a longer width. All five holes, located in the southwest portion of the Burns Block, intersected the strongly sericite altered, highly foliated dacite volcanic unit over intervals ranging from 100 to 140 metres.
Bayfield is still at an early stage of exploration on its Rainy River properties. The compiled geologic and analytical results from exploration completed on the Burns Block in 2010 unequivocally demonstrate that the large, pervasively mineralized gold deposit being developed by Rainy River Resources continues onto and potentially entirely across the Burns Block property.
Jim Pettit, CEO of Bayfield Ventures, stated: "The exploration on Bayfield's Burns Block in 2010 was very successful in advancing the property as drill results consistently proved up both bulk tonnage gold mineralization as well as higher grade gold zones. The Company is excited to continue its 50,000+ metre drill program into 2011 on its Rainy River properties. With the new geologic sampling and geophysical data, management is confident more gold discoveries will be made by Bayfield on its projects."
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 3000 ppb (over limit). Screened total metallic assays are being performed on samples assaying over 10,000 ppb. 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 approximately 53 million shares outstanding and over $7 million in its treasury.
For further information on Bayfield Ventures Corp. (TSX-V: BYV), visit the Company's web site at www.bayfieldventures.com.
James G. Pettit
Chairman and CEO
For further information contact myself or:
Bayfield Ventures Corp.
Toll Free: 800-567-8181
Envoy Strategic Partners Investor Relations
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.
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