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.
Wed Feb 16, 2011 Bayfield Drills 33.13 g/t Au and 208.18 g/t Ag over 2.2m within 116.6m of 1.05 g/t Au and 13.34 g/t Ag in Rainy River, NW Ontario
Vancouver, BC - Bayfield Ventures Corp. (TSX-V: BYV) (FWB: B4N) (the "Company") is pleased to announce an additional significant gold intercept 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 Resources' March 2010 NI 43-101 compliant resource includes 2.37 million ounces of gold at 1.3 g/t in the indicated category and an additional 2.66 million ounces of gold at 1.2 g/t in the inferred category.
• Notable high grade gold intercept: 33.13 g/t gold over 2.2 metres, 21.6 g/t gold over 0.70 metres and 1.71 g/t gold over 10.95 metres all within 116.60 metres of 1.05 g/t gold in drill hole RR11-1
• The gold zone in RR11-1 represents the down-plunge extension of the high grade mineralization intercepted in previous holes RR10-18, RR10-52 and RR10-15
• Significant silver mineralization accompanying gold mineralization in RR11-1 including 208.18 g/t silver over 2.2 metres within 116.6 metres of 13.34 g/t silver
• Gold intercepts reported on Bayfield's Burns Block continue to define eastern extension of Rainy River Resource's main ODM17 gold zone
• Infill and up-plunge extension drilling of the high grade zone continues with one rig
• Expansion drilling of the continuation of the ODM17 zone to the east on the Burns Block continues with second rig
• Assays pending for nine more holes
Discussion of Results from Hole RR11-1:
Hole RR11-1 was collared near the southwest corner of the Burns Block and intersected high grade gold and silver mineralization in a position 80 metres down-plunge of the previously announced high grade gold intercept in hole RR10-18. Hole RR11-1 was the first hole drilled by Bayfield in 2011 and is part of the Company's continued exploration and delineation of the high grade gold chute located on the western portion of the Burns Block.
Visible gold, electrum and native silver were noted during logging of the mineralized interval. Coarse gold and electrum occur as cross cutting fracture fillings within a distinctive foliated and sericite altered dacite host rock. Native silver (or silver rich electrum) occurs as mm-scale blebs, smears or dendritic clumps localized within the strong foliation. Accessory minerals include abundant dark brown sphalerite, blebs of chalcopyrite and arsenopyrite as well as deformed pyrite stringer veins and cross cutting galena veinlets.
Significant assay results from RR11-1 are summarized in the table below. Note that silver mineralization occurs with the gold mineralization and that the silver content of the mineralization has an important impact on the grade of the mineralized zones when combined and expressed as gold equivalent values or AuEq (far right column of the table).
HOLE FROM (m) TO (m) INTERVAL (m) Au (g/t) Ag (g/t) AuEq (g/t)
RR11-1 509.50 626.10 116.60 1.05 13.34 1.35
including 509.50 510.20 0.70 21.60 21.00 22.07
and 550.75 561.70 10.95 1.71 78.36 3.45
and 623.90 626.10 2.20 33.13 208.18 37.76
* g/t = grams per metric tonne
* AuEq (g/t) values calculated at the current 45 to 1 (gold price vs. silver price) ratio
Current Exploration Summary:
Bayfield is still at an early stage of exploration on its Rainy River properties with approximately 28,000 metres of drilling completed out of the planned 50,000+ metre drill program. Assays are pending for nine more holes (RR11-2 through RR11-10).
The Company is currently using two diamond drill rigs to carry out the exploration of the eastern extension of Rainy River Resource's main ODM17 gold zone onto the Burns Block. One of the rigs is currently defining the high grade gold chute near the western border of the Burns property by delineating the up-plunge extension of the high grade gold mineralization. The second rig is conducting the initial exploration of the foliated, sericite altered and mineralized dacite volcanic host rock to the east further into the Burns Block. The most easterly hole drilled in this program on the Burns Block is 150 metres from the western boundary, leaving 650 metres of strike length yet to be drilled to the east.
Jim Pettit, CEO of Bayfield Ventures, stated: "Hole RR11-1 is a very encouraging start to the year as it has intersected the down-plunge high grade extension from holes RR10-18, 15 and 52. The delineation of this high grade chute is ongoing on the Burns Block as well as the continued easterly step-out drilling. With 650 metres of unexplored strike length on the property, the Company is excited with the potential for new gold and silver discoveries over to the east.
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 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.
ON BEHALF OF THE BOARD OF DIRECTORS
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.
You can view the Next News Releases item: Thu Feb 17, 2011, Bayfield Grants Incentive Stock Options
You can view the Previous News Releases item: Tue Feb 15, 2011, Bayfield Ranks Third out of Ten Mining Companies to make TSX Venture 50
You can return to the main News Releases page, or press the Back button on your browser.