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 Jun 30, 2011 Bayfield Clarifies Details of Reported Drill Intercepts
Vancouver, BC - Bayfield Ventures Corp.(TSX-V: BYV) (FWB: B4N)(the "Company") is issuing this news release as a result of a review by the British Columbia Securities Commission in order to clarify certain details of its technical disclosure of drill results on its Burns Block property and of its disclosure of resource estimates at Rainy River Resources' gold project adjacent to Bayfield's Burns Block.
The Company restates certain drill intervals (listed below) reported in news releases dated September 8, 2010, December 14, 2010, February 16, 2011, and June 27, 2011. The original averaged gold and silver grades over these intervals are all correct and the total amount of gold and silver mineralization is the same; however the drill results are potentially confusing as certain larger intervals were reported by diluting high-grade intercepts over longer intervals of lower grade gold and silver mineralization.
The higher grade gold and silver intervals reported in the effected news releases identified above, and re-reported here, are enclosed within the much wider envelopes of anomalous level gold mineralization (and accompanying variable silver values). We therefore revise the portions of the previously reported intervals for which questions of potential economic viability cannot currently be assessed by Bayfield. Such an assessment would require identifying likely mining methods and establishing many other parameters that are well beyond the scope of our exploration project at this point in time.
The following is a list of the holes that report longer drill intercepts which are being restated:
Restated Gold and Silver Assay Results from Hole RR10-18:
HOLE
FROM (m)
TO (m)
INTERVAL (m)
Au (g/t)
Ag (g/t)
AuEq (g/t)
RR10-18
173.00
178.00
5.00
0.83
0.82
0.84
489.00
491.00
2.00
2.45
25.30
2.90
497.00
507.00
10.00
35.93
359.65
42.35
including
498.00
499.00
1.00
63.90
1760.00
95.33
and
499.00
500.00
1.00
109.00
96.10
110.72
and
503.00
504.00
1.00
90.30
881.00
106.03
542.00
563.00
21.00
1.24
42.77
2.00
including
545.00
546.00
1.00
15.60
719.00
28.44
* g/t = grams per metric tonne
* AuEq (g/t) values calculated at a 56 to 1 (gold price vs. silver price) ratio and metallurgical recoveries and net smelter returns are assumed to be 100%
Restated Gold Assay Results from Hole RR10-52:
HOLE
FROM (m)
TO (m)
INTERVAL (m)
Au (g/t)
RR10-52
402.40
403.50
1.10
89.96
* g/t = grams per metric tonne
Restated Gold and Silver Assay Results from Hole RR11-1:
HOLE
FROM (m)
TO (m)
INTERVAL (m)
Au (g/t)
Ag (g/t)
AuEq (g/t)
RR11-1
509.50
510.20
0.70
21.60
21.00
22.07
550.75
561.70
10.95
1.71
78.36
3.45
including
559.90
561.70
1.80
5.70
282.11
11.97
617.85
627.00
9.15
8.37
40.57
9.27
including
623.90
626.10
2.20
33.13
208.18
37.76
* g/t = grams per metric tonne
* AuEq (g/t) values calculated at a 45 to 1 (gold price vs. silver price) ratio and metallurgical recoveries and net smelter returns are assumed to be 100%
Restated Gold and Silver Assay Results from Holes RR11-70 and RR11-71:
DRILL HOLE
FROM (m)
TO (m)
INTERVAL (m)
Au (g/t)
Ag (g/t)
AuEq (g/t)
RR11-70
33.50
59.00
25.50
1.42
44.24
2.47
including
41.00
50.00
9.00
3.25
96.34
5.54
including
45.00
46.00
1.00
17.90
511.00
30.07
74.00
84.80
10.80
0.87
13.02
1.18
including
81.40
82.80
1.40
4.20
61.10
5.65
RR11-71
38.00
63.50
25.50
26.70
170.69
30.77
including
46.00
61.00
15.00
45.24
281.03
51.93
and
47.80
59.00
11.20
60.05
362.96
68.69
* g/t = grams per metric tonne
* AuEq (g/t) values calculated at a 42 to 1 (gold price vs. silver price) ratio and metallurgical recoveries and net smelter returns are assumed to be 100%
The new very high grade intercept in RR11-71 lies within a broad halo of anomalous to multi-gram level gold and silver mineralization that is contained within the well established east-west trending zone of strong foliation, sericite alteration, locally intense deformation and highly variable pyrite mineralization. This pattern of high grade zones lying within lower grade mineralized halos has been seen at the Burns Block many times during the continuing exploration and delineation drill program there.
Bayfield also clarifies certain details of its technical disclosure of resource estimates at the adjacent Rainy River Gold Project. On Bayfield's website, investor relations material, corporate presentation, and certain news releases, the Company discloses resource estimates for an adjacent property that are contrary to NI 43-101 because the disclosure:
a) adds inferred mineral resources to other categories, contrary to section 2.2(c).
b) reports resources solely in the form of contained metal content, contrary to sections 2.2(d) and 3.4(b).
Bayfield has amended its disclosure and removed any non-compliant resource estimates for adjacent properties.
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.
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 61 million shares outstanding and approximately $9 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
"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:
Other Contact:
Envoy Strategic Partners Investor Relations
Jay Bedard
Telephone: 416-977-7778
Email:
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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