Bayfield Ventures Grants Stock Options
About Bayfield Ventures Corp.
Bayfield Ventures Corp. is exploring for gold in the Rainy River and Red Lake districts of northwestern Ontario.
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
For further information contact myself or:
Donald G. Myers
Director
Bayfield Ventures Corp.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@bayfieldventures.com
Bayfield Begins 20,000+ Metre Drill Program on Rainy River Gold Properties in NW Ontario
The objective of this major drill program is to explore and expand the extension of gold mineralization that is being defined by Rainy River Resources on their ground adjacent to Bayfield's properties. The drilling will focus on confirming gold continuity and grade at depths within the shell of a potential open pit mine.
Additionally, Bayfield is contemplating a second drill rig this summer for a drill program on its 100% owned "B" Claim Block located immediately northeast of the Burns Block.
Rainy River gold properties claims map:
http://www.bayfieldventures.com/i/pdf/BYV-RR-Area-11x17.pdf
The mineralization encountered to date on Bayfield's Burns and "B" Claim Block properties occurs in the same geological environment as that on the main ODM17 gold zone of Rainy River Resources to the immediate west.
Gold reserves on the Rainy River Resources property were reported on March 2, 2010 as 56,833,000 tonnes at 1.3 g/t gold indicated (2.37 million ounces) in addition to 68,930,000 tonnes at 1.2 g/t gold inferred (2.66 million ounces). These resources were arrived at using a 0.4 g/t gold cut off.
Ten holes (totalling 4841 metres) have been previously drilled and reported on Bayfield's Burns Block. This drilling has confirmed the widespread distribution of gold within two litho-structural intervals directly on strike with the ODM17 gold zone and North gold zone of Rainy River Resources. Shallow intercepts reported by Bayfield along the strike extension of Rainy River Resources' ODM17 gold zone indicate that well above gold cut-off grade mineralization continues onto the Burns Block.
Significant results from previous drilling on the Burns Block include 4.5 metres of 7.34 g/t gold, 43.5 metres of 0.78 g/t gold including 4.5 metres of 3.0 g/t gold, 25 metres of 0.89 g/t gold, 61.2 metres of 0.49 g/t gold including 7.5 metres of 1.77 g/t gold within 16.5 metres of 1.20 g/t gold, and 1 metre of 9.51 g/t gold.
Burns Block and "B" Claim Block map showing drill holes:
http://www.bayfieldventures.com/i/maps/BYV-Burns-and-B-Block-Aerial.jpg
A four hole drill program (1192 metres in total) was completed by Bayfield on its "B" Claim Block property back in 2008. All four holes encountered wide sections of elevated to strongly anomalous gold values and a 2 metre intercept grading 5.7 g/t gold was intersected in one of the holes. Mineralization on the "B" Claim Block was encountered in felsic pyroclastics flanking a strong north-south trending fault on the property.
Bayfield Ventures is well situated with $4,000,000 in its treasury to carry out the proposed drilling on both its Burns and "B" Claim Block properties. The Company may also conduct future work on its "C" Claim Block property located west of Rainy River Resources' ground.
The Company's properties are very well located with easy access to roads and power. Ontario has low political risk and the Rainy River district has skilled labour and is one of the lowest-cost areas for mineral exploration and development in Canada.
About Bayfield Ventures Corp.
Bayfield Ventures Corp. is exploring for gold in the Rainy River and Red Lake districts of north-western Ontario.
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:
Donald G. Myers
Director
Bayfield Ventures Corp.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@bayfieldventures.com
Bayfield Grants Incentive Stock Options to Consultant
Bayfield Ventures Corp. is exploring for gold in the Rainy River and Red Lake districts of north-western Ontario.
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
For further information contact myself or:
Donald Myers
Director
Bayfield Ventures Corp.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@bayfieldventures.com
Rainy River Gold Drill Program Expanded to 20,000 Metres in NW Ontario
The drilling will focus on establishing gold continuity and grade at depths within the shell of a potential open pit mine. The objective of this drill program is to continue to explore and expand the extension and continuity of gold mineralization that is being delineated in the ODM17 and North Zones by Rainy River Resources (TSX-V: RR) on their ground adjacent to Bayfield's properties.
Drilling will commence by mid-May on Bayfield's 100% owned Burns Block situated immediately to the east and on strike to Rainy River Resources' main ODM17 gold deposit. Additionally, a second drill rig is being contemplated for a drill program on the Company's 100% owned "B" Claim Block located immediately northeast of the Burns Block.
Rainy River gold properties claims map:
http://www.bayfieldventures.com/i/pdf/BYV-RR-Area-11x17.pdf
The mineralization encountered to date on Bayfield's Burns and "B" Claim Block properties occurs in the same geological environment as that on the main ODM17 Zone of Rainy River Resources to the immediate west.
Gold reserves on the Rainy River Resources property were reported on March 2, 2010 as 56,833,000 tonnes at 1.3 g/t gold indicated (2.37 million ounces) in addition to 68,930,000 tonnes at 1.2 g/t gold inferred (2.66 million ounces). These resources were arrived at using a 0.4 g/t gold cut off.
To date, ten holes (totaling 4841 metres) have been drilled and reported on Bayfield's Burns Block. This drilling has confirmed the widespread distribution of gold within two litho-structural intervals directly on strike with the ODM17 Zone and North Zone of Rainy River Resources.
Significant results from six of the holes drilled on the Burns Block include the following:
• 4.5 metres of 7.34 g/t gold in hole NR08-283
• 43.5 metres of 0.78 g/t gold including 4.5 metres of 3.0 g/t gold in hole NR08-304
• 25 metres of 0.89 g/t gold in hole NR08-296
• 4.5 metres of 2.24 g/t gold in hole NR08-294
• 61.2 metres of 0.49 g/t gold including 7.5 metres of 1.77 g/t gold within 16.5 metres of 1.20 g/t gold in hole RR10-1
• 7.0 metres of 0.72 g/t gold, 1 metre of 4.83 g/t gold, and 1 metre of 9.51 g/t gold in hole RR10-3
Burns Block and "B" Claim Block map showing drill holes:
http://www.bayfieldventures.com/i/maps/BYV-Burns-and-B-Block-Aerial.jpg
Shallow intercepts reported by Bayfield Ventures along the strike extension of the ODM17 Zone of Rainy River Resources indicate that above gold cut off grade material (0.4 g/t) continues onto the Burns Block.
The zones of mineralization occur in felsic metavolcanics within zones of stronger penetrative foliation. The foliation is near coincident with the strike and dip of the lithologies. Gold grade appears to be strongly influenced by proximity to the margins of strong sericitic alteration within the shear system. The zones strike at 120 degrees and dip at around 50 degrees to the southeast on the Burns Block property.
A four hole drill program (1192 metres in total) was completed by Bayfield on its "B" Claim Block property back in 2008. All four holes encountered wide sections of elevated to strongly anomalous gold values. Mineralization on the "B" Claim Block was encountered in felsic pyroclastics flanking a strong north-south trending growth fault on the property. In particular, significant gold values were obtained in hole RR08-2 which intersected 5.7 g/t gold over 2 metres within a 21 metre thick zone containing elevated to strongly anomalous gold values.
Bayfield Ventures has $4,000,000 in its treasury to carry out the proposed drilling on both its Burns and "B" Claim Block properties.
David J. Busch, B.A., B.Sc., PGeo., Exploration Manager, is the qualified person under the meaning of National Instrument 43-101 and has reviewed the data in this News Release.
About Bayfield Ventures Corp.
Bayfield Ventures Corp. is exploring for gold in the Rainy River and Red Lake districts of north-western Ontario.
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:
Donald G. Myers
Director
Bayfield Ventures Corp.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@bayfieldventures.com
$4 Million Financing Closes for Rainy River Drill Program
Bayfield issued 7,150,000 flow-through units (the "FT Units") at a price of $0.35 per FT Unit. Each FT Unit consists of one flow-through common share and one-half (1/2) of one non-transferable, non flow-through warrant (the "NFT Warrant"). Each whole NFT Warrant entitles the holder to purchase one non flow-through common share at a price of $0.50 per share if exercised on or before October 30, 2011.
The Company also issued 6,000,000 non flow-through units (the "NFT Units") at a price of $0.25 per NFT Unit. Each NFT Unit consists of one non flow-through common share and one non-transferable, non flow-through share purchase warrant (the "Warrant"). Each Warrant entitles the holder to purchase an additional non flow-through common share of the Company at a price of $0.35 if exercised on or before April 30, 2013.
The Shares and Warrants issued under the private placements, and any Shares issued pursuant to the exercise of the Warrants are subject to a four month hold period under applicable securities laws and imposed by the TSX Venture Exchange expiring September 01, 2010.
Insider participation: Don Huston; Jim Pettit.
Pro group participation: Batell Investments Ltd. (Ken Bates / David Elliott); Dave Elliott; Marko Ferenc; Tony Frakes; David Lyall; Mary Monk; Janis Parmar; Lori Pinkowski; John Ross; Robert Sali; David Shepherd; Russell Starr; John Tognetti; Seth Allen; Brian Butterworth; Kevin Campbell; Howard Katz; Bernard Leroux; Mike Marosits; Barry Muir; Dale Panteluk; Eric Savics; Reginald Smith; Jamie Switzer; William Vance; Andrew Williams; Leo Wong; and the MineralFields Group.
Finders' fees were paid to Global Resource Investments LP (Rick Rule), KBH Capital Corp. Inc. (Marin Katusa / Dr. Marc Bustin / Joe Hung), Limited Market Dealer Inc., and Mackie Research Capital Corp. totalling $199,258.25 and 655,024 warrants that are exercisable into non-flow-through common shares at $0.35 if exercised on or before April 30, 2013.
Bayfield Ventures intends to utilize the proceeds from these private placements for an expanded drill program on its 100% owned Rainy River gold properties located in northwestern Ontario and for general working capital purposes.
About Bayfield Ventures Corp.
Bayfield Ventures Corp. is exploring for gold in the Rainy River and Red Lake districts of northwestern Ontario.
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
For further information contact myself or:
Donald G. Myers
Director
Bayfield Ventures Corp.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@bayfieldventures.com