Bayfield Drills 13,5 Meter with 5,13 g / t Gold and 25,21 g / t Silver in the Eastern Discovery Zone on the Burns Block in the Rainy River Area (Northwestern Ontario)
May 09.05.2012, 100 Vancouver (British Columbia) - Bayfield Ventures Corp. (TSX-V: BYV; OTC Pink: BYVVF) (the “Company”) is pleased to announce additional assay results from ongoing exploration in the early stages of a significant extended zone of gold and silver mineralization in the eastern portion of the Burns Block. The XNUMX% owned Burns Block gold-silver project is located in the Rainy River area of Northwestern Ontario, immediately east of and on strike of Rainy River Resources' (TSX: RR) multi-million ounce gold-silver deposit.
Gold zones in the Rainy River area:
The new gold-silver zone, located in heavily sheared and altered volcanic dacite units, is the eastern strike extension of ODM17's primary gold-silver zone, which covers most of Rainy Rivers Resources' deposit and Bayfield's high-grade gold-silver zones 600 through 700 Meters further west.
Highlights:
• Drill hole RR12-12 intersected 13,5 meters with 5,13 g / t gold and 25,21 g / t silver, including 3,0 meters with 14,45 g / t gold and 53,95 g / t silver, starting at a depth of 584 meters.
• The section in hole RR12-12 is contained in a more powerful mineralized interval of 18,0 meters with 4,22 g / t gold and 21,54 g / t silver.
• Drill hole RR12-12 continues to show that this gold-silver development zone within the bounding, south-westering shear zone becomes more powerful and higher-pitched with increasing depth.
• Mineralization was found in a 50 to 60-meter shear zone, sericite-silica alteration, and multi-metal base metal sulfide mineralization.
• This Middle East mineralization zone is fully open at the downslope and below the interpreted south-southwestern fracture. The zone is also open towards Rainy River Resources' concessions to the east.
The results of four wells completed in recent months further show that this significant gold and silver mineralization zone is becoming more pronounced and powerful down the slope of the previously reported discovery hole RR11-205. All drilling to date in this new zone has enabled Bayfield to partially describe the mineralization within the northeastern part of the Burns Block. The entire incoming expansion target in the southeastern part of the Burns Block remains completely unexplored. At least 250 meters of incident area and the corresponding lateral areas still need to be drilled.
Strong shear-foliation and sheared sericite alteration of the volcanic dacite wall rock is accompanied by abundant sphalerite, galena, and arsenopyrite with localized fouling, crack fill, and small amounts of native gold and electron.
Discussion of Early Stage Exploration / Descriptions in the East of the Burns Block:
The assay results from the RR12-9, RR12-10, RR12-11 and RR12-12 wells reported in this news release further show that there is strong gold and silver mineralization in an extended, incidence area. Drill hole RR12-12 intersected the new 200 Meter Zone north of the Burns Block's southern boundary. This is the southernmost completed section to date. Mineralized Main Zone assay results in hole RR12-12 are the richest in this new zone to date.
Updated map of the drill site on the Burns Block:
The thickness of the mineralization within the shear zone also increases (see details of test results in the table below). The mineralized sections in the highlighted section above are contained in a more powerful mineralized section of 18 meters averaging 4,22 g / t gold and 21,54 g / t silver. This powerful, well-mineralized section further demonstrates that this new East Burns Gold-Silver Zone is extremely solid and continuously intersected by down-hole drilling at intervals from 40 to 50 meters.
Plan of Holes 2012 east of Burns:
This development zone will continue to be more gold-dominated than the western Burns area given localized zones of extremely high grade silver mineralization previously reported in hole RR12-8. Another strong and consistent feature of the eastern area is the presence of abundant base metal sulphides in the gold-silver zones. This sulfide accumulation is characterized by dark brown sphalerite, but locally contains abundant galena and arsenopyrite as well as minor chalcopyrite.
The consistent gold grade from 4,0 to above 5,0 g / t on 8 to 18 meters, which was determined in the Eastern Mineralized Zone, and high base sulfide content are very similar to the center of the Rainy River ODM17 gold-silver deposit. Bayfield continues to drill holes in the east of the Burns block at intervals from 40 to 50 meters to describe the size of this zone. Once these initial explorations are completed, infill drilling will be required in this zone.
To view the full press release please follow the link:
http://www.irw-press.com/dokumente/Bayfield_090512_German.pdf
Cross-section of holes 2012 east of Burns looking west:
The first drill results in the new eastern zone of the Burns Block include three key points:
1. The success rate of drilling in the eastern area remains very high in terms of the number of holes - even higher than the first exploration holes on the west side of the property.
2. The gold and silver mineralization shows a scheme of rising geometry to the east and south, which coincides with a south-southwest trending mineralized zone.
3. The mineralization to the east of the Burns area is very similar to that found by Bayfield in the western portion of the property, where gold and silver has been intersected with several ounces of considerable width.
Bayfield is planning further drilling from 15.000 to 20.000 meters to the east of the Burns Zone and also has the necessary financing.
Bayfield completes private placement:
Bayfield is pleased to announce that, according to its 17 press releases. and 19. April 2012 has completed an unofficial private placement and has issued a total of 5.877.834 flow-through units at a price of 0,48 $ per unit (gross proceeds of 2.821.360 $). Each flow-through unit consists of one flow-through common share and one non-transferable share warrant, which entitles its owner to one more non-flow-through share in 18 months at a price of 0,55 per share purchase. The company completed the private placement in two tranches. 5.552.834 stock warrants can reach 4. November 2013 be exercised, the remaining 325.000 stock warrants to 9. November 2013.
The 5.552.834 Flow-Through Common Shares issued in the first tranche and all shares issued as a result of the Warrants being exercised will become a four-month restriction to 5. September 2012 subject. The remaining 325.000 flow-through ordinary shares issued under the second tranche and all shares issued as a result of the warrants being exercised will become a four-month restriction to 10. September 2012 subject.
The Company also paid agency fees of 194.414,20 $ and issued a total of 405.031 non-flow-through B warrants in connection with this private placement. The B-Warrants are subject to the same terms as the Private Placement Warrants.
Bayfield Ventures intends to use the proceeds from these private placements for a rolling drill program on its 100% owned Rainy River gold properties in Northwestern Ontario.
Exploration Drilling at "B" Block and "C" Block:
Bayfield completed a number of exploration wells on its "B" Block and "C" Block properties. Drilling on the "B" block was completed in the southern part of the property and identified a new gold and silver mineralization zone at a relatively shallow depth. Hole B12-6 intersected a mineralization of 19,5 meters with an average of 0,55 g / t gold equivalent. The mineralization found in quartz pacemites appears to be identical to extensively explored zones on the Burns Block and occurs in an area away from the other holes on the "B" block. The tip of this mineralization was intersected at a depth of 175 meters below the surface. Further drilling in this area is planned.
The focus of drilling on the "C" block was to create a geological cross section of the property in a north-south direction. Altered volcanic dacite was intersected locally, but the results were not anomalous, so no further work is planned at the moment.
Quality Assurance:
Drill core analyzes and investigations are being conducted by ACT Labs of Thunder Bay, Ontario. The laboratory is certified according to ISO / IEC 17025: 2005 (CAN-P-4E). The core is split and sampled by default in 0,5 to 1,5 meter sections. The core samples are assayed for gold using an 30 gram fire assay with AA finish, and values above 5.000 ppb (above the cutoff) are gravimetrically scanned. For samples with values above 5.000 ppb, metallic sieve tests are performed. The silver content of the core samples shall be analyzed with aqua regia and the ICP method or samples with values greater than 100 ppb (above the limit) using a fire assay or gravimetric analysis. The company has implemented a quality assurance and control program to ensure that sampling and sample analysis are state-of-the-art.
Robert Marvin, P.Geo., CPG, VP Exploration at Bayfield Ventures and Qualified Person under National Instrument 43-101, has overseen both the on-site work and the preparation of the technical information contained in this news release.
About Bayfield Ventures Corp .:
Bayfield Ventures Corp. is looking for gold and silver in the Rainy River area of northwestern Ontario. The Company has the funding needed to complete its planned 100.000 Meter diamond drilling program, with a focus on drilling at the flagship Burns Block project. The company has 70,3 million shares outstanding and a cash balance of approximately $ 5 million.
More about Bayfield Ventures Corp. (TSX-V: BYV) can be found on the company's website at www.bayfieldventures.com.
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FOR THE BOARD OF DIRECTORS
"Jim Pettit"
_______________________________
James G. Pettit
Chairman and CEO
For further information please contact me or:
Don Myers
General Manager
Bayfield Ventures Corp.
Phone: (604) 687-3376
Toll Free: 800-567-8181
Fax: (604) 687-3119
Email: ppgad@pucrs.br
Further contact:
Envoy Strategic Partners Investor Relations
Jay Bedard
Phone: (416) 977-7778
Email: ppgad@pucrs.br
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THE TSX VENTURE EXCHANGE AND ITS REGULATORY BODIES MAKE NO RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS MESSAGE.
This press release may contain certain "forward-looking statements" that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be true. Actual results and future events may differ materially from such statements. A more detailed description of such risks and other factors can be found in the Company's filings, which must be provided to Canadian securities regulators and published on www.sedar.com.
