Suite 1610 - 777 Dunsmuir Street, Vancouver, BC, V7Y 1K4, CANADA
TSX Venture Trading Symbol: BYV
November 26, 2013
Vancouver, BC - Bayfield Ventures Corp. (TSX-V: BYV) (OTC Pink: BYVVF) (Frankfurt: B4N) announces further assays results and the completion of its 2013 exploration drill program at the Company`s Burns Block gold-silver project, Rainy River district, north-western Ontario. The Burns Block is surrounded by New Gold`s (NGD.TO) Rainy River project and adjoins the immediate east of New Gold`s multi-million ounce ODM17 gold-silver deposit and adjoins the immediate west of New Gold`s expanding Intrepid gold-silver zone.
Rainy River District Gold Zones:
- East Burns - Intrepid Zone extended down plunge by recent exploration drill program.
- Final drill hole RR13-11W4 intersected 11.90 g/t gold and 26.25 g/t silver over 3.0 metres including 19.70 g/t gold and 34.10 g/t silver over 1.5 metres.
- Summary of significant drill results to date at expanding East Burns - Intrepid Zone.
- Approx. 120 metres of strike length potential of the plunging East Burns - Intrepid Zone remains untested.
- Potential for additional gold-silver discoveries at the "B" Block.
Rainy River District Claims Map:
Burns Block Geologic and Exploration Overview:
Drilling on the Burns Block property has confirmed the widespread distribution of gold and silver in high grade shoots within surrounding mineralized envelopes. These shoots are concentrated both in the western portion of the property directly on strike with the ODM17 gold-silver deposit of New Gold and in the eastern portion of the property in a position directly down plunge of the recently discovered Intrepid Zone of New Gold Inc. The central portion of the Burns Block property has not yet been explored in detail due to early prioritization of drilling in areas of success, first in the western area and subsequently in the eastern area.
Western Burns geologic cross section map:
A well-established characteristic of main zone foliated dacite porphyry hosted gold-silver mineralization at the Burns Block is the presence of very wide (>30 metres) zones of low grade gold-silver mineralization. More important, as an exploration guide, is that these low grade zones have been shown to be the envelope of high grade shoots of gold-silver mineralization and provide a very robust exploration model that points to the importance of close spaced drilling in and around areas of low grade mineralization.
Mineralized shoots and surrounding envelopes of disseminated mineralization are hosted by strongly foliated and sericite-silica altered quartz porphyry dacite intrusions and local fragmental dacite volcanic rocks. The foliation appears to be related to shearing and is near coincident with the strike and dip of the hanging wall and main zone dacites. This foliated shear zone crosses the entire Burns Block property before being warped northward to traverse Bayfield`s "B" Block property before passing into the Black Hawk stock.
Gold and silver mineralization is best developed within complexly deformed base metal and grey quartz veinlet swarms within the sheared, foliated dacite porphyry. The shoots and surrounding envelopes strike at 85 to 110 degrees and plunge at 55 to 65 degrees to the southwest on the Burns Block property.
East Burns - Intrepid geologic cross section map:
The East Burns - Intrepid gold-silver zone on the Burns Block has been extended down plunge by the Bayfield`s recent exploration drill program.
Final drill hole RR13-11W4 returned 11.90 g/t gold and 26.25 g/t silver over 3.0 metres including 19.70 g/t gold and 34.10 g/t silver over 1.5 metres as well as an upper zone returning 3.76 g/t gold and 6.50 g/t silver over 3.0 metres.
The comparison of logging and assay results for the RR13-11 mother hole and wedge holes W1, W2, W3 and W4 continues to show that the East Burns - Intrepid shoot is continuing down plunge and that strong zoning of precious metal mineralization is present within the shoot. The mother hole cut the shoot deeper than any of the wedge holes and had the strongest precious metal mineralization of the RR13-11 Wedge Complex (107.80 g/t gold and 37.46 g/t silver over 7.5 metres including 528.00 g/t (18.63 oz/t) gold and 103.00 g/t silver over 1.5 metres announced Oct. 1st).
Final assay results of remaining 3 completed 2013 drill holes are presented in the table below.
|Drill Hole||From (m)||To (m)||Interval (m)||Au (g/t)||Ag (g/t)||AuEq (g/t)|
* g/t = grams per metric tonne
* The true width lengths are estimated to be approximately 55%-65% of down hole intervals
* AuEq (gold equivalent) values calculated at a 50 to 1 (silver price to gold price) ratio and metallurgical recoveries and net smelter returns are assumed to be 100%
* The intervals were determined using .35 g/t gold cut-off grade with a maximum gap of 3.0 metres between intervals below the cut-off grade
Notable drill intercepts to date at East Burns - Intrepid Zone are presented in the table below:
|Drill Hole||From (m)||To (m)||Interval (m)||Au (g/t)||Ag (g/t)|
* g/t = grams per metric tonne
* The true width lengths are estimated to be approximately 55%-95% of down hole intervals
* The intervals were determined using .35 g/t or 2.5 g/t gold cut-off grade when previously announced with a maximum gap of 3.0 metres between intervals below the cut-off grade
Burns Block Remaining Discovery Potential:
Significant targets remain for additional discovery on the Burns Block property. These targets can be grouped into three categories:
- Down plunge East Burns - Intrepid Zone; approximately 120 metres of strike length potential of the southwest plunging East Burns - Intrepid Zone remains untested along the southeast to south-central portion of the Burns Block property.
- Mineralized zones in both the hanging wall and footwall of the main zone; completed drilling clearly shows the presence of multi-gram gold and silver mineralization in positions above and below the main zone. Several wide, significant mineralized zones lying below the main zone have been intersected but remain completely open due to lack of drilling. These targets are concentrated in the under explored central portion of the property.
- Central Burns Block main zone; several holes collared in the sparsely drilled north central portion of the Burns Block property have intersected 5 to 15 metre wide zones of low grade to gram level gold mineralization hosted within the sheared, foliated quartz porphyry dacite. These intersections have not been followed up and present the potential of being associated with additional undiscovered shoots of higher grade mineralization.
Bayfield is assessing all data in contemplation of a continuance of the Burns Block drill program in early 2014.
"B" Block Remaining Discovery Potential:
The mine trend rock package is sharply deflected to the NNE along the western margin of the Black Hawk Stock and has been confirmed by Bayfield Ventures during limited 2013 diamond drilling on the "B" Block property. Logging results from diamond drill holes completed by Bayfield confirm the presence of iron formations, argillite units, hornfelsed, mafic tuffaceous sediments and well foliated quartz porphyry dacite intrusive rocks at the "B" Block property.
Rainy River Geological Map of the Burns Block and "B" Block
Bayfield has discovered relatively narrow zones of mutli-gram gold-silver mineralization over a large portion of the southern and central portions of the 480 acre property. These well mineralized intervals occur within wide envelopes of lower grade mineralization and are mineralogically very similar to the mineralized zones at the Burns Block property.
The potential for additional gold-silver discoveries at the "B" Block is due to encouraging results from completed drilling as well the close proximity of the "B" Block to both the near surface portion of New Gold`s Intrepid Zone and to the Burns Block property. The "B" Block is essentially unexplored below 250 metres from surface. The combination of very favorable geology and the known presence of gold-silver-copper-zinc mineralization make the "B" Block a very high quality target area for further exploration.
Robert Marvin, P.Geo., CPG, VP Exploration for Bayfield Ventures is the Qualified Person as defined by National Instrument 43-101 and supervised both the project field work and the preparation of the technical information in this release.
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.
About Bayfield Ventures Corp.:
Bayfield Ventures Corp. is exploring for gold and silver in the Rainy River District of north-western Ontario. Bayfield Ventures goal is to increase shareholder value by developing exploration projects near world-class deposits that have the potential of becoming new discoveries.
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 release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management`s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Bayfield Ventures Corp. via GlobeNewswire
- Commodity Markets
- Stocks & Offerings