Bayfield Ventures (CVE:BYV) said Thursday that it intersected signficant gold and silver intercepts at its Burns Block property in the Rainy River district of northwestern Ontario.
The project is located to the east and on strike to Rainy River Resources' (TSE:RR) multi-million ounce gold deposit, that has an NI 43-101 compliant measured and indicated resource of 4.41 million ounces of gold, and an inferred resource of 2.33 million ounces.
Highlights of Bayfield's latest drilling include Far North Fence hole RR11-162, which intercepted 10.0 metres at 11.22 grams per tonne (g/t) gold and 26.91 g/t silver, starting at 52 metres down hole. This intercept contains a high grade core of 5.5 metres grading 20.23 g/t gold and 39.19 g/t silver, the company said.
In addition, hole RR11-159, also on the Far North Fence, returned 13.5 metres at 2.58 g/t gold and 23.65 g/t silver, starting at 59.0 metres down hole, including a high grade core of 6.0 metres grading 5.26 g/t gold and 35.01 g/t silver.
The company said infill drilling in this area continues to intercept wide zones of gold and silver mineralization through near surface drilling. The two holes reported above were drilled as follow up to the bonanza grade, near-surface mineralization in previous hole RR11-71, and were located 22 metres southeast of this hole.
Meanwhile, hole RR11-107 in the central portion of the Burns property, has intersected two zones of gold mineralization located below the main zone, including 7.55 metres of 1.31 g/t gold starting at 507 metres down hole, and 3 metres of 3.0 g/t gold starting at 605 metres down hole.
According to the company, these two zones are mineralogically similar to those found in hole RR10-3 completed in February 2010, where a 17 metre interval from 730 to 747 metres contained three mineralized zones in the range of 2.69 g/t to 9.51 g/t gold over one metre minimum lengths.
While these new deep zones don't currently qualify as resource delineation targets, Bayfield said, they do present "high quality exploration targets" for high grade mineralization.
The company also said assays for 28 additional completed holes are pending, including several in the northwest high grade area that contain locally abundant electrum.
Drilling is ongoing, with one rig continuing to infill the northwest Burns area, while exploring the eastward extension of the mineralized system with a second rig.
Contracting of a third rig to conduct reconnaissance exploration of the large C Block land position to the west is still on the slate. The C Block is located along the western extension of the Rainy River gold district, and has seen no previous diamond drilling.
Bayfield said that ground conditions will determine whether this exploration can be started this fall or whether it will have to wait until freeze up in early 2012.
On Thursday late morning, shares of the company were higher by more than four percent, trading at 48 cents as of 11:02am EST.
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