Bayfield Ventures Corp. (CVE:BYV) (OTC:BYVVF) unveiled Wednesday additional drill results from an expanding zone of gold and silver mineralization in the eastern portion of its Burns Block property in northwestern Ontario.
company's Burns Block gold-silver project is located in the Rainy River
District of north-western Ontario and is adjacent to the east and on
strike to Rainy River Resources' (TSE:RR) multi-million ounce gold-silver deposit.
new gold-silver zone, Bayfield said, is the easterly strike extension
of the main ODM17 gold-silver zone, which constitutes the bulk of Rainy
River's deposit and Bayfield's high grade gold-silver zones 600 to 700
metres to the west.
Highlights from the latest results include
hole RR12-12, which intercepted 13.5 metres of 5.13 grams per tonne
(g/t) gold, and 25.21 g/t silver, including 3.0 metres of 14.45 g/t gold
and 53.95 g/t silver starting at 584 metres downhole.
intercept, which is the furthest south intercept completed to date, is
contained within a wider mineralized interval of 18.0 metres grading
4.22 g/t gold and 21.54 g/t silver.
The company said the hole
continues to show that this developing gold-silver zone is getting
thicker and higher in grade with depth, within the controlling,
south-dipping shear zone.
The east-central zone of
mineralization remains open down dip and down the interpreted
south-southwest plunge, Bayfield added, and is also open onto Rainy River Resources' lands to the east.
the drilling in this new zone so far has allowed Bayfield to partially
outline mineralization within the northeast portion of the Burns Block,
while the entire down plunge extension target in the southeast portion
Bayfield said that at least 250 metres of down plunge area and corresponding lateral dimensions remain to be drilled.
developing zone in the east remains more gold dominant than the western
Burns area, the company said, and has abundant base metal sulfides.
consistent 4.0 to 5.0+ g/t gold grade over 8 to 18 metres being found
in the eastern mineralized zone along with the high base sulfide content
indicate a strong similarity to that of the heart of the Rainy River
ODM17 gold-silver deposit," Bayfield said in a statement.
company is continuing to conduct 40 to 50 metre step out drill holes in
the eastern Burns Block area in an effort to outline the extent of this
zone, with another 15,000 to 20,000 metres planned. Infill drilling will
be necessary, the miner added, once the initial exploration is
As the western side of the property, where
multi-ounce gold and silver material has been found over significant
widths, mineralization at the eastern Burns area is "very similar in
character", the company said, with the success rate in drilling "even
higher" than was the case for early drilling on the western side.
other news, Bayfield said Wednesday that it has closed a non-brokered
private placement, to raise gross proceeds of $2.8 million. The company
issued 5.87 million flow-through units at 48 cents each.
junior miner plans to use the new funds for a continuing drill program
on its 100 percent-owned Rainy River gold properties in north-western
Indeed, at its "B" Block and "C" Block properties, the
company completed a series of exploration holes, with drilling at "B"
Block identifying a new zone of gold and silver mineralization at
moderately shallow depth.
Hole B12-6 intersected 19.5 metres of
mineralization averaging 0.55 g/t gold equivalent. The top of this
mineralization was intersected at 175 metres below surface. The company
said further drilling in this area is planned.
Meanwhile, at the
"C" Block, Bayfield said that though altered dacites volcanic rocks
were intersected locally, assay results were not anomalous, and no
further work is planned in the area.