Wednesday, 9 May 2012

Bayfield hits 13.5 metres at 5.13 g/t gold, 25.21 g/t silver at eastern Burns Block

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.

The 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.

The 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.

This 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.

All 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 remains unexplored.

Bayfield said that at least 250 metres of down plunge area and corresponding lateral dimensions remain to be drilled.

The developing zone in the east remains more gold dominant than the western Burns area, the company said, and has abundant base metal sulfides.

"The 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.

The 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 completed.

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.

In 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.

The 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 Ontario.

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.

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