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Thursday, 11 October 2012
Bayfield Ventures reports highest grade gold so far from East Burns Block
Bayfield Ventures Corp. (CVE:BYV) unveiled today the highest grade gold results so far from the continued exploration on the east side of its Burns Block property in northwestern Ontario.
The gold-silver project is located in the Rainy River District, just to the east and on strike to Rainy River Resources' (TSE:RR) multi-million ounce deposit.
The company said Thursday that the East Burns Block step out hole RR12-30 intersected a "strong interval of gold and silver mineralization", in a position roughly 20 metres down dip from a previously reported hole.
The newest hole hit 19.6 metres grading 5.45 grams per tonne (g/t) gold and 20.63 g/t silver, including 11.8 metres of 8.57 g/t gold and 30.87 g/t silver.
Bayfield said the hole marks the highest grade gold mineralization found at the East Burns area so far, and further extends the eastern zone down plunge from previous drilling.
This Eastern higher grade zone remains open down dip to the southwest, the miner said, with Bayfield drilling this zone at depth.
The junior company has been active in drilling the east area of the Burns Block property this past summer, on both side of the Bayfield-Rainy River Resources property line.
Bayfield said mineralization is being found withing a 50 to 70 metre wide zone of shearing, alteration and polymetallic base metal sulfide mineralization.
The company said it is fully funded, with roughly $3.5 million in the bank, to finish its planned 100,000 metre diamond drill program, with drilling focused on Burns Block.
Last week, it released results on both the western and eastern portions of the property, which caused its stock to rise.
Results were reported from four infill holes from the East Burns zone, and many holes in the northwest area of the asset.
The holes drilled in the northwest area were done around the near-surface, high grade discovery hole RR11-71, which returned 26.7 grams per tonne (g/t) gold and 170.69 g/t silver over 25.5 metres.
Notable holes from this zone were hole RR12-26, which intersected 5.5 metres of 10.39 g/t gold and 191.32 g/t silver, just 30 metres north of the discovery hole. The company said the hole is roughly 10 metres up dip to the "bonanza zone" in hole RR11-71.