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Thursday, 4 October 2012
Bayfield Ventures shares rise after Burns Block drill results
Bayfield Ventures Corp. (CVE:BYV) (OTC:BYVVF) released Wednesday more drill results from its Burns Block property in the Rainy River district of northwestern Ontario, sending its stock up by more than 8 per cent this morning.
The gold-silver project is just to the east and on strike to Rainy River Resources (TSE:RR) multi-million ounce gold-silver deposit, Bayfield said.
Shares in Bayfield rallied 8.3 per cent to 39 cents as of around 10:30am ET.
The results reported today cover exploration and infill drilling in the both the western and eastern portions of the property, with four infill holes from the recently discovered 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.
In addition, hole RR12-27 hit mineralization that the company said appears to be a new zone that underlies the high grade area in the discovery hole.
Bayfield also said that hole RR12-23 hit the immediate up dip extension of the high grade zone in the discovery hole, and then continued to a final depth of 836 metres.
Meanwhile, exploration in the East Burns area was also "very active" in the late summer with drilling on both sides of the Bayfield --Rainy River Resources property line, the company said.
Bayfield is exploring the down plunge extension of the East Burns Zone, which remains open at depth.
Highlights from this area include hole RR12-20, which hit 4.0 metres of 4.13 g/t gold and 19.66 g/t silver, and hole RR12-19, which returned 9.0 metres of 1.48 g/t gold and 26.1 g/t silver.
"The current results from East Burns continue to show that a focused zone of precious and base metal mineralization becomes more disseminated both up dip and down dip within the host shear and that the mineralized zone plunges in a SW direction," said Bayfield in a statement Wednesday.
"The potential down plunge extension of this mineralization remains completely untested SW of previously reported hole RR12-12 which returned 13.5 metres of 5.13 g Au and 25.21 g/t Ag."
Bayfield Ventures said it is fully funded to finish its planned 100,000 metre diamond drill program, with drilling concentrated on the flagship Burns Block project. The company has 70.3 million shares outstanding and has roughly $3.5 million in its bank.