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Wednesday, 21 November 2012
UPDATE: Bayfield Ventures shares up over 12% after extension of East Burns Block
***updated with latest share price data***
Bayfield Ventures (CVE:BYV) (OTC:BYVVF) saw its shares rise Wednesday, after revealing additional assays from continued exploration at its Burns Block gold-silver project in the Rainy River district of northwestern Ontario, extending the east zone of the asset.
Shares in Bayfield were lately up 3.5 cents, or more than 12.2 per cent, to 32 cents on Wednesday afternoon, with a whopping 454,355 shares changing hands this afternoon. The stock's 50-day average volume is 94,945.
Bayfield's project is located adjacent to the east of Rainy River Resources' (TSE:RR) main ODM17 gold deposit, and to the west of that company's expanding Intrepid gold-silver zone.
At Bayfield's East Burns zone, hole RR12-34 returned 26.5 metres grading 8.82 grams per tonne (g/t) gold, and 39.44 g/t silver, including 11.6 metres of 17.04 g/t gold and 79.07 g/t silver.
The junior explorer said this is the best interval drilled so far at this "rapidly expanding" zone, and extends high grade mineralization 55 metres down plunge from a previously reported hole that found 19.6 metres of 5.45 g/t gold and 20.63 g/t silver.
Bayfield is continuing to explore the down-plunge extension of this mineralized zone, it said, which is thought to be the lower portion of Rainy River's Intrepid zone.
Further step-out drilling to the southwest is ongoing, to test the high grade gold-silver zone, which remains open down-dip and shows the tendency for increasing grade at depth, the company added.
It said gold-silver mineralization is "consistently" being found on the eastern portion of the Burns property, within a 50 to 70 metre wide zone of mineralization.
"This persistent, robust zone of gold-silver-base metal mineralization is part of a larger system which Bayfield discovered near the east property boundary in late 2011 and which has been roughly outlined over a nearly 200-metre strike length and approximately 200 metres down-dip," Bayfield said in a statement late Tuesday.
The company also noted that Rainy River Resources is delineating the interpreted "up-dip" extension of the East Burns zone on its ground adjacent to the east of the Burns Block, with three diamond drill rigs. In a November release, Rainy River said it has so far drilled 33 holes that have intersected the Intrepid zone over a 280-metre strike length, and have traced the mineralization down dip for 350 metres.
Chairman and CEO of Bayfield Ventures, Jim Pettit, commented: "The mineralized interval encountered in hole RR12-34 is the richest zone of gold and silver encountered to date at this developing East Burns -- Intrepid Zone as we continue to see the tenor of mineralization increasing at depth.
"The company will continue exploring for high quality ounces in this new eastern zone into the New Year while Rainy River delineates the interpreted up-dip extension of this mineralization at their Intrepid Zone."