VANCOUVER, U.S.A. -- (Marketwire) -- 08/19/10 --
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Suite 2230 - 885 West Georgia Street, Vancouver, BC, V6C 3E8, CANADA www.bayfieldventures.com
TSX-V Trading Symbol: BYV Telephone: (604) 687-3376
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August 19, 2010
Bayfield Ventures' Rainy River Drill Program Intersects Gold in First 4 Holes
Vancouver, BC - Bayfield Ventures Corp. (TSX-V: BYV) (FWB: B4N) (the 'Company') is pleased to announce initial drill results from its ongoing 2010 diamond drill program on its Burns Block property in the Rainy River District of north- western Ontario. The Burns Block is situated immediately to the east and on strike to Rainy River Resources' (TSX-V: RR) reported major 5+ million ounce gold deposit with an average grade of 1.25 g/t gold.
Rainy River gold properties claims map:
* First four holes further confirm extension of Rainy River Resources' main ODM17 Gold Zone onto the Burns Block * 17.18 g/t Au over 1.0 metre, 11.31 g/t Au over 2.0 metres all within 6.4 g/t Au over 4.0 metres * 16.98 g/t Au over 1.0 metre, 9.93 g/t Au over 2.0 metres all within 1.2 g/t Au over 20.0 metres * 2.03 g/t Au over 5.0 metres within 0.78 g/t Au over 19.0 metres * 2.65 g/t Au over 8.0 metres * Thirteen additional holes completed; assays pending
The current round of drilling commenced in late May. Bayfield has now received and reviewed the assay results for the first four holes drilled in the current 50+ hole diamond drill program. This update summarizes the assay results and geological setting of gold mineralization intersected in the first four drill holes RR10-8 through RR10-11.
These first four holes completed by Bayfield further confirm the continuity of gold mineralization in Rainy River Resources' ODM17 Gold Zone along strike and down dip. The table below summarizes the significant gold assay results from holes RR10-8 to RR10-11:
DRILL DIP AZ. FROM TO INTERVAL GOLD GOLD HOLE degrees degrees (m) (m) (m) (g/t) ZONE RR10-8 80 359 degrees degrees 460 468 8.0 2.65 #283 including 462 467 5.0 3.96 including 463 466 3.0 5.63 including 463 464 1.0 9.34 RR10-9 88 24 degrees degrees 465 485 20.0 1.20 #283 including 478 482 4.0 5.10 including 479 481 2.0 9.93 including 479 480 1.0 16.98 542 543 1.0 2.00 556 569 13.0 0.70 including 561 563 2.0 1.55 including 566 567 1.0 1.82 RR10-10 80 352 degrees degrees 19 23 4.0 2.32 #283 422 426 4.0 6.40 including 422 424 2.0 11.31 including 423 424 1.0 17.18 RR10-11 88 13.3 degrees degrees 526 527 1.0 5.24 #283 578 597 19.0 0.78 including 586 597 11.0 1.40 including 586 591 5.0 2.03 including 587 588 1.0 7.00
Burns Block topography exploration map:
The current Burns Block summer drill program was commenced in May with an initial series of drill holes designed to further explore the eastern extensions of gold mineralization found in Rainy River Resources' main ODM17 Gold Zone near the southern boundary of the Burns Block. This zone was discovered by Rainy River Resources during their exploration program on the Burns Block in 2008. Their exploration hole NR08-283 intersected 7.34 g/t Au over 4.5 metres along the west boundary of the Burns Block. Review of project data by Bayfield in the spring of 2010 determined that this mineralization is completely open and untested to the east on the Burns Block. Bayfield has named this zone of gold mineralization the 283 Gold Zone.
Bayfield's exploration of the 283 Gold Zone has been very successful in proving the extension of the gold mineralization to the east onto Bayfield's ground.
Following completion of the first four holes RR10-08 through RR10-11, the rig was moved north onto the western central portion of the property to continue to extend and infill gold mineralization of the West Gold Zone found during the winter 2010 drill program. Five holes, RR10-12 to RR10-16, have been completed in this target area and assay results are either pending or are being reviewed at this time. Following completion of RR10-16, the rig was moved back to the 283 Gold Zone to test a high priority target in an area that had been too muddy preventing earlier access. Three additional holes were completed to test this target and the results are pending as well.
Bayfield is currently completing drill hole RR10-22 on the Burns Block. As was reported earlier, Bayfield has mobilized a second drill rig which is currently completing the second exploration hole on the Company's 'B' Block property, RR10-B2.
Bayfield will continue to announce drill results in a timely fashion as additional assays are received and reviewed.
Jim Pettit, CEO of Bayfield Ventures, stated: 'We are very pleased with the first batch of results in the current 20,000+ metre drill program. The first few holes have intersected some of the best results seen to date on the Burns Block and continue to prove the gold extension onto the property. With assays pending and much more drilling to be done, the Company is of the belief that it has only scratched the surface thus far on its Rainy River properties.'
Rainy River Resources' March 2010 NI 43-101 resource calculation shows an indicated resource of 2.37 million ounces of gold (averaged at 1.3 g/t) and inferred resources of 2.66 million ounces of gold (averaged at 1.2 g/t). Of the total 5.03 million ounces Au inferred and indicated, 4.09 million ounces Au are contained within open pit parameters and the remaining 0.94 million ounces Au are below open pit depths.
Discussion of Assay Results
Bayfield's exploration of the 283 Gold Zone has been very successful in extending the gold mineralization to the east. The zone remains open and untested east of the RR10-11 drill site. The assay results reported here for RR10-8 through RR10-11 fully support the developing idea that the 283 Gold Zone contains a cohesive zone of gold mineralization in the 2.5 to >15 g/t range. The geological setting of this mineralization is outlined in the section below.
The higher grade intercepts in the reported holes occur within mineralized halos that range up to 58 metres in thickness. Hole RR10-8 contains a 58 metre interval from 410 metres to 468 metres down-hole that averages .27 g/t gold. The 8 metre intercept of 2.65 g/t gold occurs within the thick envelope of strongly altered and mineralized rock.
Hole RR10-10 is an exception to this low grade - high grade style as the assays retuned 4.0 metres of 6.4 g/t without the typical low grade envelope. Taken together, the drill results to date closely resemble those in the ODM17 Gold Zone of Rainy River Resources immediately to the east and illustrate that the mineralization on the Burns Block is the direct continuation of the ODM17 ore body. Two important points are that this mineralization remains completely open to the east and that the potential for gold grades significantly higher than 17.18 g/t reported here are possible. More drilling is planned to explore for both the continued eastward extension and for high-grade bonanza zones which may occur as indicated by the recent success of Rainy River Resources.
Current Geological Interpretation of Intersected Gold Zones at Burns Block
Geological data from the Bayfield 2010 winter drill program at the Burns Block, along with the results of relogging selected Rainy River Resources holes at the Burns Block led to the development of a fairly simple geological model for the known gold mineralization on the property. Gold mineralization found at the Burns Block to date occurs near the upper contact of a distinctive fragmental volcanic rock identified as a lapilli tuff. This primary lapilli tuff ranges in thickness from approximately 20 to 50 metres within the western portion of the Burns Block. The deeper portions of Bayfield's drill holes completed in the 283 Zone have shown that a second lapilli tuff unit is present beneath the upper unit. Exploration of this lower unit is at a very early stage on the property.
Logging results provide additional detail on the charter of the known gold zones at the Burns Block. The gold mineralization is associated with abundant pyrite (with local sphalerite and chalcopyrite) and moderate to intense foliation within the host lapilli tuff unit. Additionally, the majority of discovered gold mineralization is localized within a wide contact zone of an overlying sericite alteration and underlying chlorite-biotite alteration. This alteration is developed within the host lapilli tuff unit and within surrounding volcanic units.
The meticulous study of the details of the structure, alteration and mineralogy of the gold zones is ongoing.
Shane Hu, P.Geo., Project Geologist for Bayfield Ventures is the Qualified Person, as defined by National Instrument 43-101 and supervised both the project field and the preparation of the technical information in this release.
Drill core analysis and assaying is being conducted by ACT Labs in Thunderbay, Ont. The lab is International Standard ISO 9001:2000-certified. The drill core is split and sampled in standard 0.5 metre to 1 metre intervals. The core samples were analyzed for gold by 30-gm fire assay with AA finish and by gravimetric methods from assays over 3000 ppb (over limit). Screened total metallic assays are being performed on samples assaying over 10,000 ppb. The Company has implemented a quality assurance and quality control program to ensure that the sampling and analysis of all samples is conducted in accordance with the best possible practices.
About Bayfield Ventures Corp.
Bayfield Ventures Corp. is exploring for gold in the Rainy River District of north-western Ontario.
For further information on Bayfield Ventures Corp. (TSX-V: BYV), visit the Company's web site at www.bayfieldventures.com.
ON BEHALF OF THE BOARD OF DIRECTORS
James G. Pettit
Chairman and CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This news release may contain certain 'Forward-Looking Statements' that may involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. For a more detailed discussion of such risks and other factors, refer to the Company's filings with Canadian Securities regulators available on www.sedar.com.
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