Bayfield Completes NI 43-101 Technical Report on its Rainy River “B” Block Gold-Silver Property, NW Ontario
February 18, 2014 (Source: Marketwired) — Bayfield Ventures Corp. (TSX VENTURE:BYV)(PINKSHEETS:BYVVF)(FRANKFURT:B4N) is pleased to announce the completion of a National Instrument (NI) 43-101 Technical Report on the Company’s 100% owned mineral rights “B” Block gold-silver property, Rainy River district, north-western Ontario. The 480 acre “B” Block property is well located and adjoins to the north of New Gold’s expanding Intrepid gold-silver zone and to the north-east of Bayfield’s Rainy River Burns Block gold-silver deposits.
Rainy River District Claims Map: http://www.bayfieldventures.com/i/maps/BYVRRMapwopit.jpg
On January 23, 2014, Bayfield filed on SEDAR an Independent Mineral Resource Estimate on the Company’s flagship Rainy River Burns Block project dated January 14, 2014, entitled “BURNS BLOCK NATIONAL INSTRUMENT 43-101 COMPLIANT TECHNICAL REPORT” prepared by Riverbend Geological Services Inc. This Report can be found on the Company website or under the Bayfield’s profile at www.sedar.com.
Rainy River District Gold Zones: http://www.bayfieldventures.com/i/maps/BYV-Burns-Gold-Zones-NOV-2012.jpg
SUMMARY OF “B” BLOCK NATIONAL INSTRUMENT 43-101 COMPLIANT TECHNICAL REPORT
Bayfield Ventures Corp. has prepared this Technical Report detailing precious metal exploration results on its “B” Block property in the Rainy River District of NW Ontario.
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Drilling on the “B” Block property has resulted in the discovery of wide spread gold-silver-zinc-copper mineralization. No mineral resource calculations have been done on the property. Drilling to date has been relatively wide spaced and shallow. All known mineralized intercepts lie within 400 metres of surface. Less than 5% of the drilling on the property has been done below the 400 metre below surface level.
The property is positioned in the eastern portion of the developing Rainy River district. The south edge of the property is located approximately 350 metres north of the near surface position of the Intrepid shoot, located on ground controlled by New Gold. The Intrepid shoot is a SW plunging, robust zone of gold-silver mineralization that has been jointly delineated by Bayfield Ventures and Rainy River Resources since its discovery by Bayfield in December 2011.
Mineralization on the “B” Block is contained within a package of NNE striking, vertically dipping, strongly foliated, sheared and locally folded dacite porphyry wall rocks. Pervasive sericite-silica +/- biotite alteration is developed within the dacite package. Sericite is dominant in the southern half of the property while biotite and silica are well developed in the northern portion.
The interlayered dacite porphyry, argillite and mafic volcanic lithology of the known rock package at the “B” Block are very similar to that found by Bayfield at its nearby Burns Block property. Additionally, discovered gold-silver-base metal mineralization at the “B” Block is hosted within highly foliated dacite intrusive and or volcanic rocks, again, a setting very similar to that at the Burns Block and at other well mineralized zones along the developing district-scale trend.
The compilation of geologic data from OGS mapping with Bayfield’s exploration drilling data strongly indicates that the main district gold-silver hosting structures and lithologies are strongly warped to the NE in a position immediately east of the Burns Block and then strike NNE directly through the “B” Block property.
Rainy River Geological Map of the Burns Block and “B” Block: http://www.bayfieldventures.com/i/maps/RRDGeo_BurnsAndBBlock.jpg
Striking similarity between the complied current “B” Block data and Burns Block data prior to the start of Bayfield’s aggressive drilling program at Burns are readily apparent. Important similarities include:
- Precious Metal – Base Metal Mineralization Hosted by Foliated and Sericite Altered Dacite Porphyry Units.
- Wide Intervals of sub gram to gram level Au-Ag mineralization with accompany base metal sulfide stringers and dense disseminations.
- Local metre to multi metre scale intervals of multi gram Au and Ag mineralization.
- Close proximity to known measured, indicated and inferred Au and Ag resources.
These similarities together indicate a highly favorable environment for the discovery of higher grade shoots of mineralization similar to the Intrepid Zone or higher grade shoots discovered by Rainy River within the ODM 17 Zone. The southern edge of “B” Block is located approximately 350 metres north of the surface portion of the Intrepid Shoot.
Given the setting and exploration results to date, it is recommended that additional shallow and deep drilling be done in the SW quadrant of the “B” Block. Specifically, drilling is recommended to continue the delineation of the shallow level, wide zones of precious metal – base metal mineralization intersected in holes B12-6 and B13-1, as well as to begin the process of following this robust zone to depth. The justification for the recommendation is the interpreted very good discovery potential for multi metre wide zones of high grade gold-silver mineralization.
Additionally, the drilling of a series of NW trending angle holes across the SW flank of the strong VTEM anomaly in the northern portion of the “B” Block property is also recommended. Drilling in the heart of the anomaly completed in 2013 showed a rock sequence nearly identical that which overlies the Intrepid Shoot in the eastern portion of Bayfield’s Burns Block project.
For additional documentation of the data used in the Technical Report please refer to the full report on SEDAR dated February 14, 2013 and titled: “B” BLOCK NATIONAL INSTRUMENT 43-101 COMPLIANT TECHNICAL REPORT. The report will be filed on www.sedar.com within 45 days.
Robert Marvin, P.Geo., CPG, VP Exploration for Bayfield Ventures, is the Qualified Person as defined by National Instrument 43-101 and supervised both the project field work and the preparation of the Technical Report and information in this release.
Drill core analysis and assaying has been conducted by ACT Labs in Thunder Bay, Ont. The lab is ISO/IEC 17025:2005 (CAN-P-4E) certified. The drill core is split and sampled in standard 0.5 metre to 1.5 metre intervals. The core samples were analyzed for gold by 30-gm fire assay with AA finish and by gravimetric methods from assays over 5,000 ppb (over limit). Screened total metallic assays are being performed on samples assaying over 5,000 ppb. The core samples were analyzed for silver by Ag Aqua Regia-ICP finish and Ag Fire Assay-Gravimetric from assays over 100 ppm (over limit). 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 and silver in the Rainy River District of north-western Ontario. Bayfield Ventures goal is to increase shareholder value by developing exploration projects near world-class deposits that have the potential of becoming new discoveries.
For further information on Bayfield Ventures Corp. (TSX VENTURE: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 release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>