Bayfield Ventures Corp.
TSX VENTURE : BYV
FRANKFURT : B4N

Bayfield Ventures Corp.

October 21, 2010 09:01 ET

Bayfield Intersects Significant Near-Surface Gold in Rainy River, Bonanza Silver Results from Holes 15 and 18

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 21, 2010) - Bayfield Ventures Corp. (TSX VENTURE:BYV) (FRANKFURT:B4N) (the "Company") is pleased to announce significant near-surface drill results well north of previously released holes, in an area known as the North Gold Zone, on its 100% owned 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) multi-million ounce gold deposit. Rainy River Resources' NI 43-101 compliant resource included 2.37 million ounces of gold at 1.3 g/t in the indicated category and 2.66 million ounces of gold at 1.2 g/t in the inferred category.

Rainy River gold properties claims map: http://www.bayfieldventures.com/i/pdf/BYVRRArea.pdf

Highlights:

  • Reported mineralization in this near-surface North Gold Zone is well within open pit parameters and right in line with Rainy River Resources' results at similar depths
  • Gold mineralization extended from our western boundary with Rainy River Resources for 150 metres, and mineralization remains open to the east
  • Gold encountered in all 12 North Zone holes
  • Next holes, RR10-32 and up, currently being drilled to specifically target the high grade gold shoot intersected in reported holes RR10-15 and RR10-18; assays are pending
  • Bonanza grade silver assays received from hole RR10-18 totaling 360 g/t Ag over 10 metres including 1760 g/t Ag over 1 metre
  • Mapping of Burns and "B" Block properties completed; altered dacite host rocks have been mapped across entire Burns Block indicating strong potential for discovery of additional mineralization to east of current drilling area

Jim Pettit, CEO of Bayfield Ventures, stated: "Bayfield continues to intersect gold values right on par with Rainy River Resources' results both within and below open pit parameters. Furthermore, the high grade silver intercepts in RR10-15 and RR10-18 add a new dimension to the exploration potential on the Burns Block. With the latest drilling now focusing primarily on targeting the high grade gold shoot between RR10-15 and RR10-18, the Company looks forward to receiving more drill results in the recently expanded 50,000 metre program."

Significant gold mineralization has been encountered in the twelve shallow holes (RR10-20 to RR10-31) along the west-east trending exploration drill fence in the northwest portion of the Burns Block. These holes were designed to test the North Gold Zone (click link to "Updated Burns Block drilling exploration map" below). The assay results of this drill fence show that the mineralization extends 150 metres east from the western boundary of the Burns Block and that this zone continues to remain open to the east. The results also illustrate that the North Zone, which is well within open pit parameters, hosts very similar gold mineralization (both in grade and intercept length) to that near-surface in Rainy River Resources' deposit. The assay results for the northern fence are summarized in table 1 below. The second drill rig has been moved to the Burns Block to continue extending the northern fence to the east while the other rig continues infill drilling designed to target the high grade gold shoot intersected in RR10-15 and RR10-18. 

Updated Burns Block drilling exploration map: http://www.bayfieldventures.com/i/maps/BYV_Burns_Exploration_Map_July_2010.jpg

Gold Assay Results for Burns Block North Zone:

HOLE AZ. ° DIP ° FROM (m) TO (m) INTERVAL (m) GOLD (g/t) GOLD ZONE
RR10-20 358 46 117.00 118.00 1.0 1.52 North Zone
               
RR10-21 358 62 59.00 129.00 70.0 0.24 North Zone
including     59.00 97.00 38.0 0.29  
including     75.00 85.00 10.0 0.57  
               
RR10-22 358 76 72.00 141.00 69.0 0.64 North Zone
including     76.00 78.00 2.0 0.93  
including     122.00 141.00 19.0 1.44  
including     129.00 135.00 6.0 3.75  
including     133.00 135.00 2.0 7.53  
               
RR10-23 358 46 74.00 120.00 46.0 0.34 North Zone
including     77.00 85.00 8.0 1.05  
including     84.00 85.00 1.0 5.26  
      160.00 164.55 4.6 1.22  
including     162.30 163.00 0.7 3.10  
               
RR10-24 358 62 74.00 119.00 45.0 0.51 North Zone
including     103.00 109.00 6.0 1.57  
including     103.00 104.00 1.0 3.51  
including     108.00 109.00 1.0 3.80  
               
RR10-25 358 46 71.00 72.00 1.0 3.94 North Zone
      91.00 116.00 25.0 1.03  
including     93.00 96.00 3.0 2.64  
including     106.00 116.00 10.0 1.40  
including     111.00 112.00 1.0 4.84  
               
RR10-26 358 62 74.00 78.00 4.0 0.42 North Zone
      93.00 117.00 24.0 0.40  
including     95.00 99.00 4.0 1.09  
including     96.00 97.00 1.0 1.85  
               
RR10-27 358 46 88.00 125.00 37.0 0.31 North Zone
including     88.00 101.00 13.0 0.54  
including     96.00 97.00 1.0 3.81  
               
RR10-28 358 62 106.00 140.00 34.0 0.31 North Zone
including     117.00 118.00 1.0 2.52  
               
RR10-29 358 76 123.00 174.00 51.0 0.41 North Zone
including     123.00 131.00 8.0 1.02  
including     126.00 131.00 5.0 1.48  
including     126.00 128.00 2.0 2.28  
including     155.00 174.00 19.0 0.57  
including     166.00 167.00 1.0 1.23  
               
RR10-30 358 88 155.00 212.00 57.0 0.51 North Zone
including     173.00 175.00 2.0 2.00  
including     181.00 192.00 11.0 1.10  
including     181.00 182.00 1.0 2.53  
including     187.00 192.00 5.0 1.59  
including     191.00 192.00 1.0 3.18  
      424.00 434.00 10.0 0.47  
including     428.00 429.00 1.0 2.46  
               
RR10-31 357 45 87.00 119.45 32.5 0.52 North Zone
including     95.00 104.30 9.3 1.09  
including     101.50 102.30 0.8 1.30  
including     103.30 104.30 1.0 3.67  
               

* g/t = grams per metric tonne

* Mineralized intervals in table 1 above are estimated to be 85% to 95% of true width

Silver Assay Results from Holes RR10-15 and RR10-18:

Bayfield elected to run a multi element ICP package on all samples from holes RR10-15 and RR10-18. This was done for several reasons, most importantly to obtain silver values in the high grade gold sections of the two holes. The assay results are summarized in table 2 below.

HOLE AZ. ° DIP ° FROM (m) TO (m) INTERVAL (m) Ag (g/t) Au (g/t) AuEq (g/t)
RR10-15 355 56 190.0 199.0 9.0 39.26 12.88 13.58
including     190.0 197.0 7.0 48.77 16.17 17.04
including     194.0 197.0 3.0 50.23 31.71 32.61
                 
RR10-18 355 88 497.0 507.0 10.0 359.65 35.93 42.35
including     498.0 499.0 1.0 1760.00 63.90 95.33
      511.0 514.0 3.0 74.10 1.17 2.49
                 

* Gold equivalent grades were calculated using a silver-to-gold equivalent conversion factor of 56 to 1

* Mineralized intervals in RR10-15 are true width and mineralized intervals in RR10-18 are estimated to be 80% of true width

Discussion of Silver Assay Results from Holes RR10-15 and RR10-18:

The detailed logging of RR10-18 indicated that visible gold grains were locally very pale in colour suggesting that a potentially significant amount of silver was alloyed with the native gold. The silver assay results fully confirm that silver is alloyed with the gold and also indicate that other silver minerals, likely including argentite, are present in the mineralized zone. The silver values in several of the assays are much too high to be accounted for as silver alloy in the observed electrum grains; therefore, other silver minerals must be present. Thin sections of selected high grade gold zones in RR10-15 and RR10-18 are being produced to help identify these silver minerals.

A separate zone of three metres of 74 g/t Ag occurs within gram-level gold mineralization twelve metres below the main high grade zone in hole RR10-18. This zone of silver mineralization within gram-level gold strongly suggests that widespread, multi-ounce silver mineralization is present in other gram to multi-gram gold zones on the Burns Block. 

Silver mineralization at the Burns Block could be very important in an eventual assessment of the economic parameters of the known mineralization. Bayfield has now decided to proceed with silver assays for all gold mineralized zones at the Burns Block. 

Discussion of Gold Assay Results from the North Zone (Holes RR10-20 to RR10-31):

The gold assays from the northern drill fence are very encouraging. The mineralized zones are contained within strongly sericite and chlorite altered dacite volcanic rocks. As with the previously reported 283 and West Gold Zones to the south, the mineralization commences within the upper portion of a distinctive fragment volcanic unit known as the lapilli tuff. The geologic setting of the mineralization discovered to date along the northern fence is identical to that of the 283 and West Zones and is interpreted to be the up-dip continuation of those zones. Straight line projection of the zone upwards indicates that it will come to surface (likely under till cover) very near the north boundary of the Burns Block. More drilling in this very shallow up-dip area will be carried out.

In all areas explored at the Burns Block to date, higher grade mineralization is found where intense sericite alteration is fading and chlorite veinlets begin to appear. This alteration boundary is likely to continue to the east within the overall mineralization envelope developed in the dacite host rocks.

Exploration Potential:

Following completion of hole RR10-31, located at the current east end of the northern fence, the rig was moved to a position north of discovery hole RR10-15 to begin exploring for the potential northward extension of the high grade gold zone intersected in RR10-15 (see News Release of August 24, 2010). A total of four holes (RR10-32 to RR10-35) have been completed between RR10-15 and the northern fence with assays pending. The drill rig was then moved just north of hole RR10-18 in the southwest corner of the Burns Block. Infill holes are being drilled in this area to test the 400 metre linear plunge distance between the shallower high grade zone in RR10-15 and the deeper high grade zone in RR10-18. This infill drilling between holes RR10-15 and RR10-18 is ongoing with the goal of delineating the high grade gold shoot present on the property.

Several key developments during August and September at the Burns Block indicate that the exploration potential of the entire property is excellent. Recent developments include the identification of bonanza grade silver mineralization as well as pervasive, near-surface gold mineralization extending 150 metres to the east.

Bayfield is still at a very early stage of exploration on both the Burns and the "B" Block properties with only 16,000 metres of drilling finished (some of which is still being assayed) out of 50,000 metres. The points highlighted above indicate a high potential for additional gold and silver discoveries east of the current northern fence of holes. This potential is just as strong in the central and southern portions of the Burns Block where drilling to the east is only beginning leaving a lot of highly prospective ground remaining to be explored.

Quality Assurance:

Drill core analysis and assaying is being 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 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.

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.

About Bayfield Ventures Corp.:

Bayfield Ventures Corp. is exploring for gold in the Rainy River District of north-western Ontario.

The Company has approximately 50.5 million shares outstanding and over $8 million in its treasury.

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

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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

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