GlobeinvestorGOLD.com Company News Alert for Bayfield Ventures
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Bayfield Clarifies Details of Reported Drill Intercepts
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 30, 2011) -
Bayfield Ventures Corp. (TSX VENTURE:BYV)(FRANKFURT:B4N) (the "Company") is issuing this news release as a resultof a review by the British Columbia Securities Commission in order toclarify certain details of its technical disclosure of drill results onits Burns Block property and of its disclosure of resource estimates atRainy River Resources' gold project adjacent to Bayfield's Burns Block.
Rainy River gold properties claims map:
https://www.bayfieldventures.com/i/pdf/BYVRRArea.pdf
TheCompany restates certain drill intervals (listed below) reported innews releases dated September 8, 2010, December 14, 2010, February 16,2011, and June 27, 2011. The original averaged gold and silver gradesover these intervals are all correct and the total amount of gold andsilver mineralization is the same; however the drill results arepotentially confusing as certain larger intervals were reported bydiluting high-grade intercepts over longer intervals of lower grade goldand silver mineralization.
The higher gradegold and silver intervals reported in the effected news releasesidentified above, and re-reported here, are enclosed within the muchwider envelopes of anomalous level gold mineralization (and accompanyingvariable silver values). We therefore revise the portions of thepreviously reported intervals for which questions of potential economicviability cannot currently be assessed by Bayfield. Such an assessmentwould require identifying likely mining methods and establishing manyother parameters that are well beyond the scope of our explorationproject at this point in time.
The following is a list of the holes that report longer drill intercepts which are being restated:
- Previously reported larger intervals in hole RR10-18 (September 8, 2010 news release)
- Previously reported larger intervals in hole RR10-52 (December 14, 2010 news release)
- Previously reported larger intervals in hole RR11-1 (February 16, 2011 news release)
- Previously reported larger intervals in hole RR11-70 (June 27, 2011 news release)
- Previously reported larger intervals in hole RR11-71 (June 27, 2011 news release)
Restated Gold and Silver Assay Results from Hole RR10-18:
HOLE
FROM (m)
TO (m)
INTERVAL (m)
Au (g/t)
Ag (g/t)
AuEq (g/t)
RR11-18
173.00
178.00
5.00
0.83
0.82
0.84
489.00
491.00
2.00
2.45
25.30
2.90
497.00
507.00
10.00
35.93
359.65
42.35
including
498.00
499.00
1.00
63.90
1760.00
95.33
and
499.00
500.00
1.00
109.00
96.10
110.72
and
503.00
504.00
1.00
90.30
881.00
106.03
542.00
563.00
21.00
1.24
42.77
2.00
including
545.00
546.00
1.00
15.60
719.00
28.44
* g/t = grams per metric tonne
*AuEq (g/t) values calculated at a 56 to 1 (gold price vs. silver price)ratio and metallurgical recoveries and net smelter returns are assumedto be 100%
Restated Gold Assay Results from Hole RR10-52:
HOLE
FROM (m)
TO (m)
INTERVAL (m)
Au (g/t)
RR10-52
402.40
403.50
1.10
89.96
* g/t = grams per metric tonne
Restated Gold and Silver Assay Results from Hole RR11-1:
HOLE
FROM (m)
TO (m)
INTERVAL (m)
Au (g/t)
Ag (g/t)
AuEq (g/t)
RR11-1
509.50
510.20
0.70
21.60
21.00
22.07
550.75
561.70
10.95
1.71
78.36
3.45
including
559.90
561.70
1.80
5.70
282.11
11.97
617.85
627.00
9.15
8.37
40.57
9.27
including
623.90
626.10
2.20
33.13
208.18
37.76
* g/t = grams per metric tonne
*AuEq (g/t) values calculated at a 45 to 1 (gold price vs. silver price)ratio and metallurgical recoveries and net smelter returns are assumedto be 100%
Restated Gold and Silver Assay Results from Holes RR11-70 and RR11-71:
DRILL HOLE
FROM (m)
TO (m)
INTERVAL (m)
Au (g/t)
Ag (g/t)
AuEq (g/t)
RR11-70
33.50
59.00
25.50
1.42
44.24
2.47
including
41.00
50.00
9.00
3.25
96.34
5.54
including
45.00
46.00
1.00
17.90
511.00
30.07
74.00
84.80
10.80
0.87
13.02
1.18
including
81.40
82.80
1.40
4.20
61.10
5.65
RR11-71
38.00
63.50
25.50
26.70
170.69
30.77
including
46.00
61.00
15.00
45.24
281.03
51.93
and
47.80
59.00
11.20
60.05
362.96
68.69
* g/t = grams per metric tonne
*AuEq (g/t) values calculated at a 42 to 1 (gold price vs. silver price)ratio and metallurgical recoveries and net smelter returns are assumedto be 100%
The new very high grade interceptin RR11-71 lies within a broad halo of anomalous to multi-gram levelgold and silver mineralization that is contained within the wellestablished east-west trending zone of strong foliation, sericitealteration, locally intense deformation and highly variable pyritemineralization. This pattern of high grade zones lying within lowergrade mineralized halos has been seen at the Burns Block many timesduring the continuing exploration and delineation drill program there.
Updated Burns Block drilling exploration map:
https://www.bayfieldventures.com/i/maps/BYV_Burns_Exploration_Map_July_2010.jpg
Bayfieldalso clarifies certain details of its technical disclosure of resourceestimates at the adjacent Rainy River Gold Project. On Bayfield'swebsite, investor relations material, corporate presentation, andcertain news releases, the Company discloses resource estimates for anadjacent property that are contrary to NI 43-101 because the disclosure:
a) adds inferred mineral resources to other categories, contrary to section 2.2(c).
b) reports resources solely in the form of contained metal content, contrary to sections 2.2(d) and 3.4(b).
Bayfield has amended its disclosure and removed any non-compliant resource estimates for adjacent properties.
Quality Assurance:
Drillcore analysis and assaying is being conducted by ACT Labs in ThunderBay, Ont. The lab is ISO/IEC 17025:2005 (CAN-P-4E) certified. The drillcore 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 AAfinish and by gravimetric methods from assays over 5,000 ppb (overlimit). Screened total metallic assays are being performed on samplesassaying over 5,000 ppb. The core samples were analyzed for silver by AgAqua Regia-ICP finish and Ag Fire Assay-Gravimetric from assays over100 ppm (over limit). The Company has implemented a quality assuranceand quality control program to ensure that the sampling and analysis ofall samples is conducted in accordance with the best possible practices.
Shane Hu, P.Geo., Project Geologist forBayfield Ventures is the Qualified Person, as defined by NationalInstrument 43-101 and supervised both the project field and thepreparation 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 61 million shares outstanding and approximately $9 million in its treasury.
OnFebruary 15th, Bayfield Ventures was recognized as a TSX Venture 50(R)company in 2011. TSX Venture 50 is a trade-mark of TSX Inc. and is usedunder license. The TSX Venture 50(R) are the top 10 companies listed onthe TSX Venture Exchange, in each of five major industry sectors -mining, oil & gas, technology & life sciences, diversifiedindustries and clean technology - based on a ranking formula with equalweighting given to return on investment, market cap growth, tradingvolume and analyst coverage. All data was as of December 31, 2010.
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
Thisnews release may contain certain "Forward-Looking Statements" that mayinvolve a number of risks and uncertainties. There can be no assurancethat such statements will prove to be accurate, and actual results andfuture events could differ materially from those anticipated in suchstatements. For a more detailed discussion of such risks and otherfactors, refer to the Company's filings with Canadian Securitiesregulators available on
www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT: James G. Pettit
Bayfield Ventures Corp.
Chairman and CEO
604-687-3376 or Toll Free: 800-567-8181
ORDon Myers
Bayfield Ventures Corp.
Director
604-687-3376 or Toll Free: 800-567-8181
604-687-3119 (FAX)
info@bayfieldventures.com
www.bayfieldventures.com
ORJay Bedard
Envoy Strategic Partners Investor Relations
416-977-7778
jay@envoystrategicpartners.com
NEITHERTHE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTSRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWSRELEASE.