Bayfield Ventures Corp. (CVE:BYV) (OTC:BYVVF) revealed Thursday additional assay results from its Burns Block gold-silver project in northwestern Ontario, which the company says show continuity of high grade mineralization.
Shares of the company rocketed more than 14% on the back of the news, to 43.5 cents.
The junior gold explorer's Burns Block property is located just east of Rainy River Resources (TSE:RR) multi-million ounce gold-silver deposit, and to the west of that company's expanding Intrepid zone.
Today's results hail from the East Burns -- Intrepid Zone and include both step out and wedge holes, which are designed to extend mineralization intercepted in previous holes drilled.
Wedge hole RR12-34W1 intersected 25.50 metres grading 6.60 grams per tonne (g/t) gold and 34.20 g/t silver, including 15.00 metres of 11.06 g/t gold and 57.05 g/t silver.
In November, the company reported that 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.
Bayfield said that the approximate 15 metre offset distance between holes RR12-34 and RR12-34W1 shows that continuity of the greater than 10 g/t gold mineralization is "excellent".
Meanwhile, the company also drilled hole RR12-35, which was collared 50 metres southwest of holes RR12-34 and RR12-34W1 as a down plunge exploratory step-out hole.
The assay results of hole RR12-35 are interesting, the junior gold explorer said, as they show four distinct zones of multi-gram gold and silver mineralization in the eastern portion of the property. The second of these zones starts at 323.2 metres down hole and returned 3.80 metres of 2.65 g/t gold equivalent.
"The combination of results from holes RR12-34W1 and RR12-35 continue to show that the down plunge extension of the East Burns -- Intrepid Zone mineralized zone continues to the southwest on the Burns property," Bayfield added in its statement Thursday.
The company is planning further southwest step out drilling of the East Burns -- Intrepid high grade zone in the winter/spring season this year.
More exploration targets for the other known mineralized zones in this area are also being prioritized for drilling in the spring.
Bayfield is fully funded to finish its planned 100,000 metre diamond drill program with drilling concentrated on its flagship Burns Block project. In fact, late last month, the company closed a $1.4 million non-brokered private placement financing for drilling at its Rainy River properties.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.