QUESNEL, Canada, March 2, 2011 /PRNewswire/ -- Richfield Ventures
Corp. (TSXV: RVC) ("Richfield" or the "Company") is pleased to
announce the first National Instrument 43-101 compliant resource
estimate for its Blackwater Gold Project, located 100 km south of
Vanderhoof in central British Columbia, Canada. Geosim Services Inc.
of Vancouver, Canada ("Geosim"),
independent resource estimation consultant for Richfield, has
prepared and authorized the release of these estimates. At a base
case cut-off grade of 0.40 g/t Au, the estimated global Indicated
resource is 53.46 million tonnes at an average grade of 1.06 g/t Au
containing 1.83 million ounces gold, with an additional 75.45
million tonnes at an average grade of 0.96 g/t Au containing 2.34
million ounces gold in the Inferred category. The table below
summarizes the Geosim resource estimates at selected cut-off
grades:
Blackwater Deposit - Indicated and Inferred Resource
Estimates
-------------------------------------------------------------------------
Indicated Inferred
-------------------------------------------------------------------------
Grade Contained Grade Contained
Cut-off Tonnes -------------- Au M Tonnes -------------- Au M
g/t Au 000's Au g/t Ag g/t oz 000's Au g/t Ag g/t oz
-------------------------------------------------------------------------
0.3 54,136 1.06 5.6 1.84 78,653 0.94 4.0 2.38
-------------------------------------------------------------------------
0.4 53,460 1.06 5.6 1.83 75,452 0.96 4.0 2.34
-------------------------------------------------------------------------
0.5 49,914 1.11 5.7 1.78 68,001 1.02 4.2 2.23
-------------------------------------------------------------------------
The land tenures covering the Blackwater gold deposit are
divided by a property boundary. The Dave and Jarrit properties
comprising the southern portion of the Blackwater Gold Project, are
owned 100% by Richfield. The Davidson property covering the northern
portion of the Blackwater Gold Project is subject to a 75/25 joint
venture between Richfield (75% and operator) and Silver Quest
Resources Ltd. (25%) (TSXV: SQI)("Silver Quest").
The resource estimates by property are summarized in the table
below. The recent more closely spaced drilling has been focused on
the southern 100% owned Dave and Jarrit properties and consequently
a much higher portion of resources are in the indicated category,
as compared to the Davidson
property to the North.
Blackwater Deposit - Resource Estimates by Property at 0.4 g/t
Au Cut-off grade
-------------------------------------------------------------------------
Property Indicated Inferred
---------------------------------------------------------------
Grade Contained Grade Contained
Tonnes -------------- Au M Tonnes -------------- Au M
000's Au g/t Ag g/t oz 000's Au g/t Ag g/t oz
-------------------------------------------------------------------------
Total
Black-
water 53,460 1.06 5.6 1.83 75,452 0.96 4.0 2.34
-------------------------------------------------------------------------
Dave and
Jarrit
(100%
Rich-
field) 53,128 1.07 5.6 1.82 29,183 1.04 5.5 0.98
-------------------------------------------------------------------------
Davidson
(75%
Richfield,
25% Silver
Quest 331 0.92 5.0 0.01 46,269 0.92 3.1 1.36
-------------------------------------------------------------------------
Total
Rich-
field 53,377 1.06 5.6 1.83 63,885 0.97 4.2 2.00
-------------------------------------------------------------------------
Peter Bernier, President of
Richfield, commented; "We are thrilled with this initial resource
estimate for our Blackwater Gold Project. We believe this
establishes Blackwater as one of the most important new gold
discoveries in Canada. As the gold
mineralization remains essentially open in all directions, we look
forward in 2011 to continuing to explore the extent of the
mineralization laterally and to depth with aggressive drilling
campaigns on both the 100% owned southern portion of the property
and with our joint venture partner Silver Quest on the northern
portion." Richfield has commenced and plans to complete a 30,000
metre diamond drill program at Blackwater in 2011.
Gold mineralization at Blackwater could be considered as a bulk
tonnage low sulphidation epithermal type of deposit. It is hosted
within a series of near surface altered, fractured and silicified
volcaniclastic rocks and gold appears to be associated with
fine-grained disseminated and fracture-filling pyrite and
sphalerite.
The resource estimates have been made utilizing analytical and
lithologic data from 77 core holes (25,263 m) to develop a resource
model. Only assays received since 2005 were used for grade
interpolation. Resource estimation was constrained by 3-dimensional
solid models developed from geological and analytical data. Grade
estimation was carried out by ordinary kriging using 5 metre
downhole drill composites. Gold grades were capped at 15 g/t and
Silver grades at 50 g/t prior to compositing. The mineral resource
was also constrained by an optimized pit shell using a gold price
of CAD$1,000 per ounce. Block
dimensions were 10 by 10 by 10 metres. The density values assigned
to the main lithologies were based on 5,748 bulk density
measurements of drill core.
A graphic of nested grade shells is available at
http://files.newswire.ca/710/Blackwater.doc and provides a
reference for the location and lateral extent of the resource
estimate, and its relationship to the property boundaries. The
grade shell colour shades provide an approximate distribution of
the relative grades of the deposit.
Initial metallurgical test work has indicated an average of 92%
gold recovery using conventional whole ore direct cyanidation (see
NR Nov 22, 2010). The Company has
contracted a series of consultants to prepare a preliminary
economic assessment (PEA), planned for completion in Q4 of 2011.
This study will consider the potential for a large-scale open pit
mine and ore processing facility. With a current cash balance of
CAD$17.2 million the company is well
funded to undertake the planned 2011 drilling and the PEA
study.
The resource estimate and other scientific and technical
information contained in this news release were prepared by or
under the supervision of Mr. Ronald
Simpson, P. Geo, President of Geosim Services Inc., an
independent "qualified person" under National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101"). The NI
43-101 technical report in respect of the resource estimate
disclosed herein will be filed on SEDAR within 45 days of the date
of this news release.
Richfield Ventures Corp. is a public mineral exploration company
trading on the TSX Venture Exchange under the symbol RVC. Richfield
has been actively acquiring and exploring mineral tenures in the
Quesnel Trough and Nechako Plateau regions of British Columbia.
On behalf of the Board of Directors of Richfield Ventures
Corp.
"Peter Bernier"
Peter Bernier, President
Cautionary Notes Concerning Estimates of Mineral Resources:
This news release uses the terms indicated and inferred
resources as a relative measure of the level of confidence in the
resource estimate. Readers are cautioned that the Blackwater
mineral resources are not economic mineral reserves and that the
economic viability of resources that are not mineral reserves has
not been demonstrated. In addition, inferred resources are
considered too geologically speculative to have any economic
considerations applied to them. It cannot be assumed that all or
any part of an inferred mineral resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of feasibility or
pre-feasibility studies or economic studies except for Preliminary
Assessment as defined under NI 43-101. Readers are cautioned not to
assume that that further work will lead to mineral reserves that
can be mined economically.
Certain statements in this press release may be considered
forward-looking information, including those relating to the
"expectations", "intentions" or "plans" of the Company. Such
information involves known and unknown risks, uncertainties and
other factors -- including the approvals of regulators,
availability of funds, the results of financing and exploration
activities, the interpretation of drilling results and other
geological data, project cost overruns or unanticipated costs and
expenses and other risks identified by the Company in its public
securities filings -- that may cause actual events to differ
materially from current expectations. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
For further information: Peter
Bernier, President & CEO, Richfield Ventures Corp.,
101-242 Reid Street, Quesnel, BC,
V2J 2M2, Toll Free: +1-877-992-6644, pete(at)richfieldventures.ca,
http://www.richfieldventures.ca