QUESNEL, BC, May 12 /CNW/ - Richfield Ventures Corp. ("Richfield" or "the
Company") is pleased to announce that it has acquired an option to earn up to
100% interest in the Dave Property, which adjoins the Davidson Property,
recently acquired by Richfield under option from Silver Quest Resources Ltd.
("Silver Quest"). The Dave property was optioned from Jane Roderick, Rebekah
Antkow, David Rozek, Benjamin Rozek, and John Blackwell.
The Dave Property is located approximately 100 kilometres southwest of
Vanderhoof in the Nechako Plateau of central British Columbia and covers
approximately 580 hectares.
Richfield may acquire 100% interest in the Dave Property by making
aggregate cash and share payments totaling $185,000 cash and 800,000 shares
and incurring an aggregate $625,000 in exploration expenditures within four
years of TSX-Venture acceptance of the agreement. The Optionors retain a 2.5%
NSR royalty), of which Richfield may purchase 1% for one million dollars.
This is the first time the two properties have been unified since the
late eighties. Mineralization occurs in drill holes on both sides of the
mutual boundary between the two properties, and the amalgamation represents an
opportunity for Richfield to explore both properties simultaneously and to
test the continuity of known mineralization across the property boundary.
The Dave Property was the subject of exploration between the late 1970's
and 2006. Between 1992 and 1994, five diamond drill holes were completed
within 300 m of the boundary with the Davidson Claim by Granges Inc. All but
one hole intersected gold-silver mineralization hosted in strongly fractured
and altered felsic volcanic rocks, most likely part of the Hazelton Group.
Hole BD92-34 returned 1.30 g/t Au and 8.57 g/t Ag over 25.9 metres drill
width. Hole BD92-35 returned 0.90 g/t Au over 49.3 m width including 4.91 g/t
Au over 4.3 m width. Hole DAV94-37 returned 11.4 metres grading 1.28 g/t Au
and 5.90 g/t Ag.
Two recent diamond holes drilled by Silver Quest on the Davidson property
in the winter of 2005-6 ended at the boundary of the Dave Property in
Richfield plans systematic diamond drilling to test the area between the
known mineralization on the Dave Property and the Gold, Silver and New zones
on the Davidson Property to the north. A large IP resistivity anomaly defined
by Granges Inc., which is the main target on the Davidson Property, continues
across the boundary onto the Dave Property. It may reflect the most strongly
altered felsic volcanic rock seen as host to mineralization.
The Nechako Plateau hosts a number of precious metal occurrences, two of
which are under active investigation by Silver Quest. The Capoose Property
located 25 km to the northwest, is a porphyry related precious-base metal
occurrence with historic (non-NI 43-101 compliant) resources of 28.22 million
tonnes averaging 36.0 g/t Ag and 0.34 g/t Au. Approximately 15 km southwest of
Davidson is the 3T's Property, where a number of gold bearing veins are known
with NI 43-101 compliant inferred resources of 942,600 tonnes grading 4.89 g/t
gold and 77.8 g/t silver in the Tommy and Ted veins hosted in felsic volcanic
rocks of the Hazelton Group.
The scientific and technical information contained in this news release
was prepared under the supervision of Dirk Tempelman-Kluit Ph.D, FGAC, VP
Exploration for Richfield Ventures Corp, and has been reviewed by Lindsay
Bottomer P.Geo. who is a "Qualified Person" as defined under National
About Richfield Ventures Corp.
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 region of
British Columbia and holds a 100% interest in mineral tenures in the Quesnel
Trough covering approximately 63,700 hectares.
Certain statements in this press release may be considered
forward-looking information, including those relating to "plans" of the
company. Such information involves known and unknown risks, uncertainties and
other factors -- including the 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 -- 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.
On behalf of the Board of Directors of Richfield Ventures Corp.
Peter Bernier, President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Peter Bernier, President, Richfield Ventures
Corp., 242 Reid Street, Quesnel, BC, V2J 2M5, Toll Free 1-877-992-6644, Phone:
(250) 992-6644, Fax: (250) 992-6643, firstname.lastname@example.org