QUESNEL, BC, April 6 /CNW/ - Richfield Ventures Corp. (TSX-V:RVC), ("Richfield" or the "Company") announced today that the Company signed a letter of intent with Paget Minerals Corp. (TSX-V: PGS) ("Paget") to jointly explore the Nechako Basin area of central British Columbia.
The Nechako Basin represents a large extensional basin containing a number of volcanic centers where past exploration within the 10,000 square-kilometer joint venture area of interest identified numerous gold showings that have never been tested by diamond drilling.
Richfield's Blackwater bulk gold project within the Basin is immediately south of the border of the Joint Venture Area of Interest. The Blackwater discovery is underlain by highly silicified breccia and microbreccia in Late Cretaceous dacite-andesite volcanics, which host gold and silver mineralization. Widely disseminated pyrite and lesser sphalerite (zinc sulfide) are commonly associated with the mineralized breccias. A key intersection in the latest drilling reported by Richfield averaged 1.25 g/t (grams per tonne) Au over 329 meters; drill hole BW 59, ended in 5 meters of 9 g/t Au (see Richfield press release dated January 5, 2010).
Numerous well-documented strong gold-silver showings that lie on claims held 100% by the Joint Venture include mineralized alteration zones up to 3 x 4 kilometers and surface gold values up to 5 g/t gold and 134 g/t silver. These showings provide immediate targets for field assessment with a view to rapidly advance them to drill stage during the 2010 exploration program.
Peter Bernier, President and CEO of Richfield , commented "Gold exploration in the Canadian Cordillera has changed dramatically with Richfield's Blackwater discovery and other bulk gold discoveries farther north. Richfield is excited to add a well planned exploration program covering much of the Nechako Basin to its focused work on the Blackwater Gold Project through this joint venture with Paget."
Paget will contribute 61,558 hectares (152,048 acres) of claims and Richfield 12,520 hectares (30,924 acres) for a total of 74,078 hectares (182,972 acres); 100% owned by the respective companies. A formal joint venture will be formed and held 51% by Paget and 49% by Richfield with each company initially contributing $500,000 to the exploration joint venture for a total of $1,000,000 to be spent during 2010 on target assessment, geochemical sampling, geophysical programs, drill target delineation and drilling of 2,000-2,500 meters on priority targets. Paget will be the operator.
Paget and Richfield plan to initiate field programs in late April to early May. The JV area lies within the Mountain Pine Beetle affected area of central B.C., in which exploration expenses are eligible for an enhanced tax credit rate of 30%.
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 Nechako Plateau regions of British Columbia
About Paget Minerals Corp.
Paget Minerals Corp. is a public mineral exploration company trading on the TSX Venture Exchange under the symbol PGS, The company is focused on mineral exploration and the development of a diverse range of precious metal, base metal and rare earth element projects in North America.
On Behalf of the Board of Richfield Ventures Corp.,
President & CEO
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.
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.
SOURCE RICHFIELD VENTURES CORP.
For further information: For further information: Peter Bernier, President, Richfield Ventures Corp., 101-242 Reid Street, Quesnel, BC, V2J 2M2, Toll Free 1-877-992-6644, Phone: (250) 992-6644, Fax: (250) 992-6643, email@example.com, www.richfieldventures.ca