Richfield rises on long hits at Blackwater

Vancouver – The latest drill results from the Blackwater gold project in central British Columbia gave Richfield Ventures (RVC-V) a healthy share price lift.

Richfield has two drills turning at Blackwater, targeting expansions of the known gold zone. Four new holes probed west of hole 68, which in late July returned 227 metres grading 1.51 grams gold per tonne, while three holes looked south and east of nearby hole 64, which returned a similar intercept of 267 metres grading 1.57 grams gold.

In a 190-metre western step-out, hole 71 returned 281.8 metres grading 1.41 grams gold and 3.6 grams gold, starting 23 metres downhole and including 31 metres of 5.01 grams gold and 13.8 grams silver. And from another 45 metres to the east, hole 70 intersected 100.9 metres carrying 0.83 grams gold and 1.2 grams silver from 189 metres depth.

Hole 72, which also stepped out to the west but not as far as hole 70 and 71, returned one of the longest intercepts from the project to date: 333.7 metres averaging 0.46 gram gold and 3.3 grams silver. Nearby, hole 73 cut 168 metres of 0.67 gram gold and 4.1 grams silver.

Hole testing ground to the east of known mineralization also returned promising intercepts. The best new hit came from hole 74, which cut 232 metres grading 0.75 gram gold and 5.4 grams silver from 30 metres downhole.

Richfield’s work at Blackwater, combined with a few historic holes, has now confirmed significant widths of gold mineralization in three zones. The zones are fairly close together and Richfield thinks they may yet consolidate into one zone. At present the Gold zone is 250 metres by 300 metres, the Richfield zone is 650 metres by 400 metres, and the Quest zone is 300 metres by 250 metres. All three remain open in several directions.

The Blackwater project is roughly 100 km south of Vanderhoof. Richfield has two drills turning at the project, with plans to add a third rig shortly. The company recently finished upgrading the road into the project so that it can handle large truck year round; the company is also expanding and winterizing the camp and plans to drill year-round.

On news of the latest drill results Richfield’s share price climbed 16¢ to close at $2.08. The company has a 52-week trading range of 19¢ to $2.25 and has 28 million shares outstanding.