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Bayfield CEO Jim Pettit on Ontario silver assays of 1,414.55 g/t over 1.1m
Bayfield Ventures Corp TSXV:BYV announced results from its Burns Block Property in the Rainy River District of northwestern Ontario. Highlights include
1,414.55 g/t silver over 1.1 metres (including 2,020 g/t over 0.6 metres)
35.35 g/t over 14 metres (including 55.11 g/t over 7 metres)
11.9 g/t over 23.4 metres (including 20.2 g/t over 10.1 metres)
20.38 g/t over 9 metres (including 89 g/t over 1 metre)
The property borders the eastern boundary of Rainy River Resources’ multimillion-ounce gold deposit in northwestern Ontario. The Burns Block Property is accessible by numerous all-weather gravel highways and township roads leading to provincial highways 11 and 71.
Read the interview: http://bit.ly/olBWA2
Tue Sep 7, 2010
Bayfield Drills 35.93 g/t Au over 10.0m within 13.28 g/t Au over 28.0m in Rainy River, NW Ontario
Vancouver, BC - Bayfield Ventures Corp. (TSX-V: BYV) (FWB: B4N) (the "Company") is pleased to announce an additional high grade gold discovery on its 100% owned Burns Block property in the Rainy River District of north-western Ontario. The Burns Block is situated immediately to the east and on strike to Rainy River Resources' (TSX-V: RR) gold project.
Rainy River gold properties claims map:
http://www.bayfieldventures.com/i/pdf/BYV-RR-Area-11x17.pdf
Highlights:
• Another significant high grade gold discovery early in 20,000+ metre (50+ holes) diamond drill program
• 35.93 g/t gold over 10.0 metres within 13.28 g/t gold over 28.0 metres intersected in hole RR10-18
• The linear "plunge distance" between the high grade zone in the previously reported hole, RR10-15, and that in the newly reported hole, RR10-18, is in excess of 400 metres indicating a potential for a high grade gold shoot of considerable length
• The map distance between the collars of RR10-15 and RR10-18 is approximately 125 metres; little drilling between the holes has been done
• 13 additional holes completed; assays pending
Drill hole RR10-18 has intersected high grade gold mineralization within the upper portion of a lapilli tuff unit from 488 metres to 516 metres down hole. The intercept totals 28.0 metres at 13.28 g/t gold and includes 10.0 metres of 35.93 g/t gold. The hole targeted the down-dip extension of the 283 Gold Zone in the southern portion of the Burns Block. The 283 Zone was initially discovered by Rainy River Resources in 2008 during their drill program on the Burns Block and is interpreted to be an eastward extension of Rainy River Resources' ODM17 Gold Zone (see Rainy River Resources' news release dated September 16, 2008: http://www.bayfieldventures.com/i/pdf/NR-RR-Burns.pdf). The Bayfield news release of August 18, 2010 reported the results from the first four holes in the current 20,000+ metre drill program, which were all drilled into the 283 Zone and all intersected gold. These results were highly encouraging and prompted Bayfield to do more drilling into the zone.
The gold mineralization in RR10-18 continues to show that very high gold grades do occur within broad, mineralized envelopes. The best indication of this fact is that the very high grade 11 metre interval reported in hole RR10-18 is contained within 81 metres of altered volcanic rock grading 2.70 g/t gold. Bayfield has partially delineated two of these envelopes on the Burns Block, the 283 and West Gold Zones, and is currently in the initial stages with a second drill rig of exploring a similar zone of gold mineralization on its 100% owned "B" Block property immediately to the northeast of the Burns Block.
Burns Block drilling exploration map:
http://www.bayfieldventures.com/i/maps/BYV_Burns_Exploration_Map_July_2010.jpg
Bayfield believes that the West and 283 Gold Zones are, in fact, the up-dip and down-dip extensions of a single, south dipping zone of gold mineralization. Additionally, the initial examination of the position and geologic setting of the high grade gold intercept in RR10-18 strongly suggests that this mineralization represents the down plunge extension of the mineralized 606 High Grade Zone in hole RR10-15 which intersected 31.71 g/t gold over 3.0 metres within 12.88 g/t gold over 9.0 metres (see Bayfield's news release of August 24, 2010). The linear distance between the shallow high grade zone in RR10-15 and the deeper high grade zone in RR10-18 reported here is in excess of 400 metres. The plotted geometry of the two intercepts strongly indicates that a high grade gold shoot of a size, thickness and grade similar to those being delineated by Rainy River Resources to the west has been found by Bayfield on the Burns Block.
Infill drilling of the high grade shoot will commence as soon as the drill rig has completed a critically important fence of drill holes in the northern section of the Burns Block. This current fence of holes is exploring the up-dip portion of the West Gold Zone and has been slightly modified to also explore for the up-dip portion of the 606 High Grade Zone in hole RR10-15.
Significant gold intercepts from the latest batch of assay results for holes RR10-17 and RR10-18 are listed in the table below. Hole RR10-17 was drilled from the same collar as RR10-18. Due to the flatter dip of hole RR10-17, the distance between it and hole RR10-18 is approximately 100 metres (EOH) in the area of the strong mineralization of RR10-18. This distance is important in putting the 250 ppb to 1100 ppb gold mineralization in RR10-17 in perspective. It appears that this low grade mineralization represents a portion of the mineralized envelope around the highly mineralized zone in hole RR10-18.
DRILL HOLE DIP ° AZ. ° FROM (m) TO (m) INTERVAL (m) GOLD (g/t) GOLD ZONE
RR10-17 75° 355° 350 364 14.0 Highly Anomalous #283
397 411 14.0 Highly Anomalous
including 403 407 4.0 1.13
RR10-18 88° 355° 178 183 5.0 0.83 #283
488 569 81.0 2.70
including 488 516 28.0 13.28
including 490 491 1.0 4.43
including 497 507 10.0 35.93 (see below)
including 542 553 11.0 2.01
including 545 546 1.0 15.60
* g/t gold = grams per metric tonne gold
The following chart breaks down the 10.0 metre interval grading 35.93 g/t gold from 497 metres to 507 metres in hole RR10-18:
DRILL HOLE DIP ° AZ. ° FROM (m) TO (m) INTERVAL (m) GOLD (g/t) GOLD ZONE
RR10-18 88° 355° 497 507 10.0 35.93 #283
including 497 498 1.0 18.10
including 498 499 1.0 63.90
including 499 500 1.0 109.00
including 500 501 1.0 26.30
including 501 502 1.0 18.40
including 502 503 1.0 3.10
including 503 504 1.0 90.30
including 504 505 1.0 10.90
including 505 506 1.0 11.60
including 506 507 1.0 7.70
Hole RR10-18 was drilled to the north at an initial inclination of 88 degrees. The hole flattened to an inclination of 79 degrees towards the end of the hole at 550 metres. Based on the details of core logging of the gold zone in RR10-18, as well as logging results from surrounding holes, the true width of the 10.0 metre down hole interval grading 35.93 g/t gold is estimated to be 80% of true width. This estimate compares very well with the estimated 9.0 metre true width of the zone in hole RR10-15.
Geologic Character of the High Grade Gold Zone
Numerous fine grains (to 2 mm) of visible gold occur in the highest grade portions of the intersection. This mineralogical data, as in the high grade gold zone in RR10-15, strongly suggests that the intersection is not based on sporadic occurrence of very coarse gold but rather due to the presence of pervasive mineralization of microscopic to locally visible gold within the entire zone.
The new gold zone contains moderate to abundant pyrite, sphalerite and intense sericite alteration of the lapilli tuff host rock. The sulfides occur as stringer veinlets and clots, typical of other mineralized zones in the Rainy River area. The zone is strongly deformed and contains scattered quartz veinlets. Fine grained grey sulfides up to 0.5% occur in the high grade interval. This mineral is tentatively identified as galena. Silver assays of the high grade portions of both holes RR10-15 and RR10-18 are currently being completed due to the very strong correlation of the presence of galena and silver values >100 ppm.
Rainy River regional geology map:
http://www.bayfieldventures.com/i/maps/Burns-B-Geology.jpg
The mineralization is localized within the upper portion of a distinctive volcanic lapilli tuff unit within the dominantly intermediate to felsic volcanic rock sequence of the property. This consistent stratigraphic location of strong sericite alteration and abundant gold and sulfide mineralization was first recognized by Bayfield during the 2010 winter drill program at the Burns Block. The mineralization thus has a generally stratabound geometry. However, other crosscutting features, including intense foliation and the presence of quartz veinlets within the mineralized zones strongly suggest structural control of the ore zones, as is typical of the vast majority of gold deposits found in Archean aged rocks worldwide.
Discussion of Assay Results
Bayfield is in the process of studying all data from the strongly mineralized intercept in hole RR10-18. As was mentioned earlier, the position of the new intercept in RR10-18 relative to that in RR10-15 fits very well with the geometry of high grade gold shoots currently being delineated by Rainy River Resources immediately to the west of the Burns Block. It is very likely that the high grade zone intersected at depth in hole RR10-18 is the down plunge extension of the 606 High Grade Gold Zone. In both cases, the high grade gold mineralization occurs within large zones of more disseminated gold mineralization.
Jim Pettit, CEO of Bayfield Ventures, stated: "We are elated to have hit another high grade gold intercept in only the 11th hole drilled in the current 50+ hole program. Bayfield continues to intersect gold zones on its Burns Block at both shallower and deeper depths. We are now more confident than ever that with continued drilling, a significant gold resource can be delineated on the Burns Block."
Exploration Potential
The discovery of additional high grade gold mineralization on the Burns Block property fully confirms Bayfield's earlier assessments of the exploration potential of the ground and that the mineralization at the Burns Block is the direct eastward extension of Rainy River Resources' adjacent ODM17 Gold Zone. The linear, down plunge, distance between the shallower high grade intercept in RR10-15 and the deeper high grade intercept in RR10-18 is in excess of 400 metres. A detailed, 3 dimensional, study of all drilling data in the area of the intercepts is underway in order to provide more data on the potential shape and possible connection of the high grade zones. This study will result in the identification of a series of drill locations designed to expand the high grade gold zones and to explore for the potential connection of them in a plunging gold shoot.
Bayfield is still at a very early stage of exploration on both the Burns and the "B" Block properties. The Company has developed plans to continue to explore for the eastward strike expansion of mineralized zones at the Burns Block as well as to explore for higher grade gold zones throughout both properties. The plans at the Burns Block are being guided by the recognition of the importance of the upper portion of the distinctive lapilli tuff unit as described above. The structure strikes approximately east-west and dips south. This geometry bodes well for additional discoveries in the central and eastern portions of the Burns Block. The setting of the known gold mineralization at the "B" Block is currently being evaluated based on data from the initial pair of holes completed there.
Bayfield feels that its current exploration method of drilling to establish the presence of lower grade gold envelopes followed by infill drilling to define higher grade gold zones is working well. This exploration method will be applied at both the Burns and the "B" Blocks as the exploration of both properties advances.
Drill core analysis and assaying is being conducted by ACT Labs in Thunder Bay, Ont. The lab is ISO/IEC 17025:2005 (CAN-P-4E) certified. The drill core is split and sampled in standard 0.5 metre to 1 metre intervals. The core samples were analyzed for gold by 30-gm fire assay with AA finish and by gravimetric methods from assays over 3,000 ppb (over limit). Screened total metallic assays are being performed on samples assaying over 5,000 ppb. The Company has implemented a quality assurance and quality control program to ensure that the sampling and analysis of all samples is conducted in accordance with the best possible practices.
Shane Hu, P.Geo., Project Geologist for Bayfield Ventures is the Qualified Person, as defined by National Instrument 43-101 and supervised both the project field and the preparation of the technical information in this release.
About Bayfield Ventures Corp.
Bayfield Ventures Corp. is exploring for gold in the Rainy River District of north-western Ontario.
The Company has approximately 41 million shares outstanding.
For further information on Bayfield Ventures Corp. (TSX-V: BYV), visit the Company's web site at www.bayfieldventures.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jim Pettit"
_______________________________
James G. Pettit
Chairman and CEO
For further information contact myself or:
Don Myers
Director
Bayfield Ventures Corp.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@bayfieldventures.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
You can view the Previous News Releases item: Tue Aug 24, 2010, Bayfield Drills 31.71 g/t Au over 3.0m within 12.88 g/t Au over 9.0m in Rainy River, NW Ontario
http://www.bayfieldventures.com/s/NewsReleases.asp?ReportID=417390&_Type=News-Release&_Title=Bayfield-Drills-35.93-gt-Au-over-10.0m-within-13.28-gt-Au-over-28.0m-in-Rai...
Bayfield Strikes Deal with Rainy River
Next to Discovery Zone
By Mel Pistilli
Earlier this week, Bayfield Ventures [TSXV:BYV] and Rainy River Resources [TSXV: RR] announced that they have entered into an option agreement on Bayfield’s Burns Block property, which easterly adjoins Rainy River’s 17/ODM gold zones. Bayfield could not be more fortuitously placed in the gold hosting Rainy River District of northwestern Ontario. It seems the newly formed alliance between Bayfield and its ore-finding neighbour is a clear indication of the promising potential of Bayfield’s Rainy River Gold Properties.
A relatively new acquisition for Bayfield, the Burns Block is ideally located on the eastern boundary of what Rainy River calls the 17 Zone, which the company is now drilling to delineate an ore body and prove tonnage. The Burns Block lies 120 metres east-northeast of a drill hole (NR0&-189) with intersects of 9.0m grading 6.64 g/t Au between a depth of 439.50 and 448.50m.
“There’s three rules in my business,” says Bayfield President, Donald Huston, “Location, Location, Location.” One need only look at the aerial photo of the region on the company’s website to understand the importance of the Burns Block’s location: its proximity to the noteworthy discovery on the 17/ODM gold zone makes it an undeniably attractive target to Rainy River.
Last month, River Rainy announced that drilling on 17/ODM zones intersected strong gold intervals of 11.5 m grading 5.37 g/t Au (ODM Zone) and 8.0m grading 5.50 g/t Au (17 Zone).
Early in 2006, Rainy River’s exciting drill results on the 17, 433, and ODM gold zones –with intercepts of 23.5 meters of 10.6 g/t Au and 22.6 meters of 17.0 g/t Au – proved promising and helpful for Bayfield’s other three properties in the Rainy River District, Claim Blocks A, B, and C. The results, says Huston, provided them with evidence of the potential of their own properties, and saved the company time and money by helping Bayfield interpret exploration data and determine new drill targets.
The company believes the geophysical properties associated with the mafic/ultramafic rock sequences* identified on the Claim Blocks are similar to those discovered in Rainy River’s adjoining zones.
Bayfield first entered into an agreement to acquire the three blocks in November of 2006 and since then has carried out substantial exploration work. During that winter, the company embarked on an early exploration program that consisted of establishing line-cut grids, overburden drilling, till sampling, and conducting very detailed geophysical studies including electromagnetic and magnetometer surveys.
This summer, the company completed a 3,000 metre drill program with five holes on Claim Block A and 8 holes on Claim Block B. Bayfield is awaiting assay results, which are still pending, according to Huston, and will be released when all assays have been received from the lab. Drill work was not conducted on Claim Block C because a good portion of the property is swampland. The company is waiting for the winter freeze, which will enable drilling. For winter 2008, Bayfield is planning an additional 3,000 metres of drilling on the Claim Blocks.
The recently announced three-year term agreement gives Rainy River Resources the option to obtain a 60% interest in the Burns Block after the completion of a $3 million work program, $200,000 in cash payments, and issuance of 60,000 Rainy River shares.
The crucial aspect of the agreement is neither the cash nor the shares – it’s the $3 million in exploration expenditures that has really got Bayfield’s management excited.
“The alliance we’re forming with Rainy River is very important,” says Huston, “and bodes well for Bayfield Ventures in the Rainy River District.”
The deal should have investors excited as well. Not only will Bayfield not be out of pocket for exploration expenses on the property, but the very fact Rainy River is willing to spend $3 million aggressively exploring a mere 80 acres to gain only a 60% interest hints at the tremendous potential of the property. It leads one to believe that the overriding assumption is that the same gold vein that flows the 17 Zone must continue on through the Burns Block.
If this current agreement between the company and Rainy River Resources proves its potential, it is foreseeable that future partnerships may be put into play in regards to Bayfield’s three other properties. Clearly, there is a great potential for lucrative takeover proceedings, too.
But for now, the focus is on the Burns Block. Rainy River Resources has recently drafted a linecut grid with plans to initiate a diamond drill program on the property. A detailed ground magnetic survey is also currently being conducted and it’s anticipated that Rainy River will start the first drill hole before Christmas.
*Ultramafic and Mafic: A term used to describe igneous rocks or magmas that are rich in iron and magnesium and poor in silica. These rocks are associated with numerous metals worldwide, including platinum-group elements, nickel, cobalt, and gold, among others.
This article is intended for information purposes only, and is not a recommendation to buy or sell the equities of any company mentioned herein. It is based on sources believed to be reliable, but no warranty as to accuracy is expressed or implied. The opinions expressed in the article are those of the author except where statements are attributed to individuals other than the author, in which case the opinions are those of the individual to whom they are attributed.
As Bayfield Waits for Results, the Rainy River Analogy Improves
By R. Sato
When it comes to value-priced juniors, Bayfield Ventures Corp. (TSX.V:BYV) is increasingly approaching the top of the list. Bayfield is trading at around $0.50 per share with several well-situated properties. The company is currently pursuing some promising new opportunities with strong indications of future gains in the highly stable political/geographical area of Northwestern Ontario known as Rainy River. Three of Bayfield’s properties are located within Ontario’s Rainy River greenstone belt, which is known to be rich in valuable minerals. The Rainy River Resources (TSX.V:RR) project was initiated with the acquisition of 100% interest of the Nuinsco Resources Ltd Richardson Township properties. Prior to the acquisition, a Nuinsco Resources exploration program identified two "Blind" gold deposits near the edge of the largest gold in bedrock anomaly ever recorded in Canada's Superior Province. (This oldest of crusts on the North American continent is composed of small terranes, or belts of rock that came together during the archean eon from 2.5 to 4.0 billion years ago.) Recent discoveries in the area are reinforcing the impressive magnitude of possibility in the region.
President of Bayfield Ventures, Don Huston, has recently stated that, “The Rainy River area has the potential of being a major source of untapped major resources. There is solid reason to believe that this area will be the next major gold discovery, perhaps even the largest discovery in all of Canada.”
Such confidence is likely due to the fact that another company Bayfield Ventures has a close working relationship with, Rainy River Resources (TSX.V:PR), recently announced some exciting drill hole results with very strong gold and silver values. These promising drill holes are immediately adjacent to Bayfield Ventures’ property holdings, which are less than 200 meters to the west, known as “B” block and Burns block. Rainy River Resources has indicated that it will announce a much-anticipated NI 43-101 resource estimate by the end of the year.
Bayfield has been drilling in the area for two months, a task made more difficult by the nature of the land it holds, much of which is overlain by swampy terrain, more easily accessible in the winter months. To date, Bayfield has completed approximately 3,500 meters with 14 holes on three properties in the Rainy Rivers area. Management expects to drill an additional 3,000 to 4,000 meters this winter. Bayfield recently announced a 2 million unit financing at 50 cents a share to raise one million dollars, indicating a serious commitment to following up successes that its counterpart, Rainy River Resources, has had next door.
With results still pending from drilling, one can look to Rainy River Resources for an analogy of the mineralization Bayfield’s properties may hold. For example, on November 5, Rainy River Resources announced it had intersected a 4.0-metre wide semi-massive sulphide horizon grading 25.67 g/t Au and 184.14 g/t Ag in a step out hole south of the ODM Zone. On November 13, Rainy River Resources announced that drilling on ODM/#17 Zone continued to intersect strong gold intervals of 11.5 meters grading 5.37 grams per ton gold (ODM Zone) and 8.0 Meters grading 5.50 grams per tonne Gold (#17 Zone East).
Bayfield properties are immediately adjacent and less than 200 meters away from the #17 Gold Zone, close to the #433 Gold Zone, and the new ODM Gold Zone discoveries which, as reported by Rainy River Resources, have demonstrated intercepts of 23.5 meters of 10.6 g/t Gold and 22.6 meters of 17.0 g/t Gold.
With the price of gold still in bull mode, many investors are seeking further protection from the tumbling US dollar in various gold investments. Amid volatility in the financial markets, gold has been gaining popularity among investors, not least of all because of its status as a safe haven. Over the last 12 months the price of gold has increased from around $600 per ounce to $820 per ounce. Many expect a shift to over $1000 per ounce in the coming year.
“Continued dollar weakness, strengthening oil prices and safe haven buying triggered by broader credit market concerns should buoy (metal) prices higher in the forthcoming sessions,” Barclays Capital analysts noted recently.
The deposits currently outlined by Rainy River Resources confirm the area as a major gold camp still in the infancy of exploration, which is well poised to mature into one of the great global gold finds. This new gold camp, with a well-developed infrastructure, accessibility and abundant mineral resources could create substantial shareholder growth for Bayfield investors. Considering that Bayfield shares are currently10 times less expensive than Rainy River Resources’ and with only 21.5 million shares outstanding, in spite of being situated next door to virtually the same mineral-rich geology—it’s hard not to look at Bayfield as a case of Rainy River déjà vu.
This article is intended for information purposes only, and is not a recommendation to buy or sell the equities of any company mentioned herein. It is based on sources believed to be reliable, but no warranty as to accuracy is expressed or implied. The opinions expressed in the article are those of the author except where statements are attributed to individuals other than the author, in which case the opinions are those of the individual to whom they are attributed.
Bayfield Gets Set to Drill at the Edge of #17 in the Rainy River Gold Belt
http://www.resourcexinvestor.com/news.php?id=3145
By Christina de Wit
November 6, 2007
All dreams, rumors, and other Fleetwood Mac references aside, Bayfield Ventures (TSX.V:BYV) really is at the “Edge of 17” as it gets set to drill its newly acquired parcel of land adjacent to Rainy River Resources’ (TSX.V:RR) #17 gold zone. Management has successfully negotiated a deal to tie up certain patent mineral rights totaling 80 acres (known as Parcel #15961) in the Richardson Township. As per its October 11th press release, the company issued 70,000 shares to Kenneth, Brian, Stephen and Robert Burns (each as to a 25% interest). The company has an option to earn 100% interest in connection with its option agreement dated September 26 on the claims, subject to a 2% net smelter return royalty.
Bayfield has a sizeable land position totaling 1125 hectares in the red-hot Rainy River gold belt. Rainy River is located 80 km south of Kenora in northwestern Ontario. Amenable weather conditions and excellent infrastructure support year-round exploration and drilling.
Rainy River is described as a greenstone belt with both Archean-aged volcanic and sedimentary horizons. To date, the rock types encountered are principally mafic, including pillowed lavas. Veining and sulfidation* has been encountered in all holes. The main exploration focus so far has been on the northwest trending, cross-cutting faults and a number of late diabase dikes**.
This past month has been a busy one – the company has also recently completed the first round of drilling on claim block ‘A’ of its holdings. Bayfield owns three strategically located properties (known as the A, B and C blocks) within the belt. This summer’s work program focused on drilling five drill holes within the ‘A’ block totaling approximately 1,000 metres (about 200 metres per hole), which have now been completed and are in for assay. These targets were identified as a result of a previous work program of geophysical surveying and coincident gold grain sampling.
Investors can look forward to more news from Bayfield over the next few months, as the company plans to continue drilling into the winter months. Intended drill targets will actually be more accessible after freeze-up, as much of the company’s holdings are overlain by typical northern Ontario swamp.
Rainy River Resources is currently drilling immediately west of Parcel #15961. Previous drill intercepts (historic, non-43-101 compliant) in the #17 Gold Zone include 5.1 grams gold over 62.57 metres (0.18 opt gold over 205 feet) drilled by Nuinsco, who owned the property from 1993 to 2005. Rainy River Resources latest results, as per its November 5th press release show a 4 meter-wide semi-massive sulphide horizon grading 25.67 g/t Au and 184.14 g/t Ag in a step out hole south of the ODM Zone, which is just west of zone #17. Rainy River Resources website describes its own findings in the area as the “delineation of the largest and most intense gold-anomalous till layer ever encountered in Canada, much larger, in fact, than the anomaly that led to the discovery of the Casa Berardi gold deposits in the Abitibi greenstone belt in northwestern Quebec.” Bayfield‘s immediate plans for Parcel #15961 include establishing a grid and conducting both a mag and an EM survey as it gears up for an immediate drill program.
In terms of being seriously undervalued, Bayfield stands above the crowd for several reasons: Due to its tight share structure; its strategic large landholdings next to major players in extensively mineralized regions; close relationships with some of the biggest mining companies in the world; and its seasoned management, whose expertise is specific to gold exploration in northwestern Ontario’s gold belts.
Bayfield offers its investors something that is rarely seen these days – a tight share structure. The company has only 19 million shares outstanding (21.5 million fully diluted) in a market full of bloated issuers with floats of 60, 100, even 180 million shares outstanding. A lean issue is evidence of management’s priorities (and track record) regarding sound financial management. More importantly, management actually has a personal incentive to find a mine, which means that with some positive drill results, Bayfield could take off like a shot.
This latest acquisition underscores the company’s philosophy of acquiring prime ground adjacent to major players and negotiating advantageous partnerships with them, enabling it to minimize risk to its investors while maximizing the potential for a big win.
Management has the business in its blood. President Don Huston grew up in Red Lake, Ontario and has over 25 years’ experience in both the technical and financial spheres of the mining industry. The work program at Rainy River is led by Bayfield’s exploration manager and Qualified Person, David Busch, P.Geo., who is considered one of Canada’s foremost experts on Archean lode gold deposits. Mr. Busch has over 30 years’ experience working in Northwest Ontario’s greenstone belts. He is also managing Bayfield’s Red Lake camp.
The addition of Parcel #15961 complements what is a well-diversified portfolio, which includes a 24.5% interest in six claim units (known as the Baird property) in the Red Lake gold camp of northwestern Ontario, which is 14 km southwest of Goldcorp's operating gold mines. Goldcorp has partnered with Bayfield for a 51% stake in the Baird property. The company also owns a 100% interest in a copper-gold and coal property in the South Gobi region of Mongolia, where it has a partnership with BHP Billiton, in which BHP earns 51% while funding all exploration costs over the next two years.
Investors should stay tuned for more encouraging news in the weeks ahead – the company is expecting results from the Block ‘A’ drill program to arrive shortly. As for the outlook on BYV’s upside potential, the sky’s the limit – but it always helps to get in on the ground.
*Sulfidation: When metal is exposed to sulfur compounds, resulting in the formation of a sulfide film. The sulfides do not normally form coherent, continuous layers and do easily become detached from the metal surface.
**Diabase dikes and sills are typically shallow intrusive bodies (200 to 400 meters). Diabase refers to the type of rock (mafic, igneous, for example). Dykes are typically vertical structures; sills run horizontally. The thickness of these structures is usually much smaller than the other two dimensions they have are squeezed between. Thickness can vary from sub-centimeter scale to many meters and the lateral dimensions can extend over many kilometers.
This article is intended for information purposes only, and is not a recommendation to buy or sell the equities of any company mentioned herein. It is based on sources believed to be reliable, but no warranty as to accuracy is expressed or implied. The opinions expressed in the article are those of the author except where statements are attributed to individuals other than the author, in which case the opinions are those of the individual to whom they are attributed.
Bayfield Ventures (TSXV:BYV) Upbeat on Rainy River Project
By Doug Hadfield
As I’ve noted for some time, you can tell a lot about Bayfield Ventures (TSXV: BYV) by having a look at Rainy River Resources’ work next door. Bayfield owns some important concessions, including Blocks A, B and C, in and around Rainy River’s major gold discovery zone. That discovery zone brought Rainy River to the forefront of the junior exploration scene last January, when step-out drilling from an area with no previous drilling assayed 5.42 grams per tonne gold over 43 metres with a core interval of 17.67 g/t Au over 9.5 metres. When Rainy River announced the results in November last year, the company’s stock rocked from $2.87 to $4.85 in less than a week.
Now Bayfield is hoping that its own drill results, which are expected sometime before December this year, will tap into some of the same mineralized trend.
Don Myers, who is a director at Bayfield with 20-years experience in pubco management and corporate communications, says both Bayfield and its investors are pleased with progress on the ground at Rainy River.
“We’re constantly sending off assays to the labs, but because we make it our policy to release all our results together we haven’t been able to release any yet. It’s obvious we’re more than satisfied – we’re still aggressively seeking land in the area, we’re planning more drill holes.”
If and when Bayfield does pick up new land in the area, they won’t be the only ones doing so. In August, Rainy River reported an option agreement for a 100% interest in an additional 1,570 acres of farmland in the Sifton, Richardson and Tait townships in the Rainy River district in Northwestern Ontario.
Myers told me, “Rainy River Resources is on a major land acquisition – their last six or so news releases show that they’re acquiring more land, they’re surrounding more of our properties than just the B Block – after their Canaccord Capital financing they’ve been acquiring much more land in the area. This means they’ve got lots of money to continue drilling and purchasing.”
I have a feeling Bayfield has something similar coming up in the near future: With all the drilling activity going on, the incredible results coming out of RR.V, land purchasing, this Rainy River area is really on fire. As well, Bayfield has been drilling all summer and has finished ten drill holes of the present drill program.
Read the rest here: http://www.resourcexinvestor.com/news.php?id=2343
Another great day. Nice volume and up 0.05. .96 high on the day!! Hopefully we can hit this again tomorrow and then reach the $1 mark.
Wow!! This stock has been on a nice move over the last week or two. Not much on the offer so it looks like a buck is near.
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Created
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01/12/06
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Free
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