06 Sep Bayfield Ventures (tsxv: Byv) Upbeat On Rainy River Project
As I鎶砮 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鎶?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鎶?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 www.walkingdeadroadtosurvivalhackcheats.xyz/ 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.
鎻鎶甧 constantly sending off assays to the labs, but because we make it our policy to release all our results together we haven鎶?been able to release any yet. It鎶?obvious we鎶甧 more than satisfied ?we鎶甧 still aggressively seeking land in the area, we鎶甧 planning more drill holes.?
If and when Bayfield does pick up new land in the area, they won鎶?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, 鎻渁iny River Resources is on a major land acquisition ?their last six or so news releases show that they鎶甧 acquiring more land, they鎶甧 surrounding more of our properties than just the B Block ?after their Canaccord Capital financing they鎶砮 been acquiring much more land in the area. This means they鎶砮 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.
鎻榦w鎶?a great time for us,?Myers says. 鎻鎶甧 still awaiting assay results, but we鎶砮 got three blocks of land to drill. On the B Block we鎶砮 drilled five holes. We鎶砮 drilled five holes on the A Block. Now we鎶甧 going back to the B Block and do two more holes there, then the C Block for two or three more. That鎶 wrap up the drill program, and then you鎶甧 looking at typically four to six weeks for results.?
Myers says that Bayfield has a policy of announcing results of drill programs en masse, rather than in spurts, which tend to give investors a skewed idea of progress.
鎻檜r policy has always been to announce all the results together, not partial results. So you鎶甧 looking at another two megapolis hacks months for results.?br />
Bayfield鎶?proximity to Rainy River is most significant. Bayfield鎶?properties are like numerous puzzle pieces in a newly discovered high-grade gold puzzle. RR鎶?new high-grade gold zones are called the 433 zone, the 17 zone and the ODM zone. Bayfield鎶?Block B, which is 100% owned, adjoins Rainy River鎶?property to the east. Blocks A, which is 50% owned and C, which is 100% owned, adjoin the RR properties to the west and also along perceived strike.
Both companies?properties are just north of the Canada-US border and 80 km south of Kenora, Ontario, within the Rainy River Greenstone Belt. In a previous interview with ResourcexInvestor.com, Bayfield鎶?President Don Huston described the favorable proximity to RR properties?geology, 鎻鎶甧 in the same major volcanics, greenstone belt. We are following up on what we think are very similar geological and geophysical structures that Rainy River Resources and their precursor, Nuinsco has seen. We think that we have as much opportunity as they do.?br />
I spoke with Huston again this week and he was share more details unequivocally upbeat about Bayfield鎶?progress on the Rainy River project.
鎻鎶砮 got ten holes drilled, ten more to go. We鎶甧 anticipating having twenty drilled before the fall season ends. We continue to be aggressive on acquisitions of new properties in the immediate area. We鎶砮 got assays in, and we鎶甧 waiting for more results to give us a crystal clear picture of where to drill next. You know, we鎶甧 just pleased with the whole Rainy River project at this time.?
Bayfield鎶?nuts and bolts due diligence:
Shares out: +/- 19,000,000
12 month high-low: $0.80 – $0.35
Cash on hand: $250,000
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