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Bayfield Ventures (TSXV: BYV) Upbeat on Rainy River Project

mining,gold,investing,resources,tsx,byv,metal,rainy river,business,finance

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.

“Now’s a great time for us,” Myers says. “We’re still awaiting assay results, but we’ve got three blocks of land to drill. On the B Block we’ve drilled five holes. We’ve drilled five holes on the A Block. Now we’re going back to the B Block and do two more holes there, then the C Block for two or three more. That’ll wrap up the drill program, and then you’re 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.

“Our policy has always been to announce all the results together, not partial results. So you’re looking at another two months for results.”

Bayfield’s proximity to Rainy River is most significant. Bayfield’s properties are like numerous puzzle pieces in a newly discovered high-grade gold puzzle. RR’s new high-grade gold zones are called the 433 zone, the 17 zone and the ODM zone. Bayfield’s Block B, which is 100% owned, adjoins Rainy River’s 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’s President Don Huston described the favorable proximity to RR properties’ geology, “We’re 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.”

I spoke with Huston again this week and he was unequivocally upbeat about Bayfield’s progress on the Rainy River project.

“We’ve got ten holes drilled, ten more to go. We’re anticipating having twenty drilled before the fall season ends. We continue to be aggressive on acquisitions of new properties in the immediate area. We’ve got assays in, and we’re waiting for more results to give us a crystal clear picture of where to drill next. You know, we’re just pleased with the whole Rainy River project at this time.”

Bayfield’s nuts and bolts due diligence:
Shares out: +/- 19,000,000
12 month high-low: $0.80 - $0.35
Cash on hand: $250,000
No debt

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.

The author and ResourcexInvestor.com are not shareholders in the companies herein mentioned, and the author, as an employee of Resourcex Publishing Corp is expressly prohibited for owning any securities about which they may write for a period of 30 days prior to and 30 days after initial publication of the article in which the securities of any company are mentioned.
Published: 2007-10-11
Author: Sergeant Silver

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