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Wednesday, 19 December 2012
Bayfield Ventures raises $1.4 mln for Rainy River properties
Bayfield Ventures (CVE:BYV) (OTCBB:BYVVF) has closed the non-brokered private placement financing it announced last month, raising $1.4 million for its drill program at the Rainy River gold properties in northwestern Ontario.
The Vancouver-based company said in a statement Friday that it issued a total of 4.02 million flow-through common shares at a price of 35 cents each.
In late November, the junior gold explorer saw its shares rise after revealing additional drill assays from continued exploration at its Burns Block gold-silver project in the Rainy River district, extending the east zone of the asset.
Bayfield's project is located adjacent to the east of Rainy River Resources' (TSE:RR) main ODM17 gold deposit, and to the west of that company's expanding Intrepid gold-silver zone.
At Bayfield's East Burns zone, hole RR12-34 returned 26.5 metres grading 8.82 grams per tonne (g/t) gold, and 39.44 g/t silver, including 11.6 metres of 17.04 g/t gold and 79.07 g/t silver.
The junior explorer said this is the best interval drilled so far at this "rapidly expanding" zone, and extends high grade mineralization 55 metres down plunge from a previously reported hole that found 19.6 metres of 5.45 g/t gold and 20.63 g/t silver.
Bayfield is continuing to explore the down-plunge extension of this mineralized zone, it said, which is thought to be the lower portion of Rainy River's Intrepid zone.