Vancouver-based Bayfield Ventures Corp. (CVE:BYV) (OTCBB:BYVVF) will raise up to $1.0 million through a non-brokered private placement financing, with the new funds to be used for drilling at its Rainy River gold properties in northwestern Ontario.
The company said it has arranged to issue up to 2.86 million flow through common shares at a price of 35 cents each.
The financing still needs approval from the TSX Venture Exchange.
Last week, Bayfield Ventures 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.
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