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Junior Miner Surveys Panorama From the Shoulders of Giants

Junior Miner Surveys Panorama from the Shoulders of Giants

By Chris Shaw

The skies ahead appear blue for Bayfield Ventures (TSXV: BYV) (FWB: B4N) as it resumes its drilling program in the Rainy River gold belt of Northwestern Ontario. The company is mobilizing a diamond drill after a 6-week delay on the rig’s arrival, according to its June 28th press release. Work will be in full swing by mid-July, with assay results expected in September.

Don Huston, Bayfield’s president, is confident in moving forward. He intends to build on the encouraging results of the springtime surveys. “We’ve had very good success…we have several drillable priority ‘A’ targets.†Mr. Huston, who grew up in the mining culture of Red Lake, Ontario – one of the largest high-grade gold mining areas in the world – is in his element as a seasoned mining professional with over 25 years of both financial and technical experience.

Bayfield’s properties consist of three claim blocks (A, B, and C) located within the Rainy River greenstone belt. Most of the significant gold camps in Canada exist within greenstone belts. Famous examples of this type of structure include the Bousquet goldfields in Quebec, where Agnico Eagle’s producing LaRonde mine is situated, and the Red Lake gold belt. Greenstone belts are volcanic in nature, consisting primarily of mafic and ultramafic rocks.

The “A†block consists of 131 hectares, which are held in a 50/50 joint venture arrangement with Range Metals. It is situated to the immediate southwest of Rainy River’s identified gold zones. Bayfield’s 100%-owned 480-acre “B†block is adjacent to the east side of Rainy River Resources’ (TSXV:RR) ODM gold zone, with intercepts of 23.5 m of 10.6 g/t Au and 22.6 m of 17.0 g/t Au, which sent that company’s share price north of $6.00 late last year. The “C†Block, also 100%-owned, is west of the “A†block, and measures approximately 800 hectares.

According to a geologist unaffiliated with Bayfield who has fifty years exploration experience, one typically finds ore in Archean greenstone belt structure with deep diamond drilling. Several factors are in place that point to a successful drill program. Fieldwork results indicate a structural lithology similar to Rainy River Resources’ significant discovery less than a kilometer away. Past geophysical sampling, carried out by the same consultants who mapped Rainy River Resources’ holdings, has indicated strong bedrock conductivity. Successful till sampling using overburden drilling has yielded high pristine gold-grain counts. All of this has been instrumental in delineating the target area.

David J. Busch, P.Geo, Bayfield’s exploration manager, is the ‘qualified person’ (NI 43-101) leading the exploration program at the Rainy River property. Busch has over 30 years of experience with Northwest Ontario gold belts, and is considered one of Canada’s leading experts on Archean lode gold deposits, with particular emphasis on the Red Lake (where he is managing Bayfield’s Red Lake camp) & the Birch-Uchi greenstone belts. He managed the exploration program that led to the discovery of the Sannorm #1 deposit, located in Manitoba’s Rice Lake gold belt.

With a $500,000 budget raised from its May 31 non-brokered private placement, Bayfield plans to conduct between 10,000-15,000 feet of drilling over three months. Bayfield’s technical experts have carefully analyzed the results of previous work and have determined that the major northwest-trending cross-cutting faults in the mafic and ultramafic rocks are of particular interest. Several top-priority drill targets have been identified in this zone, and 10-12 drill holes are planned to explore the strong magnetic anomalies revealed by previous airborne and ground surveys carried out in April of this year. The company is consistently employing similar methodologies to those used by Rainy River Resources, allowing it to build on the successful work that has been done thus far. In adopting Rainy River’s winning formula – not surprisingly – work to date has yielded similarly encouraging results.

Mr. Huston is unafraid to grab the bull by the horns. When asked about Bayfield’s philosophy, he replies, “We’re aggressive…we acquire our own properties, we do our own research, we value-addâ€. This integrative approach, while focused in terms of its methodologies, is sufficiently diverse in scope – encompassing gold, coal, and base-metals exploration.

The company’s management structure is unique in that it has a remarkably well-rounded team in place to make the most of its discoveries. The majority of its functions, including all research, as well as the bulk of its legal, accounting, and promotional work, are done in-house, ensuring transparency, efficiency and fiscal responsibility.

Bayfield’s portfolio also includes the Hurmen Uul properties in Mongolia, located immediately south of Rio Tinto/Ivanhoe’s world-class Oyu Tolgoi porphyry copper/gold deposit. In addition, the company has a 24.5% interest in the Red Lake Baird property, and holds property in the diamondiferous Fort à la Corne region, Saskatchewan.

Bayfield has a history of making friends in high places. The old real-estate principle “location, location, location†certainly holds true here. The company’s strategy of establishing early, key positions in the backyards of major players has attracted the friendly attention of giants such as BHP Billiton, which holds a 51% interest in Bayfield’s Mongolia project, and Goldcorp, with a 51% interest in the Baird Property at Red Lake. This pragmatic philosophy has served Bayfield well in that it has allowed the company to maximize its exploration dollars in pursuit of an aggressive exploration program, while mitigating risk and enabling the company to build on the majors’ existing groundwork in both technical and political arenas.

Traditionally, this time of year is crucial for investors. Junior explorers’ stock prices are typically at a lull as investors anticipate results from work programs. This is a prime time for buying opportunities with potential for near-term value growth.

When asked what makes Bayfield a compelling buy for the wise investor now, Houston replies, “We’re right beside a $5.00 stock.†That, he says, plus a management team with uncanny foresight, properties strategically located in established regions, solid relationships with major partners such as BHP Billiton and Goldcorp, and a limited share issue (19.8 million, fully diluted).

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