I thought yesterdays results were great and am intrigued by RR raising $65M. Are we a near term target?
Anyways from Casey:
Exploration potential
Bayfield is still at an early stage of exploration on its Rainy River properties with approximately 25,000 metres of drilling completed out of the planned 50,000-metre-plus drill program. Results are still pending for several holes.
Jim Pettit, chief executive officer of Bayfield Ventures, stated: "We are very excited with the results from hole RR10-52 as they have confirmed the continuity of the high-grade gold zone discovered between RR10-18 and RR10-15. The current drill program is successfully delineating lower-grade, bulk-tonnage gold mineralization as well as higher-grade zones with drill results right on par with Rainy River Resources'. With drilling slated to continue well into next year, the company is confident it can continue defining the gold system on the Burns block both near surface and at depth."
Comments: This is very good news; the last results from this high-grade area did not clearly support the continuity of the high-grade mineralization (though they didn't rule it out, either), now we have much better reassurance that the zone will shape up into something significant. The grades are not as high as in Hole 18, but the 10.6 meters of 9.52 g/t is more than good enough for underground economics, and it's sitting right off the side of RR's proposed open pit.
BYV remains on sale, for now, but we believe the story just got significantly more solid.
