Bayfield Ventures Corp. (
TSX: V.BYV,
Stock Forum) said that drilling is to resume at the company's 100% owned mineral rights Burns Block gold-silver project in north-western Ontario.
The Burns Block project is located adjacent to the east of
New Gold Inc.'s (
TSX: T.NGD,
Stock Forum) multi-million ounce Rainy River gold-silver deposit and to the west of their expanding Intrepid gold-silver zone.
According to the
Bayfield Ventures press release, the company recently completed a program of advanced geological, geotechnical and geochemical studies at company's Burns Block and "B" Block properties.
The main goal of the program was to increase confidence in the geometry, grade distribution and additional exploration potential of the up plunge and down plunge portion of the Intrepid shoot of gold-silver mineralization located in the eastern portion of the Burns Block property.
While the Intrepid shoot was the main focus of the work program, the investigations also covered the high-grade gold-silver mineralized zones located in the western portion of the Burns Block as well gold and silver mineralization discovered on Bayfield's 100% owned mineral rights "B" Block property to the northeast.
The results of the program are being used in gold-silver zone extension drilling in several areas of the Burns Block project including Intrepid zone extension exploration.
A drill rig and crew are currently being mobilized to the Burns Block with drilling expected to resume around the middle of August.
Bayfield is exploring for gold and silver in the Rainy River District of Ontario.
On Friday, Bayfield was trading at $0.24 a share. The company had a market cap of $17.8 million, based on 74.2 million shares outstanding.