Rainy River, Ontario• "Burns" Claim Block Property • Claim Block "B" Property • Claim Block "C" Property Red Lake, Ontario • The Red Lake Gold Camp • Baird Gold Property
Bayfield's Red Lake Baird Gold Property
Bayfield Ventures Corp. holds a 24.5% interest in the Red Lake Baird property with Skyharbour Resources Ltd. holding a 24.5% interest and Goldcorp Inc. owning a 51% interest.
After an exploration program in 2002, which included data compilation, mapping, geochemical and geophysical testing, and an initial round of drilling, Bayfield and Skyharbour Resources optioned 51% of the Baird property to Placer Dome Inc. The 2003 and 2005 drill programs totaling 24,000 feet, were funded and carried out with the guidance and assistance of Placer Dome, which operated the Campbell gold mine 14 km to the northeast. In 2006, Goldcorp bought Placer Dome's 51% interest in the Baird property. For a three year period following the formation of the 51% (Goldcorp) / 49% (Bayfield & Skyharbour) joint venture, Goldcorp will have the right to increase its interest to 65% by electing to complete a feasibility study. Should either party elect not to participate in an approved program following the formation of the joint venture, the interest of the non-participating party will be subject to dilution based on a standard formula. Should either party dilute to a 10% interest, its interest will automatically convert to a 1% NSR, half of which can be purchased at any time for $1 million.
The Baird property lies in the central Red Lake Gold Belt, 6 km north of the Claude Resources' Madsen mine and 14 km southwest of the Goldcorp Inc. Red Lake mine. Drilling on the Baird property in the 1980's returned assay values of over 5.5 oz/ton gold over 4 feet, and over 0.6 oz/ton gold over 6 feet, among others. These showings were the focus of Bayfield's / Skyharbour's initial 5,000ft drill program in 2002. The intent was to gain a greater understanding of the geologic setting where these historical grades were present. The Company identified 2 zones of intense alteration (shear zones) that appeared to act as a conduit for the emplacement of these gold rich showings. It was at this point that Placer Dome took an interest in the property.
Placer Dome funded 10,000 feet of diamond drilling in the spring of 2003 on the Baird property. This drill program was to test the extension and dimensions of the shear structure discovered on the Baird property in 2002. A large fold structure was identified which contains the shear zone in it. This is considered a control mechanism for gold in the camp. In the fall of 2003, Placer Dome funded another 8,000 feet of diamond drilling to test the fold structure identified in the spring drill program. Placer Dome elected to fund a 3rd drill program in 2005 totaling 6,000 feet. After this 3rd Placer funded drill program, Placer Dome earned their 51% interest in the Baird property. In 2006, Goldcorp acquired all of Placer Dome's interest in Red Lake including the operating Campbell gold mine and the 51% interest in the Baird property. At this time, Goldcorp has become the operator of the Baird property and future drilling costs will be shared based on percentage ownership, with Bayfield Ventures being responsible for its 24.5% interest.
Robert Marvin, P.Geo., CPG, Project Geologist for Bayfield Ventures is the Qualified Person as defined by National Instrument 43-101 and supervised both the project field exploration and the preparation of the technical information in this presentation.