Tectonic Metals gets funding for gold exploration in Alaska
The company's Flat gold project is located 40 km north of the giant Donlin gold project.
Bayfield Ventures Corp. announced a $5 million brokered private placement Wednesday, with proceeds going towards the company’s Rainy River gold project in northern Ontario. The deal is expected to close on April 7.
The 100%-owned Rainy River property contains three mineralized claim blocks. The March 2010 NI 43101 report showed 2.37 million indicated ounces of gold at 1.3 g/t, with an additional 2.66 million ounces inferred at 1.2 g/t Au.
Four million ounces are considered open pit mineable, while 0.94 million ounces are underground.
Bayfield has 53.7 million shares outstanding and a market cap of $43 million. The company has $7.5 million in its treasury and carries no debt.
