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   BAIRD GOLD PROPERTY (240 acres)Skyharbour Resources Ltd. has a 24.5% interest in the Baird Property with Bayfield Ventures Corp. (24.5%) interest, and Goldcorp Inc. now owns the remaining (51%) interest. The Baird property lies in the central Red Lake gold belt, adjacent to the Claude Resources property on the south, adjacent to the Goldcorp Parvus Project on the north and east, and adjacent to Goldcorp's Humlin property on the west. The Baird property is 6 kilometres north of the Madsen Mine, and 14 kilometres southwest of the Goldcorp Red Lake Mine.The property lies within the highly prospective Balmer assemblage volcanic rocks and exhibits structural and alteration systems typical of the Goldcorp Red Lake and Campbell mines. Drilling in the 1980's by United Reef on Baird 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 Skyharbour's initial drill program. The intent was to gain a greater understanding of the geologic setting where these historical grades were present. Skyharbour completed a 1,600 metre drill program on the Baird Property in the summer of 2002 with gold intersections of up to 0.34 oz per ton gold over 1.0 meter encountered in what is known as the North Shear Zone. The 2002 drill program also identified a potential South Shear Zone. The results from Skyharbour's 2002 drill program were the catalyst needed to convince Placer Dome to option the Baird Property and initiate a major drill program. Placer Dome funded 7,043 metres of drilling in 3 drill programs, which has identified a large fold structure which contains the shear zones in it. The goal of this extensive drill program was to identify and confirm the existence of this major structural hinge (fold) feature that contained within it the North Shear Zone and the South Shear Zone. A Structure of this type is of major significance to the discovery of gold in the Red Lake camp. Placer Dome earned their 51% interest in the property, which Goldcorp acquired and became the operator. The 3 drill programs were carried out with the guidance and assistance of Placer Dome, which operated the high-grade Campbell Gold Mine in Red Lake. For a three year period following the formation of this 51% / 49% (Skyharbour / Bayfield) 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. |
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