August 1, 2018 Bayhorse Silver Inc. BHS: TSX-V (the “Company” or “Bayhorse“) is pleased to report it has completed the examination of the historical underground 1984 mine workings silver zone at the Bayhorse Silver Mine, as reported in the Company’s news release, BHS2018-21. The Company has now accessed all the workings within the silver-copper mineralized zone at the Mine.
- 1500 feet of underground workings newly accessible
- Historical mine plan now undergoing evaluation
- Enhanced sampling underway to include now accessible areas in revised 43-101 Resource Report
Overall an additional 1500 feet of drifts on three levels, plus numerous raises and interconnecting access areas are now open and useable. They provide access to the entire mineralized zone developed during the 1984 Silver King Mines activity. Historically 5,782 tons at a reported 16.7 oz/ton Ag were mined during the 1984 mining program and Silver King developed and blocked out an additional 6,786 tons to be mined, although no grade was shown.
The newly accessed mineralized zone begins 600 feet inside the mine portal, and extends a further 550 foot along strike to the west, with a vertical extent of in excess of 70 feet. Sampling and modeling of the zone is being undertaken to confirm the area blocked out for mining by Silver Kings Mines and to enable cost effective extraction planning
Apex Geoscience, which the Company retained to produce a National Instrument 43-101 Report on the property, has advised that it will conduct an enhanced resampling program in the historical mine workings to verify grades for the ultimate production of a current resource estimate. Apex is also concurrently developing a comprehensive model of the mineralization at the far westerly reaches inside the Mine.
The National Instrument 43-101 Report being prepared will incorporate all the new information and will represent a current status report on the mine.
Bayhorse CEO Graeme O’Neill comments “as it costs $1,000 per lineal foot to develop 10ft x 10ft underground drifts, we have just been relieved of a significant development cost expense and made substantial time savings, allowing us to rapidly move forward with extraction of mineralization from the reported, and originally targeted, high grade silver-copper mineralization in this area.”
“The Company is not basing any decision to produce on a feasibility study of mineral reserves demonstrating economic and technical viability and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision.”
This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its contents.
Stewart A Jackson, PhD, PGeo, a Qualified Person under National Instrument 43-101, has supervised the preparation of and approved the contents of this press release.
Bayhorse Silver Inc., a junior exploration company, has earned a 100% interest in the historic Bayhorse Silver Mine, Oregon, USA. The Company has an experienced management and technical team with extensive exploration and mining expertise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.