Bayhorse Silver Inc., (TSXV: BHS) (“Bayhorse” or the “Company”) reports that it is systematically sampling 550 feet of the newly exposed underground workings, in the most westerly segment of the historic Bayhorse Silver Mine. On completion, a further 500 feet of stopes and raises will be sampled.
- A 30kg metallurgical sample has been taken
- 60 channel samples have been submitted for assay
- long hole sampling is underway
- survey of newly accessed workings is underway
The Company has taken a 30kg metallurgical sample from a winze at the south-east end of the Big Dog zone. The sample has been submitted to American Analytical Lab, Idaho, where it will be crushed, homogenized, and assayed. Two identical 10kg samples will be sent to two overseas smelters for metallurgical testing and smelter assessment, while a coarse reject will be retained by the Company. Three samples from the location of the metallurgical sample have been submitted to the lab for assay. Two assay samples will be taken from the metallurgical sample. Assays will be reported as received.
60 channel samples have been taken from the back and ribs of 200 feet of the westerly end of the newly accessed main haulage way to confirm the locations of both the high grade and low grade mineralized zones that are marked on the historic mine resource plan. Assay results will be reported as received.
A series of long holes are being carried out along 200 foot of drifts to confirm the thickness of the mineralized zone, historically reported as averaging 20 feet in thickness. Cuttings are being taken at 1 meter intervals and are being submitted for assay. Assay results will be reported as received.
A survey is underway of the recently accessed 1984 workings. This survey will better define in relation to historic mined areas, the block of mineralization that the Company is preparing to extract. It will also tie in the historic workings with the new development work. It will better define the extent of the mineralized zone for mine planning and for the National Instrument NI-43-101 Technical Report that is near completion by Apex Geoscience Ltd.
Bayhorse CEO Graeme O’Neill comments “We have been faced with declining silver prices this past year that has affected shareholder confidence. Recently, Sprott Media reported that silver shorts are now at record highs, up 84% for the year to date. The report states that 96,000 contracts of silver representing almost 480 million ounces are short, which they state is astounding considering only 852 million ounces were mined in 2017 (Silver Institute, World Silver Survey, 2018)” “While we do not know when prices will recover, historical records show that when shorts are at record highs, prices inevitably rebound when short covering commences.”
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 with any production decision.
Assaying for the samples reported above is being undertaken by American Analytical Services Labs of Osburn, Idaho. The analytical method used for the silver analysis consists of a 1 Assay Ton (AT) sample subjected to fire assay with gravimetric finish. Base metals are subjected to an ICP 35 element, four acid digestion assay.
This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its contents. Dr. Stewart Jackson, P.Geol., a Qualified Person and Consultant to the Company has prepared, supervised the preparation of, or approved the technical content of this press release.
On Behalf of the Board.
Graeme O’Neill, CEO
Bayhorse Silver Inc., a junior exploration company, has earned 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.