Bayhorse Silver

Bayhorse silver, V.BHSBayhorse Silver Inc. (V.BHS | OTC.KXPLF | Frankfurt F.7KXN ) has a highly experienced team of mining engineers geologists and miners to actively bring its Bayhorse Silver Mine to production. Using a Steinert Ore-Sorter, we are marrying advanced technology with standard mining techniques to promote environmentally friendly and low-cost mining.

For more information see Bayhorse’s website here

TMX Money stock price for Bayhorse Silver (V.BHS)

Bayhorse at the May Cambridge Conference:

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Raw Video from the Bayhorse Silver Mine

Our friend Graeme O’Neill, CEO of Bayhorse Silver, (V.BHS) sent a Go-Pro camera to the face with his miners. Not slick, not edited: just experienced miners looking at a pile of rock after blasting into what they hoped was a “High Grade” zone.

O’Neill hopes to have more video next week.

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Bayhorse Silver Closes US$465,000, 2nd Tranche, Convertible, Silver Convertible, 12% Debenture Financing

Bayhorse Silver Inc. (TSXV: BHS) (the “Company” or “Bayhorse”) announces, subject to TSX-Venture Exchange (TSX-V) approval, it has closed a 2nd tranche of is three year, 12%, Convertible, Silver-Convertible, Debentures (the “Debentures”) for gross proceeds of to US$465,000. Total proceeds to date from both the 1st and 2nd tranche is US$690,000.

Subject to approval from the TSX Venture Exchange it is increasing the Debenture financing from 200 Units to 220 Units, for gross proceeds of US$1,100,000. The Debentures shall bear interest at a rate of twelve (12%) percent per annum, payable annually in arrears. Additionally, at the election of the Holders, the Debentures will be convertible into common shares of the Company at C$0.125 cents per share in accordance with the policies of the TSX-V, or, conditional upon notification by the Corporation of silver production, the Debenture holder may elect to convert the Debenture principal and accrued interest into ounces of silver at a conversion rate of US$15.50 an ounce.

Each Debenture shall entitle the Holder to twenty thousand Warrants the “Debenture Warrants”) exercisable into common shares of the Company at Canadian $0.25 per Debenture Warrant Share until three years from the date of issue. In addition to any other exemption available to the Company, participation in the Debenture financing is also open to all existing shareholders, even if not accredited investors, under the “existing shareholder” exemption of National Instrument 45-106 as promulgated in Multilateral CSA notice 45-313 in participating jurisdictions.

The funds raised are for working capital for the Bayhorse Silver Mine as well as general and administrative costs.

Purchasers of the Debentures shall be granted pre-emptive rights during the time they hold the Debentures to participate in any future issuance of debt securities of the Company. Finder fees may be payable on a portion of the financing according to the policies of the TSX-V.

Graeme O’Neill, a Director and Officer of the Company is subscribing for 5 Debenture Units for a total to date of 35 Debenture Units. Rick Low, an Officer of the Company is subscribing for 3 Debenture Units.

This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its contents.

On Behalf of the Board.

Graeme O’Neill, CEO
604-684-3394

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.

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Q&A: Bayhorse Silver Maiden Resource Estimate

Bayhorse Silver put out its maiden 43-101 compliant resource estimate on September 24, 2018. We had questions and Graeme O’Neill, CEO of Bayhorse (V.BHS) was kind enough to have answers:

Bayhorse reported a 6 million ounce 43-101 compliant inferred Why not measured and indicated?

With respect to the Bayhorse Mine, we built the mine first, based upon the extraordinary amount of solid geological data we obtained, paid for by someone else I might add. Then, using that additional data we developed during building the mine, we established the inferred resource.

Taking an inferred resource to a reserve would cost us an enormous amount of money.

We have built the Bayhorse Silver Mine and developed the resource for just on US$5,000,000. Peanuts compared to many other mines. Not only that, but we have state of the art processing facilities at the mine

We are in the middle of a silver jewellery box, where the previous operators drilled out and defined 26,000 tons of high-grade silver. Based upon our anticipated daily mining rate of 100 tons/day, that is close to one year’s mining available to us at right at our fingertips. The old-timers rarely had more than a year of blocked out “ore” ready for mining ahead, and during that year of mining, they replenished it so they always had that year of operations ahead of them. So do we need to develop ten years of material ahead at a huge upfront cost? Or should we keep developing a year of material ahead of us at a minor cost? We are practical people and we don’t spend money we don’t have to.

I am sure everyone knows about the Pareto Principle. It says that 80% of results come from 20% of effort, or expenditures. It is true for pretty much everything. Typically, a company raises money to explore, finds mineralization, explores some more, drills and drills and drills, and comes up with a resource, which it takes to a measured and indicated reserve and then does a PEA and then a full feasibility study. Then, once financing is secured, after spending a substantial amount more money, and lots more time, they permit and build the mine. Then, a year after they open the mine, they probably start to generate revenue.

We did it backwards. Built the mine, with a brand new 900-foot haulage way, a 100 ton a day, state of the art upgrading facility,  and then we established the resource, and are already mining: all for $5 million. It would cost another minimum $5 million to bring the resource to measured and indicated reserve status. We would rather spend that money mining, upgrading, and getting cash flow. There is still a lot of work to do, such as getting ready for winter, but we are well advanced at that, so we have no disruptions during the winter months.

Everyone wants a guarantee. What we guarantee our shareholders and investors is that we are doing what we said we were going to do, and delivering on it. Maybe late, but delivered nonetheless. But proper funding is required to get anything done.

Does Bayhorse have a processor available to ship material to?

We do, and we have indicative proposals to sell any concentrate we make to smelters, with proposed payment at the mine gate when picked up. But we are constantly looking to improve our bottom line. For example, using flotation, typical recovery is 90%, and our testing has shown that we will get the typical flotation recovery. Then the smelter will pay us 90% of the spot price of silver for the concentrate. Deductions after deductions. That reduces the bottom line. In the event we build a Total Metals Recovery processing facility as proposed by Metals US, we will get pure silver, and eliminate sending concentrate to smelters and refiners, and the attendant costs of shipping to the smelter and refinery.

At this point what does Bayhorse have to do to begin mining out its 1000 ton block?

We are right now increasing an existing 30-foot raise installed in1984  into the first mining block, from 7 x 7 dimension to 10 x 10, and timbering it to meet MSHA safety requirements. This raise is in high grade mineralization and into the mining block. We expect this to be completed in the next two weeks. Then we start dropping the mined material down this raise and we will be upgrading it straight away

What are your plans to extend the resource?

Apex Geoscience is drafting up a drilling program so we can bring the conceptual exploration target into a resource category. A number of 200-foot holes from inside the workings extending outside the known mineralized envelope. There is sufficient geological data to believe the zone dips to the south and to depth. The old-timers mined used hand steel, not today’s pneumatic drills, very labour intensive, to open the workings up. They were very experienced and would not have done it if they didn’t believe something was there.

Once you begin mining what is your estimated throughput per day? Can that be increased?

We are set up to do 100 tons/day, 300 days a year. We built the haulage way for a 200/ton a day operation, and our miners are confident we can achieve that throughput. We want to make sure we have consistent throughput though, so we will gradually ramp up to it

You are using a “Conceptual mining and processing costs were estimated at $US100 per ton of mineralized material” and an “average grade of 21.65 troy ounces per ton (opt) silver (Ag)”. If I divide 100 by 21.65 I get a cost per ounce of $4.60. Is that roughly correct and what does it say about the profitability of the Bayhorse Mine?

We have a substantial amount of cost data developed during this past year. Mining costs, maintenance costs, upgrading costs, however, it is only after operating for a year that we can say with certainty what the actual costs are. Of course, we have a good handle on the mining costs, that are under $50/ton, but again, taking out large blocks is a little different from driving a haulage way, and we have to support a much larger back.

For reference though, the average all-in sustaining costs (AISC)  for primary silver mine is around US$10.25 per ounce. That should be used as a rough rule of thumb until accurate numbers are developed after the first year of operations.

 

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Bayhorse Silver Maiden Resource 6 Million Ounce, NI-43-101 Inferred, Bayhorse Silver Mine, Oregon, USA.

Bayhorse Silver Inc. (TSXV: BHS) (The “Company” or “Bayhorse”) is pleased to announce the release of a Maiden Inferred Mineral Resource for the 100% controlled Bayhorse Silver Mine, Oregon, USA. The maiden resource is comprised of 292,300 short tons at an average grade of 21.65 troy ounces per ton (opt) silver (Ag) for total contained silver of 6,328,400 ounces. The mineralized material contains significant amounts of copper (Cu) and zinc (Zn), however the historic data utilized in the mineral resource estimate did not allow for a reliable calculation of the grade of Cu and Zn.

Highlights of Modelling and Mineral Resource Estimate

  • 292,300 tons inferred mineral resource (See Table 1 below).
  • 21.65 opt Ag grade (See Table 1 below).
  • 6,328,400 oz of contained silver (See Table 1 below).
  • Mineralized silver zone hosted in rhyolite with dimensions approximately 800 ft (245 m) along strike east-west, 200 ft (60 m) across strike and 23 ft (7 m) in thickness.

Bayhorse CEO Graeme O’Neill states we are extremely pleased that the resource indicated by the Resource Modelling is in line with the estimated tonnage and grades that were believed to be hosted at the Bayhorse Silver Mine. It has been a long struggle to achieve this result in the face of extreme weakness in the precious metals markets and the resulting lack of available capital, but our mining and technical teams have done a tremendous job. Not only have we built a mine, but we have also developed our maiden resource while doing so.”

Conceptual Exploration Target

  • An additional conceptual exploration target of 200,000 to 250,000 tons at a range of grades of 10 to 20 opt Ag for a range of 2 million to 5 million ounces of silver has been modelled.
  • The additional exploration target is conceptual in nature, there has been insufficient exploration to define a mineral resource for the exploration target and it is uncertain if further exploration will result in the definition of additional resources.

High grade, silver/copper mineralization from 900 feet inside the Bayhorse Silver Mine

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5015/38854_38858_a1537678749792_38.jpg

APEX Geoscience Ltd. (APEX) of Edmonton, Alberta has provided the Inferred Mineral Resource Estimate in Table 1 below that is primarily based upon historic underground channel sampling and drilling, supported and confirmed by recent underground sampling by APEX and Bayhorse personnel. A total of 364 channel or drillhole samples have been used in the estimate. Silver grades for composites have been capped at 135 opt, which resulted in the capping of seven composites. The resource was calculated using inverse distance squared (ID2) and all blocks intersecting the known and modelled underground workings were removed. At a lower cut-off grade of 7.5 opt Ag, the mineralized material removed from the resource was approximately 20,700 tons at an average grade of 24.34 opt Ag for a total of 503,000 ounces of contained Ag. Based upon historic reports of mining, this is in line with what has thought to have been removed historically. The Bayhorse Silver Mine is reported to have produced at an average grade of 35 opt Ag in the 1920’s, and the last time it was mined in 1984, the grades averaged 16.7 opt Ag.

Table 1: Bayhorse Inferred Mineral Resource Estimate for silver at a variety of lower cut-off grades. The current mineral resource is bolded.

Classification*Ag Cutoff
(
ounces per
ton
– opt)**
Tonnage (in
Short Tons)
Ag Grade
(
ounces per
short ton – opt)
Ag Grade
(
parts per
million
)***
Contained
Ag
** (troy
ounces)
Inferred0312,80020.51703.36,417,300
2.5305,80020.94718.16,404,100
5301,70021.18726.06,388,900
7.5292,30021.65742.46,328,400
10275,50022.43769.06,178,100
12.5253,70023.39801.95,934,000

 

* Inferred mineral resources are not mineral reserves. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. There has been insufficient exploration to allow for the classification of the inferred resources tabulated above as an indicated or measured mineral resource, however, it is reasonably expected that the majority of the inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. The Mineral Resources have been classified according to the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014).
**A price of $US15/oz Ag with a conceptual underground mining and processing cost of $100US/ton has been utilized to derive the favoured lower cut-off for Ag of 7.5 opt.
***Grade in ppm and contained ounces may not add due to rounding.

The Company is not basing any decision to produce silver and other metals 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. These risks include drop in price of commodities produced, namely silver, copper, lead, and zinc, from the pricing used to make the production decision, failure of the grades of the produced material to fall within the parameters used to make the production decision, and increase in mining costs due to changes within the mine during development and mining procedures. There are also metallurgical recovery changes that cannot be anticipated at the time of production.

Bayhorse Maiden Mineral Resource Estimate

APEX has estimated a remnant maiden inferred mineral resource for the historic Bayhorse Silver Mine utilizing a total of 364 underground channel and drillhole samples including 20 underground drillholes that have intersected or bracket mineralization. Modeled 3D geologic ‘solids’ were used to constrain mineralization in the block model and grades for silver were interpolated into blocks by Inverse Distance Squared (ID2). The Bayhorse Silver mineralized zone is hosted within a rhyolite that is structurally controlled along a modest dipping thrust fault. Geological 3D solids were developed using cross-sections and level plans in conjunction with modern surveys to constrain the mineralization at the historic Bayhorse Silver Mine. East and west domains were created to accommodate elevation differences in the mineralization. In both cases a rough cutoff value of about 2 opt Ag was used to define and wireframe the 3D solids.

Based upon statistical treatment of the silver data for each of the two mineralized domains capping was employed at 135 opt Ag but had little effect on the overall estimate. A 2.0 m composite length was selected to approximate a potential underground mining height for the Bayhorse mineralized zone. In both zones, uniform down-hole composites were formed honoring the domain boundaries. Variography on the composite data was used to model prominent search directions for silver in the two domains. Silver was modeled along strike (Azimuth 099° Plunge -1° to the north), dip (Azimuth 189° Dip -18°) and across dip (Azimuth 186° Dip 72°). Separate block models were completed for each of the two remnant domains and the mined out areas within those domains. The block model was dimensioned at 4 x 4 x 4 m with sub-blocking down to 1 x 1 x 1 m in order to fit to the mineralization solids for the Bayhorse mineralized zone. Based on available data the historic underground workings at the historic Bayhorse Mine were block modelled separately within the mineralized zone and were not included in the mineral resource estimate.

Specific gravity measurements were done on recent sample pulps by ALS Chemex and American Assay Laboratories based upon Archimedes methodology and resulted in 29 measurements for mineralization of different grades within the Bayhorse mineralized zone. Based upon this data blocks within the Bayhorse mineralized zone were assigned an average specific gravity of 2.80 g/cm3.

Grades for silver were interpolated into blocks by ID2 using the search ellipsoid dimensions and orientation established by variography. For the Bayhorse block models, the grade interpolation was completed in a series of passes with expanding search ellipsoids. As a verification tool for the selected ID2 block model, the composite average grades, the ID2 block model average grade and an average grade of an OK (ordinary Kriging) block model were compared along 20 m windows east – west, north — south and 5 m windows with elevation. Block grades matched the composite grades relatively well with no significant bias indicated in any of the modelled domains.

No economic evaluations have been completed on the Bayhorse mineralized zone, and as a result an economic cut-off for the mineralized zone is unknown. However, for the purposes of reporting mineral resources on the Project, current silver metal prices and current US$-CDN$ exchange rate were reviewed. In addition, a number of small operating mines were surveyed and reviewed for their existing operating costs for mining and processing. It was found that a lower silver cut-off grade corresponding to 7.5 opt Ag should be adequate for the mineral resource estimation and satisfy reasonable prospects for eventual future extraction. The Ag grade was determined for each estimated block utilizing a price for silver of US$15/oz. and 90% recovery. Conceptual mining and processing costs were estimated at $US100 per ton of mineralized material for the purposes of establishing the lower cut-off grade for the mineral resource. A National Instrument (NI) 43-101 Technical Report summarizing the Bayhorse Project and the Inferred Mineral Resource Estimate will be provided within 45 days of this News Release.

The Company has granted 1.9 million incentive stock options, exercisable at fifteen ($0.15) for a period five years, to officers, directors, consultants and employees of the Company.

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.Geo., a Qualified Person and Consultant to the Company has prepared, supervised the preparation of, and approved the technical content of this press release. Mr. Michael Dufresne, M.Sc., P.Geol., P.Geo., has supervised the preparation of and takes responsibility for the Mineral Resource Estimate, and is the President and a Principal of APEX Geoscience Ltd. Mr. Dufresne is independent of Bayhorse and is a Qualified Person and Consultant to the Company.

On Behalf of the Board.

Graeme O’Neill, CEO
604-684-3394

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.

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Bayhorse Silver: Channel Sample Q&A

What is the procedure for picking where to sample?

We have an enormous amount of historical sampling data, however it needs to be put into the proper perspective from the paper plans to the actual physical location from where it originally came from. We have the original complete surveys, we have oriented it to this to our own survey of the underground. All we have to do then is to is establish the physical locations inside the workings to the plan and we have the location of the original drill samples, and the mined round samples.

Then we have done channel sampling along the surface of the mined area to see if it coincides. Better than a drill hole as we have a greater surface area and depth of the samples. We mark it on the map, cross reference, and we have then replicated, as closely as possible, between the areas of high grade and low grade. We then mark and mine the higher grade.

You report a variety of grades from fairly low to bonanza: will your ore sorter be able to upgrade the lower grade material?

We call it upgrading, but in effect, the ore-sorter actually selects the mineralized material from the mixture of mineralized and non-mineralized material.

Most systems take all the mined rocks, crush it to beach sand size, and then float it. That is very wasteful, both energy for crushing and cost wise for the size of the flotation plant. We are preselecting our rocks, so we only have to do final concentration on 10% – 15% of the gross mined material. That savings can go straight to the bottom line as our flotation plant will be very small. Probably 20 – 30 ton/day.

As an example, the following photo shows a mineralized rock that has been broken so it can be crushed to the optimum size that will able to be sorted. The mineralization shown, is comparable to bonanza grades we have already tested, and the ore-sorter will probably select every piece of the rocks shown, as it is very heavily mineralized. Rocks that are sized smaller the 8 mm bottom limit of the sorter will be selected by the dense media system, so we will capture pretty much all of it.

V.BHS, Bayhorse Silver, silver, Ogegon

The next picture shows a rock that has both mineralized and non-mineralized material in it. This rock, when crushed, is a good example of where the ore-sorter excels, selecting the mineralized and leaving the waste. Generally, anything with the darker streaks in it will be highly selective, while the brownish colored rock will be left.

 

V.BHS, Bayhorse Silver, silver, Oregon

The majority of the mineralization is in the hard grey rock, Rhyolite. It fractures readily when crushed and the testing we have done shows that grades even as low as 1oz – 2oz per ton can be upgraded 15 to 25 times, and we will get to select a lot of mineralized material that would be normally be left behind as not recoverable.

For example, when Silver King mined in 1984, they did not mine anything under 6 oz/t silver. Bayhorse is operating at the cutting edge of the technology that is available to recover as much as possible, even down to 1 oz/t to 2 oz/t. Of course, we will probably stay above 2 oz/t for practical reasons, but the ore-sorter is very selective with the type of rock we have.

You are anticipating a 43-101 Resource estimate shortly. Will these samples be in time to be included?

Yes. We have sampled extensively already, as well as done comprehensive testing through the sorter, and all the information, assays, etc, has been provided to Apex Geoscience for reference and inclusion in the report.

You have historic data from the 1984 mining program. How well do the reported channel samples conform to the historic data?

What the sampling has shown us is that it correlates very closely to what has been mined, and there is an enormous amount of rock that wasn’t touched in the old haulage way itself that is readily mineable with very little expenditure. We win both ways here. After all, we have around 1,000 to 1,500 feet of accessibility to the mineralization that we do not have to drift to get to. That is a substantial savings right there.

Underground mining is highly technical. What do you take and what you leave behind. Almost like building a huge medieval cathedral. You have to support the roof and the walls so it does not fall down around you. In fact, Roman architecture was so good much of it is standing after 2,000 years through their use of arches and pillars, and that is the basis, even today, of modern mines. The miners are highly experienced in doing this, so much so they can tell in an old mine whether it is safe or not just by looking at the rock pillars and seeing how much stress it is taking.

Mineralization is found, Mines are made. The silver prices are so low right now that many investors are totally disheartened and our share price has suffered, along with many other companies prices, because of it.

But money makes and operates mines, and so to make a mine and make money you need development funds, and those is hard to come by these days, so we try and watch every dollar, because making a mine is an expensive proposition.

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More High Grade Silver Channel Samples, Bayhorse Mine, Oregon, USA

On September 10 Bayhorse Silver Inc (TSXV: BHS) reported the first set of assays (BHS2018-28) on our channel sampling program at the Bayhorse Silver Mine in Oregon.

Today we are very pleased to report further high grade assays on the next 21 channel samples bringing the total to date to 47 of the 60 samples submitted to the lab.

Highlights of this round include:

  • three samples graded between 20 oz/t (630 g/t) and 50 oz/t (1,555 g/t)
  • four samples graded between 10 oz/t (311 g/t) 20 oz/t (630 g/t)
  • three samples graded between 4 oz/t (124 g/t) and ten oz/t (311 g/t)
  • the remainder assayed under 4 oz/t (124 g/t)

During the 1984 mining program at the Bayhorse Mine, historic records show that of the tonnage mined, 23% graded between 21 — 100 oz/t, 71% graded between 6 — 20oz/t, with the remainder grading under 6 oz/t and the assays of the channel samples we have received are consistent with those levels of mineralization.

In addition to the channel samples we are awaiting an assay of a 30kg metallurgical sample and the assays of the long holes we have drilled.

Bayhorse CEO Graeme O’Neill comments “The channel sample assays to date appear to be showing a strong similarity to the silver grade percentages mined during the 1984 program. This comprehensive sampling program is in support of the Company’s NI-43-101 report, that is nearly complete, and to support the imminent removal and processing of a large mineralized block.” He also comments “we do not know how long silver prices will remain under pressure but analyst Clive Maund recently has written about the astounding number of short positions against silver that sooner or later must be covered that should lead to much higher prices”.

The new full channel sample results are tabulated below:

SampleAg g/tAg oz/t
1S20RR23.830.766
2S20B131.574.23
3S20LR8.830.284
4S21RR51.011.64
5S21B79.942.57
6S21LR63.322.10
7S22RR177.605.71
8S22B87.092.80
9S22LR188.806.07
10S23RR. 432.3413.90
11S23B93.002.99
12S23LR485.2115.60
13S24RR360.8011.60
14S24B895.7828.80
15S24LR317.2510.20
16S25RR68.122.19
17S25B656.2821.1
18S25LR1,387.2144.60
19S26RR88.182.77
20S26B
21S26LR75.272.42

 

Details

The 60 channel samples, each measuring 0.66 meters (2.4ft) by 0.2 meters (6″), were taken on ten (10) foot centers with three components, from the back, and the left and right ribs for each sample site. All are from the westerly end of the newly accessed main haulage way.

To complement the channel samples, a series of long holes, on fifteen (15) foot centers, are being carried out along 200 feet of the haulage way, commencing at the first channel sample location. The long hole groups consist of one vertical hole, one angled 70 degrees in the westerly direction along the haulage way, and one at 70 degrees into the right rib. Cuttings are being taken at one (1) meter intervals up the holes and submitted for assay. Both the channel samples and long holes are for comparison with historically reported and mined, both high grade and low grade material, and with the thickness of the mineralized zone, that was historically reported as averaging 20 feet.

Further assay results will be reported as received.

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. These risks include drop in price of commodities produced, namely silver , copper, lead, and zinc, from the pricing used to make the production decision, failure of the grades of the produced material to fall within the parameters used to make the production decision, and increase in mining costs due to changes within the mine during development and mining procedures. There are also metallurgical recovery changes that cannot be anticipated at the time of production.

Assaying for the samples reported above is by American Analytical Services Labs of Osburn, Idaho. The analytical method used for the silver analysis consists of a 1 Assay Ton (AT) samples subjected to fire assay with gravimetric finish. Base metals are subjected to an ICP 35 element, four acid digestion assay.

The Company has issued the shares for debt as disclosed in the Company’s news release BHS2018-27

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.Geo., a Qualified Person and Consultant to the Company has prepared, supervised the preparation of, and approved the technical content of this press release.

On Behalf of the Board.

Graeme O’Neill, CEO
604-684-3394

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.

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Bayhorse Silver Inc. High Grade Silver Channel Samples, Bayhorse Mine, Oregon, USA

Bayhorse Silver Inc.(TSXV: BHS) (“Bayhorse” or the “Company”) reports 26 preliminary silver assays from the 60 channel samples recently completed at its Bayhorse Silver Mine, Oregon, USA.

  • 60 channel samples submitted for assay
  • 26 channel samples received to date
  • 30kg metallurgical sample– assay pending
  • Long hole assays pending

Of the silver assays received:

  • one sample graded 313 oz/t (9,735 g/t)
  • one sample graded 115 oz/t (3,570 g/t)
  • one sample graded between 20 oz/t (630 g/t) and 30 oz/t (943 g/t)
  • three samples graded between 10 oz/t (311 g/t) 20 oz/t (630 g/t)
  • five samples graded between 5 oz/t (155 g/t) and ten oz/t (311 g/t)
  • the remainder assayed under 5 oz/t (155 g/t)

Full channel sample results are tabulated below:

SampleAg g/tAg oz/t
1S8B64.382.07
2S8RR52.561.69
3S9B174.805.62
4S14RR376.3512.1
5S14B175.425.64
6S14LR3,570.67114.80
7S15LR833.5726.8
8S15B106.373.42
9S15RR103.893.34
10S16LR24.820.798
11S16B75.892.44
12S16RR23.230.747
13S18B130.634.20
14S18LR637.6220.5
15S18RR60.961.96
16S19RR137.484.42
17S19B534.9817.2
18S19LR451.0014.5
19Extra Split #1185.075.95
20Extra Split #2141.524.55
21Winze-1 LR9,735.36313.00
22Winze-2 RR245.097.88
23W-3 South End LR Under Brow120.373.87
24W-4 South End RR Under Brow183.825.91
25W-5 Raise90.202.90
26W-6 Raise236.707.61

 

The 60 channel samples, each measuring 0.66 meters (2.4ft) by 0.2 meters (6″), were taken on ten (10) foot centers with three components, from the back, and the left and right ribs for each sample site. All are from the westerly end of the newly accessed main haulage way.

To complement the channel samples, a series of long holes, on fifteen (15) foot centers, are being carried out along 200 feet of the haulage way, commencing at the first channel sample location. The long hole groups consist of one vertical hole, one angled 70 degrees in the westerly direction along the haulage way, and one at 70 degrees into the right rib. Cuttings are being taken at one (1) meter intervals up the holes and submitted for assay. Both the channel samples and long holes are for comparison with historically reported and mined, both high grade and low grade material, and with the thickness of the mineralized zone, that was historically reported as averaging 20 feet.

Assay results will be reported as received

Bayhorse CEO Graeme O’Neill comments, “The continued showings of high grade silver mineralization in the Big Dog stope and to the west is like a jewelry box. Some spectacular good quality pieces are situated among less attractive material. The detailed sampling will assist in selectively mining the better zones while leaving barren portions as support pillars.”

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 by American Analytical Services Labs of Osburn, Idaho. The analytical method used for the silver analysis consists of a 1 Assay Ton (AT) samples 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.Geo., a Qualified Person and Consultant to the Company has prepared, supervised the preparation of, and approved the technical content of this press release.

On Behalf of the Board.

Graeme O’Neill, CEO
604-684-3394

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.

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Bayhorse Silver Inc. Submits Underground Sample for Smelter Assessment and Metallurigal Evaluation, Bayhorse Mine, Oregon, USA

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
604-684-3394

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.

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BAYHORSE SILVER ANNOUNCES US$, CONVERTIBLE, SILVER CONVERTIBLE, 12% DEBENTURE FINANCING

Bayhorse Silver Inc. BHS: TSX-V (the “Company” or “Bayhorse“) announces, subject to TSX-Venture Exchange (TSX-V) approval, a financing consisting of a Two Hundred (200) three year, Convertible, Silver-Convertible, Debentures (the “Debentures”) for gross proceeds of up to US$1,000,000.

The Debentures shall bear interest at a rate of twelve (12%) percent per annum, payable annually in arrears. Additionally, at the election of the Holders, the Debentures will be convertible into common shares of the Company at C$0.125 cents per share in accordance with the policies of the TSX-V, or, conditional upon notification by the Corporation of silver production, the Debenture holder may elect to convert the Debenture principal and accrued interest into ounces of silver at a conversion rate of US$15.50 an ounce.

The Company may, twelve months after the date of issue, elect to redeem the US$5,000 Debentures, in part or in full, at a price of US$5,600 per each redeemed Debenture, plus payment of all accrued amounts due in respect of the redeemed Debentures. Each Debenture shall entitle the Holder to twenty thousand Warrants the “Debenture Warrants”) exercisable into common shares of the Company at Canadian $0.25 per Debenture Warrant Share until three years from the date of issue.

The funds raised are for operating capital for the Bayhorse Silver Mine, for extraction and processing of a block of mineralization that has been identified from Silver King’s historic 1984 resource plan, and for general and corporate purposes. The mineralized rhyolite block, that dips to the south, is fully accessible by the Company’s mechanized mining equipment.

Long hole drilling into the block to confirm the exact north/south margins of the andesite hanging wall and footwall, is being conducted, and samples, together with other sampling around the block are being submitted for assay as completed.  Extraction and processing of the block is planned to commence the first week of September.

Purchasers of the Debentures shall be granted pre-emptive rights during the time they hold the Debentures to participate in any future issuance of debt securities of the Company.

The Company advises that historic mineral resources referred to above are not mineral reserves. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future. 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

Subject to approval of the TSX Venture Exchange, the Company is closing 40 Debenture Units for gross proceeds of US$200,000. Graeme O’Neill, a Director and Officer of the Company is subscribing for 30 Debenture Units.

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, President

604-684-3394

 

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.

 

 

 

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Bayhorse Silver Inc Receives ICP Results for Base Metals, Bayhorse Mine, Oregon, USA

Bayhorse Silver Inc., (TSXV: BHS) (“Bayhorse” or the “Company”) reports that it has received ICP (Induction-Coupled Plasma) assay results for base metals that accompany its recent high silver, and good gold values from the newly accessible Big Dog mineralized zone, Bayhorse Silver Mine, Oregon, USA.

The base metal ICP results from the sampling received from the Big Dog Zone at the eastern end of the newly opened 550 foot portion of the historic workings, including for comparison, the gold and silver values already published, are tabulated below:

Sample TypeAu g/tAg Oz/tAg g/tCu %Zn %Sb %Pb %
Grab1.273.002,270.52.152.161.310.30
Chip 18.50575.43.211.391.701.64
Chip 27.00838.86.002.193.232.26
Chip 19.50606.54.441.912.431.94
Grab 56.201,748.01.621.521.011.14
Grab32.501,010.85.562.073.113.07
Chip5.28164.22.001.960.751.51

 

(chip & grab samples are selected samples and are not representative of the mineralization hosted on the property.)

These samples compare favorably with base metal sampling reported from this zone by Cordex (1976)

To view an enhanced version of this image, please visit:
http://orders.newsfilecorp.com/files/5015/38164_a1534740514584_90.jpg

Copper/Silver bearing stockwork Big Dog Zone. Photo encompasses a width of approximately 1 m.

As part of the National Instrument 43-101 Report, in preparation, the Company has completed a review of the performance of the Steinert XRT ore-sorter and is pleased to report that it has shown a consistent upgrading factor for sulfide material of between 20 and 25 times, that is far in excess of the originally calculated 5 to 10 times.

Bayhorse CEO, Graeme O’Neill comments “The base metal values that accompany the gold and silver allow significantly greater selectivity by the ore sorter, between mineralized and non-mineralized material, accounting for the excellent upgrading results we are seeing”. “The more non-mineralized rock we can reject before final upgrading results in real savings in energy and final processing costs.”

Assaying for the samples reported above was undertaken by American Analytical Services Labs of Osburn, Idaho. The analytical method used for the silver analysis consisted of a ½ AT sample subjected to fire assay with gravimetric finish while the base metals were subjected to an ICP 35 element 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
604-684-3394

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.

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