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Goldplay Announces Significant Silver Values of up to 1,285 gpt AgEq Over 1.5 Meter Intersection from Sampling Program on Historical Core, Supporting the High-Grade Nature of the San Marcial Project, and Upside Potential for Resource Expansion

Goldplay Exploration Ltd. (TSXV: GPLY, OTCQB: GLYXF – the “Company” or “Goldplay”) is pleased to announce initial results from sampling of the first of 22 historical core drill holes completed in 2010, on the Company’s San Marcial Project in Mexico. These drill holes were not incorporated in the historical NI 43-101 resource completed in 2008 (“historical resource”) and thus represent an opportunity for resource expansion. The results to date have successfully demonstrated continuity of the silver, lead, zinc and gold mineralization down dip and revealed new geological features, supporting upside opportunity for the discovery of new mineralized zones at San Marcial. The core sampling program has successfully identified a high-grade mineralized zone hosted in hydrothermal breccias close to major geological structures cross cutting a highly altered volcanic sequence. Highlights of results for the sampling of drill hole SM10-22 include:

  • 19.5 Meters @ 157 gpt AgEq

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–> <!– image and imageTag: Figure 1: Drill Hole Location Map San Marcial Project (CNW Group/Goldplay Exploration Ltd) –> <!– assetTag:

–> <!– image and imageTag: Figure 2: San Marcial Long Section (CNW Group/Goldplay Exploration Ltd) –>

Including 1.5 Metres @ 1,285 gpt AgEq

The following table summarizes the most significant drill results (uncut) from SM10-22 for this news release.

Hole No.

From

(m)

To

(m)

Interval

(m)

True

Width

Ag

g/t

Pb

%

Zn %

Au

 g/t

AgEq*

g/t

SM10-22

245.7

259.2

19.5

19.5

143

0.1

0.2

0.2

157

Including

256.7

257.1

0.4

0.4

221

0.1

0.1

2.3

404

Including

257.5

258.2

0.7

0.7

1940

0.2

0.9

0.1

2000

Including

256.7

259.2

1.5

1.5

1197

0.2

0.9

0.1

1285

 

Note : all numbers are rounded.

AgEq (silver equivalent) is calculated from gpt data. AgEq g/t = Ag g/t + Au g/t x (Ag Price per oz/ Au price per oz) + (Pb grade x ((Pb price per lb./Ag price per oz) x 0.0685714 lbs. per Troy Ounce x 10000 g per %)) +(Zn grade x ((Zn price per lb./Ag price per oz) x 0.0685714 lbs. per Troy Ounce x 10000 g per %)). Ag price per oz (US$16.50), Au price per oz (US$1250/oz), Pb price per lb. (US$0.95) and Zn price per lb. (US$1.15) and 100% Metallurgical Recovery.

Goldplay President and CEO Marcio Fonseca commented, “Goldplay’s systematic sampling of 22 existing core drill holes (previously only partially sampled) is aimed at expanding resources and delineating mineralized zones to support a high-grade bulk mineable open pit target at the San Marcial Project. We also expect to complete a detailed 3D geological and silver mineralization model. The core reviewed to date reveals a structurally controlled mineralized system, with silver mineralization associated with significant concentrations of lead, zinc and gold, hosted by hydrothermal breccias and fault zones. There is evidence of more than one mineralized event and epithermal features, which are common in the historic Rosario Mining District. The wide hydrothermal breccias hosting the mineralization are closely associated with faults and suggest a large orebody geometry favorable for low strip ratio open pit exploration targets.

The location of drill holes completed prior to the historical resource and the location of sampled drill hole SM10-22 are illustrated as follows (Figure 1).

The following table highlights historical results from previous drill programs incorporated in the historical resource.

Hole

From(m)

To (m)

Interval

(m)

True

Width (m)

Ag Eq.

g/t

Ag g/t

Lead

 ppm

Zinc

ppm

Au

g/t

SM-1

36

42

6

5.71

111

100

0.08

0.18

na

SM-2

0.4

12

11.61

11.61

382

350

0.21

0.50

na

SM-3

0.2

15

14.8

10.59

252

227

0.15

0.40

na

SM-4

6

63

57

53.95

270

235

0.31

0.47

na

SM-5

1.4

21

19.6

17.16

300

282

0.17

0.23

na

SM-7

105

111

6

4.39

120

91

0.35

0.32

na

SM-9

30

44.5

14.5

12.68

565

540

0.19

0.36

na

SM-9

30

36

6

5.25

1,253

1,226

0.24

0.34

0.03

SM-11

114

132

18

11.75

467

419

0.37

0.69

na

SM-11

114

123

9

5.88

1,012

939

0.56

0.89

0.12

SM-12

33.3

52.5

19.2

12.64

144

130

0.08

0.22

na

SM-12

99.3

100.3

1

0.66

3,685

3,600

0.03

0.63

0.72

SM-12

97.5

100.3

2.8

1.85

933

862

0.02

0.17

0.83

SM-13

50

73.2

23.2

17.50

681

621

0.49

0.85

na

SM-13

54

69.75

15.75

11.88

926

868

0.47

0.84

na

SM-15

78.07

119.7

41.63

39.36

153

80

0.51

1.11

na

SM-16

27

48.57

21.57

15.27

136

76

0.34

0.98

na

SM-16

43

45.57

2.57

1.82

449

210

0.33

4.73

na

SM-17

169.47

172.52

3.05

1.98

249

215

0.20

0.32

0.15

SM-18A

38.82

47.83

9.01

7.77

351

314

0.34

0.50

na

SM-18A

68.34

81.7

13.36

11.45

84

41

0.42

0.56

na

SM-20

143.9

178.37

34.47

23.55

211

101

0.48

1.40

0.32

SM-20

148.9

153.22

4.32

2.95

369

245

0.20

0.37

1.31

SM08-04

153.4

258.75

105.35

105.35

23

5

0.12

0.28

na

SM08-05

135.5

242.5

107

107.00

47

7

0.32

0.57

na

SM08-08

93

186.3

93.3

93.30

165

104

0.47

0.79

0.06

SM08-08

99.8

110

10.2

10.20

508

324

0.07

1.73

1.31

SM08-10

224.2

259.65

35.45

35.45

64

38

0.21

0.34

0.03

SM08-10

225.8

228.85

3.05

3.05

297

195

0.82

1.38

0.05

SM08-12

17.4

61

43.6

43.60

164

140

0.14

0.35

0.03

SM08-12

21.95

26.75

4.8

4.80

414

346

0.53

0.93

0.03

SM08-13

214.25

245.6

31.35

31.35

76

50

0.09

0.41

0.03

Note : all numbers are rounded.

Drill hole SM10-22 intercepted a wide mineralized zone comprising hydrothermal breccias and fault zones, 100 meters down dip from the closest historical resource intersection at SM08-10 (Figure 2 – below).

The sampling of SM10-22 consisted of an extensive multi element dataset allowing Goldplay to enhance the understanding of the geological environment further and provide guidance for planned additional drilling and exploration activities in the San Marcial Project.

Results of sampling of SM10-22 have confirmed the continuity of high grade silver mineralization and anomalous values for lead, zinc and gold down dip outside of the historical resource. The high-grade interval from this hole represents the deepest intersection outside of the historical resource to date in the San Marcial Project. As a result of the success of sampling of SM10-22, Goldplay has commenced the sampling of the remaining 21 holes that were not included in the historical resource, and will complete a new detailed 3D model, in anticipation of a new resource estimate in the December quarter, 2018.

In addition to the successful sampling of historical drill core, the Company anticipates approval of new drilling permits for the San Marcial Project in Q3, 2018. Goldplay has also received “Ejido” (community) approvals to carry out its planned exploration activities in the San Marcial Project.

Geological Background San Marcial Project

The geological setting at the San Marcial Project, consists of a volcaniclastic package with intercalations of agglomerates, andesites, tuffs and rhyolites, deposited in an epiclastic environment and locally cut by diorite dykes. The silver mineralization is controlled by northwesterly trending faults dipping to the northeast, where hydrothermal breccias occur along the footwall. The highest silver values are related to these hydrothermal breccias and fault zones. The mineralization is also impacted in a number of locations by regional scale north-northwest trending faults.

The high-grade silver mineralized zones at San Marcial vary from a couple of meters up to tens of meters in width, outcropping at surface, as defined by mapping, trenching and sampling. The hydrothermal breccias indicate intense hydrofracturing, with transport and rounding of fragments, as well as cementing by a clay or silica matrix in multiphase mineralized events. The mineralization is largely oxidized, and geochemical distribution indicates that the metalliferous hydrothermal solutions carried high-grade silver and anomalous lead, zinc and gold. The localized gold values provide opportunities for new exploration discoveries at the San Marcial Project.

San Marcial Project Ongoing Exploration

In addition to the work completed to date reviewing the San Marcial historical resource, the existing large exploration data set (completed by previous operators) and ongoing reinterpretation of all data with 3D modelling, Goldplay is carrying out the following activities:

  • Sampling and mapping of outcrops inside the historical resource area for better delineation of open pit targets on surface.
  • Sampling and mapping of historical underground workings in the center of the area which provides upside potential for resource expansion.
  • Surface exploration including channel sampling and mapping along the 3.5km mineralized trend, outside of the historical resource, to define new drilling targets.
  • Upon receipt of drilling permits, initiate a drilling program to continue the expansion of the resource, not only along strike, but also down dip, in the historical resource area, based on continuity of high-grade silver mineralization demonstrated by results from the drill hole SM10-22.

QA/QC Protocols

Thorough QA/QC protocols are followed in all sampling programs and in assays completed by the Company. Goldplay’s management includes routine duplicates, blanks and standard samples in assay lots for all surface and drill hole samples. The samples are submitted directly to the SGS laboratory facilities in Durango, Mexico, for sample preparation and assaying. The assaying at SGS is by Fire Assay with AA finish, for Au (> 10 ppm gravimetric finish), Ag ICP-AES with 4 acid digestion (up to 100 ppm). For Ag results over 100 ppm an ICP-AES 4 acid digestion with detection limit from 100-1000 g/t is completed at SGS laboratories in Vancouver, Canada. For samples with over limits of Zn and Pb (>10,000 ppm), an ICP-AES with Sodium Peroxide Fusion is performed, to improve recovery.

The Qualified Person under the NI 43-101 Standards of Disclosure for Mineral Projects for this news release is Marcio Fonseca, President and CEO of Goldplay, who has reviewed and approved its contents.

To view drill hole location map  and longitudinal section from this news release, please click the following link:

Historical Drill Holes Location Map San Marcial

Longitudinal  Section San Marcial

About Goldplay Exploration Ltd.

Goldplay owns a >250 sq. km exploration portfolio in the historical Rosario Mining District, Sinaloa, Mexico. Goldplay’s current exploration focus includes surface exploration and drilling, with a resource update to follow at the advanced-stage San Marcial Project and follow up exploration program at the El Habal Project.

The San Marcial land package consists of 1,250 ha, located south of the La Rastra and Plomosas historical mines and 20 km from the Company’s 100% owned El Habal Project in the Rosario Mining District, Sinaloa, Mexico. San Marcial is an attractive, near-surface high-grade silver, lead, and zinc project for which a historical resource estimate has been previously disclosed. A National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) report is the source of this “historical estimate”.

Historical Estimate

Grade

Contained Metal

Category

Tonnes

Ag (g/t)

Zn (%)

Pb (%)

Ag M(oz)

Zn M(lbs.)

Pb M(lbs.)

Indicated

3,755,893

149.20

0.67

0.36

18.0

29.9

55.3

Inferred

3,075,403

44.21

0.51

0.29

4.4

19.5

34.7

The historical NI 43-101 resource estimate is based on a cutoff grade of 30 g/t Ag for open pit and 80 g/t Ag for underground resource classification completed by Micon International Ltd. for Silvermex Resources Ltd (“Silvermex”) on November 5, 2008. The historical resource is based on 4,884 meters of drilling in 30 core drill holes completed by Silvermex and previous operators over a strike length of 600 meters and vertical extent of 250 meters. A qualified person has not done sufficient work to verify and to classify the historical estimate as current mineral resources and the Company is not treating the historical estimate as current mineral resources. Further work must be carried out to verify all historic information before a resource estimate is possible, and there can be no assurance that when established, that any such resource would be economically recoverable. The NI 43-101 was filed on SEDAR on November 21, 2008 under the name of Silver Ore Mining Corporation the predecessor of Silvermex. Ag equivalent ounces (AgEq oz) is calculated from gpt data. AgEq g/t = Ag g/t + (Pb grade x ((Pb price per lb./Ag price per oz) x 0.0685714 lbs. per Troy Ounce x 10000 g per %)) +(Zn grade x ((Zn price per lb./Ag price per oz) x 0.0685714 lbs. per Troy Ounce x 10000 g per %)). Ag price per oz (US$16.50), Pb price per lb. (US$0.95) and Zn price per lb. (US$1.15)and 100% Metallurgical recoveries.

San Marcial exhibits significant exploration upside supported by regional exploration programs completed by previous operators who identified 14 exploration targets similar to San Marcial within its 100% Goldplay-owned concessions. Some of these exploration targets consist of old shallow pits, caved shafts and historical underground workings in areas with extensive hydrothermal alteration, hosted by major regional structures

The El Habal Project is a drilling stage project with an ongoing drill program. The oxidized gold mineralized zone outcrops along a series of rolling hills with evidence of historical shallow underground mining along a 6 km long prospective corridor. The El Habal Project is located near the historical gold-silver Rosario Mine which reportedly operated for over 250 years. Goldplay’s team has over 30 years of experience with senior roles in exploration, financing, and development in the mining industry, including over ten years of extensive exploration experience in the Rosario Mining District, leading to previous successful discoveries. A current NI 43-101 report on the El Habal Project is filed on SEDAR.

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Such statements and information reflect the current view of the Company. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE GOLDPLAY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Mr. Marcio Fonseca,
P. Geo, President & CEO
Goldplay Exploration Ltd.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/goldplay-announces-significant-silver-values-of-up-to-1-285-gpt-ageq-over-1-5-meter-intersection-from-sampling-program-on-historical-core-supporting-the-high-grade-nature-of-the-san-marcial-project-and-upside-potential-for-resou-300698006.html

SOURCE Goldplay Exploration Ltd

For further information: +1 (604) 202 31 55, Email: info@goldplayexploration.com, Website: www.goldplayexploration.com, 999 West Hastings Street, Suite 900, Vancouver, British Columbia V6C 2W2

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Bayhorse Silver: Q&A about old workings and resource expansion

Bayhorse Silver (V.BHS) has recently re-opened old workings at its silver mine in Oregon. The company has always known the workings were present on the site but, until breaking through into those workings it had no idea of their condition.

Given that it costs an average of $1,000 a lineal foot to create new workings, the condition of the older workings is a huge plus for the company. This is especially true given that the company has all of the old plans and drill results for these old workings.

We reached out to Bayhorse to get a sense of the importance of these old workings and their potential impact on Bayhorse’s projected 43-101 Resource Estimate.

 Motherlodetv: Bayhorse put out news indicating that you’ve broken through into the old mine workings. Can you tell me what you found?

BayHorse Silver: Most of the old mine workings we entered into are in remarkably good shape, considering they have been inaccessible for over 34 years. Obviously, we were a little concerned about the condition when we started the development haulage way. The back roof is holding up well and much of the original service equipment in the workings, such as the ventilation equipment, air and water lines, is intact, which will save significant capital costs as we move toward mining in this area.

ML: What does this mean for the Bayhorse Mine?

BHS: This means that we are readily able to access the working faces from the 1984 mining campaign and resample the mineralized zone to confirm the grades that were mined at that time (5,718 tons grading an average of 16.7oz/ton) We have submitted some samples for assay already, with more to follow.

This will allow us to calculate a current tonnage for the NI 43-101 report under preparation by Apex Geoscience Ltd.  Mike Dufresne of Apex has already visited the property to begin that report.

There are over 1500 feet of haulage ways, drifts and raises accessible for sampling to be included in the current evaluation.

ML: How much do you know about these old workings from the documents you have from the former operator?

BHS: Bayhorse has essentially all of the historical data, recorded in great detail on mine plans, and mine cross sections.  We have a complete understanding of the location of all of the previous workings, and what drilling that was done, and where. These have all been incorporated into a new mine plan that is being worked on right now by Apex Geoscience.

ML: What will it take to get these old workings up and running?

BHS: When we intersected the old workings deep inside the mine, we were pleasantly surprised at just what good condition they were. In conjunction with our mining engineer and geologist, our underground team has recommended some cleanup, and some bolting and screening of the back (roof) in a few places to conform to modern safety practices.  A few areas will not be accessed because they are not needed for current operations.

ML: Do you have an immediate mining plan?

BHS: An accurate mine plan is essential to making sure we get as much mineral out as we can at minimal costs. Apex is doing this, however, we have reviewed the historic 1984 resource map and identified one proposed mining block, of in excess of 1000 tons that is within a historic high-grade zone, that is untouched. Virgin ground so to speak. A raise will be put in the central portion of this gently dipping block, and the mineralized material will be slushed into the raise and dropped below for hauling to the processing plant.

ML: People tend to think of Bayhorse as a “small” silver mine, what does the rediscovery of the old workings do in terms of the size of the mine?

BHS: When compared to an open pit operation, it is small, however, many underground mines operate at 100 ton a day to a 200 ton day capacity and are considered a medium size. We are optimistic our size projections for the mineralized zone will be confirmed.  If it is, then our shareholders will be very pleased, as it will a testament to their trust in what we, and our miners and consultants, have been doing.

We believe the resampling to be conducted by Apex in their work on preparation of the NI 43-101 Report, will quantify the previously reported mineralization to the extent that it will be included in the overall resource categories to be laid out in that report.

Development of the far west reaches of the mine, over 1,100 feet inside the mine, has not yet advanced to the stage where the mineralized extensions can be included in a resource category as yet, but will probably remain as a conceptual exploration target.

Overall we are most pleased with results to date and are thankful that the historic mine openings are largely accessible and can be used to rapidly advance our mining program.

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Bayhorse re-discovers old workings in great condition

If you look to your right you’ll see a news release from Bayhorse Silver.

One of the frustrations of being a junior mining CEO is that news releases have to be written is objective, non-promotional, understated language.

Which means that Graeme O’Neill, CEO of Bayhorse, could not use Trumpian all caps and say that finding 1500 feet of 30 year old mine workings in near perfect condition “IS A BIG F**KING DEAL”.

Three reasons: first, it means the company is not going to have to drift 1500 feet at $1000 a foot. It is literally like finding a million and a half dollars under a rock. Second, while the company has always known the old workings were there, it had no idea what sort of shape they were in and what it was going to take to bring them up to grade. It turns out that the workings are all in good, or at least, fair shape.

The third reason is a bit more complicated. Per the News Release, Bayhorse is working on the 43-101 Resource Estimate. While the company knew that there were historical resources which the previous owner has planned to mine but had not, it had no economically feasible way of reaching the historic mineralized zones to bring them into the resource calculation. With the opening of the old workings it should be possible to sample the newly re-exposed rock and have a chance to include some or all of the historical resource in the new estimate.

These “new” old workings will also give Bayhorse a huge assist when it comes to planning its mining activity. In effect, having 1500 feet of workings gives the company 6000 feet of exposed mineralization to actually mine. Obviously, not all of that will be economic rock. But the last company to work the Bayhorse Mine did not shut down because it had run out of silver, it shut down because the price of silver cratered.

Up until now, Bayhorse has been seen by the market as a relatively small mine with all of the issues small mines can have. Now, without spending very much money at all, Bayhorse has become a significantly larger mine without the upfront costs normally associated with mine expansion.

It will take a little while for the market to catch on. In fact, it may take until the 43-101 is released. Which means that there may be a significant opportunity for investors to buy an option on silver for pennies on the dollar.

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Bayhorse Silver Accesses additional 1,500 feet of 1984 Historical Workings, Bayhorse Silver Mine, Oregon, USA.

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.

 

 

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Bayhorse Silver Examining Underground Silver Zone, and Producing National Instrument 43-101 Report, for the Bayhorse Mine in Oregon, USA

Vancouver, British Columbia–(Newsfile Corp. – July 26, 2018) – Bayhorse Silver Inc. (TSXV: BHS) (the “Company” or “Bayhorse”) is pleased to report on operational activities at its Bayhorse Silver Mine, Oregon, USA.

The Company has been working with Apex Geoscience, to not only provide historical background material for the NI-43-101 report currently in progress, but also to develop a comprehensive model of the mineralization at the far westerly reaches inside the Mine.

This mineralized zone is approximately 800 feet inside from the mine portal, and the modelling is to identify the boundaries and configuration of the mineralization to enable cost effective extraction planning.

The Company is currently installing a 100-foot long inclined ramp up into the main mineralized zone from the end of the new haulage way at the extreme western end of the underground workings. The National Instrument 43-101 Report being prepared will incorporate all the new information and will represent a current status report on the mine. New orthogonal diagrams of the prior drilling and historic and current sampling has already been produced in MicroMine and is available for viewing on the Company’s website.

Bayhorse CEO Graeme O’Neill comments, “We have been working diligently on the Bayhorse Mine this past three months, not only in the mine modelling, but also in reviewing the processing equipment to increase throughput. We have also acquired additional heavy underground equipment, the JS220 2yd mucker, to enable us to move greater quantities of rock more cost-effectively.”

“The Company advises that historic mineral resources are not mineral reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. 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 TSX Venture Exchange approval, the Company is extending the expiry dates of the following outstanding warrants that are exercisable into the Company’s common shares:

300,000 warrants at an exercise price of $0.20 per share to December 19, 2018 that were scheduled to expire on July 31, 2018.
2,000,000 warrants at an exercise price of $0.20 per share to January 23, 2019 that were scheduled to expire on July 31, 2018.
1,000,000 warrants at an exercise price of $0.25 per share to September 15, 2019 that were scheduled to expire on September 19, 2018.
400,000 at an exercise price of $0.25 per share to November 7, 2019 that were scheduled to expire on November 7, 2018.
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.

On Behalf of the Board.

Graeme O’Neill, CEO
604-684-3394

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.

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Metallic Minerals Update – Keno Silver

Greg Johnson, Metallic Minerals’ Chairman & CEO stated, “We are excited about the potential that is being highlighted by our ongoing exploration on the Keno Silver Project, where we have been able to move quickly from land acquisitions and target identification to delivering confirmatory drill results from these under-explored areas of the prolific Keno Hill Silver District. Results to date have confirmed the existence of high-grade silver in Keno-type structures beginning at surface and that those systems are open at depth and along strike, in stratigraphic settings that are comparable with some of the largest deposits in the district. Our plans for 2018 are to undertake a robust drill-focused program, following and expanding upon the same systematic exploration methodology as 2017.”

Metallic Minerals has put out an update on its plans for its Yukon Keno Hill silver properties. The release has some great graphics and is well worth looking at if you are interested in Metallic or its near neighbour, Alexco.

I visited the Alexco site on the Yukon Mining Alliance tour and Greg Johnson presented during the visit. Both companies will be written up later in the summer.

But here is the non-PhD in geology take away. There was a reason why Keno Hill was the second most prolific silver district in Canada producing more value than the original Klondike gold rush: the ground is full of silver. And there is still plenty of silver left. The silver mines didn’t close because they ran out of silver, they closed because the price of silver cratered. Just how much is left is what Metallic and Alexco are drilling to find out.

Very much looking forward to drilling results later in the summer or in the fall.

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Bayhorse Silver Increases 1,500,000 Unit Private Placement to 3,000,000 Units

Bayhorse Silver Inc. (TSXV: BHS) (the “Company” or “Bayhorse“) announces that due to interest from investors, and subject to TSX-V Exchange approval, it is increasing the equity portion of prior announced non-brokered private placement from up to 1,500,000 Units at $0.10 per Unit to 3,000,000 Units for gross proceeds of $300,000.

The amended C$300,000 private placement will consist of 3,000,000 Units at ten ($0.10) per Unit. Each C$0.10 Unit will consist of one (1) common share and one half (1/2) of one transferable common share purchase warrant, with each whole warrant exercisable into one (1) common share of the Company at an exercise price of $0.15 cents, exercisable for a period of 24 months from the date of issuance.

In addition to any other exemption available to the Company, participation in the non-brokered 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 will be used for equipment acquisition and working capital purposes to operate the Bayhorse Silver Mine, as well as general and administrative costs.

Finder fees may be payable on a portion of the financing not taken down by insiders according to the policies of the TSX-V.

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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 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.

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Silver Option

The announcement of Bayhorse Silver’s  $500,000, 12% convertible debenture would be a fairly normal course transaction except for one provision. Along with debenture warrants – more below – the instrument contains a right to be paid in silver when the Bayhorse Mine in Oregon goes into production.

I called Graeme O’Neill, CEO of Bayhorse (V.BHS) for more details.

“Yes, the debenture is convertible into shares of Bayhorse or into silver at $16.50 per ounce when we are producing,” said O’Neill. “We’ve done similar debentures before. In the past the vast majority of our debenture holders have converted to shares. The history of Bayhorse debentures is solid. Investors make money.”

O’Neill is well aware of the market conditions this debenture is being launched into. “The market is depressed,” said O’Neill, “Precious metals are depressed.” He didn’t need to add that summer is the slowest time of the year for the junior market and for precious metals markets.

“Part of each US$5000.00 convertible debenture unit are 20,000 debenture warrants with an exercise price of $0.20 per share,” said O’Neill. “Frankly these warrants are an incentive to potential purchasers to risk their money.”

For silver bulls, and there are still lots of them out there, a silver convertible option is like locking in a $16.50 an ounce silver price and being paid 12% interest and debenture warrants for your trouble. The debenture may be purchased by qualified investors or individuals who already hold shares in Bayhorse under the existing shareholder exemption. (Not, unfortunately, available to Ontario residents.)

O’Neill has done this before and is very confident the debenture will sell out. “I have already had interest from Germany and Belguim as well as the US and Canada,” said O’Neill. “The $150,000 private placement we are doing at the same time is substantially filled and will close in the next week and a half. The debenture is larger and will take a bit longer. Likely about a month. And, yes, you can participate in one without participating in the other.”

Interestingly, for the smaller investor, the silver convertible debenture is being sold in units of US$5000.00. In round numbers, excluding interest, that would entitle the investor to 300+ ounces of silver and the 20,000 warrants, plus accrued interest, on redemption. Given the tendency of the silver market to occasionally breakout significantly to the upside, an interest-bearing asset which gives the investor a call on silver might make an attractive and efficient addition to a portfolio.

(Disclaimer – one of the partners in motherlodetv.net is currently contemplating an investment in one or more of the Bayhorse Silver 12% silver convertible debenture units. We’re doing our due diligence and we strongly advise that you do yours.)

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Bayhorse Silver Announces US$500,000 Convertible, Silver-Convertible, Debenture Offering and 1,500,000 Unit Private Placement

Bayhorse Silver Inc. (TSXV: BHS) (the “Company” or “Bayhorse“) reports that, subject to TSX-V Exchange approval, it is conducting a non-brokered private placement of up to 1,500,000 Units at $0.10 per Unit for gross proceeds of up to $150,000 and a US$5,000 12% Convertible Debenture Unit financing for total proceeds of US$500,000.

The Debenture shall be transferable and bear interest at a rate of twelve (12%) percent per annum, payable annually in arrears. Additionally, at the election of the Holders, the Debenture will be convertible into common shares of the Company at C$0.15 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$16.50 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 $0.20 per Debenture Warrant Share until three years from the date of issue.

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 C$150,000 private placement will consist of 1,500,000 Units. Each C$0.10 Unit will consist of one (1) common share and one half (1/2) of one transferable common share purchase warrant, with each whole warrant exercisable into one (1) common share of the Company at an exercise price of $0.15 cents, exercisable for a period of 24 months from the date of issuance.

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. Finder fees may be payable on a portion of the financing according to the policies of the TSX-V.

The funds raised will be used for working capital purposes to operate the Bayhorse Silver Mine, as well as general and administrative costs.

Finder fees may be payable on a portion of the financing not taken down by insiders according to the policies of the TSX-V.

The Company has closed a prior non-brokered private placement of 1,000,000 units at a price of $0.15 cents per unit for gross proceeds of $150,000. The shares issued under this placement are subject to a four month and one day hold from closing.

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 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.

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Bayhorse Silver Achieves Near Total Silver Recovery With Two Stage Leaching, Bayhorse Silver Mine, Oregon, USA

Vancouver, British Columbia–(Newsfile Corp. – June 6, 2018) – Bayhorse Silver Inc. (TSXV: BHS) (the “Company” or “Bayhorse”) has achieved near total silver recovery (NTSR) from the recent two stage leaching test program conducted for the Company by Richard Hammen, Ph.D. Chemistry, on its Bayhorse Silver Mine, Oregon, USA. The Company is in the process of establishing the effectiveness of the processing method at commercial levels of production.

Dr. Hammen has taken his research success in chemical separations, begun while he was Director of Chemistry at Jet Propulsion Labs (JPL) of Pasadena, CA, and applied it to mineral processing streams to improve recovery of metals over what is currently in practice in the mining industry.

In the leaching test (hydrometallurgical process) on 25 kg of Bayhorse Silver Mine mineralized material grading 25.6 oz/ton (796 g/ton) silver, Dr. Hammen achieved essentially total recovery of the silver as shown in the table below. Using ion exchange purification and reduction, the resultant silver can be formed into pure silver bars.

Summary of 2 Stage Silver leach results
ppm Ag
Head Assay grams Ag/ton of ore 796
Tails after leaching grams Ag/ton of ore <2
Ag in leach solutions grams Ag/ton of ore 792

The Process

The combined use of both electrophilic and nucleophilic classes of chemicals that has been developed for leaching the silver bearing material at the Bayhorse Silver Mine lifts the yield of silver that can be extracted from the 60% range to the 99+% level. If the process is effective at commercial levels of production, it may affect the potential economics of the Company’s silver mine.

The chart supports solution analyses by mass balance of silver in both the mineralization and the tailings. Since the lower limit of detection (LDL) for the ICP instrument used to measure the silver in the tailings was 2 ppm then the silver “measurement” was less than 2 ppm (<2 ppm). Using the 2 ppm LDL number, the extraction of the silver from the mineralization by these orthogonal leaches is virtually complete.

Dr Hammen states, “The quantity of reagents used will be refined in further test work leaching of a one ton sample of Bayhorse “ore-sorted” mineralized material, followed by silver purification by ion exchange or Solid Phase Extraction.”

Previous hydrometallurgy efforts on Bayhorse mineralization, using other chemical leaching methods only extracted 55%-65% of the silver, a level not competitive with other extraction methods. Flotation tests were able to achieve only a maximum 89-90% recovery.

Bayhorse CEO Graeme O’Neill comments, “At this stage we are focused on reducing our mining and processing costs, including minimizing the normal downstream losses that occur from shipping, smelting and refining. Addressing these issues now, rather than down the road, will improve our ability to operate in a lean metals pricing environment.”

Assaying of the leachate and tails reported in the above table was undertaken by American Analytical Labs, Osburn, Idaho. The analytical method used for the silver analysis consisted of a 40 gram sample subjected to ICP finish followed by fire assay.

Next Steps

With the successful completion of the initial leach test, the Company is ready to scale the testing process. The Company will ship approximately one ton of crushed development material to Dr. Hammen, who is preparing for the larger scale testing program. The crushing is underway and the one ton bags are being prepared for shipping. The leaching tests are expected to take 30 days and the results of this test will be reported when available.

Dr. Hammen graduated from Stanford University, obtained his Doctorate in Chemistry from the University of Wisconsin and completed his post-Doctoral studies in Chemistry from UCLA. He is the patent holder, or co-patent holder of seven current patents and is the author, or co-author, of a number of scientific publications on, among other subjects, metals separation in aqueous solutions.

The Company advises it 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.

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This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its contents. The technical content of this news release has been prepared under the supervision of and has been approved by Dr. Stewart Jackson, P.Geo., a Qualified Person under National Instrument 43-101. He is a technical advisor to the Company and holds incentive stock options in the Company.

On Behalf of the Board.

Graeme O’Neill, CEO
604-684-3394

Bayhorse Silver Inc., a junior exploration company, has earned a 100% interest in the historic Bayhorse Silver Mine, Oregon, USA.

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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