July 18, 2024 9:24 AM EDT | Source: Bayhorse Silver Inc.
Vancouver, British Columbia–(Newsfile Corp. – July 18, 2024) – Bayhorse Silver Inc, (TSXV: BHS) (OTCQB: BHSIF) (FSE: 7KXN) (the “Company” or “Bayhorse”) reports that the installation of three groundwater test wells has been completed at its Bayhorse Silver Mine, Oregon, USA as the final part of its baseline studies required for the Company’s full Mine Operating Permit.
The three test wells, two of +/- 150 foot depth, and one of 750 foot depth, all intersected ground water at a depth of +/- 2080 feet above sea-level, which is the elevation of Idaho Power’s Brownlee Hydro Reservoir that the Bayhorse Silver Mine is situated beside.
The deepest test well, at +750 feet, lies 600 feet west of the Bayhorse underground mine workings and within the area of the recent VTEM survey low resistivity signature. This test well was collared at an elevation of 2,886 feet, and was reported to have passed through the known geological lithologies of the Weatherby (schist) and the Huntington (andesite) formations and the silver bearing Rhyolite zone of the Bayhorse Silver Mine. This deep test well confirms the silver bearing rhyolite is present at depth a minimum 600 feet west from the current underground workings.
The test wells were installed under the direction and supervision of HDR Engineering, of Boise, Idaho, through a ground water test plan approved by Oregon’s Department of Geological and Mineral Industries (“Dogami”).
Figure 1, Groundwater test well drill rig in operation at the Bayhorse Mine with the Pegasus Property in the background
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Deep drilling from the underground workings at the Bayhorse Mine is planned to test the extent of the mineralization in this rhyolite area.
Bayhorse CEO, Graeme O’Neill, comments “with completion of the groundwater test wells, the last of the baseline studies work has been completed, and we anticipate completing the final full Mine Operating Permit application as soon as possible. Having confirmation of the projected extent of the silver bearing rhyolite is a pleasant bonus from the test well drilling, and we are looking forward to commence the planned underground drill program to extend the known silver mineralized horizon westwards.”
The Company announces that, subject to the approval of the TSX-V Exchange, the Company has extended the expiry date of the following warrants (all other terms remain unchanged):
a) Original expiry date of 12,750,000 warrants: August 16, 2024.
b) New expiry date of 12,750,000 warrants: August 16, 2027.
Exercise price of warrants: 10 cents.
This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its content. Mark Abrams, AIPG, a Qualified Person has prepared, supervised the preparation of, or approved the technical content of this press release.
On Behalf of the Board.
Graeme O’Neill, CEO
866-399-6539
About Bayhorse Silver Inc.
Bayhorse Silver Inc. is an exploration and production company with a 100% interest in the historic Bayhorse Silver Mine located in Oregon, USA and the Pegasus Project, in Washington County, Idaho. The Bayhorse Silver Mine and the Pegasus Project are 44 km southwest of Hercules Silver’s porphyry copper discovery. The Bayhorse Mine includes a state of the art Steinert Ore-Sorting technology reducing waste rock entering the processing stream by up to 85%. The Company has created a minimum environmental impact facility capable of mining 200 tons of mineralization per day and the ability to process and supply 3,600 tons per year of silver/copper concentrate ranging between 7,500 to 15,000 g/t using standard flotation processing at its milling facility in nearby Payette County, Idaho, USA, with an offtake agreement in place with Ocean Partners UK Limited. The Company also has an option to acquire an 80% interest in the Brandywine high grade silver/gold property located in B.C. Canada. The Company has an experienced management and technical team with extensive mining expertise in both exploration and building mines.
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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