Bayhorse Silver Inc. BHS: TSX-V (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 modeling 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 modeling, 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.