April 8, 2019
BAYHORSE OPTIONS BRANDYWINE, BROWNFIELD, PRECIOUS METALS-RICH VOLCANOGENIC MASSIVE SULPHIDE PROPERTY, BRITISH COLUMBIA, CANA B
Bayhorse Silver Inc (“Bayhorse” or the “Company”) (BHS TSX-V)
has, subject to the approval of the TSX Venture Exchange, executed a Letter of
Intent (LOI) to enter into an Option Agreement to acquire an 80% interest in
the Brandywine precious metals-rich, volcanogenic massive sulphide deposit
located near Squamish, British Columbia from Turnagain Resources of Richmond,
British Columbia, Canada.
The readily accessible, 1,432 hectare, brownfield Brandywine
deposit has undergone several exploration phases including bulk tonnage
shipments to smelters, extensive drilling, and extensive geochemical and
The Brandywine deposit conceptually
falls within a class of high gold-silver volcanogenic massive sulphide deposits
that include the Eskay Creek deposit of northern British Columbia; the Green’s
Creek deposit on Admiralty Island near Juneau, Alaska; the Bawdwin deposit in
Myanmar; and the Rosebery deposit of Tasmania.
This family of deposits is particularly silver and lead rich with
important gold, zinc, copper and other metal values.
Terms of the agreement include a non-refundable deposit of
$1,000 followed by payment of C$ 9,000 on signing of the Option Agreement,
delivery of 100,000 shares of Bayhorse Silver on signing, and incurring C$
3,000,000 of work over five years. An issuance
of 200,000 shares will occur on the first anniversary; an additional cash payment
of $40,000 and a further 300,000 shares will be issued on the second
anniversary and 300,000 shares will be issued each on the third through the
fifth anniversaries for a total of 1.5 million shares.
Work expenditures will be $500,000 in year one, $500,000 in
year two, $500,000 in year three, and $1,500,000 on or before the 5th
Initial grab samples have been taken from newly exposed
mineralized outcrop and have been submitted to Mineral Solutions LLC, (Minerals)
Coeur d Alene, Idaho, for assessment and assay. Additional samples will be
submitted for assays in the coming weeks.
A sample from the historic mining stockpile is planned to be
shipped to the Company’s Bayhorse Silver Mine for assessment through the
Company’s Ore-Sorter and upgrading circuit, that has recently been
re-configured to meet the upgrade and concentration requirements for Mineral’s processing
of Bayhorse mineralization into refined silver.
The most definitive
indications of the nature of the mineralization on the property are two smelter
shipments as follows:
- A 50 ton bulk sample in 1967 grading 83.1 g/t
gold, 354 g/t silver, 9.9% lead, 7.4% zinc, 0.30% copper per ton to East Helena
, Montana, smelter from the Silver Tunnel and Main Zone (Melling, 1994, Walus
- A 500 ton sample grading 14.2% lead, 12.5%
zinc, 339 g/t silver, and 2.57 g/t gold per ton to the Cominco Smelter in Trail
in 1977 (Walus, 2011, Melling, 1994).
Several historical resources have been published previously,
including 112,000 tonnes reported to average 10 oz
Ag/ton;.0.03 oz Au/ton; 0.19% lead and 0.34% zinc.
Additionally, the reports identify the presence of Pyrargyrite (Ruby Silver), as well as the rare
silver specimen minerals, diasphorite, fizelyite, (rare silver-lead-antimony
Sulfosalt) semseyeyite, miargyrite,(silver, antimony sulphide) and prostilpnite
(Ag, Sb, S), all indicative of the presence of high grade silver, as well as the
rare mineral hubernite, on the property. Samples of the rare specimen silver
minerals can be found in the historic mine dumps.
The Company advises that the information is of a historic
nature. Historic production estimates and grades reported have not been
verified. A qualified person has not done sufficient work to verify the
historical estimates nor classify the historic estimates as current mineral
resources or mineral reserves, and the Company is not treating the historical
estimates as current mineral resources or mineral reserves.
While the various historical tonnage calculations have not
been verified by a Qualified Person, the detailed drill data available from
extensive work by several exploration groups is preserved, and will serve as a
basis for confirmation drilling of the known sulphide mineralization target
Bayhorse CEO Graeme O’Neill comments “Brandywine is an
excellent high grade silver and gold project that complements our high grade
Bayhorse Silver Mine.” “Historic reports are available for viewing on the
Company’s website at http://www.bayhorsesilver.com/brandywine-project-au-ag/
L. Sookochoff, P.Eng., compiled much of the
previous work for an assessment report in October ,2018. Discussions include work undertaken on the
Stan pit area, the Silver Tunnel, Zone 4, the Brandywine No. 1 Adit, the
Brandywine No.2 Adit, and the Quartz Tunnel.
Bayhorse Silver plans to undertake a re-evaluation of all
data available on the project and design an exploration program to confirm
previously established mineralized zones, and explore extensively on the
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
Graeme O’Neill, CEO
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.