Bayhorse Silver Inc. (“Bayhorse” or the “Company”) BHS: TSX-V, reports on assay results received from the Company’s recently acquired Bayhorse Mine Silver property in eastern Oregon.
Of the 21 selected hand samples taken, 11 assayed >100 g/t silver with some containing bonanza grades of more than 10,000 g/t silver. The highest silver grades are in samples GRBH-20, 150.4 kg/tonne (150,370 g/tonne or 4,835 oz/tonne) and GRBH-19, 88.2 kg/tonne (88,206 g/tonne or 2,836 oz/tonne). In addition samples GRBH-13 graded 1.19 kg/tonne (1,190 g/tonne or 38.26 oz/tonne), GRBH-09, 1.02 kg/tonne (1,020 g/tonne or 32.79 oz/tonne), GRBH-02, 0.9 kg/tonne (902 g/tonne or 29.0 oz/tonne) and GRBH-03, 0.88 kg/tonne (888 g/tonne or 28.55 oz/tonne). Assays for the entire 21 samples are tabulated below. Samples were taken by independent geologist Dr. G. E. Ray, P.Geol., during a property visit undertaken in preparation for an NI-43-101 Technical Report that is currently underway.
The two highest grade samples (GRBH-20 and GRBH-19) were taken 4 meters apart from a 4-cm thick massive sulfosalt-sphalerite vein that occupies a faulted rhyolite-andesite contact. This vein outcrops above the Upper Adit entrance that accesses the historic underground workings. The two samples weighed approximately 1.5 kg each. The samples were submitted under chain of custody to the certified ALS Chemex laboratory in Elko Nevada for analysis.
|GRBH-01||Low grade stockpile rhyolite||118||2.65||3.79|
|GRBH-02||Low grade stockpile rhyolite||902||1.17||2.39||29||0.9|
|GRBH-03||Low grade stockpile rhyolite||888||3.06||2.4||28.55||0.9|
|GRBH-04||Low grade stockpile rhyolite||176||1.1||5.66|
|GRBH-05||Low grade stockpile rhyolite||197||6.33|
|GRBH-06||Quartz vein upper adit||1.73||0.05|
|GRBH-07||Low grade stockpile rhyolite||641||5.12||3.7||20.61|
|GRBH-08||Low grade stockpile rhyolite||84.6||0.99||2.72|
|GRBH-09||Andesite outcrop 70ft north of Upper Adit||1,020||2.95||1.13||32.79||1.02|
|GRBH-10||Composite quartz vein samples||5.79||0.186|
|GRBH-13||Outcrop rhyolite 160ft south of Upper Adit||1,190||3.69||38.26||1.19|
|GRBH-14||Quartz vein float 1600ft west of Upper Adit||1.59||0.03|
|GRBH-15||Composite quartz vein float 1600ft west of Upper Adit||9.23||0.29|
|GRBH-16||Composite quartz vein float||4.06||0.13|
|GRBH-17||Faulted outcrop 750ft west of adit||0.66||–|
|GRBH-18||Outcrop 400ft west of Upper Adit||5.14||1.19||0.16|
|GRBH-19||4 cm vein outcrop at Upper Adit*||88,206||11.9||1.25||8.97||2,836||88.2|
|GRBH-20||4 cm vein outcrop at Upper Adit *||150,370||17.85||1.21||8.67||4,835||150.4|
|GRBH-21||Composite rhyolite float Upper Adit||710||2.5||22.83|
(“grab samples are selective by nature and are unlikely to represent average grades of the deposits”)
The assay results confirm historic reports that bonanza grade silver exists on the Bayhorse Property.
Some samples were submitted to petrologist Dr. Craig Leitch, P.Eng., for thin and polished section studies. He reports that the 4-cm thick vein discovered at surface with bonanza silver grades contains sphalerite, with three distinct sulfosalt minerals (tennantite and two unidentified phases, possibly Ag-sulfosalts) as well as possible acanthite. In addition there was minor galena and chalcopyrite.
Based upon the significant results reported above, along with the following historic information, the Company has decided to initiate metallurgical assessment of an approximately 250 kg bulk sample of mineralized material from an onsite, apparent low-grade ore dump, to be submitted to Met-Solve laboratories in Abbotsford, BC. By doing so, the Company hopes to confirm the reported historic flotation recoveries in excess of 80% silver and to determine the best method to achieve a saleable concentrate in the event that the historic information reported below can be substantiated.
The Company advises that the following information is of a historic nature. Historic production estimates, drill information and grades reported have not been verified; A qualified person has not done sufficient work to verify the historical estimates nor classify the historical estimates as current mineral resources or mineral reserves and the Company is not treating the historical estimates as current mineral resources or mineral reserves. (ounces/grams conversion is one ounce/short ton = 34.2857 grams/metric ton)
As “stated in the minerals production yearbook” (Jacobsen, 1959), total reported historic production from the Bayhorse Mine through 1959 was 286,000 ounces of silver from 8,300 tons of ore for an average of approximately 34.5 opt Ag (1,183 g/t Ag) while Herdrick (1981) estimated remaining shipping ore at a 7.5 opt Ag cutoff to be 166,208 tons, and on-site mill ore at a 3 opt Ag cutoff to be 473,350 tons.
According to other more recent reports in 1984, 90 underground drill holes totaling 15,000 feet reportedly delineated 26,000 tons of silver bearing mineralization of which 5,718 tons were reported being produced at an average grade of 16.7 opt Ag (572.5 g/t Ag) while approximately 20,000 tons at an average of 15 opt Ag reportedly remained unmined. The historic records also indicate that of the 5,718 tons produced, 23% reportedly graded between 21 – 100 opt Ag, 71% reportedly graded between 6 opt – 20 opt Ag and 6% reportedly graded less than 6 opt Ag. Ancillary copper produced reportedly averaged 1% Cu. The highest reported grade from the 1984 drilling, sampling and mining program was from a mined round, containing a tetrahedrite-tennantite –rich vein, that assayed 691 opt Ag (23,691 g/t) and 15.72% Cu.
Bayhorse Silver Inc. is a junior exploration company with a 100% interest in its three major high grade New Zealand gold prospects (Alexander River, Paparoa and Lyell), in the highly prolific West Coast South Island gold fields of New Zealand, where it offers investors the potential for a major gold discovery and is earning an 80% interest in its newly acquired historic Bayhorse Silver Mine that has the potential for a substantial silver discovery. The Company has an experienced management and technical team with extensive exploration expertise. This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its contents. The contents of this news release has been reviewed and approved by Dr. Clay Conway, P.Geol., and qualified person as recognized by National Instrument NI-43-101 and a director of the Company.
ON BEHALF OF THE BOARD
Graeme O’Neill, President
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.
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf except as required by law