Bayhorse Silver Inc. BHS: TSX-V (the “Company” or “Bayhorse“) President & CEO Graeme O’Neill wishes all Bayhorse Shareholders, and investors, a Merry Christmas and a Happy, and Prosperous, New Year. We wish to recap major advances this year, and to outline plans for the year to come.
Bayhorse Silver Mine: Electrical service, connection at the Bayhorse Silver Mine site by the Electrical Utility, is underway allowing commissioning and operation of the crushing and upgrading plant. To provide an upgrading benchmark for further work, we plan first to test run the 300 tons of stockpiled mineralized material left behind from the 1984 mining program. After comprehensive assaying and testing by Met-Solve Labs in 2014 and 2015 and 2016, as disclosed in prior news releases, the stockpile is estimated to contain an average grade of 5.28 oz/t (164.2 g/t) silver. This will provide an upgrading bench mark against which we will compare results of processing the 2,000 tons of mixed run-of-mine mineralized material that was extracted from the intermediate level workings during the latter half of 2016.
Opening of the upper adit will provide the required secondary escapeway. In addition to conforming to ventilation and safety requirements, this permits the extraction of the substantial amount of mineralized material left un-mined since 1926 and not touched during the 1984 mining program. To guide extraction of this material, the Company has the reliable, comprehensive mine plans, surveys, and assay data compiled during the 1959, 1976, 1981 and 1984 programs.
This material from the upper adit will provide additional feed for the crushing/upgrading circuit during the first months of the New Year. It will also provide two to three tons of mineralized material that will be shipped to Steinert USA for a bulk-scale Ore-Sorting test to follow up the initial Ore-Sorting testing that has just been successfully completed.
Bridging The Gap Project: Assay results have been received for the first diamond drill hole at the Project and are currently being correlated with the drill logs. Anomalous gold, lead, and zinc values have been identified within the 113 samples submitted. The Company is anticipating recommencing the drill program in late February of 2017.
Financing. During 2016 we financed the Company’s operations through the placement of US$1,250,000 in Debenture Units, as well as through the exercise of 8,260,341 outstanding options and warrants priced at C$0.10 and C$0.15. The Company has granted 120,000 incentive stock options to officers and consultants exercisable for 5 years at $0.125 cents each.
Investor Awareness. The Company participated in the San Francisco “Silver Summit” in November where David Morgan of the Silver Investor interviewed President O’Neill regarding progress at the Bayhorse Mine and the BTG Project. That interview can be viewed at:
The Company will be participating in the Cambridgehouse Vancouver Resource Investment Conference in January, 2017.
Personnel. Dr. W. Willoughby, PE, has consented to provide Mine Engineering consulting services to the Company. Dr. Willoughby is a highly experienced Mining Engineer with 35 years of experience in all aspects of mining projects, including: planning and evaluations, exploration, drilling, underground and surface development, technical studies, permitting and financing.