The Company has issued a Corporate Update on operations at our 100% controlled Bayhorse Silver Mine, that can be viewed on the Company’s website titled BHS2018-32
· Establishing a raise up into mineralization to a new working stope
· Extracting over 1,200 tons of mineralized material for bulk sample test work
· Submitting samples of extracted mineralized material for assay and additional metallurgical work
· Completing an all-weather surface storage area for mineralized material
· Commenced the moving of the extracted mineralized material to the storage area
· Commenced the processing of the extracted mineralized material through the Steinert Ore-Sorter
· Submitted a NI-43-101 Technical Report supporting the maiden mineral resource announced in a news release dated September 24, 2018 to the BCSC for its review
· Creating a number of short video presentations on aspects of the Bayhorse Mine operation
Many shareholders ask “where do all the funds you raise go”?
I believe these following videos will help answer that question, as we have completed all the underground workings, over 1,100 feet, including all haulageways, drifts and underground services for just over US$6 million, with much of that funding coming from insiders, or larger shareholders, and at the same time established an inferred 43-101 resource of 6.3 million ounces. Essentially developing a full working mine and upgrading facility for an unheard of US$1.00 per inferred ounce.
The majority of companies who establish 43-101 resources still have to build the mine, so the resources they announce are still in the distant future with no guarantee of ever becoming an operating mine. Ours is in the here and now.
Very few shareholders ever see the inside of a mine, or working mines, they invest in. These videos give a pretty detailed look at a working mine. All the miners are highly experienced underground miners from Idaho’s Silver Valley. They have all worked underground in the Bunker Hill, the Sunshine, the Galena, and the Lucky Friday silver mines and we are fortunate to have such highly skilled mining teams.
Now we have reopened the extreme western end of the mine and are in what we call the jewelry box, the high grade mineralization, that we have been targeting this past couple of months, and that we have taken out is now being processed through the ore-sorter and then the ball mill.
This past year has been extremely difficult to raise capital. All our working funds went into building the mine. We have gone to the market but like many CEO’s have found this past year, much of our requests for funding have been turned down as investors were, quite rightly considering the state of the precious metals markets, reluctant to participate in PP’s.
However, we need to ensure, just like a new truck off the assembly line, that we fill the gas tank in order to drive it.
Our priority is to complete the US$500,000 debenture so we can complete the processing, and allow us to get as much direct shipping material ready for sale.
We are waiting for assays from the three high grade metallurgical samples that have been submitted to the lab, at which time we will ship the three met samples off to the smelters to get firm smelter pricing, to take the place of the indicative proposals we have now. This should happen by the end of this week.
We will disseminate the results as soon as we receive them
CEO, Bayhorse Silver