Bayhorse Reports on Extensive Historic Silver Sampling at Brandywine & Closes Final Tranche of Flow Through Private Placement
Vancouver, British Columbia--(Newsfile Corp. - August 27, 2019) - Bayhorse Silver Inc. (TSXV: BHS) (the "Company" or "Bayhorse") announces that it has closed the final tranche of its previously announced flow through non-brokered private placement at a price of $0.10 per unit for gross proceeds of $230,000 (the "Flow Through Units").
Each Flow Through Unit consists of one common share and one transferable common share purchase warrant exercisable into one common share of the Company at an exercise price of $0.125 cents for a period of thirty-six months from the date of issuance.
On the Brandywine Project, as part of a comprehensive review of the substantial historical data sets, the Company's geologists have reviewed the silver results from Placer Dome's substantial rock sampling during a 1988 - 1989 exploration program.
In 1989 Placer Dome carried out surface exploration to test the areas surrounding historical showings of polymetallic sulphide mineralization. Of the total 130 rock samples collected, 16 returned silver contents exceeding 1000 g/t (32 oz/t) with the highest value of 1,800.64 oz per ton silver (sample 50624). Some mineralized samples show gold values ranging from 125 ppb to 6,200 ppb (6.2 g/t)(sample 43464). (Placer Dome, 1990) These encouraging results were never been followed up by more surface work or drill targeting, and remain as intriguing immediate exploration targets.
(Chip & grab samples are selected samples and may not be representative of the mineralization hosted on the property.)
Exploration within the current mineral tenures dates back to 1923. After initial discovery, several polymetallic mineral occurrences were explored underground between 1937 and 1966 with bulk shipments made to smelters in Montana and Trail, BC. In 1987 Cominco Limited optioned the property to re-evaluate the Silver Tunnel and Tedi Pit showings. Since that time several drilling campaigns carried out by various operators up until 2010, focussed only on the historical showings.
Mineralization consists not only of disseminated and banded massive sulphides, but also of vein style polymetallic occurrences consisting of pyrite, sphalerite, galena, chalcopyrite, tetrahedrite, argentite, electrum, bornite and ruby silver.
The company is compiling all the historical results to focus on strike extensions of most prospective historical targets and untested surface discoveries.
Bayhorse CEO Graeme O'Neill comments "the more we dig into the substantial historic Brandywine data base, the more pleased we are at the historic results we are finding that will guide our upcoming program. As all sites that were previously drilled or mined are readily accessible, both in summer or winter, and drill pads are still in place, any logistical issues that normally occur in any exploration program will be minimized."
The Company advises that the information presented is of a historic nature. A qualified person has not done sufficient work to verify the historical sampling results.
Proceeds of the Company's Flow-Through financing are to fund the upcoming exploration program on the newly acquired Brandywine gold/silver project.
The shares issued under the placement are subject to a four month hold period until December 28, 2019.
Bayhorse CEO, Graeme O'Neill, has subscribed for a total 750,000 Flow Through Units of the total private placement, and has sold, both through private transactions, and through the facilities of the TSX Venture Exchange, 750,000 common shares of the Company to facilitate his subscriptions.
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 Board.
Graeme O'Neill, CEO
Bayhorse Silver Inc., a junior exploration company, has earned 100% interest in the historic Bayhorse Silver Mine Oregon, USA. and has optioned the Brandywine, precious metals rich, volcanogenic massive sulphide property located in B.C., Canada. The Company has an experienced management and technical team with extensive exploration and mining expertise.
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.
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