Bayhorse Reports Gold Occurrences in Historic Brandywine Core; Expands Claims to Cover Historical Gold, Silver and Copper Values in Rock and Soil Samples; Announces Private Placement
Vancouver, British Columbia--(Newsfile Corp. - September 17, 2019) - Bayhorse Silver Inc. (TSXV: BHS) (the "Company" or "Bayhorse") has confirmed the presence of visible gold in historic Brandywine core, from 2010 Auramex Resources drilling, that has been securely stored.
Two 1.5 meter sections of the historic core, including unsampled sections, show multiple occurrences of visible gold (VG) are present. The entire core is being relogged and photographed prior to splitting, and submission for re-assay. Re-assayed core will be subject to metallic screen assay to resolve potential gold nugget effects.
Auramex drilled three holes in 2010 to follow up La Rock's drill holes at the 400 ft by 300 ft by 250 ft Dave's Pond (DP) mineralized zone.
Upon permitting and additional financing, the Company intends to conduct a larger VTEM airborne survey over the Brandywine project, and drill a minimum 4 scissor holes across the DP zone to fully understand the orientation and depth of the gold bearing zone.
Based on a comprehensive review of historic reports, the Company has dramatically expanded the Brandywine precious metals rich VMS project near Squamish BC, to 1,500 hectares from 400 hectares. The project now includes areas west of the original claim group where a historic rock samples included 9.15 g/t gold, 22 ppm silver, and 2% copper located 600 meters west of the original claims, and 0.12 ppm gold, 6.5 ppm silver and 0.4% copper located 1.4 km west.
The readily accessible, 1,500 hectare, brownfield Brandywine project has undergone several mining and exploration phases including bulk tonnage shipments to smelters, extensive drilling, and extensive geochemical and geophysical studies, (2018 Brandywine Minfile Report) Mineralization extends over an area more than 3.6 km east to west and 2.4 km north to south.
The Company advises that a qualified person has not done sufficient work to verify the historical sampling results. Chip & grab samples are selected samples and may not be representative of the mineralization hosted on the property.
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Bayhorse CEO Graeme O'Neill comments "with confirmation of VG at the Brandywine, we have added a very promising gold prospect to complement the Company's high grade Bayhorse Silver Mine. Commissioning of the newly installed and reconfigured milling/regrinding/gravity circuit at Bayhorse is expected to be complete, with production of a high quality concentrate projected to commence, by the end of September."
The Company announces a non-brokered private placement consisting a 4,000, 000 flow-through units at $0.15 cents per unit, and 4 million non flow-through units and $0.125 cents per unit.
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. 25 cents for a period of twenty-four months from the date of issuance.
Each non 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 $0.25 cents for a period of twenty-four months from the date of issuance.
Proceeds of the flow-through units will fund an expanded work program at the Brandywine gold/silver VMS project near Squamish BC.
Proceeds of the non flow-through units are for the Bayhorse Silver Mine and general corporate purposes.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/47841