Bayhorse Silver Mobilizes for Its Brandywine Gold-Silver Volcanogenic Massive Sulphide (VMS) Drilling Project - Announces Private Placement
Vancouver, British Columbia--(Newsfile Corp. - June 17, 2020) - Bayhorse Silver Inc. (TSXV: BHS) (the "Company" or "Bayhorse") has commenced mobilization on its readily accessible Brandywine, Gold, Silver and Volcanogenic Massive Sulphide (VMS) project, 35km north of Squamish, BC. A minimum 1,500 m (5,000 ft) diamond drill program is planned.
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The Dave's Pond high-grade gold-silver zone lies in the center of the 1,450 Ha Brandywine project. Ten (10) diamond drill holes are planned under the supervision of Apex Geoscience. In the 1995 LaRock and 2010 Auramex drill programs respectively, as verified by C..Baldys, P.Eng a Qualified Person, in his June 2020 QA/QC Report, gold intersections sampled in drill core in this zone assayed 36.9 g/t over 1.52 m (5 ft) and 14.4 g/t over 3.4 m (11 ft) including 1.52 m ( ft) of 20 g/t (Dunn, 2002, 2010) (Baldys 2019).
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On the VMS portion of the 1,450 Ha Brandywine Project, at the Silver Tunnel and Main Zone, approximately 1 km south of Dave's Pond, work in 1967 included a 50 ton bulk sample grading 83.1 g/t gold, 354 g/t silver, 9.9% lead, 7.4% zinc, 0.30% copper per ton of the material that was shipped to East Helena, Montana (Melling, 1994, Walus 2011).
Additionally, a 500 ton sample grading 14.2% lead, 12.5% zinc, 339 g/t silver, and 2.57 g/t gold per ton was shipped to the Cominco Smelter in Trail in 1977 (Walus, 2011, Melling, 1994).
Bayhorse CEO Graeme O'Neill comments, "With visible gold present at Dave's Pond gold-silver zone at shallow depths (known gold intercepts from between 10 to 30 meters) and the widespread gold and silver in the VMS portion, identified by the results of Placer Dome's extensive soil sampling, we anticipate early results from our dill program."
The Company has posted on its website the recently completed 2020 QA/QC Report on re-assaying of gold-silver intercepts from the historical drill core from the Dave's Pond portion of the project.
The VMS portion of the Brandywine deposit conceptually falls within a class of high gold-silver volcanogenic massive sulphide deposits that include the Eskay Creek deposit of northern British Columbia; the Green's Creek deposit on Admiralty Island near Juneau, Alaska; the Bawdwin deposit in Myanmar; and the Rosebery deposit of Tasmania. This family of deposits is particularly silver and lead rich with important gold, zinc, copper and other metal values (the comparisons noted are strictly for deposit model comparisons and are not necessarily indicative of the mineralization hosted on the property).
The Company is not basing any decision to produce on a feasibility study of mineral reserves demonstrating economic and technical viability and advises there is an increased uncertainty and specific economic and technical risk of failure with any production decision. These risks include, but are not limited to, (i) a drop in price of commodities produced, namely silver, copper, lead and zinc, from the pricing used to make a production decision; (ii) failure of grades of the produced material to fall within the parameters used to make the production decision; (iii) an increase in mining costs due to changes within the mine during development and mining procedures; and (iv) metallurgical recovery changes that cannot be anticipated at the time of production.
Subject to the TSX-V Exchange approval, the Company announces a 10 million Unit private placement consisting of 5 million flow through Units for gross proceeds of $625,000 and 5 million non-flow through Units for gross proceeds of $400,000. Each flow-through Unit will consist of one common share at $0.125 cents and one transferable common share purchase warrant exercisable at $0.20 cents for two years from date of issuance. Each non-flow-through Unit will consist of one common share at $0.08 cents per share and one transferable common share purchase warrant exercisable at $0.18 cents for two years from date of issuance.
In addition to any other exemption available to the Company, participation in the non-brokered financing is also open to all existing shareholders, even if not accredited investors, under the "existing shareholder" exemption of National Instrument 45-106 as promulgated in Multilateral CSA notice 45-313 in participating jurisdictions.
The funds raised are for the purpose advancing the Company's Brandywine project and for optimizing the metallurgical work on the silver recovery from the upgrading, processing and refining of silver mineralization from the Bayhorse Silver Mine, Oregon, USA., as well as general and administrative purposes.
Finder fees may be payable on a portion of the financing not taken down by insiders according to the policies of the TSX-V Exchange.
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
About Bayhorse Silver Inc.
Bayhorse Silver Inc. is an exploration and production company with a 100% interest in the historic Bayhorse Silver Mine located in Oregon, USA, and an option on 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 mining expertise surrounding exploration and building mines.
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