Bayhorse Silver’s Pegasus Project -- New Geological Mapping and Porphyry Copper Potential
September 5, 2024. BHS2024-18
Bayhorse Silver’s Pegasus Project -- New Geological Mapping and Porphyry Copper Potential
Bayhorse Silver Inc, (BHS: TSX -V, BHSIF: OTCQB, 7KXN: FRANKFURT) (the “Company”
or “Bayhorse”) reports on the findings of its recent geological mapping program , Pegasus Project,
Idaho, USA. The western boundary of the Pegasus Project , covering over 2,000 acres or 3.22 square
miles, lies within 0.5 miles (0.8 km) from the Company’s Bayhorse Silver Mine in Oregon.
Bayhorse’s new Geologic Map of the Louse Canyon- Rock Creek Area (Figure 1) shows a number of
small intrusive rhyolite bodies in the Pegasus claim group area. There are three types of rhyolite. The
mineralized aphanitic rhyolite (BHS2024-10) in the western part of the map area extends westward
across the Brownlee Reservoir to the Bayhorse mine in Oregon where it is spatially and apparently
genetically related to silver mineralization. Pronounced low -resistivity anomalies lie beneath the
mineralized rhyolite at both the Bayhorse mine and the Pegasus project area (Figure 2). The position
of Line 1190 from Figure 2 is also shown on the geologic map (Figure 1) to illustrate the proximity of
the rhyolite bodies to the underlying anomaly. This close proximity is also shown in the overlay of
geology on geophysics of Figure 3.
Our exploration model holds that the mineralized rhyolite could have its source in underlying shallow
granites that may be conductive porphyry copper bodies as reflected by the low-resistivity anomalies.
This exploration model is based largely on Hercules Metals’ recently discovered porphyry copper
deposit underlying historic silver mines in the Cuddy Mountains district some 45 kilometers northeast
of Bayhorse/Pegasus. There the porphyry copper has a low-resistivity signature.
Figure 1. Geologic map of the Louse Canyon-Rock Creek area, Washington County, Idaho
Figure 2. Resistivity data from survey by Geotech Ltd’s proprietary VTEM system. Sections show
pronounced low -resistivity anomalies, ground surface profile , Brownlee reservoir full level, and
position of Bayhorse mine. Note in Line 1190 that the anomaly is open to depth.
Figure 3. Composite map showing Louse Canyon- Rock Creek area geology and VTEM resistivity
data. Note proximity of intrusive rhyolite bodies to pronounced low-resistivity anomaly. This anomaly
in the southeast corner of the VTEM survey area is open to the southeast and to depth.
Mineral deposit settings and relations at Bayhorse /Pegasus have similarities to those in the Cuddy
Mountains district and also the Mineral district about 10 km north of Bayhorse mine. At each, silver
mineralization is associated with rhyolite which is found at or near the regional contact between the
Triassic-Jurassic Huntington Formation and the unconformably overlying Jurassic Weatherby
Formation. Thus, silver mineralization at all three is potentially coeval - generated in the same regional
magmatic episode. The newly discovered porphyry copper mineralization at Hercules is in shallow
intrusions beneath the silver deposits and may be of th is same magma generation. Thus, it may be
inferred that porphyry copper deposits could be present at Bayhorse/Pegasus and also at the Mineral
district.
Bayhorse plans to drill the large low-resistivity anomaly beneath the rhyolite at Pegasus to test for the
presence of a porphyry copper deposit. This large anomaly (BHS2024-05) lies at the southeast corner
of the VTEM geophysical survey (Figure 3) and is thus open to the southeast. It is also open to depth
as seen in the profile of Line 1190 (Figure 2).
The rhyolite bodies in the Pegasus map area intrude the Weatherby Formation (Figure 1). A rhyolite
tuff in the lower part of the Weatherby in the Mineral district has been dated at 180.7 million years by
Northrup and others (2011). Also in the Mineral district, rhyolite and rhyodacite of the upper member
of the Huntington Formation have yielded three dates at 187 million years (Ware and others, 2022).
These numbers would require that the rhyolite intrusion and associated silver mineralization of the
Bayhorse/Pegasus area cannot be older than 187 million years and likely no older than 180 million
years. The younger age limit of rhyolite magmatism and silver mineralization is not at present
constrained, but it is most likely Jurassic.
If the model holds that silver mineralization and porphyry copper mineralization are co -genetic then
these same age constraints hold for porphyry copper.
Drilling approval has been received for a minimum five deep (2000 ft/600 m) diamond drill holes
planned around the main low -resistivity anomaly and extrapolated extension, in the SE corner of the
VTEM survey area.
The full geological report will be posted on the Company’s Pegasus website page with other detailed
VTEM data and geological maps for review by interested parties.
Bayhorse CEO, Graeme O’Neill, comments “the low-resistivity/high-conductivity anomaly that we
are targeting at Pegasus is of significant areal size and depth and has been geophysically sampled
through the VTEM process at 25 meter intervals and extends from 330 ft (100 m) below grade to at
minimum 1815 ft (550 m) below the surface . It is a “blind” prospect and only a diamond drilling
program can determine the actual depth of the anomaly. The Hercules porphyry copper discovery has
been made at approximately the 450 m (1485 ft) level.”
This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which
accepts full responsibility for its content. Dr.Clay Conway , P.Geol, a Qualified Person has prepared,
supervised the preparation of, or approved the technical content of this press release.
On Behalf of the Board.
Graeme O'Neill, CEO
866-399-6539
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 the Pegasus Project, in Washington County, Idaho.
The Bayhorse Silver Mine and the Pegasus Project are 44 km southwest of Hercules Metals’ porphyry
copper discovery. The Bayhorse Mine includes a state of the art Steinert Ore -Sorting technology
reducing waste rock entering the processing stream by up to 85% . The Company has created a
minimum environmental impact facility capable of mining 200 tons of mineralization per day and the
ability to process and supply 3,600 tons per year of silver/copper concentrate ranging between 7,500
to 15,000 g/t using standard flotation processing at its milling facility in nearby Payette County, Idaho,
USA, with an offtake agreement in place with Ocean Partners UK Limited. The Company also has an
option to acquire an 80% interest in the Brandywine high grade silver/gold property located in B.C .
Canada. The Company has an experienced management and technical team with extensive mining
expertise in both exploration and building mines.
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.