Bayhorse Silver - XRF Analysis of Bayhorse Silver Mine flotation concentrate samples shows significant contained silver/copper/antimony/zinc
October 20, 2025. BHS2025-28
Bayhorse Silver - XRF Analysis of Bayhorse Silver Mine flotation concentrate samples shows
significant contained silver/copper/antimony/zinc
Bayhorse Silver Inc, (BHS: TSX -V, BHSIF: OTCQB, 7KXN: FRANKFURT) (the “Company” or
“Bayhorse”) has conducted an XRF field analysis of the Bayhorse flotation concentrate samples from
its silver-copper-antimony-zinc rich Bayhorse Silver Mine in Oregon , USA recently sent to Allihies
Engineering Inc. (“Allihies”), Montana , for testing using Allihies’s proprietary Antimony leaching
technology.
A 20 kg sample was taken from three (3) locations within one seven (7) tonne (7.5 ton) flotation
concentrate stockpile at the Bayhorse Mill, of which a 6.5 kg (14.3lb) sample was field tested using
the Company’s Sci -Aps “X” series X-Ray Flourescence Unit (“XRF”) and separated into three (3 )
separate samples. One 5.5kg (12lb) was sent to Allihies, one 0.5 kg (1.1lb) sample was submitted to
Paragon Laboratory for full metals analysis, including sulphur content, to compare to the XRF field
analysis, and one reference 0.5 kg sample that is kept at the Bayhorse Mill.
Four XRF field analyses measurements were taken of the 6.5 kg samples in order to get a
representative analysis and are reported in the table below.
Average
Ag oz/t 75 68 166 231 135
Cu % 21.5% 21.0% 18.0% 22.0% 20.6%
Sb % 18.5% 15.5% 29.0% 15.0% 19.5%
Zn % 42.3% 43.8% 34.0% 41.0% 40.3%
Pb % 2.0% 1.0% 1.7% 1.8% 1.6%
*Note: XRF field analysis must be confirmed by lab analysis . Due to extremely high grades the XRF
showed in the flotation con, ICP analysis is not advised. The XRF unit .has not been recently calibrated
which is why multiple comparison tests were required.
The Company has 22 tons of flotation concentrate derived from sorting and milling Bayhorse
underground development material and setting up the Payette, Idaho, flotation mill. Development
material was derived from installing new workings pr ior to 2019, including 750ft of bolted and
screened haulage way to access the historic mineralized zones , a 250 ft secondary escape way, and
300 ft of drifts and raises to safely access historic workings, as well as cleaning up historic mined
stopes and establishing working faces in preparation for mining. The development material is not run
of mine and is of variable grade and is not representative of what can be expected of mining
developed stopes.
Bayhorse CEO, Graeme O’Neill, comments “while the sampling was conducted on Mine development
material, and not representative of what we will actually be mining, we were very pleasantly
surprised at the percentages of copper, antimony, and zinc recovery in the concentrate along with
the silver. We have another 100 tons of sorted Mine development material to mill and float, and will
look forward to the leach testing results to determine whether we can install a pilot leaching system
at the Bayhorse Mill so all the metals become payable.”
When mining is permitted, the mineralised “run of mine” material mined at the Bayhorse Mine will
be crushed to 1 inch minus (25 mm) and then fed through our Steinert ore sorter where roughly 80%
of the run of the mine material will be rejected as waste. The sorted material will then be trucked to
our Mill in Payette where it will be crushed further to minus 0.12 inches (3 mm) then passed through
the ball mill, floated, and the float concentrate produced will be bagged ready for further
processing/smelting/leaching.
Allihies using its proprietary, selective industrial Alkaline Selective Leaching (“ASL”)
hydrometallurgical technology, recently conducted leaching tests on America’s Gold and Silver,
flotation concentrate from its Galena Mine in Idaho’s “Silver Valley” which has similar “tetrahedrite”
(silver, copper, antimony zinc) mineralization to the Bayhorse Silver Mine . The leaching test s
confirmed very high extraction rates of up to 99% antimony are possible.
The dominant Bayhorse mineralization is primarily tetrahedrite, (BHS2020-12) an antimony sulfide
of silver, copper, zinc and iron in veins and stockworks with minor gold present, and is refractory in
nature.
Extracting the silver from refractory minerals presents several challenges as the complex mineral
structures often leads to lower recovery rates compared to free -milling minerals. Processing
refractory minerals also requires high energy inputs, making it cost -prohibitive in some cases.
Leaching permits the cost-effective separation of the antimony and sulphur and significantly
increases recoveries of the silver, copper and zinc for processing separately.
The silver, antimony, copper and zinc at the Bayhorse Silver Mine are all recognized as both “critical
and strategic minerals” in the United States.
The Bayhorse exploration model holds that the silver- copper-antimony rich mineralization at the
Bayhorse Silver Mine extends across to the adjacent Pegasus porphyry copper prospect and could
have its source in an underlying shallow pluton(s) that may host porphyry copper mineralization
similar to what Hercules Metals has reported 40 km north of the Bayhorse Silver Mine.
Cautionary statement
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 productio n 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.
All statements herein, other than statements of historical fact, including, without limitation, plans for
and intentions with respect to the Company’s capitalization, preparation of technical reports,
proposed work programs, budgets and proposed expenditur es, permitting, construction and
production timing are forward looking statements. While the Company believes such statements are
reasonable, no assurance can be given that any expectations will prove to be correct and the forward-
looking statements are not guarantees of future results or performance and that actual results may
differ materially from those in the forward -looking statements. Readers should not place undue
reliance upon forward-looking statements and the Company undertakes no obligation to re -issue or
update any forward-looking statements as a result of new information or events after the date hereof
or as may be required by law. All forward-looking statements and information herein are qualified by
this cautionary
This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which
accepts full responsibility for its content. Mark Abrams, AIPG , a Qualified Person and Director of the
Company has prepared, supervised the preparation of, or approved the technical content of this news
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 with a National Instrument 43-101 inferred resource of
292,300 tons at a grade of 21.65 opt (673 g/t) for 6.3 million ounces of silver. (Turner et al. 2018) and
the Pegasus Project, a highly prospective porphyry copper prospect, in Washington County, Idaho.
The Bayhorse Silver Mine and the Pegasus Project are 44 km southwest of Hercules Metals’ porphyry
copper discov ery. The Bayhorse Mine is a minimum environmental impact facility capable of
processing at a mining rate up 200 tons/day that includes a state of the art 40 ton per hour Steinert
Ore-Sorter that reduces waste rock entering the processing stream by up to 85 %. The Company has
established an up to 60 ton/day mill and standard flotation processing facility in nearby Payette
County, Idaho, USA with an offtake agreement in place with Ocean Partners UK Limited. The Company
has an experienced management and technic al 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.