Bayhorse Silver Year End Review and AGM Results
Bayhorse Silver Year End Review and AGM Results
Vancouver, British Columbia--(Newsfile Corp. - December 13, 2017) - Bayhorse Silver Inc. (TSXV: BHS)
("Bayhorse" or the
"Company") Annual General Meeting
December 8, 2017
results are as follows:
Directors Graeme O'Neill, Dr Clay Conway, P.Geol, John Cerenzia and Corey Klassen
re-elected by 99.95% of the shares
voted.
Charlton and Co auditors
re-appointed by 100% of the shares voted
the Company's Rolling Stock Option Plan
re-approved by 99.78% of the shares voted.
Bayhorse CEO, Graeme O'Neill, commented on
operations this past year: "With recent commissioning of the Ore-Sorter, the
Bayhorse Mine is now fully operational. Through January 2018, we will upgrade
1300 tons of stockpiled mineralized material
through the Ore-Sorter. Before year end a portion of
the upgraded material will be shipped to Mineral Solutions of Coeur
D'Alene, Idaho, with the balance
by the end of January 2018."
Expenditures to date total
$3,580,000 from Mine acquisition in early 2014 to
the current production stage.
At the time of
acquisition projected mining costs were US$79/ton, and total mining and processing costs were projected at
US$127/ton. The
Company has established an actual mining cost of US$50/ton
from the development to date of over 550 feet of underground
workings. Both actual processing costs and recovered grades will be established during operation of
the Ore-Sorter
upgrading
the 1300 ton stockpile.
All
mining projections are based solely on the Herdrick (1981) Report which
estimated remaining shipping material to be
166,000 tons at 17 - 20 opt Ag at a 7.5 opt (233 g/t) Ag cutoff for gross contained ounces of between 2,825,000 and 3,324,000
Ag. He further estimated on-site milling material to be 473,000 tons at a 3 opt (93 g/t) Ag cutoff.
Testing by Bayhorse with the
Ore-Sorter at the Steinert facility in Kentucky has allowed the Company to establish a lower potential cut-off grade of 2.5 opt
(77.8 g/t) Ag (News Release
BHS 2017-14
, August 10, 2017).
News release
BHS2017-24
reported that
mineralization intersected 50 feet below the Sunshine and Junction Zones, 160 and
340 feet respectively from the Mine portal,
increased the vertical extent of mineralization to 70 feet from 20 feet in thickness. Dr.
Bill Willoughby, the Company's Mining Engineer, tested the recently uncovered mineralized zones using a Niton XRF Analyzer
and identified silver grades similar to
those previously reported in News Releases,
BHS2014-01
,
BHS2014-09
,
BHS2016-10
,
BHS2016-11
,
BHS2017-17
.
Figure 1: Testing Uncovered Mineralized Zones
To view an enhanced version of this graphic, please visit:
http://orders.newsfilecorp.com/files/5015/31282_a1513186027895_87[1].jpg
Original projections were to mine at 100 tons per day for 300 days per year. However, as we are now operating on a 7-day-
week basis, mining from
two to three working faces 350 days/year, at up to
200 tons/day, will yield between 35,000 tons to
70,000 tons per year. Based upon Herdrick's historic grade estimates, annual gross silver production at that mining rate is
targeted to be between 640,000 ounces and 1,280,000 ounces.
Dr Clay Conway,
Exploration Manager, through extensive geological modeling, has projected the mineralized zone at the
Bayhorse Silver Mine to extend much further to the west beyond the known 840 foot strike. The Company's exploration target is
to develop a further million tons of mineralization.
The Company advises it is not basing any decision to produce on a feasibility study of mineral reserves demonstrating
economic and technical viability and also advises there is increased uncertainty and specific economic and technical risks of
failure associated with any production decision
.
This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility
for its contents. Dr. Clay Conway, P.Geol., a Qualified Person and Director of Bayhorse has prepared, supervised the
preparation of, or approved the technical content of this press release.
On Behalf of the Board.
Graeme O'Neill, CEO
604-684-3394
Bayhorse Silver Inc. has earned an 80% interest in the historic Bayhorse Silver Mine, Oregon, USA, through
current underground
development , and construction of concentrating facilities.
Bayhorse is also earning a 75% interest in the Bridging the Gap Project, consisting of the past producing
historic Crown Point,
Silver King, Ranger, Wyoming, Curlew, and Blackhawk silver/lead/zinc mines of ASARCO
in Idaho's Silver Valley.
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.