BAYHORSE 20 FOOT DELINEATION DRILL INTERSECTION AT THE SILVER RICH BAYHORSE SILVER MINE, OREGON, USA

May 12, 2022                                                                                          BHS2022-08

BAYHORSE 20 FOOT DELINEATION DRILL INTERSECTION AT THE SILVER RICH BAYHORSE SILVER MINE, OREGON, USA

Bayhorse Silver Inc (BHS: TSX-V, BHSIF: OTCQB, 7KXN: FRANKFURT) (“Bayhorse” or the “Company”) reports on recent underground delineation drilling at its silver rich, Bayhorse Silver Mine, Oregon, USA.

A recent delineation underground drill hole under the Big Dog zone intersected 6 meter (20 feet) of silver mineralization  from the floor of the historic workings, extending the zone  to depth. The 6 meter (20 feet) interval assaying a weighted average of 210 g/t (6.75 oz/t).

The highest grade interval was 668g/t (21.48 oz/t) over 0.6m (2 ft.) in an underground hole.

The full results are tabulated below:

The drill hole was drilled from the floor of the historic Big Dog Stope and intercepted stockwork mineralization with a weighted average of 210 g/t (6.75 oz/t)

With the recent breakthrough in understanding the structural control of mineralization at the Bayhorse Mine, the Company’s geological consultants believe more definition drilling is required to ensure that the currently understood mineralized zones can be mined more effectively.

The timbering of the 88 foot high historic raise in the Goldilocks zone is progressing, and when completed, further drilling is planned in this zone to determine the northerly vertical extent of the mineralization, for comprehensive future mining development.  Mineralization here is similar to, and continuous with, the historically extensively stoped, Big Dog zone.

The westerly trending Bayhorse mineralized zone is open to the west, averages 7.6 meters (25 feet) with thicknesses up to 20 meters (67 feet) as reported in the Company’s news release BHS2022-07, and is up to 200 feet in width. It rises to the North of the main haulageway and dips to the south. The Company is currently conducting drilling operations in a zone 300 meters (1,000 ft) to 450 meters (1,500 ft) west of the Mine Portal.

Underground drilling operations proceed as additional historic workings are made safe for drilling operations. Further drill results are pending and will be released when received.

The Company also announces that, subject to the approval of the TSX-V Exchange, the Company has extended the expiry date of the following warrants (all other terms remain unchanged):

2022. Original expiry date of 731,138 warrants: May 29, 2022.

New expiry date of 731,138 warrants: May 29, 2023.

Exercise price of warrants: $0.125 cents.

2022. Original expiry date of 733,333 warrants: July 3, 2022.

New expiry date of 733,333 warrants: July 3, 2023.

Exercise price of warrants: $0.125 cents.

2022. Original expiry date of 1,000,001 warrants: July 22, 2022.

New expiry date of 1,000,001 warrants: July 22, 2023.

Exercise price of warrants: $0.125 cents.

2022. Original expiry date of 1,700,000 warrants: August 27, 2022.

New expiry date of 1,000,001 warrants: August 27, 2023.

Exercise price of warrants: $0.125 cents.

Bayhorse CEO Graeme O’Neill comments “With the recent turmoil in the general markets, and especially the volatility in both the silver and gold price, we are holding to our steady course in continuing development of the Bayhorse Silver Mine”.

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.

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.