JUNE 10, 2014
BAYHORSE SILVER ACQUIRES CORDEX DATA ON BAYHORSE SILVER MINE, OREGON, USA
Bayhorse Silver Inc. (“Bayhorse” or the “Company”) BHS: TSX-V, is pleased to announce it has acquired copies of all data developed by Cordex Exploration Co (Cordex) during the period Cordex was actively exploring the Bayhorse Silver mine in 1976.
The data acquired also includes all original sampling and assay data collected by Cordex on the intermediate level of the mine, conducted to confirm earlier sampling in the same area (shown on the intermediate level underground map on the Company’s website (https://bayhorsesilver.com/wp-content/uploads/2013/11/1981-Int-level-assays-1-1024×723.jpg), the Company believes the data will provide a better understanding of the potential for expansion of the historic mineralized zone, that is open along strike and to depth.
According to Casey Research, Cordex is considered by the mining industry to be one of the most successful gold exploration groups in the United States. The principal of Cordex, Dr. Andy Wallace, (http://www.caseyresearch.com/xl/andy-wallace) who received his Ph.D in geology from the Mackay School of Mines in Reno Nevada, is a Certified Professional Geologist and is an honoree of the Casey Explorers League.
Graeme O’Neill, President and CEO of Bayhorse comments “We are pleased to have obtained this data from such a highly regarded exploration source as Cordex. Dr. Wallace was on site at the time the data was developed, and has been in control of the material since that time, which gives us great confidence in the validity of the data when we initiate the process of a NI-43-101 resource calculation from the historic resource”.
He also comments “American Mining and Tunneling, (AMT) which is conducting the underground work program at Bayhorse is led by Brian Morris, P.Geol, who has substantial underground mining experience including the Midas, Ivanhoe Hollister and Barrick mines in Nevada, and is supported by AMT’s highly experienced team of miners and engineers.
AMT reports that construction activities at the Bayhorse Silver mine is progressing as scheduled. The US Mine Safety and Health Administration (MSHA) inspection requirements on the work performed to date have been completed, and re-timbering the adit portal has commenced.
In planning for the longer term, the Company is evaluating how much of the bonanza grade mineralization identified at surface (up to 150 kg/t Ag as announced in the Company’s news release BHS2014-01) can be extracted and direct shipped. The Company anticipates the material may be available for shipping as soon as the end of July. Funds received from any sale should act as a non-dilutive funding for ongoing operations. Shipping and milling costs for the proposed larger underground bulk sample have now been budgeted, and once the underground rehab meets safety requirements, the Company can determine the daily tonnage that can be mined from the up to 80 foot wide mineralized stockwork zone. The Company has received a positive response from prospective purchasers of the bulk sample material.
The Company advises that historic production estimates, drill information and grades reported from its Bayhorse project have not been verified; A qualified person has not done sufficient work to verify the historical estimates nor classify the historical estimates as current mineral resources or mineral reserves and the Company is not treating the historical estimates as current mineral resources or mineral reserves. (ounces/grams conversion is one ounce/short ton = 34.2857 grams/metric ton)
As “stated in Minerals Production Yearbook” (Jacobsen, 1959), total reported historic production from the Bayhorse Mine through 1959 was 286,000 ounces of silver from 8,300 tons mined for an average of approximately 34.5 opt Ag (1,183 g/t Ag) while Herdrick (1981) estimated remaining shipping material at a 7.5 opt Ag cutoff to be 166,208 tons, and on-site mill ore at a 3 opt Ag cutoff to be 473,350 tons”. The highest reported grade from the 1984 drilling, sampling and mining program was from a mined round, containing a tetrahedrite-tennantite –rich vein, that assayed 691 opt Ag (23,691 g/t) and 15.72% Cu, while the recent sampling as reported in the Company’s news release BHS2014-01, identified silver content from a select sample of 150kg Ag (4,835 ounces) per ton from a selected sample.
The Company announces that subject to TSX-V approval, it is amending the terms of the warrants in its previously announced private placement from non-transferable to transferable.
Bayhorse Silver Inc. is a junior exploration company that is earning an 80% interest in its newly acquired historic Bayhorse Silver Mine that has the potential for a substantial silver discovery. It has a 100% interest in its three major high grade New Zealand gold prospects (Alexander River, Paparoa and Red Queen), in the highly prolific West Coast South Island gold fields of New Zealand, which offers investors the potential for a major gold discovery. The Company additionally has a 30% Net Profit Interest in the Flagstaff barite mine in Washington State, where work is currently in progress. The Company has an experienced management and technical team with extensive exploration expertise. This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its contents. The contents of this news release has been reviewed and approved by Dr. Clay Conway, P.Geol., and Qualified Person as recognized by National Instrument NI-43-101 and a director of the Company.
ON BEHALF OF THE BOARD
Graeme O’Neill, President
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.
Caution Regarding Forward-Looking Statements – This corporate update contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf except as required by law