December 5, 2016
Bayhorse Silver Inc. BHS: TSX-V (the “Company” or “Bayhorse“) has submitted 113 samples for assay from first phase drilling at the Bridging the Gap Silver Project at Smelterville, in Idaho’s prolific “Silver Valley”. Results are anticipated by the end of December.
Mineralized samples submitted for assay include pyrite-rich bedding replacement veins, as well as quartz-rich vein intercepts with galena, sphalerite, and pyrite, and chevron folds with blebby pyrite from the Pritchard Formation, along with clast-rich crackle breccia from the St. Regis Formation. Historically, mineralized structures at the Crown Point and Shea zones varied from one (1) foot to thirty (30) feet wide containing silver, lead and zinc.
The Company targeted two parallel silver/lead/zinc structures: the historic Crown Point/Silver King Mines structure, and 300 feet to the south, the Shea structure.
Bayhorse President Graeme O’Neill comments “these first diamond drill holes on the project area in over 80 years have provided the Company with both geological and structural information, and management is evaluating the logistics and location for continued surface and underground diamond drilling to test the Crown Point and Shea zones.”
U.S Bureau of Mines (USBM) records show that Crown Point Mines historically worked on vein systems with in-situ grades of up to 80 opt Silver and 65% lead, from which 3,000 tons of ore was direct shipped at that grade. The Crown Point/Silver King Mines closed in 1940, with total historic production reported by the USBM of 116,906 tons averaging 12 oz/ton silver and 11.3% lead.
Historic Bunker Hill mining records report a 30 foot ore intersection from 1936 in an underground drill hole from the 200 foot level at the Silver King workings, below the Crown Point workings, into the parallel hanging wall Shea zone that was never followed up.
Total production from the 5 mines on the Bridging the Gap Project, (Blackhawk, Wyoming, Ranger, Crown Point and Curlew) for the period between 1886 – 1940 was over 2 million oz of silver, 9.4 million pounds of zinc and 6 million pounds of lead, according to the U.S Bureau of Mines.
Though the Crown Point/Silver King zone was mined only to the 200 level, a steeply inclined shaft extended the structure to 800 feet demonstrating substantial exploration potential for the Crown Point/Silver King and Shea structures. The zones are projected to extend much deeper to below the 1000 foot level, based on the adjacent and highly prolific Bunker Hill Mine to the east being mined down to 5,800 feet, and the Page Mine on the west side being mined down to the 3,500 foot level. Hecla’s nearby “Lucky Friday” Mine is currently being extended to the 10,000 foot level.
The Company has granted 1.2 million incentive stock options to officers and consultants exercisable for 5 years at $0.15 cents each.