FEBRUARY 18, 2015 – BHS2015-10
Bayhorse Silver Inc. (TSX.V: BHS) (FSE: 7KXN) (“Bayhorse” or the “Company”) reports that it has filed an updated NI-43-101 Technical Report on the Bayhorse Silver Mine in east-central Oregon. USA, where it is planning an up to 15,000 ton bulk sample at an estimated 17 – 20 oz/t Ag.
The updated Report prepared by Br. G.E. Ray, P.Geol, that can be viewed on the Company’s website at https://bayhorsesilver.com/PDF/BAYHORSE43-101Feb2015.pdf, includes the reported historic silver resource where Melvin A. Herdrick, Consulting Geologist, in his Examination and Compilation Report dated April 1981, estimated probable tonnages in the main orebody, based upon geology, to be as follows.
“Upper level, 329 ft long x 80 ft wide x 22 ft thick to be 50,688 tons
Intermediate Level 200 ft long x 85 ft wide x 22 ft thick to be 33,660 tons
West projection to fault 525 ft x 85 ft wide x 22 ft thick to be 88,360 tons
Less 6,500 tons mined – 6,500 tons
Total probable ore at 7.5 oz/t cutoff at 17-20 oz Ag/t 166,208 tons”
In his conclusions Herdrick (1981) stated ” Because mineralization is controlled by stratigraphy, close proximity to the fold axis, and co-incidence of the Sunshine Fault near mineralization, continuity of mineralization is projected to extend more than 600 ft westerly, beyond the previous exposures within the mine.”
He further stated “Previous exposures verify that more than 400 ft of ore strike length is exposed from the upper level through the intermediate level. Projections of ore tonnages in the main body, based upon geology, yield a probable tonnage of approximately 160,000 tons within the 7.5 oz cutoff, having an grade of approximately 17 to 20 oz Ag/ton”
Herdrick’s assumptions, parameters and methods used to calculate the grade and tonnage of the reported historic resource are unknown.
Herdrick (1981) also estimated in the report that if on-site milling was contemplated from the two levels and the west projection, he could quantify a larger possible tonnage using a 3.5 oz per ton cutoff, but while determining a possible tonnage, did not ascribe a grade to the tonnage.
The Company advises that 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. There can be no assurance that additional work will result in the definition of any current resource or reserve. The Company is not treating the historical estimates as current mineral resources or mineral reserves.
For the historical resource figures to be upgraded or verified to qualify as National Instrument 43-101 resources or reserves would require measuring and resampling of the underground workings, and if needed, core drilling to confirm the potential tonnage The Company has engaged APEX Geoscience (news release dated June 23, 2014) to conduct this work.
Bonanza silver grades as high as 150 kg/t are present at the Bayhorse silver mine as reported in the Company’s news release dated January 14,2014.