Bayhorse Silver Update: Blackwater Gold Mine, Adjacent To Alexander River Gold Project, Reefton, New Zealand, Approved Access To Underground Workings
AUGUST 25, 2014 – BHS2014-21
Bayhorse Silver Inc. (“Bayhorse” or the “Company”) BHS: TSX-V, reports that Oceana Gold Corp, (“Oceana”), has received a ”resource consent” to access historic underground workings at its Blackwater gold mine, 10 km from the Company’s Alexander River gold project, Reefton Gold District, on the West Coast of New Zealand’s South Island.
The Reefton gold field has produced in excess of 2 million ounces of lode gold from a number of historic and operating mines, with majority of production coming from Oceana’s currently operating Globe Progress gold mine, and it’s historic Big River and Blackwater mines, as well as from Bayhorse’ Alexander River gold mine.
Access to the Blackwater is reported to be gained by twin 3.3 km declines driven from the nearby Snowy River. (see map at https://bayhorsesilver.com/properties/alexander/) The Blackwater mine produced approximately 730,000 ounces of Au down to 2,900 feet. In1951 the shaft collapsed closing the mine. Drilling at Blackwater under the historic workings has identified an inferred resource of 0.9 Mt @ 23 g/t Au for 700,000 ounces of gold (Oceana 2014 Fact Book).
Bayhorse’s Alexander River Gold Project, where historically a reported 41,000 ounces of gold was recovered from 47,000 tons mined, lies 10 km to the southeast of the Blackwater mine. The Alexander River Gold Project has the potential to host a major gold deposit.