The Company has Updates on operations at our 100% controlled Bayhorse Silver Mine, that can be viewed on the Company’s web pages
· Establishing a raise up into mineralization to enable drilling a new working stope
· Submitting samples of extracted mineralized material for assay and additional metallurgical work
· Completing an all-weather surface storage area for mineralized material
· Commenced the test processing of any extracted mineralized material through the Steinert Ore-Sorter
· Submitted a NI-43-101 Technical Report supporting the maiden mineral resource announced in a news release dated September 24, 2018 to the BCSC for its review
· Creating a number of short video presentations on aspects of the Bayhorse Mine operation
Many shareholders ask “where do all the funds you raise go”?
We believe these following videos will help answer that question, as we have completed safety work in all the underground workings, over 1,100 feet, including all haulageways, drifts and underground services for just over US$8 million, with much of that funding coming from insiders, or larger shareholders, and at the same time established an inferred 43-101 resource of 6.3 million ounces. Essentially developing a full ready to work mine and upgrading facility for an unheard of US$1.00 – $2.00 per inferred ounce.
The majority of companies who establish 43-101 resources still have to build the mine, so the resources they announce are still in the distant future with no guarantee of ever becoming an operating mine. Ours is in the here and now.
Very few shareholders ever see the inside of a mine, or working mines, they invest in. These videos give a pretty detailed look at what a working mine. looks like. All the miners are highly experienced underground miners from Idaho’s Silver Valley. They have all worked underground in the Bunker Hill, the Sunshine, the Galena, and the Lucky Friday silver mines and we are fortunate to have such highly skilled mining teams helping us bring the Bayhorse into a production state.
Now we have safely reopened the extreme western end of the mine and are in what we call the jewelry box, the high grade mineralization, that we have been targeting this past couple of months, that was reportedly mined in 1984, and that we have taken samples out for processing through the ore-sorter and then the ball mill to determine recovery characteristics.
This past year has been extremely difficult to raise capital. All our working funds went into building and making safe the mine. We have gone to the market but like many CEO’s have found this past year, much of our requests for funding have been turned down as investors were, quite rightly considering the state of the precious metals markets, reluctant to participate in PP’s.
However, we need to ensure, just like a new truck off the assembly line, that we fill the gas tank in order to drive it.
To do that, we need to complete definition drilling, that tells us where the higher grade mineralization is, and how to effectively plan to mine it. This drilling will take some time to complete, but with it, we may be able to increase the total resource tonnage.
CEO, Bayhorse Silver