MARCH 31,2015 – BHS2015-14
Bayhorse Silver Inc. BHS: TSX-V (the “Company” or “Bayhorse“) announces that Saturn Minerals Inc. (“Saturn”) reports it has completed a third, 2D, two line, 27 km seismic program over the 253,000 acre (398 sq/mile) Little Swan light oil prospect, which the Company is farming in on, in Saskatchewan’s eastern portion of the Williston Basin.
Saturn has already confirmed the anticlinal four way closure of a drillable prospect on its nearby Bannock Creek oil prospect. The closed fault bounded roll over structure is approximately 480 acres minimum in area and has the potential to contain up to 38 million barrels in place from all three targeted reservoirs. (see BHS2015-09) The closure of this structure compares very favorably with existing producing light oil pools to the south of Bannock Creek and Little Swan.
To date, 5 lines of 2D seismic have been completed at Little Swan for a total of 57 km that is intended to identify structural and stratigraphic traps in well known oil producing formations (Red River e.g.). similar to those already identified by Saturn at the nearby Bannock Creek oil prospect.
Light crude oil discoveries have now been made as close as 30 km south of Little Swan. Surface oil seeps have also been identified in and around the Little Swan and Bannock Creek permit areas, as well as 60km to the north, where Saturn intersected degraded oil in a coal drill hole that was determined to be a sub-surface oil seep. These are strong indications of an active oil system within this part of the northern Williston Basin.
The seismic data is currently being processed under the direction of Chris Barton, P. Geo, for interpretation.