Vancouver, British Columbia--(Newsfile Corp. - December 13, 2017) - Bayhorse Silver Inc. (TSXV: BHS) ("Bayhorse" or the "Company") Annual General Meeting December 8, 2017 results are as follows:
- Directors Graeme O'Neill, Dr Clay Conway, P.Geol, John Cerenzia and Corey Klassen re-elected by 99.95% of the shares voted.
- Charlton and Co auditors re-appointed by 100% of the shares voted
- the Company's Rolling Stock Option Plan re-approved by 99.78% of the shares voted.
Bayhorse CEO, Graeme O'Neill, commented on operations this past year: "With recent commissioning of the Ore-Sorter, the Bayhorse Mine is now fully operational. Through January 2018, we will upgrade 1300 tons of stockpiled mineralized material through the Ore-Sorter. Before year end a portion of the upgraded material will be shipped to Mineral Solutions of Coeur D'Alene, Idaho, with the balance by the end of January 2018."
Expenditures to date total $3,580,000 from Mine acquisition in early 2014 to the current production stage. At the time of acquisition projected mining costs were US$79/ton, and total mining and processing costs were projected at US$127/ton. The Company has established an actual mining cost of US$50/ton from the development to date of over 550 feet of underground workings. Both actual processing costs and recovered grades will be established during operation of the Ore-Sorter upgrading the 1300 ton stockpile.
All mining projections are based solely on the Herdrick (1981) Report which estimated remaining shipping material to be 166,000 tons at 17 - 20 opt Ag at a 7.5 opt (233 g/t) Ag cutoff for gross contained ounces of between 2,825,000 and 3,324,000 Ag. He further estimated on-site milling material to be 473,000 tons at a 3 opt (93 g/t) Ag cutoff. Testing by Bayhorse with the Ore-Sorter at the Steinert facility in Kentucky has allowed the Company to establish a lower potential cut-off grade of 2.5 opt (77.8 g/t) Ag (News Release BHS 2017-14, August 10, 2017).
News release BHS2017-24 reported that mineralization intersected 50 feet below the Sunshine and Junction Zones, 160 and 340 feet respectively from the Mine portal, increased the vertical extent of mineralization to 70 feet from 20 feet in thickness. Dr. Bill Willoughby, the Company's Mining Engineer, tested the recently uncovered mineralized zones using a Niton XRF Analyzer and identified silver grades similar to those previously reported in News Releases, BHS2014-01, BHS2014-09, BHS2016-10, BHS2016-11, BHS2017-17.
Figure 1: Testing Uncovered Mineralized Zones
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Original projections were to mine at 100 tons per day for 300 days per year. However, as we are now operating on a 7-day-week basis, mining from two to three working faces 350 days/year, at up to 200 tons/day, will yield between 35,000 tons to 70,000 tons per year. Based upon Herdrick's historic grade estimates, annual gross silver production at that mining rate is targeted to be between 640,000 ounces and 1,280,000 ounces.
Dr Clay Conway, Exploration Manager, through extensive geological modeling, has projected the mineralized zone at the Bayhorse Silver Mine to extend much further to the west beyond the known 840 foot strike. The Company's exploration target is to develop a further million tons of mineralization.
The Company advises it is not basing any decision to produce on a feasibility study of mineral reserves demonstrating economic and technical viability and also advises there is increased uncertainty and specific economic and technical risks of failure associated with any production decision.
This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its contents. Dr. Clay Conway, P.Geol., a Qualified Person and Director of Bayhorse has prepared, supervised the preparation of, or approved the technical content of this press release.
On Behalf of the Board.
Graeme O'Neill, CEO
Bayhorse Silver Inc. has earned an 80% interest in the historic Bayhorse Silver Mine, Oregon, USA, through current underground development , and construction of concentrating facilities.
Bayhorse is also earning a 75% interest in the Bridging the Gap Project, consisting of the past producing historic Crown Point, Silver King, Ranger, Wyoming, Curlew, and Blackhawk silver/lead/zinc mines of ASARCO in Idaho's Silver Valley.
The Company has an experienced management and technical team with extensive exploration and mining expertise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.