Bayhorse Silver Acquires Cordex Data on Bayhorse Silver Mine, Oregon, USA
10 Junho 2014 - 10:30AM
Marketwired
Bayhorse Silver Acquires Cordex Data on Bayhorse Silver Mine,
Oregon, USA
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 10, 2014) -
Bayhorse Silver Inc. ("Bayhorse" or the "Company")
(TSX-VENTURE:BHS), is pleased to announce it has acquired copies of
all data developed by Cordex Exploration Co (Cordex) during the
period Cordex was actively exploring the Bayhorse Silver mine in
1976.
The data acquired also includes all original sampling and assay
data collected by Cordex on the intermediate level of the mine,
conducted to confirm earlier sampling in the same area (shown on
the intermediate level underground map on the Company's website
(http://www.bayhorsesilver.com/wp-content/uploads/2013/11/1981-Int-level-assays-1-1024x723.jpg),
the Company believes the data will provide a better understanding
of the potential for expansion of the historic mineralized zone,
that is open along strike and to depth.
According to Casey Research, Cordex is considered by the mining
industry to be one of the most successful gold exploration groups
in the United States. The principal of Cordex, Dr. Andy Wallace,
(http://www.caseyresearch.com/xl/andy-wallace) who received his
Ph.D in geology from the Mackay School of Mines in Reno Nevada, is
a Certified Professional Geologist and is an honoree of the Casey
Explorers League.
Graeme O'Neill, President and CEO of Bayhorse comments, "We are
pleased to have obtained this data from such a highly regarded
exploration source as Cordex. Dr. Wallace was on site at the time
the data was developed, and has been in control of the material
since that time, which gives us great confidence in the validity of
the data when we initiate the process of a NI-43-101 resource
calculation from the historic resource".
He also comments, "American Mining and Tunneling, (AMT) which is
conducting the underground work program at Bayhorse is led by Brian
Morris, P.Geol, who has substantial underground mining experience
including the Midas, Ivanhoe Hollister and Barrick mines in Nevada,
and is supported by AMT's highly experienced team of miners and
engineers."
AMT reports that construction activities at the Bayhorse Silver
mine is progressing as scheduled. The US Mine Safety and Health
Administration (MSHA) inspection requirements on the work performed
to date have been completed, and re-timbering the adit portal has
commenced.
In planning for the longer term, the Company is evaluating how
much of the bonanza grade mineralization identified at surface (up
to 150 kg/t Ag as announced in the Company's news release
BHS2014-01) can be extracted and direct shipped. The Company
anticipates the material may be available for shipping as soon as
the end of July. Funds received from any sale should act as a
non-dilutive funding for ongoing operations. Shipping and milling
costs for the proposed larger underground bulk sample have now been
budgeted, and once the underground rehab meets safety requirements,
the Company can determine the daily tonnage that can be mined from
the up to 80 foot wide mineralized stockwork zone. The Company has
received a positive response from prospective purchasers of the
bulk sample material.
Historic Information
The Company advises that historic production estimates,
drill information and grades reported from its Bayhorse project
have not been verified; 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 and the
Company is not treating the historical estimates as current mineral
resources or mineral reserves. (ounces/grams conversion is one
ounce/short ton = 34.2857 grams/metric ton)
As "stated in Minerals Production Yearbook" (Jacobsen,
1959), total reported historic production from the Bayhorse Mine
through 1959 was 286,000 ounces of silver from 8,300 tons mined for
an average of approximately 34.5 opt Ag (1,183 g/t Ag) while
Herdrick (1981) estimated remaining shipping material at a 7.5 opt
Ag cutoff to be 166,208 tons, and on-site mill ore at a 3 opt Ag
cutoff to be 473,350 tons". The highest reported grade from the
1984 drilling, sampling and mining program was from a mined round,
containing a tetrahedrite-tennantite -rich vein, that assayed
691 opt Ag (23,691 g/t) and 15.72% Cu, while the
recent sampling as reported in the Company's news release
BHS2014-01, identified silver content from a select sample of 150kg
Ag (4,835 ounces) per ton from a selected sample.
The Company announces that subject to TSX-V approval, it is
amending the terms of the warrants in its previously announced
private placement from non-transferable to transferable.
Bayhorse Silver Inc. is a junior exploration company that is
earning an 80% interest in its newly acquired historic Bayhorse
Silver Mine that has the potential for a substantial silver
discovery. It has a 100% interest in its three major high grade New
Zealand gold prospects (Alexander River, Paparoa and Red Queen), in
the highly prolific West Coast South Island gold fields of New
Zealand, which offers investors the potential for a major gold
discovery. The Company additionally has a 30% Net Profit Interest
in the Flagstaff barite mine in Washington State, where work is
currently in progress. The Company has an experienced management
and technical team with extensive exploration expertise. This News
Release has been prepared on behalf of the Bayhorse Silver Inc.
Board of Directors, which accepts full responsibility for its
contents. The contents of this news release has been reviewed and
approved by Dr. Clay Conway, P.Geol., and Qualified Person as
recognized by National Instrument NI-43-101 and a director of the
Company.
ON BEHALF OF THE BOARD
Graeme O'Neill, President
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.
Caution Regarding Forward-Looking Statements - This
corporate update contains certain forward-looking statements,
including statements regarding the business and anticipated
financial performance of the Company. These statements are subject
to a number of risks and uncertainties. Actual results may differ
materially from results contemplated by the forward-looking
statements. When relying on forward-looking statements to make
decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and should not place
undue reliance on such forward-looking statements. The Company does
not undertake to update any forward looking statements, oral or
written, made by itself or on its behalf except as required by
law
Bayhorse Silver Inc.Graeme O'NeillPresident(604)
684-3394www.bayhorsesilver.com
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