Bayhorse Silver Provides Overview of FY2019 Progress and 2020 Plans - Webinar December 11th
Vancouver, British Columbia--(Newsfile Corp. - December 9, 2019) - Bayhorse Silver Inc. (TSXV: BHS) (the "Company" or "Bayhorse") is pleased to announce a live Corporate Overview Webinar with Graeme O'Neill, Founder & CEO, where he will be providing an in-depth overview of the Company's operational progress during FY2019 and upcoming milestones for 2020. The Company's updated investor presentation can be found on its corporate website at www.bayhorsesilver.com/investors. Management will be available to answer questions following the presentation. To ask a question, please make sure you are logged into the GoToWebinar platform or by emailing your question(s) beforehand to investors@bayhorsesilver.com.
Date: Wednesday, December 11th
Time: 2:00pm EST (11:00am PST)
Register: https://attendee.gotowebinar.com/register/4842431031467042059
Investor Presentation: http://bit.ly/2OXn0QW
FY2019 Overview
The Company had a productive and busy year, from pouring its first silver bar at the Bayhorse Silver Mine, to optioning the Brandywine Volcanogenic Massive Sulphide Project, and the subsequent confirmation of visible, coarse, high-grade gold in the 2010 drill core, which was initially missed during historical assaying.
Bayhorse's Founder & CEO, Graeme O'Neill, presented the Company at the 2019 Silver Summit in San Francisco, and more recently was a featured speaker at the Mines & Technology Conference in London. Mr. O'Neill presented the case for using ore-sorter technology, as applied at the Bayhorse Silver Mine, to enhance metal recoveries and reduce mining costs.
The Bayhorse Silver Mine has been developed with over 1,750 feet of underground workings and an additional 500 feet is planned for 2020.
FY2019 Highlights:
- Producing the first bar containing 37.69 ounces (1.172 kg) of .9999 fine silver. The silver was extracted from a portion of the 175 kg (386 lb.) sample sent to Minerals Solutions LLC of Coeur D'Alene, Idaho, USA.
- Completing the sale of 1,740 ounces of .9999 refined silver from the current testing/refining program.
- Completing non-brokered private placement financings and raising gross proceeds of $1.4 million in 2019.
- Engaging Consulting Metallurgist, John Fox, to oversee the ongoing metallurgical work at both the high-grade Bayhorse Silver Mine, Oregon, USA, and at the precious metals rich, Brandywine Volcanogenic Massive Sulphide Project (VMS), British Columbia, Canada.
- Expanding the Brandywine precious metals-rich VMS project near Squamish BC, to 1,500 hectares from 400 hectares.
- Receiving gold metallic screen assays from the re-assayed core samples from the 2010 Brandywine drilling program. A suite of eleven samples from best mineralized intersections confirmed the presence of significant coarse gold, the highest grade being 20.2 g/t over 1.5 m. (BHS2019-33)
The Company is in the process of completing commissioning and testing the milling and concentrate circuit at the Bayhorse Silver Mine, Oregon, USA, and commencing production of both gravity and flotation concentrate from the Ore-Sorter pre-processed stockpile to allow the flexibility of tailoring the silver concentrate characteristics for a variety of uses and clients.
Production of the first silver bar from the Bayhorse Silver Mine has been a great achievement for the Company, which was the culmination of a four-year effort developing the mine and readying it for production.
Acquisition of the past producing, Brandywine Volcanogenic Massive Sulphide (VMS) precious metals project in British Columbia provides the Company with exposure to near-surface high-grade gold. Subsequent to a comprehensive evaluation of the historical data, including a substantial amount of the 2010 securely stored drill core, a program of re-assaying of visible coarse gold was carried out. Tantalizing gold assays, plus the widespread gold in soil from past sampling, prompted the Company to increase the Brandywine Project from 400 hectares to 1,500 hectares. (BHS2019-26)
The year has not been without its travails, as the continued decline in silver and gold prices starting in May of 2018 carried over into 2019. The brief silver spike to US$19.50 in September of this year gave many investors hope that the slump was over, but that hope was deflated as silver dropped to US$16.50, taking the wind out of investors' expectations. However, Eric Sprott as well as a number of respected analysts, are on record predicting that silver prices will exceed $20 per ounce in 2020.
Upcoming 2020 Milestones
- Q1 2020: Drill known high grade gold/silver targets at Dave's Pond.
- Q1 2020: Conduct VTEM survey on Brandywine to tie in all historic data.
- Q2 2020: Increase the Bayhorse daily production capacity from 100 to 200 tons; and ounces from 640,000 to 1,300,000 per year.
- Q2 2020: Upon cash flow from Bayhorse Mine, commence exploration of the Brandywine high grade gold/silver VMS property.
- Q3 2020: Expand the Bayhorse resource by drilling program to potentially double the size.
The Company is not basing any decision to produce on a feasibility study of mineral reserves demonstrating economic and technical viability, and viability and advises there is an increased uncertainty and specific economic and technical risk of failure with any production decision. These risks include, but are not limited to, (i) a drop in price of commodities produced, namely silver, copper, lead and zinc, from the pricing used to make a production decision; (ii) failure of grades of the produced material to fall within the parameters used to make the production decision; (iii) an increase in mining costs due to changes within the mine during development and mining procedures; and (iv) metallurgical recovery changes that cannot be anticipated at the time of production.
This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its contents. Dr. Stewart Jackson, P.Geo., a Qualified Person and Consultant to the Company has prepared, supervised the preparation of, and approved the technical content of this press release.
On Behalf of the Board,
Graeme O'Neill, CEO
1-866-399-6539
About Bayhorse Silver Inc.
Bayhorse Silver Inc. is an exploration and production company with a 100% interest in the historic Bayhorse Silver Mine located in Oregon, USA, and an option on the Brandywine, precious metals rich, volcanogenic massive sulphide property located in B.C., Canada. The Company has an experienced management and technical team with extensive mining expertise surrounding exploration and building mines.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/50575