Vancouver, British Columbia--(Newsfile Corp. - April 17, 2019) - Bayhorse Silver Inc. (TSXV: BHS) (the "Company" or "Bayhorse") announces, subject to TSX-V Exchange approval, a non-brokered flow-through private placement for up to 7,500,000 Units at $0.125 per Unit for gross proceeds of $937,500.
Each $0.125 Unit will consist of one (1) flow-through common share and one (1) transferable common share purchase warrant, with each warrant exercisable into one (1) common share of the Company at an exercise price of $0.20 cents, exercisable for a period of 24 months from the date of issuance.
In addition to any other exemption available to the Company, participation in the non-brokered financing is also open to all existing shareholders, even if not accredited investors, under the "existing shareholder" exemption of National Instrument 45-106 as promulgated in Multilateral CSA notice 45-313 in participating jurisdictions.
Proceeds of the financing are to fund the upcoming exploration program on the Company's newly acquire Brandywine gold/silver project.
An airborne VTEM survey is planned for a nine square kilometer area covering the past historic gold and silver and base metal mining area on the property, as well as the gold and silver bearing massive sulphide exploration target identified by historic geochemical soil sampling and magnetic survey, as disclosed in the Company's news release, BHS2019-08.
The VTEM survey will identify targets for a drill program to test the massive sulphide zone at depth.
The readily accessible, 1,432 hectare, brownfield Brandywine deposit has undergone several exploration phases including bulk tonnage shipments to smelters, extensive drilling, and extensive geochemical and geophysical studies. (2018 Brandywine Minfile Report)
A recent grab sample taken from the recently exposed massive sulphide outcrop, 100 meters south of the Placer Dome's 1989 gold and silver soil sampling grid, assayed 1 g/t gold and 45 g/t silver. Grab samples are select samples and are not necessarily representative of the mineralization on the property
The analytical method used for the silver analysis consists of 1 Assay Ton (AT) samples subjected to fire assay with gravimetric finish. Assays were conducted by Christopherson Umpire Assayers of Osburn, Idaho
The Brandywine deposit conceptually falls within a class of high gold-silver volcanogenic massive sulphide deposits that include the Eskay Creek deposit of northern British Columbia; the Green's
Creek deposit on Admiralty Island near Juneau, Alaska; the Bawdwin deposit in Myanmar; and the Rosebery deposit of Tasmania. This family of deposits is particularly silver and lead rich with
important gold, zinc, copper and other metal values.
The most definitive indications of the nature of the mineralization on the property are two reported smelter shipments as follows:
- A 50 ton bulk sample in 1967 grading 83.1 g/t gold, 354 g/t silver, 9.9% lead, 7.4% zinc, 0.30% copper per ton to East Helena, Montana, smelter from the Silver Tunnel and Main Zone (Melling, 1994, Walus2011).
- A 500 ton sample grading 14.2% lead, 12.5%zinc, 339 g/t silver, and 2.57 g/t gold per ton to the Cominco Smelter in Trail in 1977 (Walus, 2011, Melling, 1994).
The analytical method used for the silver analysis consists of 1 Assay Ton (AT) samples subjected to fire assay with gravimetric finish. Assays were conducted by Christopherson Umpire Assayers of Osburn, Idaho.
The Company advises that the information is of a historic nature. Historic production estimates and grades reported have not been verified. A qualified person has not done sufficient work to verify the historical estimates nor classify the historic estimates as current mineral resources or mineral reserves, and the Company is not treating the historical estimates as current mineral resources or mineral reserves.
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
Bayhorse Silver Inc., a junior exploration company, has earned 100% interest in the historic Bayhorse Silver Mine Oregon, USA. and has optioned the Brandywine, precious metals rich, volcanogenic massive sulphide property located in BC, Canada. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44149