Bayhorse Silver Clarifies Technical Disclosure in its Recent News Release Regarding Underground Development Work Underway at its Bayhorse Silver Mine
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 10, 2015) - Bayhorse Silver Inc. (TSX VENTURE:BHS) (the "Company" or "Bayhorse") reports that as required by IIROC the Company is clarifying and retracting certain disclosure in the news release dated September 9, 2015. In particular the Company is clarifying the technical content of its news release BHS2015-29 dated September 9, 2015 in that the disclosure of the historic estimate did not meet the requirements of disclosure as provided for in NI-43-101 Part 2.4 (Disclosure of Historical Estimates) and the statement of production from a quantity and grade of material is not supported by an independent mining study and is retracting the technical disclosure.
As disclosed in the Company's National Instrument-43-101 Technical Report on the Bayhorse Silver Mine dated February, 2014, Melvin A. Herdrick, Consulting Geologist, estimated probable tonnages on the main orebody, based upon geology, to be as follows.
| "Upper level, 329 ft long x 80 ft wide and 22 ft thick to be | 50,688 tons | |
| Intermediate level, 200 ft long x 85 ft wide x 22 ft thick to be | 33,660 tons | |
| West projection to fault, 525 ft long x 85 ft wide and 22 ft thick to be | 88,360 tons | |
| Less 6,500 tons mined | -6,500 tons | |
| Total probable ore at 7.5 oz/t cut off at 17-20 ox Ag/t | 166,208 tons" |
In his conclusions Herdrick (1981) stated "because mineralization is controlled by stratigraphy, close proximity to the fold axis, and coincidence with the Sunshine fault near mineralization, continuity of mineralization is projected to extend more than 600 ft westerly, beyond the previous exposure within the mine. Herdrick further stated "Previous exposures verify that more than 400 ft of ore strike length is exposed from the upper level through the intermediate level. Projections of ore tonnages in the main ore body, based upon geology, yield a probable tonnage of 160,000 tons within the 7.5 ounce cut off, having a grade of approximately 17 to 20 oz Ag/ton."
Herdricks assumptions, parameters and methods used to calculate the grade and tonnage of the historic resource are unknown.
For the historical estimates to be upgraded or verified to qualify as a resource or reserve would require measuring and resampling of the underground workings, and if needed, core drilling to confirm the potential tonnage.
Herdrick also estimated in his report that if on-site milling was contemplated, from the two levels and the west projection, he could quantify a larger possible tonnage using a 3.5 oz per ton cut off, but while determining a possible tonnage, did not ascribe a grade to it.
The terms "probable tonnages", "orebody", "probable ore" and "ore" are measurement categories other than those required to be used for Canadian securities reporting purposes and do not satisfy the CIM definitions for mineral resources or mineral reserves. The terms "probable tonnages", "ore", "orebody" and/or "probable ore" etc. would constitute mineralized material under Canadian securities reporting requirements.
The Company advises that 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. There can be no assurance that additional work will result in the definition of any current resource or reserve.
Bayhorse Silver Inc. is a junior exploration company that is earning an 80% interest in the historic Bayhorse Silver Mine, Oregon, USA. It has a 100% interest in the Alexander River high grade New Zealand gold prospect, in the highly prolific West Coast South Island gold fields of New Zealand, which offers investors the potential for a major gold discovery.
Bayhorse has also entered into a Farm-In Agreement with Saturn Minerals to acquire a 25% interest in the Little Swan oil project, Saskatchewan. Additionally the Company has retained a 30% Net Profit Interest in the Flagstaff barite mine in Washington State. 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 technical content of this press release has been reviewed and approved by Dr. S. A. Jackson, PGeo., a Qualified Person and Technical Advisor to 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.