Bayhorse Silver Reports Significant IP Results from Its Pegasus, Idaho, Porphyry Copper Project

Executive Summary

• Bayhorse Silver released results of a January 2026 IP/AMT survey over the Pegasus Porphyry Copper Project, confirming high‑chargeability, highly conductive and low‑resistivity targets in the southern half of the ~4 sq mi property.
• The geophysical anomalies align with earlier VTEM data (2024) and surface mapping, suggesting a possible eastward extension of the historic Bayhorse Mine silver‑rich mineralization and potential porphyry copper–gold zones.
• Company plans immediate follow‑up work: additional IP survey to the north, drilling on five identified targets, and expanded geophysical coverage to better delineate anomalies.

Key Details

• Survey Findings:
• High chargeability, high conductivity, low resistivity anomalies detected at ~300 m depth beneath a 300 m thick conductive surface layer.
• Southern‑central target area shows resistive surface units overlying elevated chargeability—geophysical configuration analogous to Bayhorse Mine response.
• Comparison to Prior Work:
• Results are consistent with March 2024 VTEM survey (low‑resistivity zones extending >1 km strike, ≥550 m depth).
• Surface mapping by Dr. Clay Conway (Sept 2024) identified anomalous Au, Ag, Cu, Sb, Zn mineralization; IP/AMT anomalies mirror these patterns.
• Interpretation Report (SJV Geophysicists):
• Conductive zones extend beneath the surface layer; discontinuous north‑south resistive zones present in central grid.
• Southern central area exhibits a resistive surface zone overlain by elevated chargeability at depth.
• Forward Exploration Plan:
• Conduct additional IP survey on northern Pegasus section when weather permits.
• Initiate drill program on five identified targets; further drilling contingent on positive results.
• Expand DCIP and AMT coverage to refine anomaly boundaries and extend grid northward.
• Integrate structural interpretation (thrusts, splays, rhyolite‑related structures).
• Regional Context:
• Pegasus rhyolite extends from Bayhorse Mine across the Snake River into Idaho, potentially linking to porphyry copper systems.
• Nearby Hercules Metals’ discovery (~45 km north) reported copper‑gold porphyry‑style mineralization (hole HER‑24‑20).

Notable Quotes

• Graeme O'Neill, CEO: “We are very excited to receive the results of the Pegasus IP survey… The area mapping by Dr. Conway showed the expected silver/antimony/copper/zinc mineralization as well as anomalous gold.”
• Graeme O'Neill, CEO (continued): “Based on the characteristic of the silver mineralization and the hydrothermal breccia intercepts encountered in the Bayhorse Mine 335 m drill hole in 2024… gold values may increase at depth.”