Drill Results
Bayhorse Silver Underground Drilling Operations Update
Bayhorse Silver Commences Underground Drilling Amidst Dilutive Financing and Price Correction
Executive Summary
- Bayhorse Silver Inc. announces the completion of underground drilling preparations and commencement of a 2,000 m first phase diamond drilling program at the Bayhorse Silver Mine starting June 1, 2026.
- The initial six drill holes target the CR-2 IP anomaly to confirm high-grade silver bearing tetrahedrite mineralization extending beyond the existing NI 43-101 inferred resource area.
- A second stage of the drill program is planned for CR-1 and CR-3 anomalies, supported by assay data from groundwater test well MW2 indicating potential high-grade intersections (averaging 1,104 g/t silver).
- Drill station location utilizes previous underground drill station used for hole DD2024-01; concrete pad and sump installed to support a minimum of 13 diamond holes.
- Primary target CR-2 IP anomaly indicates 76 m width located between 350 to 600 feet south of the drill station.
- Secondary targets include 7 additional drill holes planned to the east (between 60 and 121 m east of, and 43-60 m below the 2018 inferred resource area).
- Current NI 43-101 inferred resource stands at 292,300 tons at a grade of 21.65 opt (673 g/t) for 6.3 million ounces of silver.
Material Impact
- The news represents execution of the previously announced mobilization plan from March 11, 2026, and follows the closing of the C$4.1M financing on April 29, 2026.
- As a follow-up to prior announcements regarding drilling mobilization and funding, this is considered incremental progress rather than a fundamental shift in valuation or discovery.
- The market has already priced in the financing dilution (units sold at C$0.07 vs current price of $0.04), suggesting limited immediate upside from operational updates alone without assay results.
- No new strategic investors or major capital commitments beyond the previously announced offering are disclosed, limiting the "Game Changer" potential.
- The confirmation of drilling commencement validates management's ability to execute on funded plans but does not guarantee resource expansion until assays are released.
BHS · Price
Company Overview
- Company: Bayhorse Silver Inc., focused on the development of the Bayhorse Silver Mine in Oregon, USA.
- Flagship Project: Bayhorse Silver Mine (Oregon) and adjacent Pegasus Porphyry Copper Project (Idaho).
- Development Stage: Exploration/Pre-feasibility; Operating Permit Application pending for full-scale mining operations.
- Mineralization: Dominantly tetrahedrite containing silver, copper, antimony, zinc, and minor gold; classified as critical and strategic minerals in the United States.
- Infrastructure: 700 ft of new haulageway, 500 ft of drifts, Steinert XRT100 ore-sorter (40 ft/h capacity), and a permitted 50 ft/d flotation mill in Payette, Idaho.
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Apr 29, 2026 · 11:58