Bayhorse increases Bayhorse mine drilling to 20 holes

Executive Summary

• Bayhorse Silver Inc. is expanding its underground diamond drill program at the Bayhorse silver mine to up to 20 holes, with a first-stage minimum of 2,300 metres (7,545 feet).
• The program targets conceptual exploration areas identified by recent induced polarization (IP) surveys, aiming to potentially expand the existing NI 43-101 inferred silver resource or upgrade it to an indicated category.
• Drilling will be executed in two stages: Stage 1 targets IP anomalies CR-1, CR-2, and MW-2, while Stage 2 targets CR-3, MR-1, and MR-2 located east of and below the current inferred resource boundary.

Key Details

• Program Scope: Increased to up to 20 diamond drill holes; first-stage minimum of 2,300 metres (7,545 feet).
• Existing Resource Context: NI 43-101 inferred mineral resource of 292,300 tons at 21.65 oz/t (673 g/t) for 6.3 million ounces of silver (Turner et al., 2018).
• Stage 1 Targets:
• CR-1: Lies within/beyond NI 43-101 area, vertical extent up to 300 m (984 ft), strike ±600 ft. Planned: 5 holes up to 730 m (2,396 ft).
• CR-2: Located ±400 ft south of CR-1, ~250 ft diameter footprint, vertical extent ±200 m (660 ft). Planned: 6 holes totaling 1,149 m (3,770 ft).
• MW-2: Located ±280 ft east of CR-1, ~30 m (98 ft) diameter, downdip extent ±45 m (147 ft). Groundwater test well intersected 1.5 m @ 1,104 g/t (35.46 opt) Ag and 1.5 m @ 770 g/t (23.12 opt) Ag. Planned: 3 holes totaling 420 m (1,379 ft).
• Stage 2 Targets:
• CR-3: Located ±243 m (800 ft) northwest of western end of rehabilitated main haulage way. Planned: 5 holes totaling 1,909 m (6,264 ft).
• MR-1 & MR-2: Located east of and below inferred resource area. Planned: 5 holes totaling ±1,359 m (4,459 ft).
• Strategic Objective: Provide additional data to refine understanding of deposit extent, structure, and mineralization; determine potential for increasing inferred ounces or upgrading to indicated/better categories.

Notable Quotes

• Graeme O'Neill, CEO: "The authors of the 2018 technical report have classified material in an expanded model that is outside of the above inferred mineral resource model as a conceptual exploration target. The IP targets identified for the above drill program extend beyond the area of our NI 43-101 inferred mineral resource estimate into the conceptual exploration targets and is intended to determine whether inferred ounces can be increased and/or whether inferred ounces can be brought to an indicated or better category. Our additional analysis of the IP results indicates the strong possibility of silver, copper and antimony critical-minerals-bearing material extending beyond the existing inferred resource boundary, vertically above and below the current mine workings of over 300 m (1,000 feet), and extending on strike both east and west."