Bayhorse Silver mobilizes drill rig to Bayhorse mine

Executive Summary

• Bayhorse Silver Inc. has mobilized a diamond drill rig to its Bayhorse Silver Mine in Oregon to commence a minimum 2,000-meter underground drill program targeting multiple IP anomalies and extensions of the current inferred resource.
• The program aims to refine the understanding of the silver endowment's extent, structure, and mineralization, with the goal of potentially increasing the known resource and upgrading inferred ounces to indicated or better categories.
• Recent IP analysis revealed strong potential for silver-bearing mineralization extending vertically and laterally beyond the current NI 43-101 resource boundary, prompting an expansion of the initial drilling scope from 1,000m to 2,000m.

Key Details

• Drill Rig & Scope: Diamond drill rig with 2,500-foot depth capability mobilized; program targets up to 10 diamond drill holes totaling a minimum of 2,000 meters (6,600 ft).
• Primary Targets: IP anomalies CR-1, CR-2, and CR-3, plus IP targets MR-1 and Deep-1 located east of and below the inferred resource area.
• Resource Context: Current NI 43-101 inferred resource stands at 292,300 tons at 21.65 opt (673 gpt) for 6.3 million ounces of silver (Turner et al., 2018).
• Target Characteristics:
• CR-1: Coincides with historical/current workings (Big Dog and Goldilocks zones); extends 97m above and 200m below the main portal level.
• CR-2: Located ~200m southeast of CR-1 with lesser vertical extent, situated beneath a shallow resistive layer.
• CR-3: Near the northwestern end of the historical Goldilocks zone, where historic drilling suggested mineralization to the north.
• MR-1: Located ~170m northeast of the mine workings; accessible via existing underground drill pads.
• Historic/Exploration Intersections: Groundwater test well MW2 intersected 3m at 1,104 gpt Ag and 1.5m at 770 gpt Ag between depths of 22m and 33.5m.
• Program Expansion: Initial underground drilling area increased from 1,000m to 2,000m following detailed IP analysis providing precise locations, elevations, distances, and orientations from current drill pads.
• Technical Oversight: Mark Abrams, AIPG, Qualified Person and company director, has approved the technical content.

Notable Quotes

• Graeme O'Neill, CEO: "We are very pleased that the additional analysis of the IP indicates the strong possibility of silver-bearing mineralized material with vertical extent both above and below the current mine workings over 300 m (1,000 ft) and extending both east and west of the inferred resource boundary. Our increased drilling objective is to further refine our understanding of the extent, structure and mineralization of the Bayhorse silver endowment and to potentially increase the known resource. The targets identified extend beyond the area of our National Instrument 43-101 mineral resource estimate of 292,300 tons at a grade of 21.65 opt (673 gpt) for 6.3 million ounces of silver (Turner et al., 2018), with the drill program intended to determine whether inferred ounces can be increased and whether inferred ounces can be brought to an indicated or better category."