Bayhorse Silver conducts XRF analysis of samples

Executive Summary

• Bayhorse Silver Inc. conducted X-ray fluorescence (XRF) field analysis on flotation concentrate samples from its Bayhorse silver mine in Oregon, revealing significant contained silver, copper, antimony, and zinc.
• The analysis was performed on 20 kg samples taken from a 7.5-tonne flotation concentrate stockpile derived from mine development material (not representative of future run-of-mine production).
• The company is evaluating proprietary antimony leaching technology from Allihies Engineering Inc. to improve recovery rates of refractory minerals, specifically aiming to make all metals payable.

Key Details

• Sample Source: 20 kg sample taken from three locations within a 7.5-tonne flotation concentrate stockpile at the Bayhorse mill.
• Testing Methodology:
  • A 6.5 kg portion was field-tested using a Sci-Aps X series XRF unit, separated into three sub-samples.
  • One 5.5 kg sample sent to Allihies Engineering Inc. (Montana) for proprietary antimony leaching technology testing.
  • One 0.5 kg sample submitted to Paragon Laboratory for full metals analysis (including sulphur) to validate XRF results.
  • One 0.5 kg reference sample retained at the Bayhorse mill.
  • Four XRF field analysis measurements were taken for representativeness.
• Current Inventory: The company holds 22 tons of flotation concentrate derived from sorting and milling historic mine development material (installed prior to 2019).
• Development Context: The current concentrate is from development work including 750 ft of haulage ways, 250 ft of escape ways, and 300 ft of drifts/raises. This material is of variable grade and not representative of future mined stopes.
• Future Processing Plan:
  • Upon permitting, run-of-mine material will be crushed to 1-inch minus (25 mm).
  • Sorted via Steinert ore sorter to reject ~80% as waste.
  • Sorted material trucked to Payette, Idaho mill, crushed to 0.12-inch (3 mm), ball milled, and floated.
  • Float concentrate bagged for further processing/smelting/leaching.
• Leaching Potential: Allihies Engineering recently confirmed up to 99% antimony extraction rates using its selective industrial alkaline selective leaching (ASL) technology on similar tetrahedrite mineralization from the Galena mine in Idaho.
• Mineralogy: Dominant mineralization is tetrahedrite (silver, copper, antimony, zinc, iron), which is refractory. Leaching aims to separate antimony and sulphur to increase recoveries of silver, copper, and zinc.
• Strategic Context: Silver, antimony, copper, and zinc are recognized as critical and strategic minerals in the US.
• Exploration Model: Mineralization may extend to the adjacent Pegasus porphyry copper prospect, potentially sourced from an underlying shallow pluton.

Notable Quotes

• Graeme O'Neill, CEO: "While the sampling was conducted on mine development material and not representative of what we will actually be mining, we were very pleasantly surprised at the percentages of copper, antimony and zinc recovery in the concentrate along with the silver. We have another 100 tons of sorted mine development material to mill and float, and will look forward to the leach testing results to determine whether we can install a pilot leaching system at the Bayhorse mill so all the metals become payable."