VANCOUVER, BC–(Marketwired – August 29, 2016) – Bayhorse Silver Inc. (TSX VENTURE: BHS) (the “Company” or “Bayhorse“) mobilizes drill rig to the Bridging the Gap Silver Project at Smelterville, in Idaho’s prolific “Silver Valley”. The diamond drill program is due for completion by the end of September.
The drill target is a pair of parallel silver/lead/zinc structures, the historic Crown Point/Silver King Mines structure, and approximately 300 feet to the south, the parallel Shea structure. U.S Bureau of Mines (USBM) records show that Crown Point Mines historically worked on vein systems with reported in-situ grades of up to 80 opt Silver and 65% lead, from which 3,000 tons of ore was direct shipped at that grade. The Crown Point/Silver King Mines closed in 1940 with total production of 116,906 tons averaging 12 oz/ton silver and 11.3% lead.(USBM)
The Shea vein system was extensively mined at the adjacent Bunker Hill Mine and historic Bunker Hill mining records report a 30 foot ore intersection was made in 1936 by an underground drill hole from the 200 foot level at the Silver King workings into the parallel hanging wall Shea zone that was never followed up.
The two parallel mineralized zones extend east-west for approximately 1,400 feet in length and project over 1000 feet in vertical extent. Initial drilling will penetrate the structures from the south through both the Shea zone and the Crown Point/Silver King zone.
In the late 1970’s Bunker Hill Mines and ASARCO contemplated a Joint Venture to resume mining Crown Point/Silver King, but it never transpired. Bunker Hill Mines maintained a detailed map folio of all the Bunker Hill, Bridging the Gap and Page Mine underground workings. This folio has been fully digitized by HRB Mining Services, the Company’s underground contractor, and is being used by the Company.
Bayhorse President Graeme O’Neill comments that despite being sandwiched between two past producing mines, due to claim boundary issues between Bunker Hill Mining and ASARCO, and the subsequent transfer of the property to the EPA, the Bridging the Gap mines have remained unavailable for exploration and development for the past 76 years. Now that the property has been acquired from the EPA by private interests, free and clear of all environmental obligations, we are very pleased to be heading its exploration and redevelopment http://www.bayhorsesilver.com/government-gulch-silver-valley/
According to the U.S Bureau of Mines, production from the 5 mines on the Bridging the Gap Project, (Blackhawk, Wyoming, Ranger, Crown Point and Curlew) for the period between 1886 – 1940 was over 2 million oz of silver, 9.4 million pounds of zinc and 6 million pounds of lead. Grades were probably understated due to the deficiency payments made under the Mineral Defense Department during the war years when miners produced lower grades, or diluted the mined grades, to qualify for the deficiency payments.
Though the Crown Point/Silver King zone was mined only to the 200 level, a steeply inclined shaft extended the structure to 800 feet and exploration potential for the Crown Point/Silver King and Shea structures is substantial. The zones are projected to extend much deeper below the 1000 foot level, based on the adjacent and highly prolific Bunker Hill Mine to the east being mined down to 5,800 feet, and the Page Mine, on the west side, being mined down to the 3,500 foot level. Hecla’s nearby “Lucky Friday” Mine is currently being extended to the 10,000 foot level.
Bayhorse Silver Inc., a junior exploration company, is earning a 75% interest in the past producing Bridging the Gap Project, consisting of ASARCO’s historic Crown Point, Silver King, Ranger, Wyoming, Curlew, and Blackhawk silver/lead/zinc mines in Idaho’s Silver Valley. Bayhorse is also earning an 80% interest in the historic Bayhorse Silver Mine, Oregon, USA. The Company has an experienced management and technical team with extensive exploration expertise. This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its contents.
Dr. S. A. Jackson, PGeo. , a Qualified Person and Technical Advisor to the Company has prepared, supervised the preparation of, or approved the technical content of this press release.
On Behalf of the Board
Graeme O’Neill, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
BHS2016-013
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Bayhorse Silver Inc.
Graeme O’Neill
President
604-684-3394
888 684 0586 (FAX)
company@bayhorsesilver.com
www.bayhorsesilver.com