Bayhorse Silver Drill Approval, Pegasus Project, Idaho, Update

Rhea-AI Summary

Bayhorse Silver (TSXV: BHS, OTCQB: BHSIF, FSE: 7KXN) has received approval for a 10,000 ft diamond drill program at its Pegasus Project in Idaho. The program targets a large low resistivity anomaly identified in a recent VTEM survey, potentially indicating an intrusive mass. The initial phase involves five drill holes, each up to 1800 ft deep, starting at 330 ft below the surface. The anomaly spans over a mile and extends beyond the VTEM survey area. CEO Graeme O'Neill emphasized the importance of timely permitting to leverage the favorable summer drilling season.

Positive

• Approval obtained for a 10,000 ft diamond drill program, which could lead to significant mineral discoveries.
• The VTEM survey identified a large low resistivity anomaly, potentially representing a valuable intrusive mass.
• Initial drilling will target five deep holes, suggesting a thorough exploration strategy.
• Permitting completed timely to utilize favorable summer drilling conditions, indicating efficient management.
• Potential extension of the anomaly beyond the VTEM survey area, increasing the exploration scope.

Negative

• Significant initial investment required for a 10,000 ft drilling program, potentially impacting financial stability.
• Drilling success is uncertain, and the anomaly might not yield economically viable mineral resources.
• Operational risks and delays could arise despite timely permitting, impacting project timelines and costs.

Vancouver, British Columbia--(Newsfile Corp. - June 17, 2024) - Bayhorse Silver Inc, (TSXV: BHS) (OTCQB: BHSIF) (FSE: 7KXN) (the "Company" or "Bayhorse") reports that it has received approval for its up to 10,000 ft (3048 m) diamond drill program on the recently completed VTEM survey area that shows a large low resistivity anomaly that may represent an intrusive mass at its Pegasus Project in Idaho, one mile east of its Bayhorse Silver Mine, Oregon, USA.

The planned initial deep drilling program of 5 drill holes of up to 1800 feet (548.6 meters) deep is based upon the low resistivity targets identified in the survey that starts at 330 ft (100.6 meters) below surface and extends to 1800 ft (550 meters) in depth.

The low resistivity anomaly extends over a mile (1.6 km) from the NNW to the SSE and is believed to extend past the VTEM survey area to the south of the 4 sq/mile (1036 ha) Pegasus claim group.

Bayhorse CEO, Graeme O'Neill, comments "early drill permitting is necessary to avoid delays during the favorable summer drilling season, and our technical team has done wonders in getting the permitting completed so quickly."

Figure 1, Planned drill locations based upon VTEM survey low resistivity zone(s).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5015/213263_51b1ec1de4cae8ae_001full.jpg

This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its content. Mark Abrams, AIPG, a Qualified Person has prepared, supervised the preparation of, or approved the technical content of this press release.

On Behalf of the Board.

Graeme O'Neill, CEO
866-399-6539

About Bayhorse Silver Inc.

Bayhorse Silver Inc. is an exploration and production company with a 100% interest in the historic Bayhorse Silver Mine located in Oregon, USA. With state of the art Steinert Ore-Sorting technology reducing waste rock entering the processing stream by up to 85%, we have created a minimum environmental impact facility capable of mining 200 tons of mineralization per day and the ability to process and supply 3,600 tons per year of silver/copper concentrate ranging between 7,500 to 15,000 g/t using standard flotation processing at its milling facility in nearby Payette County, Idaho, USA, with an offtake agreement in place with Ocean Partners UK Limited. The Company also has an option to acquire an 80% interest in the Brandywine high grade silver/gold property located in B.C. Canada. The Company has an experienced management and technical team with extensive mining expertise in both exploration and building mines.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/213263

FAQ

What is the significance of Bayhorse Silver's 10,000 ft drill program approval?

The approval enables Bayhorse Silver to explore a large low resistivity anomaly identified in the VTEM survey at its Pegasus Project, potentially indicating valuable mineral deposits.

When did Bayhorse Silver receive approval for their drilling program?

Bayhorse Silver received approval for their drilling program on June 17, 2024.

What is the depth of the initial drilling phase at the Pegasus Project?

The initial drilling phase will involve five holes, each up to 1800 ft deep.

Where is the Pegasus Project located?

The Pegasus Project is located one mile east of Bayhorse Silver Mine in Oregon, USA.

What does the low resistivity anomaly in the VTEM survey indicate?

The low resistivity anomaly may represent an intrusive mass, suggesting the presence of economically viable mineral resources.