2023-08-22 01:45 ET - News Release
Mr. Graeme O'Neill reports
BAYHORSE ENGAGES HDR ENGINEERING TO CONDUCT GROUND WATER STUDY AT THE BAYHORSE MINE
On Aug. 17, 2023, Bayhorse Silver Inc. engaged HDR Engineering of Boise, Idaho, to conduct a groundwater baseline study at its Bayhorse silver mine, Oregon, United States.
Subject to completion of the ground water baseline study, the Company expects to submit its final Operation Permit Application ("Application") to Oregon's Department of Mining and Geological Industries ("DOGAMI") for approval to recommence full mining operations at the Bayhorse Silver Mine.
The Company is required to submit a number of baseline studies to DOGAMI in support of its Application. These baseline studies include vegetation, soil/overburden, climate/air quality/ precipitation (including modeling 100-year, 24-hour precipitation event), fish/aquatic biology, wildlife (terrestrial/avian), surface water, groundwater, area seismicity, geology and geographic hazards, mineralogy and chemistry and noise. Only the noise and groundwater baseline studies remain to be completed. The groundwater testing requires the installation of three test wells on the Bayhorse property.
Bayhorse CEO, Graeme O'Neill, comments, "while the baseline studies cover a comprehensive number of subjects, the Company is incorporating into its baseline reports published data from the substantial baseline studies already completed by Idaho Power Corporation ("IPC") in support of their relicensing application of their Hell's Canyon Hydro-Electric Complexes to the US FEC that commenced during 2000. The baseline data has since been submitted to, reviewed, and majorly accepted by the regulatory authorities of both Oregon and Idaho, as well as the US EPA, (2022) in their licensing approval process. The Bayhorse Mine is located on the Oregon side of IPC's Brownlee Dam Reservoir on the Snake River, that forms part of the Oregon/Idaho State boundary.
Graeme also comments that since the supply disruptions during the Covid period, attention has been drawn to the many critical minerals that have minimal production in the United States. At the Bayhorse Flotation Mill in Payette, Idaho. Each ton of flotation concentrate produced at its flotation mill contains, along with the silver content, an average 10% antimony, a US critical mineral, and.10% copper. Very little antimony is mined in the U.S., and the recent 99.6% ingot antimony price has been reported as high as US$11.70/Kg.
Subject to approval of the TSX Venture Exchange, the Company has amended the price of its previously announced (07.10/2023) non-brokered private placement at $0.02 cent per Unit to $0.015 cents per Unit and increased the size of the placement to 8 million units for gross proceeds of $120,000.
Each unit will consist of one common share, and one transferrable common share purchase warrant, each warrant exercisable into one common share of the Company at a price of $0.05 cents per common share for a period of 15 months from issuance.
The funds received are to complete the deficiencies on the Company's full operating permit application for the Bayhorse Silver Mine, to complete the reclamation of the Flagstaff property and for general and administrative expenses.
In addition to any other exemption available to the Company, participation in the non-brokered financing is also open to all existing Canadian shareholders, even if not accredited investors, under the "existing shareholder" exemption of National Instrument 45-106 as promulgated in Multilateral CSA notice 45-313 in participating jurisdictions.
Finder fees may be payable on a portion of the financing not taken down by insiders according to the policies of the TSX-V Exchange.
Securities issued under this placement will be subject to a four month plus a day hold period from the date of issuance.
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, CPG, a Qualified Person and consultant to the Company has prepared, supervised the preparation of, and approved the geotechnical content of this press release.
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/antimony 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.
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