RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Had to PUTI've been buying more shares too. Thanks very much for the correction Gknight. I'll repost the post with metres corrected to feet just in case somebody somewhere on the internet copy pastes that post wholesale with the wrong information. Also making a couple of other minor improvements.
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"The Company reports that through recent underground drilling and sampling, the main mineral zone has been extended over 100 feet past the historic 1984 workings. Drilling and sampling continues to delineate the further extension of high grade mineralization at the Bayhorse Silver Mine, Oregon, USA."
https://ceo.ca/@newsfile/bayhorse-silver-extends-known-strike-of-silver-mineralization
To hear confirmation that the ore-body does actually extend past the historic workings is extremely exciting news, and appears only to be the beginning of what is to come. Understand that the Bayhorse Silver geologists
already believe that they have 21 million ounces in the so-called Goldilocks Zone, which has grades “up to” 100 oz/t, 1 million tons of ore, average grade 21 oz/t. But this 100 feet of new mineralization is a completely new discovery, and stretches into the ultra-high-grade so-called “Big Dog zone,” with grades “up to” 350 oz/t. Nor is this 100 feet the end of the exploration programme; it is only the beginning. This is a recent discovery, which Bayhorse are simply reporting to us early as a gift to shareholders. They are
continuing to delineate this new discovery. If they have already accomplished this much when we are up to 2 months away from the completion of the exploration programme and the release of drilling results, then things are looking extremely promising indeed.
One of the best ways to show the significance of this new ongoing extension of the strike of mineralization beyond the 1984 workings, is to quote from two historical letters. Bear in mind that the three modern geologists agree with the potential outlined in these letters. They speculate that there are at least 3000 feet of ore-body in the Big Dog zone, 1 million tons in each 1000 feet, and that the grades will only get better than 21 oz/t there. You can hear about this in the 2018 David Morgan interview (https://www.youtube.com/watch?v=8iJ30m-Z8LE), or see it on page 11 of the Investor Presentation.
Here is historical letter number one:
"It has been my experience, and the experience of some of the most able authors, that
in all silver deposits, we have a zone of secondary enrichment. Now suppose we go back to the fault line of this property: it is my opinion that a tunnel driven into the ore of this faulted portion
would disclose a body of ore, and a very large tonnage would be sufficiently high in grade to ship at a handsome profit. In other words, I am confident that, if the faulted portion of this ore-body was opened up for stoping, a car-load a day could be shipped with a value of at least
40 ounces a ton. My recommendation is that this tunnel be driven at once. I know of no other property, and I speak of those of big mines, that I have had with an equal showing to this, and having as favourable conditions;
and I do not hestiate to say that, with proper development, the Bayhorse Mine shows the biggest possibilities of any property that I have ever seen. Mr Winter,
the one essential thing as I see it is to get absolute control over Bayhorse Mine, not just a simple managerial control that might be voted out of your hands at some subsequent election, but a control that would be absolute, one that you would have today and tomorrow and five years from now. [
Note: Graeme O'Neill's "Bayhorse Silver" has 100% control over the mine.] I want to recommend that an effort be made to put this Bayhorse deal through, and
no time should be lost in bringing this about."
W. C. Fellows, Mining Engineer, 1923
https://bayhorsesilver.com/wp-content/uploads/2018/01/ConnorCreekBayHorseMineLetters.pdf
(This "proper development" never came to fruition, because the price of silver collapsed.)
The following information is also highly interesting:
"
In 1984, drilling intersected significant grades of silver bearing mineralization and extended the mineralization over 150 feet past the historic Big Dog, but no tonnages were assigned to the area drilled. Historically, in the Big Dog zone, Silver King reportedly blocked out 1,800 tons using a 6 oz/t cut off grade ready for mining
when they stopped production in 1984 due to low silver prices."
https://www.canadianinsider.com/bayhorse-silver-commences-operations-in-the-big-dog-historic-workings-at-the-bayhorse-silver-mine-oregon-usa
And from technical report, p. 104:
"The 16th of August 2018 news release reported the results of the Company's recent grab and chip sampling from the Big Dog zone at the eastern end of the newly opened 550 ft portion.
Six of seven chip and grab samples yielded between 19.5 oz/t Ag and 73 oz/t."
https://www.bayhorsesilver.com/wp-content/uploads/2018/11/02839924-SEDAR-43101-Nov-8-2018.pdf
Here is another interesting historical letter from a completely different mining engineer, C. N. Anderson, here delivering a preliminary report. He begins by speaking of what I infer to be the so-called "Goldilocks Zone" which we already know about (again, see p. 11 of Investor's Presentation):
"The development work to date has proved
not less than one million tons of ore that can be mined, milled, and marketed at a profit of $5 per ton, according to the price of silver for ten years prior to the Pittman Act. This work is all within the ore zone which carries throughout its width and length, as determined by assays in
an average of 20 oz of silver per ton.
But he then goes on to say, like W. C. Fellows:
"
All geological indications favour the continuance of the ore-body and values to a great depth. The fault on the property has shifted a block of the ore about 100 feet out of its original position. But it has in no way complicated the mining of this ore, and,
if anything, this fault is in favour of the property, as high-grade ore of a secondary nature has been deposited along this fault line.
He concludes by saying:
"For the past twelve years I have followed the mining engineering profession, which has carried me from Mexico to the Arctic Circle. After having examined this property with the view of becoming personally interested,
I do not hesitate to say that it is one of the best opportunities for a mining investment that I have ever encountered. With the organization that the U. S. Metals company will have, the Bayhorse Mine will rapidly advance to its proper position, which, in my opinion,
will be the largest silver mine in the northwest."
https://bayhorsesilver.com/wp-content/uploads/2018/01/ConnorCreekBayHorseMineLetters.pdf
Consider the significance of this statement "in the northwest," given that that is the region of the Spokane Stock Exchange and of the '60s silver bull market where the average silver penny stock went up 150x when the price of silver merely doubled. Bayhorse Mine couldn't partake of that bull market at the time, because the region was flooded owing to the creation of the Brownlee Reservoir. (See p. 19 of technical report.)
https://www.bayhorsesilver.com/wp-content/uploads/2018/11/02839924-SEDAR-43101-Nov-8-2018.pdf
Investor Presentation:
https://bayhorsesilver.com/wp-content/uploads/2021/03/Bayhorse-Investor-Presentation-February-2021.pdf