Bayhorse Silver Analysis of Pegasus Project Geological Mapping Program

Rhea-AI Summary

Bayhorse Silver Inc. (TSXV: BHS) (OTCQB: BHSIF) has completed a preliminary analysis of its recent geological mapping program at the Pegasus Project in Idaho, USA. The analysis revealed multiple small intrusive rhyolite bodies in the area, suggesting the presence of contemporary magma sources at depth. These sources could potentially be mineralized, based on observed mineralization near rhyolite masses and the proximity to silver deposits associated with rhyolite.

The company has identified three distinct varieties of rhyolite, indicating multiple sources or magmatic pulses. Some rhyolite bodies show signs of mineralization, including veining, alteration, and fracturing. Low-resistivity geophysical anomalies have been detected, potentially indicating conductive copper-sulfide minerals at depths of 25 to 525 meters.

Bayhorse has received approval for a minimum five-hole drill program targeting the main low-resistivity anomaly. CEO Graeme O'Neill expressed satisfaction with the team's progress and anticipation for the upcoming drill testing to confirm mineralization.

Positive

• Identification of multiple rhyolite bodies suggesting potential mineralization
• Discovery of low-resistivity geophysical anomalies indicating possible copper-sulfide minerals
• Approval received for a minimum five-hole drill program
• Proximity to known silver deposits and recent porphyry copper discovery in the region

Negative

• Further geophysical work required to clarify the extent of mineralization
• Mineralization potential is still speculative and unconfirmed

Vancouver, British Columbia--(Newsfile Corp. - August 1, 2024) - Bayhorse Silver Inc, (TSXV: BHS) (OTCQB: BHSIF) (FSE: 7KXN) (the "Company" or "Bayhorse") reports on the preliminary analysis of the recent geological mapping program of its Pegasus Project, Idaho, USA, has been completed.

Our Bayhorse Silver geological team have concluded from the mapping program that there are a number of small intrusive rhyolite bodies scattered in the Pegasus Project area. They attest to the presence of a contemporary magma source(s) at depth, which magma source(s) could now be represented as shallow granite bodies. It can be inferred that such bodies could potentially be mineralized, based on: 1) mineralization in and near the rhyolite masses; 2) the nearby presence of silver associated with rhyolite (Bayhorse Silver mine just across Snake River in Oregon); and 3) the recent discovery of porphyry copper mineralization by Hercules Metals in a similar geologic-mineral setting only 44 Km to the north.

There are three distinct varieties of rhyolite in the Pegasus Project area suggesting multiple sources or multiple magmatic pulses in the source areas. Some of the rhyolite bodies show features of mineralization: veining, alteration, and fracturing/brecciation. Veins vary from locally pervasive micro-veins in fractures to large sulfide-bearing quartz veins with anomalous gold, silver, copper, antimony and arsenic. Mineralization is also found locally in the host sedimentary rocks of the Jurassic Weatherby Formation. Historic prospect pits and trenches are present in both rhyolite and sedimentary rocks.

The rhyolite bodies are in close proximity to low-resistivity geophysical anomalies that indicate the presence of conductive bodies from depths of 25 to 525 meters. These bodies are potentially granitic masses bearing conductive copper-sulfide minerals and thus represent prospective drilling targets.

Drilling approval has been received for a minimum five hole drill program, planned around the main low-resistivity anomaly and extrapolated extension, in the SE corner of the survey area.

Bayhorse CEO, Graeme O'Neill, comments "we are very pleased with the Bayhorse team in completing the preliminary geological analysis of the Pegasus Project and getting quick approval for the drill program. We know a lot more work, including geophysics, will have to be done to make the picture clearer, but the first steps of our Pegasus journey have been completed and we are looking forward to drill testing the anomalies to confirm mineralization and geophysical work to increase our understanding of the extent of that mineralization."

This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its content. Dr.Clay Conway, P.Geol, 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 and the Pegasus Project, in Washington County, Idaho. The Bayhorse Silver Mine and the Pegasus Project are 44 km southwest of Hercules Metals' porphyry copper discovery. The Bayhorse Mine includes a state of the art Steinert Ore-Sorting technology reducing waste rock entering the processing stream by up to 85%. The Company has 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/218536

FAQ

What did Bayhorse Silver's geological mapping program at the Pegasus Project reveal?

The program revealed multiple small intrusive rhyolite bodies, suggesting the presence of contemporary magma sources at depth that could potentially be mineralized. Three distinct varieties of rhyolite were identified, indicating multiple sources or magmatic pulses.

Has Bayhorse Silver (BHSIF) received approval for drilling at the Pegasus Project?

Yes, Bayhorse Silver has received approval for a minimum five-hole drill program, planned around the main low-resistivity anomaly and its extrapolated extension in the southeast corner of the survey area.

What geophysical findings were reported in Bayhorse Silver's Pegasus Project analysis?

The analysis revealed low-resistivity geophysical anomalies indicating the presence of conductive bodies at depths of 25 to 525 meters, potentially representing granitic masses bearing conductive copper-sulfide minerals.

What is the significance of the rhyolite bodies found at Bayhorse Silver's (BHSIF) Pegasus Project?

The rhyolite bodies suggest potential mineralization, based on observed mineralization near rhyolite masses, proximity to silver deposits associated with rhyolite, and the recent discovery of porphyry copper mineralization in a similar setting nearby.