Bayhorse Silver Increases Underground Drill Program To Include Targeting Additional Conceptual Exploration Areas At The Bayhorse Silver Mine

Rhea-AI Summary

Bayhorse Silver (OTCQB:BHSIF) increased its underground diamond drill program to up to 20 holes, with a first stage minimum of 2,300 m. The program targets IP anomalies CR-1, CR-2 and MW-2 and a second stage targeting CR-3, MR-1 and MR-2 east and below the inferred resource.

The company cites a NI 43-101 inferred resource of 292,300 tons at 21.65 opt (673 g/t) for 6.3 million ounces silver as the baseline to test potential expansion.

Positive

• Planned drilling increased to up to 20 diamond holes
• First stage minimum program of 2,300 m to test multiple IP targets
• Targets extend beyond current inferred resource, enabling potential resource upgrade
• High-grade well intercepts at MW-2: 1.5 m averaging 1,104 g/t and 1.5 m averaging 770 g/t silver

Negative

• No assurance that further exploration will define additional mineral resources
• Initial results are conceptual and require drilling confirmation before resource reclassification

Vancouver, British Columbia--(Newsfile Corp. - April 2, 2026) - Bayhorse Silver Inc, (TSXV: BHS) (OTCQB: BHSIF) (FSE: 7KXN) (the "Company" or "Bayhorse") has increased its planned underground diamond drill program at the Bayhorse Silver Mine to up to 20 diamond drill holes, with a first stage program for a minimum 2,300 m (7,545 ft) to include drilling the conceptual exploration areas as disclosed in the Company's NI-43-101 Technical Report of Inferred Mineral Resource Estimate of 292,300 tons at a grade of 21.65 opt (673 g/t) for 6.3 million ounces of silver (Turner et al. 2018). This conceptual exploration area has now been better defined by the Company's recent IP program with IP anomalies CR-1, CR-2 and MW-2 planned in a first stage drilling program and a planned second stage drill program targeting IP anomalies CR-3 andMR-1 and MR-2 that lie east of and below the inferred resource area (see news release BHS2025-5) as outlined in Figures 1-4 below.

While it is uncertain if further exploration will result in the definition of additional mineral resources, our increased drilling objective is to provide additional data to further refine our understanding of the extent, structure and mineralization of the Bayhorse silver endowment and to potentially increase the known inferred resource.

Bayhorse CEO Graeme O'Neill, comments, "The authors of the 2018 Technical Report, have classified material in an expanded model that is outside of the above inferred mineral resource model as a conceptual exploration target. The IP targets identified for the above drill program extend beyond the area of our NI 43-101 Inferred Mineral Resource Estimate (above) into the conceptual exploration targets and is intended to determine whether inferred ounces can be increased and/or whether inferred ounces can be brought to an indicated or better category. Our additional analysis of the IP results indicates the strong possibility of silver, copper and antimony critical minerals bearing material extending beyond the existing inferred resource boundary, vertically above and below the current mine workings of over 300 m (1,000 feet), and extending on strike both east and west."

Figure 1 Drill targets CR-1, on Bayhorse underground workings

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Target CR-1 lies within, and extends beyond the area of the NI 43-101 and, to be confirmed by drilling, has an apparent vertical extent of up to 300 m (984 ft) and a NW to SE strike of +/-600ft. Five diamond drill holes of up to 730 m (2,396 ft) are planned for CR-1.

Figure 2, Drill targets CR-2, from Bayhorse underground workings

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Target CR-2 (Figure 2) lies +/- 400 ft to the south of CR-1 and has a circular footprint approximately 250 ft in diameter and a vertical extent of +/- 200 m (660 ft) and is readily accessible from the existing main underground haulage way. Six diamond drill holes totaling 1,149 m (3,770 ft) are planned for CR-2.

Figure 3, Drill targets MW-2, from Bayhorse underground workings

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Target MW-2 (Figure 3) lies +/- 280 ft to the east of CR-1 and while it has a smaller footprint of approximately 30 m (98 ft) in diameter and a down dip extent of +/- 45 m (147 ft) the groundwater test well MW-2 intersected 1.5 m (5 ft) grading an average of 1,104 g/t (35.46 opt) silver and 1.5 m (5 ft) averaging 770 g/t (23.12 opt) silver as disclosed in the Company's news release BHS2025-16. Three diamond drill holes totaling 420 m (1,379 ft) are planned for MW-2.

Drill target CR-3 (Figure 4) that will be drilled in a planned 2nd stage drill program, lies +/- 243 m (800 ft) north-west of the western end of the rehabilitated main haulage way and at the western edge of the CR-2 drill targets. Five drill holes are planned from the west drill station totalling 1909 m (6,264 ft).

Figure 4. Drill targets CR-3 from Bayhorse underground workings

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Drill targets MR-1 and MR-2, shown in figure 4 above, will also be targeted in a second stage drill program and will consist of five holes with a +/- 1,359 m (4,459 ft).

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 and Director of the Company has prepared, supervised the preparation of, or approved the technical content of this news release.

On Behalf of the Board.

Graeme O'Neill, CEO
866-399-6539, 604-684-3394

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 a National Instrument 43-101 inferred mineral resource of 292,300 tons at a grade of 21.65 opt (673 g/t) for 6.3 million ounces of silver. (Turner et al. 2018) and the Pegasus Project, in Washington County, Idaho. The Bayhorse Silver Mine and the Pegasus Porphyry Copper Project are 44 km southwest of Hercules Metals' porphyry copper discovery. The Bayhorse Mine is a minimum environmental impact facility capable of processing at a mining rate up 200 tons/day that includes a state of the art 40 ton per hour Steinert Ore-Sorter that reduces waste rock entering the processing stream by up to 85%. The Company has established an up to 60 ton/day mill and standard flotation processing facility in nearby Payette County, Idaho, USA with an offtake agreement in place with Ocean Partners UK Limited. The Company has an experienced management and technical team with extensive mining expertise in both exploration and building mines.

FORWARD LOOKING STATEMENTS:

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. In particular, these forward-looking statements are based on assumptions regarding: (i) stability in precious metals markets and silver prices; (ii) no further significant macroeconomic shocks or disruptions; (iii) continued market liquidity and investor access to capital; (iv) recovery of investor sentiment in the junior mining sector; and (v) timely receipt of required regulatory approvals. Factors that could cause the actual results to differ materially from those in forward-looking statements include: fluctuations in metal and commodity prices; continued availability of equity capital and financing; extreme market volatility and changes in investor sentiment; general economic, market, and business conditions; macroeconomic shocks and trade policy uncertainty; market liquidity constraints; timing and receipt of regulatory approvals (including from the TSX Venture Exchange); and risk that market recovery timing may differ materially from management expectations. Readers are cautioned not to place undue reliance on forward-looking statements. For a complete discussion of risk factors affecting the Company, please refer to the "Risks and Uncertainties" section of the Company's most recent Management's Discussion and Analysis available on SEDAR+ at www.sedarplus.ca. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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/291006

FAQ

How large is Bayhorse Silver's (BHSIF) updated underground drill program announced April 2, 2026?

Bayhorse plans up to 20 underground diamond drill holes, with a first stage minimum of 2,300 m. According to the company, the program will test IP anomalies CR-1, CR-2 and MW-2, with a second stage to target CR-3, MR-1 and MR-2.

What inferred resource will BHSIF test with the April 2, 2026 drill program?

The drill program targets expansion beyond an inferred resource of 292,300 tons at 21.65 opt (673 g/t) for 6.3 million ounces silver. According to the company, targets lie outside and below the current NI 43-101 inferred boundary.

Which specific IP anomalies are included in Bayhorse Silver's (BHSIF) first-stage April 2026 drilling?

First-stage drilling will target IP anomalies CR-1, CR-2 and MW-2. According to the company, CR-1 and CR-2 extend beyond the inferred area and MW-2 had high-grade well intercepts informing drill targeting.

What notable assay results support BHSIF's April 2, 2026 drill targeting at MW-2?

Groundwater test well MW-2 intersected 1.5 m grading 1,104 g/t and 1.5 m grading 770 g/t silver. According to the company, these high-grade intercepts help prioritize MW-2 for three planned diamond holes.

What are the possible outcomes investors should expect from Bayhorse Silver's (BHSIF) April 2026 drilling program?

The company aims to refine extent, structure and mineralization and potentially increase inferred ounces or upgrade categories. According to the company, there is no certainty further exploration will define additional mineral resources until drilling confirms results.