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Bayhorse Silver - XRF Analysis of Bayhorse Silver Mine Flotation Concentrate Samples Shows Significant Contained Silver/Copper/Antimony/Zinc

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Bayhorse Silver (OTCQB:BHSIF) reported XRF field analysis of a 6.5 kg split from a 20 kg sample taken from a 7-tonne flotation concentrate stockpile at the Bayhorse Mill on October 20, 2025. Four XRF readings averaged Ag 135 oz/t, Cu 20.6%, Sb 19.5%, and Zn 40.3%. The company holds 22 tons of flotation concentrate and plans further milling on ~100 tons of sorted development material.

Bayhorse sent a 5.5 kg concentrate sample to Allihies for ASL leach testing and a 0.5 kg sample to Paragon Laboratory for full metals analysis. The release notes the XRF unit was not recently calibrated and that XRF results must be confirmed by lab testing; ICP analysis is not advised due to extremely high grades.

Bayhorse Silver (OTCQB:BHSIF) ha riportato l'analisi XRF sul campo di una divisione di 6,5 kg da un campione da 20 kg estratto da una pila di stock di concentrate da flottazione da 7 tonnellate presso Bayhorse Mill il 20 ottobre 2025. Quattro letture XRF hanno mediato Ag 135 oz/t, Cu 20,6%, Sb 19,5% e Zn 40,3%. L'azienda possiede 22 tonnellate di concentrate da flottazione e prevede ulteriori macinazioni su circa ~100 tonnellate di materiale di sviluppo ordinato.

Bayhorse ha inviato un campione di concentrato di 5,5 kg a Allihies per i test di leach ASL e un campione da 0,5 kg al Paragon Laboratory per un'analisi completa dei metalli. Il comunicato sottolinea che l'unità XRF non è stata recentemente calibrata e che i risultati XRF devono essere confermati da analisi di laboratorio; non è consigliata l'analisi ICP a causa degli estremi livelli di concentrazione.

Bayhorse Silver (OTCQB:BHSIF) informó el análisis de campo XRF de una división de 6.5 kg de una muestra de 20 kg tomada de un montón de concentrado de flotación de 7 toneladas en Bayhorse Mill el 20 de octubre de 2025. Cuatro lecturas de XRF promediaron Ag 135 oz/t, Cu 20.6%, Sb 19.5% y Zn 40.3%. La compañía posee 22 toneladas de concentrado de flotación y planea moler más sobre ~100 toneladas de material de desarrollo clasificado.

Bayhorse envió una muestra de concentrado de 5.5 kg a Allihies para pruebas de lixiviación ASL y una de 0.5 kg a Paragon Laboratory para un análisis completo de metales. El comunicado señala que la unidad XRF no fue calibrada recientemente y que los resultados de XRF deben ser confirmados por pruebas de laboratorio; no se recomienda el análisis ICP debido a grados extremadamente altos.

Bayhorse Silver (OTCQB:BHSIF)가 2025년 10월 20일 Bayhorse Mill의 7톤 플로테이션 콘센트 재고 더미에서 채취한 20kg 샘플 중 6.5kg를 현장 XRF 분석한 결과를 발표했습니다. 네 번의 XRF 측정 평균은 Ag 135 oz/t, Cu 20.6%, Sb 19.5%, Zn 40.3%이었고, 회사는 22톤의 플로테이션 콘센트를 보유하고 있으며 약 ~100톤의 분류 개발 물질에 대해 추가 규모의 제분을 계획하고 있습니다.

Bayhorse는 ASL 용해 테스트를 위해 5.5kg 농축 샘플을 Allihies에, 금속 분석을 위한 전체 분석은 Paragon Laboratory에 각각 0.5kg 샘플을 보냈습니다. 발표문은 XRF 단위가 최근 보정되지 않았으며 XRF 결과는 실험실 테스트로 확인해야 한다고 명시합니다. 매우 높은 등급으로 인해 ICP 분석은 권장되지 않습니다.

Bayhorse Silver (OTCQB:BHSIF) a annoncé l'analyse sur le terrain XRF d'une portion de 6,5 kg sur un échantillon de 20 kg prélevé sur un stock de concentré flottation de 7 tonnes au Bayhorse Mill le 20 octobre 2025. Quatre lectures XRF ont donné une moyenne Ag 135 oz/t, Cu 20,6%, Sb 19,5% et Zn 40,3%. La société détient 22 tonnes de concentré de flottation et prévoit un broyage supplémentaire sur environ ~100 tonnes de matériaux de développement triés.

Bayhorse a envoyé un échantillon de concentré de 5,5 kg à Allihies pour des tests de lixiviation ASL et un échantillon de 0,5 kg à Paragon Laboratory pour une analyse complète des métaux. Le communiqué précise que l'unité XRF n'a pas été ré-étalonnée récemment et que les résultats XRF doivent être confirmés par des tests en laboratoire; l'analyse ICP n'est pas recommandée en raison des teneurs extrêmement élevées.

Bayhorse Silver (OTCQB:BHSIF) meldete eine XRF-Feldanalyse einer 6,5-kg-Teilstücks von einer 20 kg Probe, entnommen aus einem 7-Tonnen-Flotationskonzentrat-Lagerstapel in der Bayhorse Mill am 20. Oktober 2025. Vier XRF-MS-Messungen ergaben gemittelt Ag 135 oz/t, Cu 20,6%, Sb 19,5% und Zn 40,3%. Das Unternehmen hält 22 Tonnen Flotationskonzentrat und plant weitere Mahlungen an ca. ~100 Tonnen sortiertem Entwicklungsmaterial.

Bayhorse hat eine 5,5 kg schwere Konzentratzprobe zur Allihies für ASL-Laugentests geschickt und eine 0,5 kg Probe zur Paragon Laboratory für eine vollständige Metallanalyse. Die Mitteilung vermerkt, dass das XRF-Gerät kürzlich nicht kalibriert wurde und XRF-Ergebnisse durch Labortests bestätigt werden müssen; ICP-Analysen werden aufgrund extrem hoher Gehalte nicht empfohlen.

Bayhorse Silver (OTCQB:BHSIF) أبلغت عن تحليل XRF ميداني لجزء بوزن 6.5 كغ من عينة وزنها 20 كغ مأخوذة من مخزون تركيزات التعويم الذي يبلغ وزنه 7 أطنان في مصنع بايهورس ميل في 20 أكتوبر 2025. متوسط أربع قراءات XRF كان Ag 135 أوز/طن, Cu 20.6%, Sb 19.5%, وZn 40.3%. تمتلك الشركة 22 طنًا من مركّز التعويم وتخطط لمزيد من الطحن على نحو ~100 طن من مواد التطوير المصنّفة.

أرسلت Bayhorse عينة تركيز بوزن 5.5 كغ إلى Allihies لاختبار الاستخلاص ASL وعينة بوزن 0.5 كغ إلى Paragon Laboratory للتحليل المعدني الكامل. تشير البيان إلى أن وحدة XRF لم يتم معايرتها مؤخرًا وأنه يجب تأكيد نتائج XRF بالاختبارات المعملية؛ لا يُنصح بتحليل ICP بسبب القيم العالية للغاية.

Bayhorse Silver (OTCQB:BHSIF) 报告在 Bayhorse Mill 对位于 2025 年 10 月 20 日从一个 7 吨浮选精矿堆场抽取的 20 kg 样品中,取出 6.5 kg 的分样进行现场 XRF 分析。四次 XRF 读数平均为 Ag 135 oz/tCu 20.6%Sb 19.5%Zn 40.3%。公司持有 22 吨浮选精矿,计划对 ~100 吨分选开发材料进行进一步磨矿。

Bayhorse 将 5.5 kg 的浓缩样品送往 Allihies 进行 ASL 脱浸测试,并将 0.5 kg 的样品送往 Paragon Laboratory 进行全面金属分析。公告指出 XRF 单元最近未经过校准,XRF 结果必须通过实验室测试来确认;由于品位极高,不建议进行 ICP 分析。

Positive
  • Average silver of 135 oz/t in XRF readings
  • Average copper of 20.6% in XRF readings
  • Average antimony of 19.5% in XRF readings
  • Average zinc of 40.3% in XRF readings
  • 22 tons of flotation concentrate currently available
Negative
  • XRF unit not recently calibrated, requiring confirmation
  • Sample tested was development material, not run-of-mine and not representative
  • Very small tested split: only 6.5 kg field-tested and 0.5 kg sent for lab
  • ICP analysis not advised due to extremely high grades, limiting standard lab comparators

Vancouver, British Columbia--(Newsfile Corp. - October 20, 2025) - Bayhorse Silver Inc, (TSXV: BHS) (OTCQB: BHSIF) (FSE: 7KXN) (the "Company" or "Bayhorse") has conducted an XRF field analysis of the Bayhorse flotation concentrate samples from its silver-copper-antimony-zinc rich Bayhorse Silver Mine in Oregon, USA recently sent to Allihies Engineering Inc. ("Allihies"), Montana, for testing using Allihies's proprietary Antimony leaching technology.

A 20 kg sample was taken from three (3) locations within one seven (7) tonne (7.5 ton) flotation concentrate stockpile at the Bayhorse Mill, of which a 6.5 kg (14.3lb) sample was field tested using the Company's Sci-Aps "X" series X-Ray Flourescence Unit ("XRF") and separated into three (3) separate samples. One 5.5kg (12lb) was sent to Allihies, one 0.5 kg (1.1lb) sample was submitted to Paragon Laboratory for full metals analysis, including sulphur content, to compare to the XRF field analysis, and one reference 0.5 kg sample that is kept at the Bayhorse Mill.

Four XRF field analyses measurements were taken of the 6.5 kg samples in order to get a representative analysis and are reported in the table below.

Average    
Ag oz/t7568166231135    
Cu %21.5%21.0%18.0%22.0%20.6%    
Sb %18.5%15.5%29.0%15.0%19.5%    
Zn %42.3%43.8%34.0%41.0%40.3%    
Pb %2.0%1.0%1.7%1.8%1.6%    

 

*Note: XRF field analysis must be confirmed by lab analysis. Due to extremely high grades the XRF showed in the flotation con, ICP analysis is not advised. The XRF unit .has not been recently calibrated which is why multiple comparison tests were required.

The Company has 22 tons of flotation concentrate derived from sorting and milling Bayhorse underground development material and setting up the Payette, Idaho, flotation mill. Development material was derived from installing new workings prior to 2019, including 750ft of bolted and screened haulage way to access the historic mineralized zones, a 250 ft secondary escape way, and 300 ft of drifts and raises to safely access historic workings, as well as cleaning up historic mined stopes and establishing working faces in preparation for mining. The development material is not run of mine and is of variable grade and is not representative of what can be expected of mining developed stopes.

Bayhorse CEO, Graeme O'Neill, comments "while the sampling was conducted on Mine development material, and not representative of what we will actually be mining, we were very pleasantly surprised at the percentages of copper, antimony, and zinc recovery in the concentrate along with the silver. We have another 100 tons of sorted Mine development material to mill and float, and will look forward to the leach testing results to determine whether we can install a pilot leaching system at the Bayhorse Mill so all the metals become payable."

When mining is permitted, the mineralised "run of mine" material mined at the Bayhorse Mine will be crushed to 1 inch minus (25 mm) and then fed through our Steinert ore sorter where roughly 80% of the run of the mine material will be rejected as waste. The sorted material will then be trucked to our Mill in Payette where it will be crushed further to minus 0.12 inches (3 mm) then passed through the ball mill, floated, and the float concentrate produced will be bagged ready for further processing/smelting/leaching.

Allihies using its proprietary, selective industrial Alkaline Selective Leaching ("ASL") hydrometallurgical technology, recently conducted leaching tests on America's Gold and Silver, flotation concentrate from its Galena Mine in Idaho's "Silver Valley" which has similar "tetrahedrite" (silver, copper, antimony zinc) mineralization to the Bayhorse Silver Mine. The leaching tests confirmed very high extraction rates of up to 99% antimony are possible.

The dominant Bayhorse mineralization is primarily tetrahedrite, (BHS2020-12) an antimony sulfide of silver, copper, zinc and iron in veins and stockworks with minor gold present, and is refractory in nature.

Extracting the silver from refractory minerals presents several challenges as the complex mineral structures often leads to lower recovery rates compared to free-milling minerals. Processing refractory minerals also requires high energy inputs, making it cost-prohibitive in some cases. Leaching permits the cost-effective separation of the antimony and sulphur and significantly increases recoveries of the silver, copper and zinc for processing separately.

The silver, antimony, copper and zinc at the Bayhorse Silver Mine are all recognized as both "critical and strategic minerals" in the United States.

The Bayhorse exploration model holds that the silver-copper-antimony rich mineralization at the Bayhorse Silver Mine extends across to the adjacent Pegasus porphyry copper prospect and could have its source in an underlying shallow pluton(s) that may host porphyry copper mineralization similar to what Hercules Metals has reported 40 km north of the Bayhorse Silver Mine.

Cautionary statement

The Company is not basing any decision to produce on a feasibility study of mineral reserves demonstrating economic and technical viability and advises there is an increased uncertainty and specific economic and technical risk of failure with any production decision. These risks include, but are not limited to, (i) a drop in price of commodities produced, namely silver, copper, lead and zinc, from the pricing used to make a production decision; (ii) failure of grades of the produced material to fall within the parameters used to make the production decision; (iii) an increase in mining costs due to changes within the mine during development and mining procedures; and (iv) metallurgical recovery changes that cannot be anticipated at the time of production.

All statements herein, other than statements of historical fact, including, without limitation, plans for and intentions with respect to the Company's capitalization, preparation of technical reports, proposed work programs, budgets and proposed expenditures, permitting, construction and production timing are forward-looking statements. While the Company believes such statements are reasonable, no assurance can be given that any expectations will prove to be correct and the forward-looking statements are not guarantees of future results or performance and that actual results may differ materially from those in the forward-looking statements. Readers should not place undue reliance upon forward-looking statements and the Company undertakes no obligation to re-issue or update any forward-looking statements as a result of new information or events after the date hereof or as may be required by law. All forward-looking statements and information herein are qualified by this cautionary

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

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 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, a highly prospective porphyry copper prospect, 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 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.

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/271091

FAQ

What did Bayhorse Silver (BHSIF) report on October 20, 2025 regarding concentrate grades?

Bayhorse reported XRF averages of Ag 135 oz/t, Cu 20.6%, Sb 19.5%, Zn 40.3% from a 6.5 kg field-tested split.

How much flotation concentrate does Bayhorse Silver (BHSIF) have on hand?

The company reported 22 tons of flotation concentrate derived from sorting and milling development material.

Will Bayhorse Silver (BHSIF) confirm the XRF results with lab tests and where were samples sent?

A 5.5 kg sample was sent to Allihies for ASL leach testing and a 0.5 kg sample was submitted to Paragon Laboratory for full metals analysis; XRF results require lab confirmation.

Are the reported XRF grades representative of future mining at Bayhorse (BHSIF)?

No; the release states the tested material was development material and is not representative of run-of-mine grades expected when mining is permitted.

Did Bayhorse Silver (BHSIF) note any limitations with the XRF data?

Yes; the company noted the XRF unit was not recently calibrated and that ICP analysis is not advised due to extremely high grades.

What extraction results did Allihies achieve on similar tetrahedrite concentrates cited by Bayhorse?

Bayhorse cited Allihies leach tests on a comparable Galena Mine concentrate that showed antimony extraction rates of up to 99%.
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