|By Marketwired .||
|May 12, 2014 02:59 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/12/14 -- Bayhorse Silver Inc. ("Bayhorse" or the "Company") (TSX VENTURE:BHS) reports on its corporate activities and mining and exploration plans for the balance of 2014.
Bayhorse Silver Mine Progress:
The Bayhorse silver mine, which was last mined in 1984 when silver prices dropped below US$5 an ounce, has a reported historic non-43-101-compliant resource of 160,000 + tons containing high grade silver ore in stockwork zones up to 80 feet wide. (news release BHS2014-01) The Company's plans are to extract an up to 5,000 cubic yard bulk sample (approximately 15,000 tons) from this high grade silver zone from its Bayhorse silver mine that is expected to commence as early as late in the 2nd quarter of 2014. Based upon the average 1984 historic mining grades of 572 g/t Ag (16.7 oz/t Ag), the bulk sample has the potential to contain as much as 250,800 oz/Ag.
American Mining and Tunneling of Elko Nevada is currently engaged in rehabilitating the adit and work is expected to be completed towards the end of May. Underground sampling and drilling will then immediately commence to confirm the historic underground assays and to determine what will be required to bring the historic non-43-101-compliant resource up to a current 43-101 compliant resource.
The mineralized zone is open along strike to the west and to depth. The Company has also identified potential mineralization along strike to the east and has added another six claims to the property to cover this area.
The flotation test results announced in our recent news release, (BHS2013-13), indicate the proposed bulk sample may also contain significant amounts of copper (Cu), zinc (Zn), and antimony (Sb). While spot silver prices have held in the US$19-$21 range recently, a number of analysts are expecting the silver price to move higher towards the end of 2014. Current market prices for the other metals are as follows. Antimony is currently around US$4.50/lb, copper is approximately $3.00/lb and zinc is approximately US$0.90/lb. The Company will need to access the equity market to complete the ongoing work program and the bulk sample. In the event the bulk sample silver content is as anticipated, the Company may realize a substantial return from any sale of any ore produced by the end of the year and any need to further access the equity markets afterwards for ongoing capital requirements may be substantially reduced.
Subject to the success of the first proposed bulk sample, an additional bulk sample of the same size is anticipated to be completed by early 2015.
Historic Bayhorse Information
As "stated in the minerals production yearbook" (Jacobsen, 1959), total reported historic production from the Bayhorse Mine through 1959 was 286,000 ounces of silver from 8,300 tons of ore for an average of approximately 34.5 opt Ag (1,183 g/t Ag) while Herdrick (1981) estimated remaining shipping ore at a 7.5 opt Ag cutoff to be 166,208 tons, and on-site mill ore at a 3 opt Ag cutoff to be 473,350 tons. The highest reported grade from the 1984 drilling, sampling and mining program was from a mined round, containing a tetrahedrite-tennantite -rich vein, that assayed 691 opt Ag (23,691 g/t) and 15.72% Cu, while the recent sampling as reported in the Company's news release BHS2014-01, identified silver content from a select sample of 150kg Ag (4,835 ounces) per ton.
The Marijuana Industry Review Initiative
After a comprehensive review by the Company and its consultants of the potential opportunities presented by the legalization of medical marijuana in Canada, and presented by the new legislation in certain States in the U.S., the Company directors have decided to discontinue any further research into this arena, and the consultancy agreements entered into will terminate as per the terms of the agreements.
Chief Financial Officer
The Company announces that Ms Anike Li, CPA, CGA, BBA, has accepted the appointment as the Company's Chief Financial Officer. Ms. Li succeeds Mr. G Gallo, who has been with the Company for over two years in the CFO role. The Company thanks Mr. Gallo for his services and wishes him well in his new ventures.
Barite Mine Net Profit Interest.
The Company holds a 30% Net Profit Interest (NPI) in the Flagstaff barite mine, which it recently sold to SBS Mining Ltd of London.
SBS Mining is currently working on their processing facility to upgrade the barite from the Flagstaff mine to create a saleable finished product. 4.1 SG Barite is now US$115/ton fob the mine, as per the most recent US Geological Survey pricing sheet and is now substantially higher than the 2010 price of US$40/ton when the mine was permitted. Upon recovery of SBS sunk costs, the Company anticipates that income will be derived from this NPI in the near future.
New Zealand Gold Projects
The Company has initiated a NI-43-101 report on the Red Queen project north of the town of Westport, on the West Coast of the South Island of New Zealand. During the property visit to Red Queen, Dr. G. E. Ray, the report author, and the Company's consulting geologist, Campbell Ryland, M.Sc., have identified the Red Queen vein at surface both up dip and along strike from existing known vein occurrences and adits. Historically, the Red Queen mine reportedly produced grades as high as 5.5 opt. The highest grade sampled by the Company was 69.4 g/t (2.23 opt) Au from the underground workings.
Subject to financing, the Company intends to prepare the Alexander River gold project for a proposed 4th quarter diamond drill program to further its understanding of the mineralizing systems and to determine whether a NI-43-101-compliant resource can be established. Alexander River reportedly produced approximately 41,000 ounces of Au from 49,000 tons mined from underground workings.
Bayhorse Silver Inc. is a junior exploration company that is earning an 80% interest in its newly acquired historic Bayhorse Silver Mine that has the potential for a substantial silver discovery. It has a 100% interest in its three major high grade New Zealand gold prospects (Alexander River, Paparoa and Red Queen), in the highly prolific West Coast South Island gold fields of New Zealand, where it offers investors the potential for a major gold discovery. The Company has an experienced management and technical team with extensive exploration expertise.
This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its contents. The contents of this news release has been reviewed and approved by Dr. Clay Conway, P.Geol., and qualified person as recognized by National Instrument NI-43-101 and a director of the Company.
ON BEHALF OF THE BOARD
Graeme O'Neill, President
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.
Caution Regarding Forward-Looking Statements - 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 statement.
The Company advises that the Corporate update also contains information that is of a historic nature. Historic production estimates, drill information and grades reported have not been verified; A qualified person has not done sufficient work to verify the historical estimates nor classify the historical estimates as current mineral resources or mineral reserves and the Company is not treating the historical estimates as current mineral resources or mineral reserves. (ounces/grams conversion is one ounce/short ton = 34.2857 grams/metric ton)
Bayhorse Silver Inc.
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
May. 1, 2016 07:30 AM EDT Reads: 892
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
May. 1, 2016 07:00 AM EDT Reads: 782
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY. DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
May. 1, 2016 06:30 AM EDT Reads: 2,479
Between the mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at 18th Cloud Expo, Charles Kendrick, CTO & Chief Architect at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how business and devel...
May. 1, 2016 04:15 AM EDT Reads: 1,735
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
May. 1, 2016 12:00 AM EDT Reads: 1,072
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Apr. 30, 2016 10:45 PM EDT Reads: 703
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
Apr. 30, 2016 10:00 PM EDT Reads: 1,108
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
Apr. 30, 2016 08:15 PM EDT Reads: 1,812
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
Apr. 30, 2016 05:30 PM EDT Reads: 727
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Apr. 30, 2016 04:45 PM EDT Reads: 1,069
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
Apr. 30, 2016 04:15 PM EDT Reads: 1,669
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
Apr. 30, 2016 04:15 PM EDT Reads: 587
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
Apr. 30, 2016 04:15 PM EDT Reads: 765
Unless you don’t use the internet, don’t live in California, or haven’t been paying attention to the recent news… you should be aware that self-driving cars are on their way to becoming a reality. I have seen them – they are real. If you believe in the future reality of self-driving cars, then continue reading on. If you don’t believe in the future possibilities, then I am not sure what to do to convince you other than discuss the very real changes that will roll out with the consumer producti...
Apr. 30, 2016 04:00 PM EDT Reads: 582