Business
Bayhorse Announces Flow Through and Non-Flow Through Private Placement
Vancouver, British Columbia--(Newsfile Corp. - November 9, 2022) - Bayhorse Silver Inc, (TSXV...
About this update from Bayhorse Silver Inc.
[{"type":"text","content":"Bayhorse Announces Flow Through and Non-Flow Through Private PlacementVancouver, British Columbia--(Newsfile Corp. - November 9, 2022) - Bayhorse Silver Inc, (TSXV: BHS) (OTCQB: BHSIF) (FSE: 7KXN) (the \"Company\" or \"Bayhorse\"). The Company announces that, subject to TSX Venture Exchange approval, a non-brokered flow-through, private placement for up to 6,000,000 units at $0.05 cents per unit, for gross proceeds of $300,000 and a non-flow through private placement for up to 4,000,000 units at $0.05 cents per unit for gross proceeds of $200,000.The Company is immediately commencing a minimum 1,200 m (4,000 ft) ten (10) hole diamond drill program at the Dave's Pond high grade gold -silver target, that lies in the center of the 1,450 Ha Brandywine project. Gold: In the Company's QA/QC Report of 2020, the 2010 drill core from the Dave's Pond drilling program was resampled and due to the presence of visible gold in the core, assayed using Metallic Screen Assay. Drillhole BRW10-05 returned 3.1 meters (10 feet) core length of 11.42 grams per tonne (g/t) gold (Au) (0.37 oz/t) from 26.5 m depth, including 1.6 m of 20.2 g/t (0.59 oz/t) Au and drillhole BRW10-06 returned 3.1m core length of 3.35 g/t Au (0.1 oz/t) from 32.6m depth, including 1.6m of 4.10 g/t (0.12 oz/t) Au. (Baldys, 2019).Silver: In 1977, Van Silver Mines Ltd. built a 136.1 tonne (150 ton) per day mill to treat mineralization mined from the Silver Tunnel Showing, Main Showing and Tedi Pits. A total of 3,583.4 tonnes (3,950 tons) were mined and averaged 15.43 g/t (0.45 troy ounce per short ton (opt)) Au, 2,420.91 g/t (70.61 opt) Ag, 6.08% Pb and 8.90% Zn (Lee, 1996).The Brandywine property conceptually falls within a class of high gold-silver volcanogenic massive sulphide deposits that include the Eskay Creek deposit of northern British Columbia and the Green's Creek deposit on Admiralty Island near Juneau, Alaska. This family of deposits is particularly silver and lead rich with important gold, zinc, copper and other metal values.The proceeds of the flow through financing are for the purposes of advancing the Company's Brandywine gold project 45 minutes by paved highway north of Vancouver, BC. The proceeds of the non-flow through financing are for the Bayhorse Silver Mine and Mill operations working capital, and for general and administrative expenses...