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Bayhorse Options Brandywine, Brownfield, Precious Metals-Rich Volcanogenic Massive Sulphide Property, British Columbia, Canada
Vancouver, British Columbia--(Newsfile Corp. - April 8, 2019) - Bayhorse Silver Inc (TSXV: BHS...
About this update from Bayhorse Silver Inc.
[{"type":"text","content":"Bayhorse Options Brandywine, Brownfield, Precious Metals-Rich Volcanogenic Massive Sulphide Property, British Columbia, CanadaVancouver, British Columbia--(Newsfile Corp. - April 8, 2019) - Bayhorse Silver Inc (TSXV: BHS) (\"Bayhorse\" or the \"Company\") has, subject to the approval of the TSX Venture Exchange, executed a Letter of Intent (LOI) to enter into an Option Agreement to acquire an 80% interest in the Brandywine precious metals-rich, volcanogenic massive sulphide deposit located near Squamish, British Columbia from Turnagain Resources of Richmond, British Columbia, Canada.The readily accessible, 1,432 hectare, brownfield Brandywine deposit has undergone several exploration phases including bulk tonnage shipments to smelters, extensive drilling, and extensive geochemical and geophysical studies. The Brandywine deposit conceptually falls within a class of high gold-silver volcanogenic massive sulphide deposits that include the Eskay Creek deposit of northern British Columbia; the Green's Creek deposit on Admiralty Island near Juneau, Alaska; the Bawdwin deposit in Myanmar; and the Rosebery deposit of Tasmania. This family of deposits is particularly silver and lead rich with important gold, zinc, copper and other metal values. Terms of the agreement include a non-refundable deposit of $1,000 followed by payment of C$ 9,000 on signing of the Option Agreement, delivery of 100,000 shares of Bayhorse Silver on signing, and incurring C$ 3,000,000 of work over five years. An issuance of 200,000 shares will occur on the first anniversary; an additional cash payment of $40,000 and a further 300,000 shares will be issued on the second anniversary and 300,000 shares will be issued each on the third through the fifth anniversaries for a total of 1.5 million shares.Work expenditures will be $500,000 in year one, $500,000 in year two, $500,000 in year three, and $1,500,000 on or before the 5th anniversary. Initial grab samples have been taken from newly exposed mineralized outcrop and have been submitted to Mineral Solutions LLC, (Minerals) Coeur d Alene, Idaho, for assessment and assay. Additional samples will be submitted for assays in the coming weeks. A sample from the historic mining stockpile is planned to be shipped to the Company's Bayhorse Silver Mine for assessment through the Company's Ore-Sorter and upgrading circuit, th...