Business
Bayhorse Silver Corporate Update on the Bayhorse Silver Mine
Vancouver, British Columbia--(Newsfile Corp. - March 24, 2021) - Bayhorse Silver Inc. (TSXV:...
About this update from Bayhorse Silver Inc.
[{"type":"text","content":"Bayhorse Silver Corporate Update on the Bayhorse Silver MineVancouver, British Columbia--(Newsfile Corp. - March 24, 2021) - Bayhorse Silver Inc. (TSXV: BHS) (the \"Company\" or \"Bayhorse\") is pleased to provide a Bayhorse Silver Mine operations update for the First Quarter of 2021.In early January, we announced execution of a Definitive Offtake Agreement with Ocean Partners UK Limited, (\"Ocean\") for the sale of silver/copper concentrate from our Bayhorse Silver Mine in Oregon, USA. We also completed an oversubscribed 22 Million Unit $0.08 cent financing consisting of one share and one transferrable warrant, exercisable at $0.15, for gross proceeds of $1,760,000. Subsequent to the closing of the financing, over 3,800,000 warrants and options were exercised for gross proceeds of an additional $392,000.Bayhorse CEO, Graeme O'Neill is a featured speaker on the American Mining Panel on March 26 between 3:30 and 5 PM EST at the upcoming MM Steel series of On-Line Conferences, March 23 - March 26. https://smm2021.mmsteelclub.com/agenda/ The initial offtake agreement with Ocean is for the delivery and sale of 300 metric tons or 15 full container loads of silver/copper concentrate production from the Company's Bayhorse Silver Mine. Among other conditions, Ocean has the right of first refusal to a 12 month contract extension after completion of the delivery of the first 300 metric tons of silver/copper concentrate.The Company also announced the mobilization of a recently purchased underground drill rig to the Bayhorse Mine, and has engaged APEX Geoscience Ltd. (\"APEX\") to supervise the minimum 2,000 meter drill program from within the over 1,500 feet of underground workings. This underground drilling has commenced and is ongoing. APEX has been conducting ongoing geological services to the Company on both the Bayhorse Silver Mine, and the Brandywine Silver/Gold Project.The drill program is planned to achieve a number of goals. To a) block out an immediate 30,000 tons of high grade silver rich mineralization for extraction to complete the first 300 metric tonnes of silver concentrate to be sent to Ocean; as outlined in the Company's National Instrument NI43-101Technical Report \"Maiden Resource Estimate For The Bayhorse Silver Deposit, Baker County, Oregon, USA\", effective October 15, 2018 by APEX, b) to elevate portions of the 292,...