BURNABY, BC / ACCESSWIRE / April 5, 2017 / Bayhorse Silver Inc. (TSX-V: BHS) (OTC PINK: KXPLF) (the "Company" or "Bayhorse") is pleased to report that Silcom Systems Inc, of Burnaby, BC, a reporting issuer in British Columbia, and a Spin-Off of Bayhorse Silver Inc., has entered into an Option Agreement with Cypress Development Corp. to acquire an up to 80% interest in its Gunman High Grade Zinc Silver Property in White Pine County, Nevada, USA. Silcom is preparing an updated NI-43-101 Technical Report on the Gunman Property, and is currently completing its required regulatory filings in preparation for a proposed listing on the Canadian Securities Exchange.
The 460 acre Gunman Zinc-Silver Project is located northeast of Eureka, Nevada. Cypress Development Corp., through 2014, conducted 53,400 feet of RC and core drilling, and reported encountering significant zinc and silver grades near surface. In 2014, Cypress completed a NI-43-101 Technical Report, filed on Sedar, which is available at http://www.cypressdevelopmentcorp.com/i/pdf/Gunman-43-101_Report_March_17.pdf.
The agreement consists of two Options. The first Option is to acquire an initial 51% interest in the property upon cash payments of US$300,000, of which a non-refundable US$50,000 payment has been paid, US$1,850,000 in exploration expenditures, and the issuance of 1,500,000 shares of Silcom over three years. Cypress has granted Silcom a second Option to acquire an additional 29% interest by making a cash payment of US$250,000, the issuance of 500,000 shares of Silcom, and incurring additional exploration expenditures totaling US$1,100,000 within a 12-month period following exercise of the first Option.
Upon completion by Silcom of the two Option Agreements and the issuance of all the shares and cash payments and completion of all work commitments set out above, Silcom shall have earned an 80% interest in the Gunman property, subject to an underlying 2% NSR royalty interest.
Cypress also conducted further exploration drilling in 2014, as reported in its news releases of September and October, 2014, the results of which are tabulated below and which can be viewed at http://www.cypressdevelopmentcorp.com/s/Gunman.asp.
Table 1: June 2014 Phase 1 Drill Results for main RH Zinc-Silver Zone
| Hole ID | From (ft) | To (ft) | Interval (ft) | Ag (g/t) | Zn (%) |
| GMRC-3 | 55 | 95 | 40 | 60.3 | 2.00 |
| and | 140 | 155 | 15 | 33.5 | 3.20 |
| GMRC-4 | 20 | 175 | 155 | 128.0 | 7.20 |
| including | 125 | 175 | 50 | 87.7 | 17.09 |
| including | 135 | 150 | 15 | 83.9 | 30.64 |
| GMRC-5 | 5 | 205 | 200 | 63.3 | 8.90 |
| including | 125 | 180 | 55 | 147.0 | 21.00 |
| including | 150 | 165 | 15 | 100.1 | 32.20 |
| GMRC-8 | 130 | 185 | 55 | 54.3 | 6.50 |
| GMRC-9 | 50 | 225 | 175 | 121.0 | 12.00 |
| including | 130 | 215 | 85 | 209.2 | 19.70 |
| GMRC-10 | 55 | 80 | 25 | 24.2 | 4.60 |
| and | 105 | 120 | 15 | 8.0 | 1.70 |
| and | 140 | 155 | 15 | 5.9 | 1.20 |
| and | 170 | 220 | 50 | 20.3 | 8.70 |
| GMRC-11 | 0 | 150 | 150 | 18.3 | 3.10 |
| and | 165 | 215 | 50 | 125.6 | 7.90 |
Table 3: October 2014 Phase 2 Drill Results for main RH Zinc-Silver Zone
| Hole ID | From (ft) | To (ft) | Interval (ft) | Ag (g/t) | Zn (%) |
| GMRC-14 | 290 | 325 | 35 | 5.34 | 0.08 |
| GMRC-15 | 75 | 225 | 150 | 74.91 | 13.64 |
| including | 85 | 185 | 100 | 108.00 | 20.16 |
| and | 345 | 415 | 70 | 18.88 | 1.06 |
| GMRC-16 | 0 | 230 | 230 | 83.41 | 13.35 |
| including | 125 | 220 | 95 | 164.75 | 26.84 |
| GMRC-17 | 165 | 240 | 75 | 5.15 | 0.25 |
| including | 215 | 225 | 10 | 16.45 | 0.68 |
| GMRC-18 | 155 | 240 | 85 | 14.08 | 0.46 |
| including | 160 | 185 | 25 | 20.10 | 0.74 |
| including | 215 | 240 | 25 | 17.50 | 0.25 |
| GMRC-19 | 0 | 250 | 250 | NSV | NSV |
| GMRC-20 | 0 | 210 | 210 | 60.27 | 6.83 |
| including | 55 | 175 | 120 | 90.70 | 11.28 |
| including | 150 | 170 | 20 | 53.32 | 32.54 |
| including | 85 | 115 | 30 | 153.03 | 9.41 |
| including | 125 | 175 | 50 | 94.84 | 17.25 |
| GMRC-21 | 0 | 105 | 105 | 4.76 | 1.42 |
| including | 85 | 95 | 10 | 2.50 | 9.14 |
| and | 130 | 135 | 5 | 2.40 | 3.89 |
| and | 190 | 205 | 15 | 4.00 | 5.33 |
| GMRC-22 | 90 | 150 | 60 | 34.41 | 16.21 |
| including | 105 | 145 | 40 | 43.82 | 23.89 |
| including | 105 | 130 | 25 | 60.44 | 25.94 |
| and | 180 | 190 | 10 | 73.20 | NSV |
| GMRC-23 | 0 | 260 | 260 | NSV | NSV |
| GMRC-24 | 180 | 255 | 75 | 62.35 | 4.59 |
| including | 195 | 225 | 30 | 132.12 | 7.99 |
| including | 210 | 225 | 15 | 205.30 | 11.04 |
* NSV = no significant values.
* g/t = grams per metric tonne.
* True width lengths are estimated to be approximately 95% of downhole intervals.
* NSV = no significant values.
* g/t = grams per metric tonne.
* True width lengths are estimated to be approximately 95% of downhole intervals.
Cypress reported that Mr. Robert Marvin, P.Geo., was present and directed all drilling and other surveys completed on property since 2001, and that a basic aqua-regia-ICP multi-element package was run on 50 gram splits from 250 gram master pulps Intervals assaying >100 g/t silver and/or 1% zinc were rerun using a complete aqua regia digestion followed by ICP-AES analysis. Intervals assaying greater than 30% zinc following complete aqua regia digestion were then re-assayed from a fresh 50 gram pulp using classic titration.
This News Release has been prepared on behalf of the Bayhorse Silver Inc. Board of Directors, which accepts full responsibility for its contents. Dr. S. A. Jackson, P.Geo., a Qualified Person has prepared, supervised the preparation of, or approved the technical content of this press release.
On Behalf of the Board,
Graeme O'Neill, President, 604-684-3394
Bayhorse Silver Inc., a junior exploration company, is earning an 80% interest in the historic Bayhorse Silver Mine, Oregon, USA. Bayhorse is also earning a 75% interest in the past producing Bridging the Gap Project, consisting of ASARCO's historic Crown Point, Silver King, Ranger, Wyoming, Curlew, and Blackhawk silver/lead/zinc mines in Idaho's Silver Valley. The Company has an experienced management and technical team with extensive exploration and mining expertise.
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.
SOURCE: Bayhorse Silver Inc.
ReleaseID: 459105
