Bayhorse Silver Inc. (TSXV: BHS | OTCQB: BHSIF | FSE: 7KXN) has announced that four recent underground diamond drill holes, combined with a previously reported hole, have extended the known silicified hydrothermal breccia zone to 160 m north-to-south and 180 m east-to-west at its Bayhorse Silver Mine in Oregon. The company also released findings from a multi-spectrum satellite analysis covering both the Bayhorse and adjacent Pegasus properties, identifying strong potential mineralized structures extending up to 365 m north of the Bayhorse patented claims. Assays from the four recent drill holes are pending. Investors may be watching for permit approvals and assay results as key near-term catalysts.

Key Points

  • Bayhorse Silver Inc. (TSXV: BHS | OTCQB: BHSIF | FSE: 7KXN)
  • Four underground diamond drill holes confirm extension of the mineralized breccia zone to 160 m north-south and 180 m east-west, ranging from 75 m to 318 m below known mine workings
  • NI 43-101 inferred resource stands at 292,300 tons containing 6.3 million ounces of silver at 21.65 opt (742.5 g/t); surface drill permit applied for February 20, 2026, remains pending with DOGAMI
  • Investors should monitor Oregon surface drilling permit approval and upcoming assay results from the four recent drill holes

Underground Drilling Confirms Structural Geology and Expands Known Breccia Zone

The release states that the four new underground diamond drill holes intersected highly silicified hydrothermal breccia, corroborating geological and structural mapping by Dr. Clay Conway, P. Geol., which postulated a northward extension of the silver-bearing rhyolite dyke. East-directed thrusting has cut and offset the top of the rhyolite, displacing the overlying segment to the south. The displaced historically mined section is estimated to have a vertical extent of 40 m, a minimum east-west extent of 227 m, and an average thickness of between 45 m and 60 m — the area underpinning the company's existing NI 43-101 inferred resource and planned mining activity.

DOGAMI Permit Delay Creates Uncertainty for Surface Drilling Timeline

Bayhorse applied for a surface drilling permit with the Oregon Department of Geological and Mining Industries (DOGAMI) on February 20, 2026. The release states DOGAMI advised that a mandatory review period, initially 90 days and later amended to 180 days, must pass before processing begins, with certain applications being prioritised by the Oregon Office of the Governor and Oregon Legislature. DOGAMI could give no certainty as to when final approval would be completed. The company notes approaching winter conditions may also delay its current surface drill program, though groundwater and geochemical baseline studies for the Full Mining Operating Permit application are continuing unaffected.

ProSat Multi-Spectrum Satellite Analysis Identifies Broader Mineralization Potential

To explore areas peripheral to the known hydrothermal breccia zones, Bayhorse engaged ProSat to conduct a multi-spectrum satellite analysis integrating six independent data layers — structure, iron oxide, clay minerals, thermal anomaly, gravity, and radiometrics — fused via machine learning. The analysis, when overlain on a 2024 VTEM survey, identifies strong potential mineralized structures extending up to 365 m north of the Bayhorse patented claims and across onto the Pegasus property. The disclosure suggests this data supports further exploration both around a possible buried pluton identified 2–3 km north of the mine and within the immediate mine vicinity.