Mr. Graeme O'Neill reports

BAYHORSE ENGAGES GEOTECH TO CONDUCT VTEM SURVEY OF BAYHORSE SILVER MINE PROPERTY

Bayhorse Silver Inc. has engaged Geotech Ltd. to conduct a helicopter-borne VTEM (versatile time-domain electromagnetic) and horizontal magnetic gradiometer geophysical survey over its Bayhorse silver mine property in Oregon, United States.

The VTEM survey over the entire Bayhorse property in both Idaho and Oregon is to determine whether a long-postulated feeder anomaly is present that could indicate the presence of either more high-grade silver mineralization as present at the Bayhorse mine or a porphyry copper deposit.

The company anticipates that, depending on the availability of the equipment, the approximately 75-line-kilometre survey will commence within the next 30 days. The survey will cover the entire Bayhorse property.

Historic geological mapping shows that the rhyolite body hosting silver mineralization at the Bayhorse mine in Oregon extends into Idaho. Recent geological mapping by Dr. Clay Conway has identified numerous copper-silver showings and old surface workings.

Since Hercules Silver's discovery of a copper porphyry deposit approximately 40 kilometres (26 miles) north-northeast of the Bayhorse mine and Hercules acquiring a second property 24 kilometres (14 miles) northeast of Bayhorse, the company is aware that significant staking of additional claims by a number of staking parties (including the company) on properties between the Bayhorse silver mine and Hercules ground has taken place, including the Wolf Creek property 11 kilometres (seven miles) to the northeast of Bayhorse.

The Bayhorse and Hercules Silver properties and the recently staked Wolf Creek prospect have similar geological settings and copper/silver mineralization, including significant copper, antimony and zinc credits. This has spurred Bayhorse to further extend the known silver-rich zones, including exploring potential areas at the mine to depth.

Gold grades up to 10 grams per tonne were reported at the Bayhorse mine during the historic 1984 mining program. Dr. G.E. Ray, PGeo, sampled the highest grade of silver/copper at 15 per cent silver and 17 per cent copper as reported in (see Bayhorse's news release dated Jan. 14, 2014).

On Dec. 12, 2021, during the 2021/2022 drill program at the Bayhorse mine, there was an unreported assay result in a 0.6-metre (two-foot) drill intersection of 3.06 per cent copper and 46 grams per tonne silver. Other drill intersections during the 2020/2021 drill program were only assayed for the silver content. They will be reassayed for copper and other base metals.

The company's geological consultants, Dr. Ray and Dr. Conway, and geologist Mark Abrams, CPG, all of whom are qualified persons, in conjunction with the Geotech Ltd. geophysics team, will determine how best to test to depth any underlying mineralization below the known mineralized horizon. This testing will initially be by drilling from the extensive historic underground workings at the Bayhorse mine.

It is possible that the silver-rich Bayhorse epithermal mineralization may be underlain by a gold-rich zone, as suggested by Buchanan's 1981 model.

This news release has been prepared on behalf of the Bayhorse Silver board of directors, which accepts full responsibility for its content. Dr. Ray, a qualified person and consultant to the company, has prepared, supervised the preparation of and approved the technical content of this press release.

About Bayhorse Silver Inc.

Bayhorse Silver is an exploration and production company with a 100-per-cent interest in the historic Bayhorse silver mine located in Oregon, United States. With state-of-the-art Steinert ore-sorting technology reducing waste rock entering the processing stream by up to 85 per cent, Bayhorse has created a minimum-environmental-impact facility capable of mining 200 tonnes of mineralization per day and the ability to process and supply 3,600 tonnes per year of silver/copper/antimony concentrate ranging between 7,500 to 15,000 grams per tonne silver and 10 per cent to 12 per cent copper, 10 per cent to 12 per cent antimony, and 15 per cent to 18 per cent zinc using standard flotation processing at its milling facility in nearby Payette county, Idaho, United States, with an offtake agreement in place with Ocean Partners U.K. Ltd. The company also has an option to acquire an 80-per-cent interest in the Brandywine high-grade silver/gold property located in British Columbia, Canada. The company has an experienced management and technical team with extensive mining expertise in both exploration and building mines.