Blackrock Silver Commences Phase 2 Hydrology Program, Geotechnical Evaluation and Seismic Survey on the Tonopah West Project

The most recent news, dated October 23, 2025, announces that Blackrock Silver has commenced its Phase 2 Hydrology Program, Geotechnical Evaluation, and Seismic Survey at the Tonopah West Project. These programs involve installing five additional piezometers, a dewatering well, and a groundwater monitoring well for hydrological data collection, conducting a geotechnical evaluation of 22 drillholes along the proposed decline alignment, and an 18km seismic survey across seven lines. The CEO, Andrew Pollard, stated that these initiatives are key de-risking efforts to refine engineering models, optimize decline design, and establish a strong technical foundation for permitting an initial test mine and bulk sample area. These programs are running in parallel with awaiting assay results and the delivery of an updated preliminary economic assessment (PEA) on Tonopah West, currently slated for Q1 2026.

This news is a Routine - Positive development. It signifies the company's continued methodical advancement and de-risking of the Tonopah West project towards underground development. The hydrological, geotechnical, and seismic programs are essential, expected steps in the permitting and engineering design process, as previously indicated by the company's engagement of Westland Engineering for permitting in February 2025.

Positives: * Project Advancement: The commencement of these technical programs demonstrates tangible progress in de-risking the project, moving it closer to the development phase. This is in line with management's stated goals and timelines for permitting and eventual ground-breaking in 2027. * De-risking Initiatives: Gathering detailed hydrologic, geotechnical, and seismic data is crucial for robust engineering models, optimizing underground decline design, and preparing for the permitting of a test mine and bulk sample. This proactive approach helps address potential challenges early. * Consistency with Projections: The news confirms that the company is on track with its broader development strategy, including the anticipated updated Preliminary Economic Assessment (PEA) in Q1 2026, which will integrate the M&I conversion and resource expansion drilling results. * Prior Developments: This news follows a series of positive updates: * MRE Update (Sept 8, 2025): Delivered on M&I conversion program guidance, delineating 1,333,000 tonnes of indicated mineral resources at 493 g/t AgEq (21.1M AgEq oz) and maintaining 86.88M AgEq oz in inferred resources, demonstrating successful resource upgrading. * Financing (Jan 30, 2025): Successfully closed a $13.8M bought deal offering, securing capital for these advancement programs, which was a material positive for liquidity and project funding. * Eastern Expansion Discovery (March 31, 2025): Announced a new high-grade structural zone extending 1.2km east, significantly expanding the mineralization footprint and adding 1.7km of drill-defined strike. This was a material game-changer, indicating substantial growth potential beyond existing resources. * Drill Results (Feb 2025, May 2025, July 2025, June 2025): Consistently reported high-grade intercepts and established continuity in both M&I conversion and resource expansion programs, validating the geological model and demonstrating potential for material resource additions.

Negatives/Risks: * High Cash Burn: Despite the recent financings, the company has a high cash burn rate. Cash and cash equivalents decreased from $10.05M (April 30, 2025) to $7.13M (July 31, 2025). The net loss for the nine months ended July 31, 2025, was $16.15M, primarily driven by $12.99M in exploration expenditures. While warrant exercises brought in $4.24M in September 2025, ongoing high expenditures for these technical programs, drilling, and corporate overhead will quickly deplete current funds, indicating a near-term need for further capital raising. * Permitting Timeline: The goal to break ground on an exploration decline in 2027 is still several years away. While current activities are critical for permitting, delays are common in the mining industry and could impact the timeline and capital requirements. * Lack of Independent Review for PEA: The PEA filed in May 2025 was amended to address BCSC comments, but it remains a preliminary assessment based on inferred mineral resources, which carries a higher degree of uncertainty. The updated PEA in Q1 2026 will be crucial for a more robust economic evaluation.

Overall, the news is a planned and necessary step in the project's progression. It reinforces the company's commitment to advancing Tonopah West, but it does not represent a new discovery or an unexpected breakthrough. Its impact is more about confirming diligent execution and maintaining momentum toward long-term development goals.

Blackrock Silver Corp. (BRC) is a mineral exploration company focused on its 100%-owned Tonopah West silver-gold project, located in the Walker Lane trend of Nye and Esmeralda counties, Nevada, USA. The company is actively working to advance Tonopah West from an exploration-stage project to a development-stage project, with the ultimate goal of becoming a significant silver producer in America.

Flagship Project: Tonopah West * Location: Situated in west-central Nevada, an established mining jurisdiction. The project is strategically located on patented claims, which could facilitate a faster permitting process compared to unpatented claims. * Commodities: Primarily silver and gold, with high-grade intercepts often expressed in silver equivalent (AgEq) grams per tonne. * Stage of Development: The project is currently in the resource definition and early de-risking phase. The company has focused heavily on: * M&I Conversion Drilling Program: Aimed at converting inferred mineral resources to higher-confidence Measured & Indicated (M&I) categories, particularly within the shallow southern portion of the DPB (Bermuda-Merten vein group) resource area, representing potential initial years of production. * Resource Expansion Drilling Program: Targeting new zones and extensions to increase the overall mineral inventory and extend mine life, notably the Eastern Expansion zone (potential link to historic Ohio Vein) and the Northwest Step Out areas. * De-risking and Permitting Initiatives: Engaging environmental consultants (Westland Engineering), conducting hydrological, geotechnical, and seismic surveys to gather baseline data and support the permitting process for an exploration decline and bulk sample extraction. * Mineral Resource Estimate (Effective August 25, 2025): * Indicated Resources: 1.333 million tonnes grading 493 g/t AgEq, containing 107,000 oz Gold and 9.5 million oz Silver (21.1 million oz Silver Equivalent). * Inferred Resources: 470,000 oz Gold and 35.5 million oz Silver (86.88 million oz Silver Equivalent) at an average grade of 525.9 g/t AgEq. * Total AgEq (Indicated + Inferred): Approximately 107.98 million oz. * Historical Context: The Tonopah district is known for its rich silver and gold production historically. The company's work aims to delineate modern resources within this historic district. * Future Plans: The company is working towards an updated Preliminary Economic Assessment (PEA) in Q1 2026 and aims to break ground on an exploration decline by 2027.