Blackrock Silver starts drill programs at Tonopah West

Executive Summary

• Blackrock Silver Corp. has commenced a 17,000-metre, two-phased expansion drill program at its Tonopah West project in Nevada, targeting resource growth along the Pittsburg-Monarch fault and the Denver/Paymaster vein systems.
• The program is fully funded and utilizes a cost-effective RC/Core hybrid method, with an 800-metre stepout hole planned in the northwest to test for world-class extensions of the deposit.
• Parallel permitting activities are advancing, with Phase 2 hydrology nearly complete and the preliminary economic assessment (PEA) and updated mineral resource estimate targeted for delivery by March 2026.

Key Details

• Total Scope: 17,100 metres (56,250 ft) across 30 drill sites.
• Eastern Expansion (9,100 metres / 20 holes):
  • Targets shallow, high-grade, and thick zones of silver and gold along the Pittsburg-Monarch fault and its footwall splays.
  • Follows up on 2025 results that identified at least three northwest-oriented mineralized structures offsetting the southern caldera margin.
  • Aims to confirm the importance of the fault system, which historically hosted the thick Victor and Ohio veins.
• Northwest (NW) Expansion (8,000 metres / 10 holes):
  • Focuses on the Denver and Paymaster veins, which remain open along strike and down dip.
  • Includes an 800-metre stepout hole based on recent seismic geophysical survey data (18 km of data acquired Oct 23, 2025) indicating significant structures interpreted as the outer margin of the Fraction caldera.
  • Success in this hole would provide evidence that the Tonopah West system is open and potentially world-class in size and grade.
• Drilling Method:
  • RC/Core hybrid approach to maximize metreage while maintaining high-quality geological data.
  • RC precollars drill through non-mineralized cover rock, followed by "core tails" penetrating high-value vein zones.
• Permitting and Development Path:
  • Phase 2 hydrology program is nearly complete with the installation of five piezometer wells to assess water within the proposed decline and test mining area.
  • Final drill hole is a water monitoring well.
  • Results will drive permitting for the proposed exploration decline, test mining, and bulk sample extraction, which is on track for H2 2027.
• Corporate Milestones:
  • Updated mineral resource estimate and preliminary economic assessment (PEA) are on track for delivery by the end of March 2026.
  • Program is fully funded.

Notable Quotes

• Andrew Pollard, President and CEO: "With our updated mineral resource estimate and preliminary economic assessment on Tonopah West on track for delivery by the end of March, 2026, we are excited to get the drills back to continue to test the extents of silver and gold mineralization at our deposit with a fully funded 17,000 metre, two-phased expansion program now officially under way."
• Andrew Pollard, President and CEO: "Guided by recent seismic data, an 800-metre stepout is the highlight of our NW expansion program, where the bulk of drilling is targeting extensions of the Denver and Paymaster vein sets."