Blackrock Silver updates MRE for Tonopah West

Executive Summary

• Blackrock Silver Corp. released an updated MRE for its 100 % owned Tonopah West project, now reporting 107,000 oz Au and 9.5 M oz Ag in indicated resources and 470,000 oz Au and 35.5 M oz Ag in inferred resources (21.1 M oz AgEq indicated; 86.88 M oz AgEq inferred).
• The update incorporates 83 new drill holes (33,248 m) completed in 2024‑2025, confirming and expanding prior inferred resources into a newly defined indicated category with an average block‑diluted grade of 493 g/t AgEq.
• Management highlights that the resource upgrade supports permitting, engineering design work, and plans for an exploration decline, test mining, and bulk sample extraction; a revised Preliminary Economic Assessment is slated for Q1 2026.

Key Details

• Resource Summary (cut‑off 180 g/t AgEq):
• Indicated: 107,000 oz Au + 9.5 M oz Ag = 21.1 M oz AgEq; average grade 493 g/t AgEq.

• Inferred: 470,000 oz Au + 35.5 M oz Ag = 86.88 M oz AgEq; average grade 525.9 g/t AgEq.

• Drilling Program:

• 83 new holes (33,248 m) added to the model; 96 % of total drill holes contributing to the MRE.
• Hole spacing: ~30 m in DPB South, 50‑100 m in DPB North & Northwest, 25‑50 m in Victor.

• Inclinations ranged from 50°–90°, with up to three angles per pad.

• Geologic Model:

• Four zones defined – Victor, DPB North, DPB South, Northwest – for logistical mining scenarios.

• Vein thicknesses 0.1‑15.8 m (average 3.0 m); block model built at 1 × 1 × 1 m resolution.

• Assay & Capping:

• Silver capped at 3,000 g/t; gold capped at 30 g/t.

• Specific gravity: 2.46 g/cc (low‑grade), 2.53 g/cc (mid/high‑grade).

• Economic Assumptions:

• Ag price $27/oz, Au price $2,700/oz; recoveries 87 % (Ag) and 95 % (Au).

• Cut‑off derived from estimated underground mining, processing, and G&A costs (see Table 2 in release).

• Future Plans:

• Updated PEA targeted for Q1 2026 incorporating ongoing northwest and east expansion drilling.
• Technical report to be filed on SEDAR+ within 45 days of this release.

Notable Quotes

“The updated MRE shows the continuity of high grades within the tighter spaced drill pattern… This upgrade gives the company added confidence to pursue permits, refine engineering designs and advance the project to the next phase.” – Andrew Pollard, President & CEO

“Our current exploration programs are focused on expansion opportunities to the northwest and east, with results to be incorporated into an updated PEA planned for Q1 2026.” – Andrew Pollard