October 02, 2025

Blackrock Silver – Key Takeaways From M&I Conversion Mineral Resource Estimate Update and Looking Ahead To The Expanded Resource Estimate Coming Out In Q1 2026

16 minutes

Recorded on September 30th: Andrew Pollard, President and CEO of Blackrock Silver (TSX.V:BRC – OTCQX:BKRRF), joins me to discuss the updated mineral resource estimate, based on only the M&I conversion drilling for its 100% owned Tonopah West project located in West-Central Nevada, United States. We then get into all the expansion drilling that has just been completed, with many assays still pending, that will be building towards the upcoming expanded resource estimate in Q1 2026, and then followed by an updated PEA.

HIGHLIGHTS:

The Updated MRE contains a total of 0.107 million ounces ("Mozs") of gold ("Au") and 9.5Mozs of silver ("Ag"), or 21.1Mozs of silver equivalent ("AgEq") of indicated mineral resources, and 0.47 Mozs of Au and 35.5Mozs of Ag, or 86.88Mozs of AgEq of inferred mineral resources.

Indicated mineral resources were not previously included in the mineral resource estimate for Tonopah West effective August 25, 2024, highlighting how Blackrock's recent in-fill drilling program (the "M&I Conversion Program") at Tonopah West which commenced in mid-July 2024 has confirmed previous inferred mineral resource estimates and improved geologic confidence in the mineral resource estimate on the Project.

At a 180 grams per tonne ("g/t") AgEq cutoff, the average block-diluted grade of the indicated mineral resources is 493 g/t AgEq and the average block-diluted grade of the inferred mineral resources is 525.9 g/t AgEq.

The Updated MRE includes 83 new drillholes completed in 2024-2025 and is based on a refined geologic model which was updated to reflect the new drilling and added more detail to the spatial distribution of mineralized veins.

Silver and gold mineralization at Tonopah West remains open to the northwest, east and internally between the main bodies of mineralization, and at depth.

We then shifted over to the additional resource expansion exploration program at Tonopah West, where drilling commenced in September 2024, and targeted expansion potential along a one-kilometer northwest trend between the Denver-Paymaster and Bermuda-Merten vein groups (“DPB”) south resource area and the Northwest (NW) Step Out resource area. There will be a second expanded resource update in Q1 next year that incorporates all the expansion drilling towards the NorthWest Step Out, and the Eastern Expansion area off DPB South towards the Ohio mine area. After that resource has been released, then all of that data, combined with recent hydrology work, permitting work, and other derisking will be factored into an updated PEA next year.

We wrap up discussing the financial health of the company due to the early exercise of warrants, bringing in around $5Million dollars into the company’s treasury. Now that the market has seen the continuity of the mineralization holding together better than many had modeled in the recent M&I resource estimate update, in conjunction with the anticipation of how higher silver and gold prices will positively impact the economics of the project, more warrants are being exercised early to position for the coming catalysts on tap over the next 2 quarters.

If you have any follow up questions for Andrew regarding Blackrock Silver, then please email them into me at [email protected].

In full disclosure, Shad is shareholder of Blackrock Silver at the time of this recording, and may choose to buy or sell shares at any time.

Click here to visit the Blackrock Silver website to read over the recent news we discussed.

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