Vancouver, British Columbia--(Newsfile Corp. - February 18, 2025) - Blackrock Silver Corp. (TSXV:BRC) (OTCQX: BKRRF) (FSE: AHZ0) ("Blackrock" or the "Company") announces that it has selected Westland Engineering and Environmental Services Inc. ("Westland") to guide the Company through the permitting process with the aim of receiving the necessary permits to develop an exploration decline, complete test mining and extract a bulk sample from the Company's 100%-owned Tonopah West project ("Tonopah West" or the "Project") located on private land in Nye and Esmeralda counties, Nevada, United States.
Situated on private land, patented claims and fee lands, adjacent to the town of Tonopah, the Company's Preliminary Economic Assessment ("PEA")1 on Tonopah West indicates the potential for it to be one of the top American silver producers, with the potential to jog domestic production by up to 15% annually2. With the project development residing on patented mining claims, it offers an opportunity for the Company to fast-track the required federal, state and county permits to allow the Company to proceed with de-risking of the Project by breaking ground on an underground platform for access, development, and ultimately, mining.
Andrew Pollard, the Company's President and Chief Executive Officer, stated, "The launch of permitting initiatives marks a major milestone for the Company-just four years after our initial discovery-as we advance toward our goal of becoming one of America's leading domestic silver producers. Our environmental consultants will oversee critical baseline data collection, while our team finalizes engineering designs. Our objective is to receive the necessary approvals and permits to break ground on an exploration decline in 2027. In parallel, we've expanded our drilling programs by an additional 15,000 metres, positioning us to release a mineral resource update in Q3 2025. This update will incorporate results from our M&I Conversion Program, aimed at de-risking ounces and maximizing economic potential in the early years of anticipated production at Tonopah West as outlined in the PEA. Furthermore, an updated preliminary economic assessment on Tonopah West is expected by Q2 2026, incorporating an additional mineral resource update from the Resource Expansion Program, which is designed to extend mine life and maximize capital investment."
The initial mine design contemplated in the PEA is the starting point to access the shallowest and highest-grade stopes from the Bermuda-Merten vein group (collectively, "DPB South") at an average undiluted grade of 981 g/t silver equivalent (AgEq)3. The Company, through the services of Westland, intends to secure the required baseline data, and obtain the necessary associated permits and government approvals in order to break ground on an exploration decline to commence underground development at Tonopah West.
Once underground, the Company intends to continue to drill the DPB South veins and work toward test mining and extracting a bulk sample at Tonopah West. Figure 1 sets out the activities the Company intends to undertake to achieve the aforementioned goals:
Figure 1: Tonopah West project timeline
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In concert with the permitting process at Tonopah West, the Company intends to complete its in-fill drilling program consisting of approximately sixty-two drillholes within the shallow southern portion of the DPB resource area with a goal to convert up to 1.5-million tonnes of material from inferred mineral resources to measured and indicated mineral resources (the "M&I Conversion Program") and aims to prepare an updated NI 43-101 compliant mineral resource on Tonopah West in the third quarter of 2025.
Following completion of the M&I Conversion Program and the updated mineral resource, the Company intends to complete an updated mineral resource incorporating results from its ongoing exploration program which is targeting expansion potential across a one kilometre trend of vein corridor linking the DBP and the NW step out resource areas (the "Resource Expansion Program") at Tonopah West and prepare an updated preliminary economic assessment on Tonopah West by the second quarter of 2026.
The Company believes that the above noted activities will provide the information needed for approvals for the underground development and test mining at Tonopah West.
Qualified Persons
Blackrock's exploration activities at Tonopah West are conducted and supervised by Mr. William Howald, Executive Chairman of Blackrock. Mr. William Howald, AIPG Certified Professional Geologist #11041, is a Qualified Person as defined under NI 43-101. He has reviewed and approved the contents of this news release.
About Blackrock Silver Corp.
Backed by gold and silver ounces in the ground, Blackrock is a junior precious metal focused exploration and development company driven to add shareholder value. Anchored by a seasoned Board of Directors, the Company is focused on its 100% controlled Nevada portfolio of properties consisting of low-sulphidation, epithermal gold and silver mineralization located along the established Northern Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.
Additional information on Blackrock Silver Corp. can be found on its website at www.blackrocksilver.com and by reviewing its profile on SEDAR at www.sedarplus.ca.
Cautionary Note Regarding Forward-Looking Statements and Information
This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this news release relate to, among other things: the Company's strategic plans; the economic potential of Tonopah West; the required permits and permitting process at Tonopah West, including the receipt of the permits necessary to develop an exploration decline, complete test mining and extract a bulk sample from Tonopah West, and the activities the Company intends to undertake in connection with the foregoing; the timing of completion of the Company's drill programs at Tonopah West, including the M&I Conversion Program and the Resource Expansion Program, and the anticipated objectives and results therefrom; the timing of completion of updated mineral resource estimates and an updated preliminary economic assessment on Tonopah West; the Company's objective of obtaining the necessary approvals and permits and breaking ground on an exploration decline at Tonopah West in 2027; the Company's de-risking initiatives at Tonopah West; estimates of mineral resource quantities and qualities; estimates of mineralization from drilling; geological information projected from sampling results; and the potential quantities and grades of the target zones.
These forward-looking statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; the historical basis for current estimates of potential quantities and grades of target zones; the availability of skilled labour and no labour related disruptions at any of the Company's operations; no unplanned delays or interruptions in scheduled activities; all necessary permits, licenses and regulatory approvals for operations are received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; and the Company's ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data; general market and industry conditions; and those factors identified under the caption "Risks Factors" in the Company's most recent Annual Information Form.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For Further Information, Contact:
Andrew Pollard
President and Chief Executive Officer
(604) 817-6044
info@blackrocksilver.com
1 Technical information relating to Tonopah West is based on and derived from the National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") technical report prepared for Blackrock entitled "Preliminary Economic Assessment of Mineral Resources, Tonopah West Silver-Gold Project, Nye and Esmeralda Counties, Nevada, USA" with an effective date of September 4, 2024 and dated October 11, 2024 (the "Technical Report"), available under the Company's SEDAR+ profile at www.sedarplus.ca.
2 Based on Silver production in the United Stated of 32 million ounces in 2023 as set out in the World Silver Survey 2024 published by The Silver Institute.
3 AgEq grades calculated using $23/oz silver and $1,900/oz gold, and metals recoveries of 87% silver and 95% gold
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SOURCE: Blackrock Silver Corp.
