If You Invested in BLACKROCK SILVER CORP (BKRRF)

Blackrock Silver Corp (OTCQX: BKRRF; TSXV: BRC; FSE: AHZ0) is a junior precious metal focused exploration and development company. According to the company’s disclosures, it is backed by gold and silver ounces in the ground and is focused on advancing its projects through drilling, technical studies and permitting activities. Blackrock Silver’s core assets are its 100% controlled Nevada properties, which host 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.

Core business focus

Blackrock Silver describes itself as a company driven to add shareholder value through exploration and development of precious metal projects. Its work is centered on defining and expanding mineral resources, upgrading resource classifications, and progressing projects toward potential mine development. The company emphasizes its Nevada portfolio, which it controls entirely, and which is characterized by low-sulphidation epithermal systems prospective for silver and gold.

A key project for Blackrock Silver is the Tonopah West silver-gold project in Nye and Esmeralda Counties, Nevada, United States. Tonopah West is described as a 100% owned project, with the resource area located on patented mining claims and fee lands. The project lies adjacent to the town of Tonopah in western Nevada, with a major highway crossing the property, which the company highlights as a logistical advantage for exploration and potential future development.

Tonopah West project and resource work

The company has reported an updated mineral resource estimate for Tonopah West, prepared in accordance with Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards and National Instrument 43-101. The updated mineral resource estimate incorporates extensive drilling and a refined geologic model covering several zones: Victor, DPB North, DPB South and the Northwest Step Out area. Blackrock Silver notes that mineralization at Tonopah West remains open to the northwest, east, internally between main bodies of mineralization, and at depth.

Within Tonopah West, the DPB South area has been a major focus of an in-fill drilling program referred to as the M&I Conversion Program. This program targeted the shallow southern portion of the Bermuda-Merten vein group (the M&I Conversion Area) with the objective of converting material from inferred mineral resources to measured and indicated mineral resources. The company reports that this work has validated its geologic model, confirmed continuity of high-grade gold and silver mineralization over hundreds of metres, and outlined new near-surface zones of mineralization updip from the existing resource shell.

Exploration programs and expansion drilling

Blackrock Silver has described several major drilling initiatives at Tonopah West:

• M&I Conversion Program: An in-fill drilling campaign in the DPB South area designed to upgrade resource classification and improve confidence in early years of the conceptual mine plan. Results include multiple high-grade silver equivalent intercepts and confirmation of robust high-grade shoots that remain open to the northwest and down plunge.
• Resource Expansion Program: A step-out drilling program along a one-kilometre northwest trend between the DPB South resource area and the Northwest Step Out resource area. The company reports that this program has established continuity of high-grade silver and gold mineralization over a 500 metre trend beyond the existing DPB resource shell and has highlighted potential to expand the resource footprint.
• Scout Drilling and Eastern Expansion Program: Reverse circulation scout drilling identified a new zone of silver and gold mineralization interpreted as part of the outer ring structure of the Fraction caldera, extending mineralization up to 1.2 kilometres east of the existing DPB resource toward the historic Ohio mine area. A fully funded eastern expansion drill program followed, using RC pre-collars and core tails, to test this Eastern Expansion Zone and to explore parallel structures associated with the Pittsburg-Monarch fault system.

These programs collectively focus on both upgrading existing resources and identifying new zones of mineralization along structural corridors such as the Merten vein, the Pittsburg-Monarch fault and associated splays, and the outer ring structures of the Fraction caldera. The company reports multiple drill intercepts with high silver equivalent grades over significant widths in these areas.

Technical studies and reporting

Blackrock Silver has filed an independent technical report titled “Mineral Resource Estimate Update, Tonopah West Silver-Gold Project,” prepared in accordance with NI 43-101 and CIM standards, to support its updated mineral resource estimate. The company notes that this report is available under its profile on SEDAR+ and on its own information channels. The updated mineral resource estimate includes new drillholes completed in 2024–2025 and uses a detailed three-dimensional geologic model, block modelling and grade interpolation methods tailored to the silver and gold mineral domains.

The company also references a preliminary economic assessment on Tonopah West and indicates that updated mineral resource estimates and preliminary economic assessments are planned to incorporate results from both the northwest resource expansion drilling and the eastern expansion drilling. These technical and economic studies are intended to guide further engineering design, permitting and potential development steps such as an exploration decline, test mining and bulk sample extraction.

Permitting and hydrologic work

In addition to drilling, Blackrock Silver has initiated a hydrologic program at Tonopah West involving core drilling for piezometer installation. The program consists of multiple core holes with piezometers placed to measure water flow along faults, lithologic contacts and specific lithologies along the projected alignment of a proposed exploration decline. The company states that data from these piezometers will support permitting, engineering design and water management planning for potential underground development, and it presents this work as a critical path item in the permitting process.

Corporate characteristics

Blackrock Silver describes itself as anchored by a seasoned Board of Directors and emphasizes that it is focused on its Nevada portfolio of low-sulphidation, epithermal gold and silver projects. The company highlights that its strategy is backed by gold and silver ounces in the ground and that it is working to de-risk and advance its Tonopah West project through drilling, resource updates, technical reporting and permitting-related programs.