Blackrock Silver announces filing of Tonopah West

BLACKROCK SILVER ANNOUNCES FILING OF TONOPAH WEST PRELIMINARY ECONOMIC ASSESSMENT TECHNICAL REPORT
October 16, 2024

October 16, 2024, – Vancouver, British Columbia.  Blackrock Silver Corp. (the “Company” or “Blackrock”) is pleased to announce that it has filed on SEDAR+ an independent technical report titled “Preliminary Economic Assessment of Mineral Resources, Tonopah West Silver-Gold Project, Nye and Esmeralda Counties, Nevada, USA effective September 4, 2024 and dated October 11, 2024 (the “Technical Report”) for the Company’s 100%-owned Tonopah West silver-gold project (“Tonopah West”). The Technical Report was prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves adopted May 19, 2014, and in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and supports the disclosure made by the Company in its September 4, 2024 news release announcing the results of a preliminary economic assessment for Tonopah West. There are no material differences in the Technical Report from the information disclosed in the September 4, 2024 news release.

The Technical Report is available under the Company’s profile on SEDAR+ (www.sedarplus.ca).  A copy of the Technical Report is also located on the Company’s website.

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.

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The Company’s 2024 drill campaign on Tonopah West, which commenced in late July 2024, includes an in-fill drilling component with a goal to upgrade and expand the shallowest portion of the DPB resource area from inferred mineral resources to measured and indicated mineral resources (the “M&I Conversion Program”) and an exploration component that is targeting expansion potential across a one kilometre trend of vein corridor linking the DBP and the NW step out resource areas.

The drilling utilized a reverse circulation (RC) drill to complete pre-collar drillholes to various depths and then core tails to drill through the modelled target zones in DBP and the Northwest step out areas. Initial results from the M&I Conversion Program at DPB show continuity of the high-grade gold and silver as demonstrated by the results in Table 1 below.

Andrew Pollard, the Company’s President and CEO, stated, “As we seek to de-risk our ounces through the early years of anticipated production at Tonopah West, initial results from our M&I Conversion Program not only establish exceptional continuity of high-grade mineralization, but have also been successful in stepping out beyond the existing resource envelope identifying significant near-surface expansion potential at higher-than-average grades. Multiple intercepts exceeding 1 kg/t AgEq were reported, including our highest-grade interval at Tonopah West to date of 1.07 meters at 8,514.5 g/t AgEq (4,328 g/t Ag and 46.5 g/t Au). These findings bolster our confidence in the model presented in our recent preliminary economic assessment and suggest the possibility of shortening the pre-production development timeline as we track high-grade gold and silver mineralization closer to the surface.   An additional 6 drillholes have been added to our M&I Conversion Program targeting the high-grade chute identified in TXC-24-087. The drills are slated to remain at site well into the new year, with additional drillholes to be added as new targets continue to emerge”

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Andrew Pollard, the Company’s President and Chief Executive Officer stated: “We are delighted to have Tom join our board as an independent director as we seek to aggressively turn the corner from discovery to development and beyond. Tom brings with him an impressive track record having helmed and guided other high-profile early-stage resource companies transition from exploration, through development and into commercial production. Tom’s extensive M&A experience, culminating in a multi-billion-dollar takeout transaction and his deep knowledge of the silver industry, will be invaluable to us as we embark on our next phase of growth.”

Deferred Share Unit Grant

In connection with his appointment to the Board of Directors, the Company has granted Mr. Peregoodoff 85,000 deferred share units (“DSUs”) at a deemed price of $0.40 per DSU pursuant to its Omnibus Equity Incentive Compensation Plan (the “Omnibus Plan”). The DSUs shall vest in full after one year from the date of grant and can only be redeemed for Common Shares if the holder ceases to be a director of the Company or in accordance with the provision of the Omnibus Plan. The DSUs are subject to the policies of the TSX Venture Exchange and the terms and conditions of the Omnibus Plan.

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