17,000 Meters of New Drilling Target Nevada Silver Expansion

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Blackrock Silver Corp. (BRC:TSX.V; BKRRF:OTCQX) has announced that it moved drill rigs for two major resource expansion drill campaigns at the Tonopah West project located along the Walker Lane trend in Nye and Esmeralda counties, Nevada, United States.

The company stated that the fully funded 17,000-meter two-phased expansion program includes an Eastern expansion totaling 9,100 meters across 20 holes and a Northwest expansion totaling 8,000 meters across 10 holes. The Eastern expansion is following up on high-grade intercepts from late 2025 and is targeting shallow mineralization along the Pittsburg-Monarch fault. The company reported that its 2025 eastern expansion drill program encountered at least three northwest-oriented structures that appear to be mineralized and offset the southern caldera margin to the northeast. Drilling under the 2025 program returned thick vein intervals of gold and silver along parallel structures, confirming the importance of the Pittsburg-Monarch fault and its footwall splays.

The Northwest expansion program focuses on the Denver and Paymaster veins, which remain open along strike and down dip. The program will consist of 8,000 meters of reverse circulation and core drilling targeting expansion opportunities along strike of the DPBS North zone to the east and northwest. An 800-meter stepout hole is planned based on a recently completed seismic geophysical survey in the northwestern region of Tonopah West. The company also reported that it recently acquired 18 kilometers of seismic data collected along lines to understand the caldera margin and that several drill holes will test interpretations that significant structures in the northwestern region represent the outer margin of the Fraction caldera.

The company will utilize a cost-effective RC and core hybrid method to maximize drilling meterage while maintaining geological data quality. The total scope is 17,100 meters across 30 drill sites, with RC precollars drilling through non-mineralized cover rock, followed by core tails that penetrate vein zones.

Blackrock stated that its phase 2 hydrology program is nearly complete with the installation of five piezometer wells, with the final drill hole serving as a water monitoring well. The piezometer wells were placed to assess water within the proposed decline and test mining area. The company stated that the results will help drive permitting for the proposed exploration decline, test mining, and bulk sample extraction, which is on track for H2 2027.

Andrew Pollard, Blackrock's president and chief executive officer, commented in a news release, "With our updated mineral resource estimate and preliminary economic assessment on Tonopah West on track for delivery by the end of March, 2026, we are excited to get the drills back to continue to test the extents of silver and gold mineralization at our deposit with a fully funded 17,000 metre, two-phased expansion program now officially under way. Guided by recent seismic data, an 800-metre stepout is the highlight of our NW expansion program, where the bulk of drilling is targeting extensions of the Denver and Paymaster vein sets. Our Eastern expansion program follows up on our successful 2025 campaign, where shallow, thick zones of high-grade mineralization were encountered in at least three northwest-oriented structures that appear to be splays off the Pittsburg-Monarch fault, historically recognized as one of the main structural controls for the entire district. Permitting initiatives towards our proposed exploration decline and test mine area are progressing expeditiously behind the scenes, with our phase 2 hydrology program nearing completion."

Gold and Silver Gain as Safe-Haven Demand Rises Amid Global Tensions

According to a February 28 report from Couloir Capital, "Silver prices posted a gain of 10.9% during the week as a combination of acute physical supply tightness and heightened geopolitical risk converged in the global market." The firm stated that "Exchange inventories have fallen to multi-year lows, reflecting several consecutive years of structural supply deficits," and added that "rising geopolitical tensions have driven renewed safe-haven demand."

Captain Ewave wrote on March 1 that "Silver was sharply higher this past week, reaching a high of US$94.20 and closing at US$93.84." He stated that "A very powerful wave iii ended at the 121.65 high, and we are falling in a multi-month wave iv correction," and added, "We expect very high volatility to continue as wave iv develops." In his longer-term assessment, he wrote, "We are now working on wave V."

In a March 2 Mining Monthly report, Atrium Research stated that "February proved to be a month of recovery and recalibration for the mining sector, as precious metals stabilized following the sharp retreat from all-time highs that closed out January in its final trading days." The firm wrote that "The recovery through February has been steady, with gold climbing back above US$5,000/oz and silver stabilizing now back over US$90/oz." Atrium also reported that silver was down 19.6% over one month but up 201.2% over one year, reflecting recent volatility alongside strong year-over-year performance.

According to a March 2 report from Leede Financial, gold climbed more than 2% toward US$5,400 per ounce, reaching an over one-month high as safe-haven demand intensified following joint strikes by the US and Israel on Iran over the weekend. The report stated that gold recorded its seventh consecutive monthly gain in February, the longest streak since 1973, and noted that the rally had been supported by heightened geopolitical tensions, strong central bank purchases, and a broader investor move away from sovereign bonds and currencies.

In a separate March 2 article, Senior Business Reporter Ines Ferré wrote for Yahoo Finance that gold futures pared gains after trading as high as US$5,400 per ounce as the widening conflict in the Middle East pushed investors toward safe-haven assets. Ferré reported that JPMorgan analysts expected a "risk premium" increase in gold prices in the near term of more than 5% to 10% following the US-Israel strikes on Iran and counterattacks in the region, though the analysts noted that geopolitical price spikes "can be sharp but hard to sustain."

"Officially Stepped on the Gas" With 17,000 Metre Drill Campaign at Tonopah West

According to FactSet data, Research Capital Corp. issued a Buy recommendation on December 2, 2025, with a CA$1.30 price target (met) for Blackrock Silver Corp. FactSet also reported that Red Cloud maintained a Buy recommendation on December 2, 2025, with a CA$1.70 (met) price target, Freedom Broker issued a Hold recommendation on January 28, 2026, with a CA$1.20 price target (met), and Raymond James issued an Overweight recommendation on February 5, 2026, with a CA$2.10 price target.

In a February 25 commentary, Peter Krauth and Ted Butler of Silver Advisor discussed the company's announcement regarding the commencement of a two-phased 17,000 metre drill campaign at Tonopah West. Butler stated that the company had "officially stepped on the gas, kicking off a two-phased, 17,000-metre drill campaign at Tonopah West." He noted that 9,100 metres of the program were devoted to shallow mineralization along the Pittsburg-Monarch fault and wrote, "Importantly, this is no stab in the dark," referencing prior high-grade intercepts drilled in late 2025.

Butler further stated that "many of the holes from this campaign were drilled to depths between 150 and 300 metres, which means a lot of the mineralisation is relatively low-hanging fruit for Blackrock." He also wrote that a further 8,000 metres were set to be drilled as part of a northwestern expansion centered around the Denver and Paymaster veins. Regarding the planned 800 metre step-out hole, he stated, "If successful, this drillhole will provide substantial and concrete evidence that the Tonopah West system remains open, while also reinforcing its world-class size and grade."

In the same commentary, Butler addressed upcoming milestones, stating that the news came "ahead of an updated resource estimate and a PEA (preliminary economic assessment) for Tonopah West, which are both on track for delivery by the end of March 2026." He referenced the existing resource, writing that it included "21.1 Moz AgEq (million ounces silver equivalent) Indicated within 1.33 Mt (million tonnes) at 493 g/t (grams per tonne) AgEq, as well as a further 86.9 Moz AgEq Inferred within 5.14 Mt at 523 g/t AgEq."

Discussing the company's shares, Butler wrote, "We remain enthused by the near-term re-rating potential to come from Blackrock's PEA, resource update, and ongoing drill results," and added, "I personally believe these catalysts will take Blackrock's share price beyond its all-time highs."

Updated Mineral Resource Estimate, Preliminary Economic Assessment, and Permitting Milestones

In its investor materials, the company stated that its updated mineral resource estimate and preliminary economic assessment for Tonopah West are on track for delivery by the end of March 2026.

The phase 2 hydrology program is nearing completion, with five piezometer wells installed and a final water monitoring well in progress. The wells were placed to assess water within the proposed decline and test mining area. The company stated that the hydrology results will support permitting for a proposed exploration decline, test mining, and bulk sample extraction, which is on track for H2 2027.

The Northwest expansion program includes an 800-meter stepout hole guided by recently completed seismic data, along with additional drilling targeting extensions of the Denver and Paymaster veins along strike and down dip. Several drill holes are planned to test interpretations derived from 18 kilometers of seismic data that identified significant structures in the northwestern region of the project area, interpreted to be the outer margin of the Fraction caldera. 

The Eastern expansion program consists of 9,100 meters across 20 holes and will follow up on shallow, thick zones of high-grade mineralization identified in 2025 within northwest-oriented structures associated with the Pittsburg-Monarch fault and its splays.

Ownership and Share Structure¹

Strategic entity 2176423 Ontario Ltd owns 15.81% of Blackrock Silver.

Management and Insiders hold 2.38% and Institutions own 12.33%. Of them, Konwave AG has 3.54% and Mirae Asset Global Investments holds 3.4%.

The rest is retail.

Blackrock Silver has a market cap of CA$556.4 million, 356.67 million outstanding shares, and a 52-week range of CA$0.27 to CA$1.94.