# Blackrock Silver Announces Updated Preliminary Economic Assessment for Its Tonopah West Project in Nevada; +10 Year Mine Life Fortified by 90% Increase in Indicated Mineral Resources Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6 Original source: https://money.tmx.com/en/quote/BKRRF/news/7185425045463266/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop Publisher: tmx Original announcement: 2026-03-31T09:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Blackrock Silver Corp. - Ticker: BKRRF - Exchange: TSX - Region: Nevada, United States - Primary commodity: Silver - Secondary commodities: Gold - Document categories: Resource update, Production, Metallurgy - Extracted: 2026-09-13 14:42:36 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Blackrock Silver has announced an updated Preliminary Economic Assessment \(PEA\) for its Tonopah West Project in Nevada, highlighting a 90% increase in indicated mineral resources. The PEA outlines robust economics with an after-tax IRR of 28% and a US$437 million NPV over an 11.2-year mine life, based on conservative metal prices. The project also boasts high metallurgical recoveries of 91.6% for silver and 96.3% for gold, with low All-In Sustaining Costs \(AISC\) of US$17.44 per silver equivalent ounce. Reasoning: The updated Preliminary Economic Assessment \(PEA\) for the Tonopah West Project demonstrates significantly improved project economics and a substantial increase in higher-confidence indicated mineral resources, which substantially de-risks the project and extends its mine life. High metallurgical recoveries further enhance the project's viability. - Positive factor: Significant 90% increase in indicated mineral resources, de-risking the project. - Positive factor: Robust project economics with a 28% after-tax IRR and US$437 million NPV at base case prices. - Positive factor: Long mine life of 11.2 years. - Positive factor: Low All-In Sustaining Costs \(AISC\) of US$17.44/oz AgEq. - Positive factor: High metallurgical recoveries for both silver \(91.6%\) and gold \(96.3%\). - Positive factor: NI 43-101 compliant resource estimate and PEA. - Negative factor: A significant portion of the total resource remains in the inferred category. - Negative factor: The PEA is preliminary in nature and includes inferred mineral resources, which are considered too speculative geologically to be classified as mineral reserves. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 25 ## Classification and evidence **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The document reports a 90% increase in indicated mineral resources, indicating a significant upgrade in resource confidence. Evidence · text > 90% Increase in Indicated Mineral Resources **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The indicated silver equivalent ounces increased by 90% from the previous MRE, representing a substantial growth in contained metal. Evidence · text > 40.2 million ounces of AgEq ... - a 90% increase over the previous mineral resource estimate **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PEA and MRE were prepared in accordance with National Instrument 43-101 standards. Evidence · text > in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects \(" NI 43-101 "\) **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Multiple Qualified Persons are named as responsible for the PEA and MRE, and have verified and approved the contents of the news release. Evidence · text > The "Qualified Persons" \(as defined by NI 43-101\) who were responsible for the PEA and MRE and who have verified and approved the contents of this news release are Robert H. Todd, P.E., of Minetech, Jeffery Bickel, C.P.G \(AIPG\) of RESPEC, Travis Manning, P.E., QP of Kappes, Cassiday & Associates, Thomas H. Bagan, P.E., MBA, SME-RM, an independent consulting mining engineer and Richard DeLong, QP of Westland Engineering and Environmental Inc. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The cut-off grade of 140 g/t AgEq is clearly stated for the resource estimate. Evidence · table > 140 Context: 2,750 **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Average recoveries of 91.6% for silver and 96.3% for gold are high for the stated processing route. Evidence · text > Life-of-mine metal recovery averages 91.6% for silver and 96.3% for gold. **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A significant portion of the resource, 5.54 million tonnes grading 466 g/t AgEq for 83 million ounces, is in the inferred category. Evidence · table > Inferred Context: 5,538 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The resource estimate was prepared to support a Preliminary Economic Assessment. Evidence · text > Blackrock Silver Announces Updated Preliminary Economic Assessment for Its Tonopah West Project **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces an updated mineral resource estimate for the project. Evidence · text > updated mineral resource estimate prepared by RESPEC Company, LLC **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) ## Extracted facts Stored fact records: 25. Some facts used in scoring do not have a stored record. ## Resource Estimates (23) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-0) Tonopah West Project · gold #### Identity - Project: Tonopah West Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:b671b67ace93da540aab - Deposit or zone: TOTAL - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 2750000 - Grade: 2.25 - Grade Unit: g/t - Contained Metal: 199000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 454.3 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: This indicated gold resource contributes to the overall positive resource update, providing higher confidence in the project's gold endowment. - Positive factor: High-confidence indicated resource category. - Positive factor: Contributes to a significant increase in overall indicated resources. Evidence · table > 2.25 Context: 2,750,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-1) Tonopah West Project · silver #### Identity - Project: Tonopah West Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:b671b67ace93da540aab - Deposit or zone: TOTAL - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 2750000 - Grade: 216.8 - Grade Unit: g/t - Contained Metal: 19167000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 454.3 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: This indicated silver resource contributes to the overall positive resource update, providing higher confidence in the project's silver endowment. - Positive factor: High-confidence indicated resource category. - Positive factor: Contributes to a significant increase in overall indicated resources. Evidence · table > 216.8 Context: 2,750,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-2) Tonopah West Project · silver #### Identity - Project: Tonopah West Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:be15b57aff3b55967438 - Deposit or zone: TOTAL - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 2750000 - Grade: 454.3 - Grade Unit: g/t - Contained Metal: 40159000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 - Prior Contained Metal: 21157895 #### Metal Equivalent - Metal Eq. Grade: 454.3 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: The substantial increase in indicated silver equivalent ounces is a key positive outcome of the updated resource estimate, demonstrating significant project de-risking and growth in higher-confidence resources. - Positive factor: Represents a 90% increase in indicated AgEq ounces over the previous MRE, significantly de-risking the project. - Positive factor: High-confidence indicated resource category. Evidence · table > 454.3 Context: 2,750 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 40159000 against 21157895 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-3) Tonopah West Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Tonopah West Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:601bec83dc4b307aa569 - Deposit or zone: TOTAL - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 5538000 - Grade: 2.62 - Grade Unit: g/t - Contained Metal: 467000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 465.8 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: This inferred gold resource contributes to the overall project scale, but its lower confidence category means it is more speculative than indicated resources. - Positive factor: Adds to the overall resource base, indicating future potential. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 2.62 Context: 5,538,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-4) Tonopah West Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Tonopah West Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:601bec83dc4b307aa569 - Deposit or zone: TOTAL - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 5538000 - Grade: 188.5 - Grade Unit: g/t - Contained Metal: 82944000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 465.8 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: The large inferred silver equivalent resource indicates significant potential for project growth, though its speculative nature requires further drilling to upgrade confidence. - Positive factor: Significant inferred resource base provides substantial upside potential for future conversion to higher confidence categories. - Negative factor: Inferred category has lower geological confidence and cannot be used for economic studies alone. Evidence · table > 188.5 Context: 5,538,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-5) Tonopah West Project · gold #### Identity - Project: Tonopah West Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:66e0f09b6fcbe3f61f98 - Deposit or zone: Victor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 882000 - Grade: 2.65 - Grade Unit: g/t - Contained Metal: 75000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 525.2 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: The indicated gold resource in the Victor area adds to the project's higher-confidence resource base, supporting the overall positive update. - Positive factor: High-confidence indicated resource in a key area. - Positive factor: Contributes to the overall increase in indicated resources. Evidence · table > 2.65 Context: 882,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-6) Tonopah West Project · silver #### Identity - Project: Tonopah West Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:66e0f09b6fcbe3f61f98 - Deposit or zone: Victor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 882000 - Grade: 255.2 - Grade Unit: g/t - Contained Metal: 14899000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 525.2 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: The high-grade indicated silver equivalent resource in the Victor area is a strong positive, enhancing the project's overall confidence and economic potential. - Positive factor: High-grade indicated silver equivalent resource in a key area. - Positive factor: Contributes significantly to the overall increase in indicated resources. Evidence · table > 255.2 Context: 882,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-7) Tonopah West Project · gold #### Identity - Project: Tonopah West Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:bad46032ebe214a3cfa3 - Deposit or zone: Victor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1854000 - Grade: 2.82 - Grade Unit: g/t - Contained Metal: 168000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 509.2 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: This inferred gold resource in the Victor area contributes to the project's overall scale, but its lower confidence category means it is more speculative. - Positive factor: Adds to the overall resource base, indicating future potential in the Victor area. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 2.82 Context: 1,854,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-8) Tonopah West Project · silver #### Identity - Project: Tonopah West Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:bad46032ebe214a3cfa3 - Deposit or zone: Victor - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1854000 - Grade: 221.7 - Grade Unit: g/t - Contained Metal: 30354000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 509.2 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: The large inferred silver equivalent resource in the Victor area indicates significant potential for project growth, though further work is needed to upgrade its confidence. - Positive factor: Significant inferred silver equivalent resource in the Victor area provides substantial upside potential. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 221.7 Context: 1,854,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-9) Tonopah West Project · gold #### Identity - Project: Tonopah West Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:7ae8dcbfea4785093e21 - Deposit or zone: DPB North - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 263000 - Grade: 1.79 - Grade Unit: g/t - Contained Metal: 15000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 339.4 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: The indicated gold resource in the DPB North area adds to the project's higher-confidence resource base, supporting the overall positive update. - Positive factor: High-confidence indicated resource in the DPB North area. - Positive factor: Contributes to the overall increase in indicated resources. Evidence · table > 1.79 Context: 263,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-10) Tonopah West Project · silver #### Identity - Project: Tonopah West Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:7ae8dcbfea4785093e21 - Deposit or zone: DPB North - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 263000 - Grade: 146.1 - Grade Unit: g/t - Contained Metal: 2865000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 339.4 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: The high-grade indicated silver equivalent resource in the DPB North area is a strong positive, enhancing the project's overall confidence and economic potential. - Positive factor: High-grade indicated silver equivalent resource in the DPB North area. - Positive factor: Contributes significantly to the overall increase in indicated resources. Evidence · table > 146.1 Context: 263,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-11) Tonopah West Project · gold #### Identity - Project: Tonopah West Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:c43880c894cb880d3f4d - Deposit or zone: DPB North - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1686000 - Grade: 2.68 - Grade Unit: g/t - Contained Metal: 145000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 482.9 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: This inferred gold resource in the DPB North area contributes to the project's overall scale, but its lower confidence category means it is more speculative. - Positive factor: Adds to the overall resource base, indicating future potential in the DPB North area. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 2.68 Context: 1,686,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-12) Tonopah West Project · silver #### Identity - Project: Tonopah West Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:c43880c894cb880d3f4d - Deposit or zone: DPB North - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1686000 - Grade: 193.9 - Grade Unit: g/t - Contained Metal: 26180000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 482.9 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: The large inferred silver equivalent resource in the DPB North area indicates significant potential for project growth, though further work is needed to upgrade confidence. - Positive factor: Significant inferred silver equivalent resource in the DPB North area provides substantial upside potential. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 193.9 Context: 1,686,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-13) Tonopah West Project · gold #### Identity - Project: Tonopah West Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:229729563fa42ffe648c - Deposit or zone: DPB South - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 1281000 - Grade: 2.12 - Grade Unit: g/t - Contained Metal: 87000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 442 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: The indicated gold resource in the DPB South area adds to the project's higher-confidence resource base, supporting the overall positive update. - Positive factor: High-confidence indicated resource in the DPB South area. - Positive factor: Contributes to the overall increase in indicated resources. Evidence · table > 2.12 Context: 1,281,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-14) Tonopah West Project · silver #### Identity - Project: Tonopah West Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:229729563fa42ffe648c - Deposit or zone: DPB South - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 1281000 - Grade: 213.3 - Grade Unit: g/t - Contained Metal: 18209000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 442 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: The high-grade indicated silver equivalent resource in the DPB South area is a strong positive, enhancing the project's overall confidence and economic potential. - Positive factor: High-grade indicated silver equivalent resource in the DPB South area. - Positive factor: Contributes significantly to the overall increase in indicated resources. Evidence · table > 213.3 Context: 1,281,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-15) Tonopah West Project · gold #### Identity - Project: Tonopah West Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:e6b844dab2ea8be5bd3e - Deposit or zone: DPB South - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 485000 - Grade: 2.02 - Grade Unit: g/t - Contained Metal: 31000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 305.5 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: This inferred gold resource in the DPB South area contributes to the project's overall scale, but its lower confidence category means it is more speculative. - Positive factor: Adds to the overall resource base, indicating future potential in the DPB South area. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 2.02 Context: 485,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-16) Tonopah West Project · silver #### Identity - Project: Tonopah West Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:e6b844dab2ea8be5bd3e - Deposit or zone: DPB South - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 485000 - Grade: 87.5 - Grade Unit: g/t - Contained Metal: 4763000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 305.5 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: The inferred silver equivalent resource in the DPB South area indicates potential for project growth, though further work is needed to upgrade its confidence. - Positive factor: Inferred silver equivalent resource in the DPB South area provides upside potential. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 87.5 Context: 485,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-17) Tonopah West Project · gold #### Identity - Project: Tonopah West Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:bedf06e9f76dbb9c3e70 - Deposit or zone: NW Step Out - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 323000 - Grade: 2.03 - Grade Unit: g/t - Contained Metal: 21000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 402.8 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: The indicated gold resource in the new NW Step Out area adds to the project's higher-confidence resource base and demonstrates potential for expansion. - Positive factor: High-confidence indicated resource in the NW Step Out area. - Positive factor: Represents a new extension of vein zones. Evidence · table > 2.03 Context: 323,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-18) Tonopah West Project · silver #### Identity - Project: Tonopah West Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:bedf06e9f76dbb9c3e70 - Deposit or zone: NW Step Out - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 323000 - Grade: 183.4 - Grade Unit: g/t - Contained Metal: 4186000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 402.8 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: The indicated silver equivalent resource in the NW Step Out area is a positive for future growth, though its exclusion from the current mine plan limits immediate economic impact. - Positive factor: High-grade indicated silver equivalent resource in the new NW Step Out area. - Positive factor: Represents a new extension of vein zones, indicating growth potential. - Negative factor: Resources from this area are excluded from the current PEA mine plan. Evidence · table > 183.4 Context: 323,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-19) Tonopah West Project · gold #### Identity - Project: Tonopah West Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:ed4c9e75064d9b305712 - Deposit or zone: NW Step Out - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 622000 - Grade: 1.67 - Grade Unit: g/t - Contained Metal: 33000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 327 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: This inferred gold resource in the NW Step Out area contributes to the project's overall scale, but its lower confidence and exclusion from the mine plan limit immediate impact. - Positive factor: Adds to the overall resource base, indicating future potential in the NW Step Out area. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Resources from this area are excluded from the current PEA mine plan. Evidence · table > 1.67 Context: 622,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-20) Tonopah West Project · silver #### Identity - Project: Tonopah West Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:ed4c9e75064d9b305712 - Deposit or zone: NW Step Out - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 622000 - Grade: 146.7 - Grade Unit: g/t - Contained Metal: 6538000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 327 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: The inferred silver equivalent resource in the NW Step Out area indicates potential for project growth, though its exclusion from the mine plan and lower confidence limit immediate impact. - Positive factor: Inferred silver equivalent resource in the NW Step Out area provides upside potential for future growth. - Negative factor: Inferred category has lower geological confidence. - Negative factor: Resources from this area are excluded from the current PEA mine plan. Evidence · table > 146.7 Context: 622,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-21) Tonopah West Project · gold #### Identity - Project: Tonopah West Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:09f76975e68fbabfe0df - Deposit or zone: East Extension - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 891000 - Grade: 3.1 - Grade Unit: g/t - Contained Metal: 89000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 527.3 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: This inferred gold resource in the East Extension area contributes to the project's overall scale, but its lower confidence category means it is more speculative. - Positive factor: Adds to the overall resource base, indicating future potential in the East Extension area. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 3.10 Context: 891,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-resource-facts-22) Tonopah West Project · silver #### Identity - Project: Tonopah West Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Resource scope - Estimate type: resource - Effective date: 2026-01-04T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Jeffrey Bickel - Resource group id: resource:09f76975e68fbabfe0df - Deposit or zone: East Extension - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 891000 - Grade: 193 - Grade Unit: g/t - Contained Metal: 15109000 - Contained Unit: oz - Cutoff Grade: 140 - Cutoff Unit: g/t AgEq #### Prior Estimate - Resource Date: 2026-01-04 #### Metal Equivalent - Metal Eq. Grade: 527.3 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: The large inferred silver equivalent resource in the East Extension area indicates significant potential for project growth, though further work is needed to upgrade confidence. - Positive factor: Significant inferred silver equivalent resource in the East Extension area provides substantial upside potential. - Negative factor: Inferred category has lower geological confidence. Evidence · table > 193.0 Context: 891,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ## Metallurgical Results (2) ### agitated cyanide leaching [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-metallurgical-facts-23) Tonopah West Project · gold #### Identity - Project: Tonopah West Project - Commodity: gold - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Test Work - Program Status: detailed - Test Type: agitated cyanide leaching - Processing Route: 3-stage crushing, milling, agitated cyanide leaching, Merrill-Crowe zinc precipitation, precipitate smelting #### Recovery - Recovery: 96.3 % - Recovery Basis: actual\_test #### Lab - Laboratory: Kappes, Cassiday and Associates - Consultant: Travis Manning #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: The high gold recovery achieved through a conventional processing route is a strong positive, supporting the project's economic viability. - Positive factor: Very high gold recovery \(96.3%\) indicates efficient processing. - Positive factor: Conventional and proven processing route. Evidence · text > Life-of-mine metal recovery averages 91.6% for silver and 96.3% for gold. #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 96.3% is at or above the exceptional band \(95%\) ### agitated cyanide leaching [Link to this fact](https://atlas-extractions.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--332b17b0-700b-462b-8b3a-4e8412c4c1d6#fact-metallurgical-facts-24) Tonopah West Project · silver #### Identity - Project: Tonopah West Project - Commodity: silver - Region: usa\_nv - Reported Region: Nevada, United States - Ticker: BKRRF #### Test Work - Program Status: detailed - Test Type: agitated cyanide leaching - Processing Route: 3-stage crushing, milling, agitated cyanide leaching, Merrill-Crowe zinc precipitation, precipitate smelting #### Recovery - Recovery: 91.6 % - Recovery Basis: actual\_test #### Lab - Laboratory: Kappes, Cassiday and Associates - Consultant: Travis Manning #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-03-31T00:00:00.000Z Reasoning: The high silver recovery achieved through a conventional processing route is a strong positive, supporting the project's economic viability. - Positive factor: High silver recovery \(91.6%\) indicates efficient processing. - Positive factor: Conventional and proven processing route. Evidence · text > Life-of-mine metal recovery averages 91.6% for silver and 96.3% for gold. #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 91.6% is at or above the exceptional band \(90%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.