Blackrock Silver Corp. reported the results for its updated mineral resource estimate for its 100% controlled Tonopah West project, located in the Walker Lane trend of Western Nevada. Tonopah West is conveniently situated directly adjacent to the town of Tonopah in Western Nevada, with highway US 95 traversing the property, and the resource area lies exclusively within patented mining claims. All amounts herein are presented in United States Dollars unless otherwise stated.

The Updated MRE is presented with block diluted grades. The AgEq block model grades are based on $22 per ounce of silver, $1,850 per ounce of gold, and 87% and 95% recoveries for silver and gold, respectively. The resource is reported using a cut-off grade which was calculated from estimated mining costs and metallurgical recoveries.

Table 2 shows assumed mining, processing, and G&A cost for each mining method. Kappes and Cassidy (KCA) completed twelve bottle-roll tests on vein composites. Silver returned recoveries from 81% to 94% with an average recovery of 87%.

Gold recoveries from the twelve composites were between 90% to 98% with and average recovery of 95%. Based on the KCA data, a recovery of 87% was used in the calculation of the resource cut off grade. Blackrock completed a total of 198 drillholes (125,208 metres) between June 16, 2020 and December 15, 2022 from the surface drillhole.

This drilling underpins the Updated MRE. A total of $28.75 million was expended since acquiring the option on Tonopah West on April 1, 2020 to September 30, 2023, exclusive of option payments, holdings costs, and corporate G&A, which equates to a discovery cost of $0.29 per ounce of AgEq. During 2023, the Company focussed its efforts on reviewing all drillhole and exploration data as well as incorporating the Northwest Step Out area in to the geologic and resource model.

This review concluded that the Tonopah West mineralization is closely associated with the arcuate margin of the Tonopah Caldera. As a result of this finding, the geologic model was revised to better capture the new structural understanding of the distribution and orientation of the Tonopah West vein system. This new interpretation included re-logging and re-modelling the existing drill data and incorporating historic underground information.

Silver and gold mineralization and continuity have now been established over a three-kilometre strike. The vein system is open to the west-northwest and internally with undrilled areas between Victor and DPB, and DPB and Northwest Step Out. The new model is based on drillholes which are oriented between 90 to 50-degree inclinations from the surface with up to three drillholes at different inclinations completed from the same drill pad.

Drillholes are spaced approximately every 50 to 100-metres along sections with 50-metre distance between sections in the DPB area. At Victor, drillholes are spaced between approximately 25 to 50 metres apart along sections with the sections 50 to 100-metres apart. The Northwest Step Out area is one kilometre northwest of the DPB resource.

Drillholes are spaced between 100 to 150 metres apart. The Northwest Step Out represents a new area not previously included in the May 2022 maiden resource. The Updated MRE encompasses the Victor, DPB, Bermuda and the Northwest Step Out areas.

The Victor area is approximately 500-metres by 250-metres while the DPB area is 800-metres by 800- metres. The Bermuda area is a high-grade vein within the DPB area, and the Northwest Step Out represents a new extension of the vein zones to west-northwest. RESPEC was supplied with 3- dimensional vein shapes.

Silver and gold mineral resources were modelled and estimated as follows: Evaluate the drill data statistically; Create tightly constrained low-, medium- and high-grade mineral-domain polygons for both silver and gold on sets of cross sections spaced at 50-metre intervals; Use the mineral-domain polygons as a basis to create three-dimensional solids; Code a block model to the silver and gold domains for each of the two deposit areas using the mineral-domain solids; Analyze the modelled mineralization geostatistically to aid in the establishment of estimation and classification parameters; and Interpolate grades into models comprised of 1.5(east-west) x 1.5(north-south) x 1.5(vertical)-metre blocks using the silver and gold mineral domains to explicitly constrain the grade estimations. Drillhole assay samples were composited within the mineralized domains into 1.5-metre length composites. High-grade capping was completed on composite data and established using a statistical analysis for silver and gold.

Silver was capped at 1,800 g/t, and gold was capped at 20 g/t. Specific gravity test work was completed for 92 core samples. Results indicate an average density of 2.49 grams/cm for vein material and 2.36 grams/cm for wall rock. RESPEC utilized Inverse Distance Cubed (ID3) interpolation for the estimation to obtain a localizing effect in the mid- and high-grade domains, and an Inverse Distance Squared (ID2) in the low-grade domains where mineralization is more diffuse.

All estimates are based on a block dimension of 1.5- metre by 1.5-metre by 1.5-metre blocks. The original deposit had been depleted by historical mining in the Victor area. Approximately 200,000 tonnes of material were removed from the Victor resource estimate.

In the DPB area, no historical mining records were documented. A cut off for the reported resource of 200 g/t AgEq was selected based an assumed mining costs for underground methods along with processing and G&A costs. At a 200 g/t AgEq cut off, the average grade of the inferred resource is 508.5 g/t AgEq.

The reverse circulation samples are hauled from the project site to a secure and fenced facility in Tonopah, Nevada, where they are loaded onto American Assay Laboratory's (AAL) flat-bed truck and delivered to AAL's facility in Sparks, Nevada. A sample submittal sheet is delivered to AAL personnel who organize and process the sample intervals pursuant to the Company's instructions. The core, reverse circulation, and QA/QC samples are crushed and pulverized, then the pulverized material is digested and analyzed for Au using fire assay fusion and an Induced Coupled Plasma (ICP) finish on a 30-gram assay split.

Silver is determined using five-acid digestion and ICP analysis. Over limits for gold and silver are determined using a gravimetric finish. Data verification of the assay and analytical results are completed to ensure accurate and verifiable results.