Blackrock Silver Corp. announced that the Company has exercised its option to acquire a 100% interest in the Tonopah West project pursuant to an option agreement dated February 24, 2020 (the Option Agreement) between the Company's wholly-owned Nevada subsidiary, Blackrock Gold Corp., and Nevada Select Royalty Inc., a wholly-owned subsidiary of Gold Royalty Corp. Tonopah West consists of 101 patented and 19 unpatented lode mining claims covering mineral rights on approximately 1,380 acres (558.5 hectares) located within the historic Tonopah silver district in the Walker Lane trend of Western Nevada.

In connection with the exercise of the Option to acquire Tonopah West, the Company made payments to Nevada Select Royalty totalling USD 3 million over a 4-year term, with a final cash payment in the amount of USD 1,000,000. Pursuant to the terms of the Option Agreement, Nevada Select Royalty retained a net smelter returns royalty on Tonopah West equal to 3.0% of the net value of all precious and base metals, products and materials of commercial value mined and removed from Tonopah West and sold by the Company. Under the terms of the royalty agreement (the NSR Agreement), the Company is required to pay Nevada Select Royalty an annual advance minimum royalty of USD 50,000 (each, an Advance Royalty Payment) until the earlier of the commencement of commercial production at Tonopah West or the twentieth (20th) anniversary of the effective date of the NSR Agreement.

All Advance Royalty Payments made by the Company will be credited towards any future royalty payments to Nevada Select Royalty. The Royalty also covers 64 unpatented claims staked by the Company in July 2021 which fall within the one mile area of interest delineated by the Option Agreement. Such additional claims cover 1,280 acres (518 hectares) bringing Tonopah West to a total size of 2,660 acres (1076.5 hectares).