Resource Growth Hinges on Upcoming Independence Update After New Drill Hits

Exploration Breakthrough at Rebel Trend

Black Bear Minerals Limited (ASX – BKB) has reported significant new drilling results from its Independence Gold Project in Nevada, revealing multiple thick gold-silver mineralised zones beyond the current Mineral Resource Estimate (MRE). The recent reverse circulation drilling campaign at Rebel Peak has extended known mineralisation by approximately 280 metres north along the Rebel Trend, a key structural corridor previously untested in this area.

Notable intercepts include 61 metres at 0.4 grams per tonne gold equivalent (AuEq) from 13.7 metres depth, including higher-grade intervals such as 3.1 metres at 2.3 g/t AuEq. These results align closely with the grades and widths of the existing 1.4 million ounce JORC-compliant resource, underscoring the potential for near-surface resource growth.

Geological Context and Resource Potential

The Independence Project is strategically located in Nevada’s prolific Battle Mountain district, adjacent to the world-class Phoenix Mine Complex operated by Nevada Gold Mines. The mineralisation is hosted within epithermal chert and high-grade skarn deposits, with the near-surface oxide gold-silver mineralisation amenable to heap-leach extraction; a cost-effective processing method widely used in the region.

Drilling has confirmed that the Rebel Trend mineralised lodes dip westward beneath the current resource boundary and remain open both down-dip and along strike. This continuity, combined with thick intercepts and consistent grades, suggests substantial upside potential for expanding the near-surface resource base.

Funding and Strategic Growth

Black Bear Minerals is well-positioned financially following a successful A$30 million placement completed in late 2025. This capital injection supports aggressive exploration programs not only at Independence but also at the recently acquired Shafter Silver Project in Texas. The Shafter asset is a high-grade, advanced-stage silver project with existing infrastructure valued at approximately A$150 million, located in a mining-friendly jurisdiction and recognised as a critical domestic source of silver for the US market.

CEO Dennis Lindgren highlighted the transformative nature of the drilling campaign, noting that the system outcrops at surface and remains open over significant depths, reinforcing confidence in resource expansion. The company is advancing towards an updated Mineral Resource Estimate, expected in the second quarter of 2026, which will incorporate the latest drilling data.

Next Steps and Market Implications

With Phase 1 drilling at Rebel Peak complete, Black Bear plans to model the new mineralised lodes over the winter months and prepare for further drilling to test extensions along strike and down-dip. Exploration efforts continue across the Independence Project, including South Hill and North Hill, aiming to delineate additional mineralised zones outside the current resource footprint.

The company’s focus on Tier-1 North American jurisdictions, combined with its strong cash position and strategic asset portfolio, positions it well to respond to growing market demand for precious metals, particularly gold and silver, which are increasingly viewed as critical minerals in industrial and strategic sectors.