Black Bear Drills Exceptional 1,169g/t Silver at Shafter Project

Record Silver Grades Confirm Shafter’s Potential

Black Bear Minerals (ASX:BKB) has delivered a striking new benchmark for the Shafter Silver Project, with diamond drilling returning a peak silver assay of 1,169 grams per tonne (g/t) over 0.5 metres in hole SFD019. This exceptional grade sits within a broader intercept of 8.8 metres at 307g/t silver, alongside notable lead, zinc, and gold values. The results not only validate but surpass historic drilling, highlighting Shafter’s capacity to host world-class silver mineralisation.

The standout intercept in SFD019 eclipses the twinned historic hole SU61, which recorded 7.9 metres at 210g/t Ag, underscoring the value of Black Bear’s ongoing exploration efforts. The mineralised zone remains open and continuous, with the latest drilling confirming a shallowly-dipping tabular body within the Mina Grande Formation.

Polymetallic Mineralisation Broadens Project Scope

Beyond silver, Black Bear’s assays reveal a polymetallic system with zinc grades reaching 36.5%, lead up to 6.9%, and gold up to 0.5g/t in various drillholes. These findings challenge the existing foreign Mineral Resource Estimate (MRE), which currently accounts only for silver, suggesting significant by-product potential that could enhance project economics.

Drillholes in the southwest, outside the current MRE, intercepted zinc-rich mineralisation such as 10.7 metres at 3.3% Zn in SFD024, including a high-grade 0.6 metre section at 36.5% zinc. Such results confirm the polymetallic nature of the deposit and the need to incorporate these commodities into future resource models.

Expanding the Mineralised Footprint

The recent drilling campaign has also extended the known mineralised footprint. Hole SFD017, positioned at the western edge of the historic Presidio Mine, intercepted 0.5 metres at 140g/t silver at bottom-of-hole, indicating potential for additional zones beyond the current resource boundaries.

Black Bear is actively re-logging and re-sampling historic core to better delineate polymetallic mineralisation and plans limited infill drilling to validate and upgrade the existing 17.5 million ounce silver foreign MRE into a maiden JORC-compliant Mineral Resource Estimate. This step is crucial for advancing technical studies and mine restart planning.

Strategic Advantage Through Infrastructure and History

Shafter’s location in Presidio County, Texas, situates it within a prolific silver belt extending from northern Mexico, home to Newmont’s Peñasquito mine, the world’s fifth largest silver producer. The project benefits from a rich mining history, with the Presidio Mine having produced 35.2 million ounces of silver at an average grade of 521g/t between 1883 and 1942.

Importantly, the site boasts substantial existing infrastructure, including a modern permitted Merrill-Crowe processing plant, grid power, water rights, and extensive underground workings. This infrastructure underpins Black Bear’s strategy for a rapid mine restart, leveraging prior investments to reduce capital intensity.

Next Steps Toward Resource Definition and Restart

Black Bear’s immediate focus is on completing infill drilling to support a JORC Mineral Resource Estimate and conducting metallurgical testwork to assess the recovery and economic contribution of gold, zinc, and lead as by-products. The company is also undertaking systematic sampling of historic mine workings to quantify remaining high-grade silver material excluded from the current resource.

These efforts align with ongoing restart studies and technical evaluations, including detailed modelling of stratigraphy and structure to identify further extensions of mineralisation. The polymetallic nature of the system opens avenues for enhanced project valuation and resilience against silver price volatility.

While the foreign resource estimate remains a key reference point, the conversion to JORC standards and incorporation of polymetallic credits will be critical milestones. Black Bear’s progress dovetails with its broader portfolio, including the Independence Gold Project in Nevada and lithium exploration in Quebec, positioning the company as a diversified precious and critical metals developer.