Black Bear Minerals Uncovers 147% Silver Grade Increase at Shafter Project

Historic Core Re-Analysis Reveals Major Silver Grade Upside

Black Bear Minerals (ASX:BKB) has reported a striking uplift in silver grades from its ongoing re-assay program of historic drill core at the Shafter Silver Project in Texas. The standout result is a 147% increase in contained silver in drillhole 201200603, which returned 3.7 metres at 47g/t silver from surface, compared to the original 19g/t assay for the same interval. Another hole, 201200604, showed a 6% increase, confirming the tenor of historical silver mineralisation while hinting at potential grade enhancement through modern analytical techniques.

These results come from re-sampling using a more comprehensive four-acid digest method and fire assay, which have been applied to quarter or half-core samples from legacy drilling campaigns. The company notes that the higher silver grades cannot be solely attributed to assay method differences, suggesting natural mineralisation variability and improved sampling precision.

Polymetallic Mineralisation Adds New Dimension to Resource

Beyond silver, Black Bear’s re-analysis has confirmed polymetallic mineralisation in the historic core, with significant gold grades up to 0.7g/t, and notable lead and zinc concentrations. For example, drillhole 201200604 returned 8.5 metres at 0.3g/t gold, alongside high silver grades. This polymetallic potential was largely untested in earlier programs, which focused mainly on silver assays.

The company has also reported encouraging zinc and lead intercepts from recent drilling outside the existing resource footprint, including a peak zinc grade of 36.5% over 0.6 metres near the MacDaniel Structural Corridor. This broadens the project’s commodity exposure and could enhance future project economics if by-product credits are realised.

Expanding Historic Core Review and Validation Drilling

With twin-hole drilling and re-assays consistently returning higher-grade silver and polymetallic mineralisation, Black Bear plans to extend its historic core review across all available legacy drill programs. The company intends to re-log and sample historic core beyond previously targeted intervals, as selective sampling in the past may have overlooked significant mineralisation.

Complementing the core re-analysis, limited infill drilling is planned to validate the foreign mineral resource estimate (MRE) of 17.5 million ounces of silver (prepared under Canadian NI 43-101 standards) and support conversion to a JORC-compliant Mineral Resource Estimate. This step is crucial as the current resource is not yet JORC-compliant, and confidence in the resource model will underpin forthcoming mine restart studies.

Shafter Project’s Strategic Position and Next Steps

The Shafter Silver Project, located in Presidio County, Texas, is part of a prolific carbonate-hosted silver district extending into Mexico’s Eastern Sierra Madre Belt, home to some of the world’s largest silver mines. The project hosts a high-grade silver resource with historic production averaging 521g/t silver.

Black Bear’s CEO Dennis Lindgren emphasised the significance of the improved assay results and polymetallic potential, highlighting the company’s commitment to extending historic core reviews and advancing towards JORC conversion and a Rapid Mine Restart Study. The company will also focus on systematic sampling of historic mine workings, which remain excluded from the current resource estimate but could add substantial value.

Complementary Projects Bolster Portfolio

Alongside Shafter, Black Bear recently announced a robust scoping study for its Independence Gold Project in Nevada, featuring a post-tax NPV of approximately A$511 million and a 64% IRR based on a low-capital open-pit heap-leach operation. This complements the silver-focused Shafter asset with significant gold exposure in a Tier-1 jurisdiction.

The company also holds a sizeable lithium exploration portfolio in Quebec’s James Bay region, providing exposure to critical battery metals markets. Together, these assets position Black Bear as a diversified precious and critical metals developer in North America.