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Sarama Resources
Investor Insight
Sarama Resources offers a compelling investment opportunity driven by a +US$120 million fully-funded arbitration claim and two new belt-scale gold projects encompassing 1,000 km2 of the Cosmo Newbery and Jutson Rocks Greenstone Belts in Western Australia’s prolific Eastern Goldfields.
Overview
Sarama Resources (TSXV:SWA, ASX:SRR) is an Australian gold exploration and development company with two key value drivers: a fully funded, multi-million-dollar arbitration claim and two highly prospective gold projects in Western Australia’s Eastern Goldfields. Each of these presents significant standalone value, while together they offer strong upside and optionality for investors.
Sarama recently secured the Cosmo Newbery and Mt Venn Gold Projects, covering 580km² and 420km² respectively. These projects encompass the majority of the greenstone belts they are located within - regions historically underexplored but geologically similar to the nearby Dorothy Hills belt, host to Gold Fields’ +8Moz Gruyere Gold Mine. Both projects offer a compelling exploration opportunity in one of Australia’s most prolific gold provinces.
In parallel, Sarama is advancing a fully funded arbitration claim against the Government of Burkina Faso, seeking no less than US$120 million in damages. The claim is backed by a non-recourse loan facility, with leading international law firm Boies Schiller Flexner - renowned for securing large settlements - engaged to lead proceedings.
The Company is led by a highly experienced board and management team with a strong track record in gold discovery and development, including the +25Moz Kibali Gold Mine and the +3Moz Sanutura Gold Project.
Sarama’s Regional Exploration Strategy
Sarama’s regional strategy is centred on unlocking value across 1,000km² of contiguous, underexplored greenstone terrane in one of Australia’s most productive gold provinces. With 100% control of the Cosmo Gold Belt and a majority stake in Mt Venn, Sarama is strategically positioned between two of the region’s most prolific gold belts - Yamarna/Dorothy Hills to the east and Laverton to the west.
Both projects share key geological signatures with nearby multi-million-ounce deposits and benefit from existing infrastructure and access. The Company’s exploration efforts will focus on high-priority targets across both belts, with systematic programs planned throughout 2025 to rapidly advance discovery.
Together, Cosmo Newbery and Mt Venn offer a rare opportunity to explore at scale in a region that has delivered some of the largest gold discoveries in recent decades - yet remains largely underexplored.
Company Highlights
- Sarama Resources is advancing two key value drivers: a fully funded, multi-million-dollar arbitration claim and two highly prospective belt-scale gold projects in Western Australia’s Eastern Goldfields.
- The flagship Cosmo Gold Project spans 580km², covering much of the underexplored Cosmo Newbery Greenstone Belt. Complementing this, Sarama holds an 80% interest in the 420km² Mt Venn Project, located just 40km from both its Cosmo Project and Goldfields +8Moz Gruyere Gold Mine. The region has remained largely under-explored due to historical access restrictions, leaving considerable untapped potential.
- The Company is also pursuing a fully funded arbitration claim seeking not less than US$120 million in damages from the Government of Burkina Faso. This claim, related to the Sanutura Project, is supported by a non-recourse funding facility covering all legal costs, with formal proceedings initiated in December 2024.
- Sarama is led by a seasoned team with all members having over 30 years’ experience each and a strong track record in gold discovery and development.
Key Projects
Cosmo Newbery Gold Project
The Cosmo Gold Project is a unique, underexplored, belt-scale gold opportunity in Western Australia's prolific Eastern Goldfields. Sarama holds the entire Cosmo Newbery Greenstone Belt under granted exploration licenses covering approximately 583km². The belt is one of the few remaining greenstone belts in Western Australia to have seen little to no modern exploration.
The project is located approximately 85 km northeast of Laverton and 95 km west of the +8Moz Gruyere Gold Mine, operated by Gold Fields and Gold Road. The surrounding region hosts several world-class gold systems, including the Yamarna and Dorothy Hills belts to the east (home to Gruyere, the 1Moz Golden Highway, and 300koz Gilmore deposits) and the Laverton Belt to the west, with over 35Moz in gold endowment and 12Moz of historic production.
Cosmo shares strong geological and structural similarities with these prolific belts. Key elements of orogenic gold systems are present, including:
- Archaean greenstone lithologies
- Crustal-scale shear zones
- Felsic intrusions
- Localised faulting and shearing
- Historic gold mineralisation and high-grade rock chips (up to 52 g/t Au)
Despite gold first being discovered here in the 1890s, the region has seen virtually no modern exploration or drilling, offering a unique opportunity to unlock value in a highly prospective setting.
Project Highlights
- Proven Gold Terrane: Located in a world-class gold province surrounded by major deposits
- Scale and Control: 100% control of the entire Cosmo-Newbery Belt, spanning +50 km of strike
- Underexplored: Minimal historical exploration; no modern drilling of merit
- Historic Potential: Early gold discoveries in the 1890s with artisanal workings still visible
- Strategic Location: Proximal to major gold operations including the Gruyere Gold Mine and multiple large scale mines in the Laverton gold belt
Mt Venn Gold Project
The Mt Venn Gold Project is a large-scale, underexplored gold exploration asset in Western Australia’s Eastern Goldfields, located approximately 40 km east of Sarama’s Cosmo Newbery Gold Project and 40 km west of the +8Moz Gruyere Gold Mine. Sarama holds an 80% interest in the project, which spans 420km² across a substantial portion of the Jutson Rocks Greenstone Belt - a geologically prospective system with gold first discovered in the 1890s.
Mt Venn shares many geological similarities with the Cosmo Project, and is viewed as a complementary, belt-scale exploration opportunity. The project comprises three contiguous exploration tenements and hosts a 35km gold corridor, defined by semi-continuous gold-in-soil anomalies, historic workings, and encouraging drill intercepts. Historic drilling has returned multiple results of merit, including intercepts up to 8.5 g/t Au, over a 4km trend at the Three Bears Prospect.
Geologically, Mt Venn is highly prospective, featuring:
- Archaean greenstone lithologies
- A major regional shear zone running the full 50km length of the belt (1–3 km wide)
- Favourable structural and lithological settings for orogenic gold mineralisation
Despite early discoveries, the project will benefit from a systematic, project-wide approach to exploration and offers substantial discovery potential in a proven gold district.
Project Highlights
- Proven Gold Terrane: Covers a significant part of the Jutson Rocks Greenstone Belt in a region known for major gold discoveries
- Contiguous Tenure: 420km² across three tenements, including a 35km anomalous gold corridor
- Geological Potential: Hosts a large regional shear zone with associated gold mineralisation and strong structural controls
- Historic Workings: Gold discovered in the 1890s; limited systematic follow-up exploration
- Drill-Ready Targets: Historical drilling includes intercepts up to 8.5 g/t Au at the Three Bears Prospect
- Strategic Location: Positioned 40 km from Gruyere (+8Moz), 20 km from the 1Moz Golden Highway deposit, and 40 km from Sarama’s Cosmo Gold Project
Management Team
Andrew Dinning – Executive Chairman
Andrew Dinning is a founder and the Executive Chairman of Sarama Resources. Dinning has over 35 years of experience in the international mining arena and has worked in Australia, the Democratic Republic of Congo, West Africa, the UK and Russia. He has extensive mine management, operations and capital markets experience and has spent most of his career in the gold sector.
Dinning was a Director and President of the Democratic Republic of Congo-based Moto Goldmines Ltd from 2005 to 2009. He oversaw the development of the company's Moto Gold Project (Kibali Gold) from two million to more than 22 million ounces of gold. Dinning took the project from exploration to pre-development. The Moto Gold project was later taken over by Randgold Resources and AngloGold Ashanti for $600 million in October 2009.
Dinning has an MBA, a First-Class Mine Managers Certificate in Western Australia and South Australia and a Bachelor of Engineering in Mining degree.
John (Jack) Hamilton - Vice-president of Exploration
Jack Hamilton is a founder and the Vice President of Exploration at Sarama Resources. Hamilton has 35 years of experience as a professional geologist. Hamilton has worked around the world for international resource companies. Before Sarama, he was the exploration manager for Moto Goldmines in the Democratic Republic of Congo. At Moto Goldmines, he led the team that discovered the main deposits and resource at the world-class Moto Gold Project (now Kibali Gold) which has a resource of more than 22 million ounces.
Hamilton specializes in precious metal exploration in Birimian, Archean and Proterozoic greenstone belts. He has worked and consulted in West, Central and East Africa for the past 30 years with various companies, including Barrick Gold Corporation, Echo Bay Mines, Etruscan Resources Inc, Anglo American, Geo Services International and Moto Goldmines. Whilst at Moto Goldmines, he led the exploration team that took the Moto gold deposit from discovery to bankable feasibility. The Moto gold deposit was later sold to Randgold Resources and AngloGold Ashanti in October 2009.
Paul Schmiede - Vice-president of Corporate Development
Paul Schmiede is a major shareholder and the Vice President of Corporate Development at Sarama Resources. He is a mining engineer with over 30 years of experience in mining and exploration. Before joining Sarama Resources in 2010, Schmiede was Vice President of Operations and Project Development at Moto Goldmines. At Moto Goldmines, he managed the pre-feasibility, bankable and definitive feasibility study for the more than 22 million-ounce Democratic Republic of Congo-based Moto Gold Project (now Kibali Gold). Whilst at Moto Goldmines, he also managed the in-country environment, community studies and pre-construction activities. Before joining Moto Goldmines, he held senior operational and management positions with Goldfields and WMC Resources. At these companies, Schmiede was responsible for underground and open-pit operations as well as project development and planning.
Schmiede holds a first-class mine managers certificate in Western Australia and a Bachelor of Engineering in Mining degree. He is also a fellow of the Australasian Institute of Mining and Metallurgy.
Lui Evangelista - Chief Financial Officer
Lui Evangelista is Sarama's chief financial officer with 35 years of experience in accounting, finance and corporate governance with public companies. He has more than 20 years of experience in the mining industry - 10 years of which have been at the operational and corporate level with companies operating in Francophone Africa.
Evangelista held the positions of group financial controller and acting CFO at Anvil Mining which operated 3 mines in the DRC. He was an integral part of the senior management team that saw Anvil's market capitalization grow from C$100 million in 2005 to C$1.3 billion upon takeover by Minmetals in 2012.
Evangelista holds a Bachelor of Business in Accounting degree, a graduate diploma in business administration and a graduate diploma in applied corporate governance.
Simon Jackson - Non-executive Director
Simon Jackson is a founder, shareholder and non-executive chairman of Sarama Resources. Jackson is a Chartered Accountant with over 30 years of experience in the mining sector. He is the Chairman of Predictive Discovery and Non-Executive Director of African gold producer Resolute Mining. He has previously held senior management positions at Red Back Mining, Orca Gold and Beadell Resources.
Jackson specializes in M&A, public equity capital markets, management and corporate finance. His career has included corporate transactions in Canada, Australia, Africa and Indonesia. He holds a Bachelor of Commerce degree from the University of Western Australia and is a fellow of the Institute of Chartered Accountants in Australia.
Adrian Byass - Non-executive Director
Adrian Byass has more than 30 years of experience in the mining industry. He has focused his career on the economic development of mineral resources. He is skilled in economic and resource geology. Byass has experience ranging from production in gold and nickel mines to the evaluation and development of mining projects with listed and unlisted entities in multiple countries. He has also held executive and non-executive board roles on both ASX and AIM-listed companies.
Byass presently operates in a corporate and market-focused capacity on a national and international basis. He has board-level experience in mine development, capital raising and M&A in Australia and on overseas stock exchanges. Byass has played key roles in a range of exploration and mining projects in Australia, Africa, North America and Europe. These projects were based on a suite of commodities including gold, base and specialty metals.
He holds a Bachelor of Science in Geology and a Bachelor of Economics. Byass is a member of the Australian Institute of Geoscientists, a fellow of the Society of Economic Geology and a competent person for the reporting of mineral resources (JORC 2012).
Michael Bohm - Non-executive Director
Michael Bohm is a seasoned director and mining engineer in the resources industry. His career spans roles as a mining engineer, mine manager, study manager, project manager, project director, and managing director.
He has been directly involved in the development of multiple mines in the gold, nickel, and diamond industries, and made significant contributions to Ramelius Resources during its formative years. This experience is particularly important as Sarama is currently in the process of rebuilding its operations in the Eastern Goldfields region of Western Australia.
He is a current director of ASX-listed Riedel Resources and has previously been a director of ASX listed Perseus Mining, Ramelius Resources, Mincor Resources NL and Cygnus Metals.
Promising new gold projects in Western Australia, plus a large fully funded arbitration claim.
Blackrock Silver Drills Multiple +1 kg/t AgEq Intercepts and Establishes Grade Continuity over 350 Metres in Final M&I Conversion Assays at Tonopah West
Blackrock Silver Corp. (TSXV: BRC) (OTCQX: BKRRF) (FSE: AHZ0) ("Blackrock" or the "Company") announces the final set of high-grade silver and gold drill intercepts from its recently completed M&I Conversion Program (as defined herein) at its 100% owned Tonopah West project ("Tonopah West") located in Nye and Esmeralda Counties, Nevada, United States.
HIGHLIGHTS:
- TXC25-139 cut 9.05 metres grading 367 grams per tonne (g/t) silver equivalent (AgEq) (182.8 g/t silver (Ag) & 2.04 g/t gold (Au)) from 187.5 metres, including 0.82 metres grading 2,886 g/t AgEq (1,411 g/t Ag & 16.13 g/t Au), Ag/Au ratio 90:1;
- TXC25-150 drilled 2.84 metres grading 671.5 AgEq (367 g/t Ag & 3.41 g/t Au) from 162.3 metres, including 0.76 metres grading 1,554 g/t AgEq ( 819 g/t Ag & 8.14 g/t Au);
- TXC25-146 intercepted 1.16 metres of 1,111 g/t AgEq (615 g/t Ag & 5.50 g/t Au) from 189.5 metres;
- Results from the entirety of the M&I Conversion Program have validated the geologic model, successfully establishing continuity of the high-grade shoots bearing robust geometry over 350 metres. The shoots remain open to the Northwest and downdip;
- Significant new zones of near-surface mineralization were encountered during the M&I Conversion Program at higher-than-average grades updip from the existing resource shell;
- Modelling of the M&I Conversion Program drillholes is now underway with an updated mineral resource estimate on Tonopah West on track for Q3, 2025; and
- Assay results for 7 drillholes from the Company's Northwest step out resource expansion area are currently pending. (see February 24, 2025 news release)\
The Company has completed its in-fill drilling program (the "M&I Conversion Program") at Tonopah West which commenced in mid July 2024 and consisted of 62 drillholes totalling 12,580 metres (41,271 feet) within the shallow southern portion of the Bermuda-Merten vein group ("DPB") resource area (the "M&I Conversion Area"). The objective of the M&I Conversion Program is to convert between 1.0 and 1.5-million tonnes of material from inferred mineral resources to measured and indicated mineral resources. The M&I Conversion Area represents the initial years of anticipated production at Tonopah West based on the mine plan laid out in the Company's Preliminary Economic Assessment on Tonopah West (see September 4, 2024 news release).
Andrew Pollard, the Company's President and Chief Executive Officer, stated: "With all assays now received from our M&I Conversion Program, we've validated our geologic model at Tonopah West and confirmed continuous high-grade mineralization over a 350-metre zone. Results from this program featured standout grades that reinforce the Tonopah West project's position as one of the top undeveloped silver assets in the sector. In addition to strengthening confidence in known zones through tighter drill spacing, the program also outlined new near-surface zones of ultra-high-grade gold and silver mineralization, representing meaningful new tonnage potential. These results will be incorporated into an updated mineral resource estimate on Tonopah West anticipated to be completed Q3 2025, aimed at upgrading significant tonnage to the measured and indicated categories to help de-risk the early years of anticipated production."
Table 1: Tonopah West Assay Intercepts using 150 g/t AgEq cut off
| Drillhole ID | Hole Type | Program | From (m) | To (m) | Drill Interval (m) | Ag (g/t) | Au (g/t) | AgEq (g/t)(2)(3) |
| TXC25-139 | RC/Core(1) | M&I Conversion | 187.54 | 196.60 | 9.05 | 182.8 | 2.038 | 366.6 |
| Including | 187.54 | 188.37 | 0.82 | 1,411.0 | 16.133 | 2,866.4 | ||
| TXC25-141 | RC/Core(1) | M&I Conversion | 273.59 | 275.17 | 1.59 | 106.6 | 0.787 | 177.6 |
| TXC25-141 | RC/Core(1) | M&I Conversion | 447.66 | 448.27 | 0.61 | 694.9 | 7.512 | 1,372.5 |
| Including | 447.97 | 448.27 | 0.31 | 1,226.0 | 13.733 | 2,464.9 | ||
| TXC25-142 | RC/Core(1) | M&I Conversion | 347.08 | 347.60 | 0.52 | 5.1 | 1.610 | 150.3 |
| TXC25-142 | RC/Core(1) | M&I Conversion | 361.01 | 361.80 | 0.79 | 597.6 | 4.540 | 1,007.1 |
| Including | 361.01 | 361.37 | 0.37 | 1,122.0 | 8.160 | 1,858.1 | ||
| TXC25-146 | RC/Core(1) | M&I Conversion | 189.50 | 190.65 | 1.16 | 615.0 | 5.497 | 1,110.9 |
| Including | 189.95 | 190.65 | 0.70 | 920.1 | 8.330 | 1,671.6 | ||
| TXC25-147 | RC/Core(1) | M&I Conversion | 148.19 | 151.85 | 3.66 | 176.7 | 1.228 | 287.5 |
| Including | 150.88 | 151.43 | 0.55 | 704.0 | 4.250 | 1,087.4 | ||
| TXC25-147 | RC/Core(1) | M&I Conversion | 182.58 | 183.34 | 0.76 | 277.5 | 5.586 | 781.5 |
| Including | 183.00 | 183.34 | 0.34 | 315.0 | 6.620 | 912.2 | ||
| TXC25-148 | RC/Core(1) | M&I Conversion | 124.66 | 125.43 | 0.76 | 111.0 | 1.270 | 225.6 |
| TXC25-148 | RC/Core(1) | M&I Conversion | 238.35 | 240.49 | 2.13 | 198.1 | 2.383 | 413.1 |
| Including | 238.35 | 238.96 | 0.61 | 512.0 | 5.590 | 1,016.3 | ||
| TXC25-149 | RC/Core(1) | M&I Conversion | 129.36 | 129.97 | 0.61 | 491.0 | 4.570 | 903.3 |
| TXC25-149 | RC/Core(1) | M&I Conversion | 238.35 | 239.57 | 1.22 | 93.7 | 1.919 | 266.8 |
| TXC25-149 | RC/Core(1) | M&I Conversion | 252.59 | 253.59 | 1.01 | 38.2 | 2.157 | 232.8 |
| TXC25-150 | RC/Core(1) | M&I Conversion | 162.37 | 165.20 | 2.84 | 363.6 | 3.413 | 671.5 |
| Including | 163.47 | 164.23 | 0.76 | 818.9 | 8.144 | 1,553.6 | ||
| TXC25-151 | RC/Core(1) | M&I Conversion | 274.47 | 275.42 | 0.95 | 208.7 | 3.149 | 492.8 |
| (1)RC/Core = RC pre-collar with core tail. (2)AgEq = Ag + Au*(Factor); where Factor = (Au Price/Ag Price)*(Au Recovery/Ag Recovery or Factor=($1900/$23)*(95%/87%)=90.21; True thickness is 90 to 100% of interval thickness based on the modelled vein geometries. (3)Cut-off grade is 150 g/t AgEq. |
The geometry of the high-grade silver and gold is sizable with high-grade shoots plunging to the northwest and showing continuity over 350 metres within the M&I Conversion Area. These shoots remain open to the northwest and open down plunge. Multiple high-grade intercepts have been returned pursuant to the M&I Conversion Program. TXC25-139 returned over 9-metres grading 183 g/t silver and 2.04 g/t gold for 367 g/t AgEq. This intercept is immediately adjacent to mineralization found in TXC25-138 (see May 8, 2025 news release) where a composite zone of 11.46 metres of 514 g/t AgEq (290 g/t Ag & 2.48 g/t Au) was encountered. The thickness of this mineralized vein is approaching those seen in the historic mining at the Victor and Ohio mines at Tonopah West where Victor was 24 metres thick and Ohio was 15 metres thick.
The completion of the M&I Conversion Program now allows for modelling of the vein shoots and high-grade gold and silver for an updated mineral resource estimate which is anticipated to be completed this fall. Management of the Company believes the updated mineral resource estimate will show excellent continuity between the high-grade zones and an increase in confidence of the DPB portion of the mineral resource. This information will assist in the design and implementation of an exploration decline, underground test mining and extraction of a bulk sample for metallurgical processing at Tonopah West.
Table 2 shows all of the intercepts above 150 g/t AgEq encountered pursuant to the M&I Conversion Program. Approximately 65% of the drilling returned values above 150 g/t AgEq with the remaining drillholes returning mineralization, albeit below the cutoff. No drillhole in the campaign was completely barren of gold or silver.
Table 2:Significant Assays From The M&I Conversion Program Above 150 g/t AuEq Cutt Off
| Drillhole ID | Hole Type | Program | From (m) | To (m) | Drill Interval (m) | Ag (g/t) | Au (g/t) | AgEq (g/t) (2)(3) |
| TXC24-076 | RC/Core(1) | M&I Conversion | 195.62 | 195.93 | 0.31 | 99.2 | 1.440 | 229.1 |
| TXC24-080 | RC/Core(1) | M&I Conversion | 367.29 | 369.27 | 1.98 | 174.0 | 0.844 | 250.1 |
| TXC24-081 | RC/Core(1) | M&I Conversion | 181.51 | 183.49 | 1.98 | 131.9 | 1.503 | 267.5 |
| TXC24-085 | RC/Core(1) | M&I Conversion | 171.60 | 172.67 | 1.07 | 152.7 | 1.613 | 298.2 |
| TXC24-085 | RC/Core(1) | M&I Conversion | 249.48 | 252.07 | 2.59 | 32.1 | 2.740 | 279.3 |
| TXC24-087 | RC/Core(1) | M&I Conversion | 172.21 | 174.80 | 2.59 | 1,920.9 | 20.262 | 3,748.7 |
| Including | 173.74 | 174.80 | 1.07 | 4,328.3 | 46.506 | 8,523.6 | ||
| TXC24-090 | RC/Core(1) | M&I Conversion | 161.85 | 162.92 | 1.07 | 436.0 | 5.110 | 897.0 |
| TXC24-091 | RC/Core(1) | M&I Conversion | 242.32 | 244.08 | 1.77 | 111.0 | 1.060 | 206.6 |
| TXC24-091 | RC/Core(1) | M&I Conversion | 249.02 | 252.13 | 3.11 | 350.1 | 3.519 | 667.5 |
| Including | 250.55 | 252.13 | 1.59 | 469.5 | 4.931 | 914.3 | ||
| TXC24-092 | RC/Core(1) | M&I Conversion | 141.64 | 142.77 | 1.13 | 534.0 | 6.910 | 1,157.4 |
| TXC24-092 | RC/Core(1) | M&I Conversion | 145.70 | 149.05 | 3.35 | 470.6 | 5.356 | 953.8 |
| Including | 148.32 | 149.05 | 0.73 | 1,706.0 | 19.467 | 3,462.1 | ||
| TXC24-092 | RC/Core(1) | M&I Conversion | 186.02 | 187.30 | 1.28 | 303.0 | 3.660 | 633.2 |
| TXC24-094 | RC/Core(1) | M&I Conversion | 213.67 | 215.80 | 2.13 | 92.3 | 1.530 | 230.3 |
| TXC24-095 | RC/Core(1) | M&I Conversion | 192.94 | 194.62 | 1.68 | 572.7 | 5.379 | 1,057.9 |
| TXC24-095 | RC/Core(1) | M&I Conversion | 195.99 | 197.82 | 1.83 | 147.0 | 2.160 | 341.9 |
| TXC24-095 | RC/Core(1) | M&I Conversion | 238.96 | 240.03 | 1.07 | 343.7 | 3.213 | 633.5 |
| Including | 239.48 | 240.03 | 0.55 | 665.0 | 6.230 | 1,227.0 | ||
| TXC24-095 | RC/Core(1) | M&I Conversion | 242.47 | 247.50 | 5.03 | 461.5 | 3.478 | 775.3 |
| Including | 245.36 | 246.13 | 0.76 | 1,362.0 | 9.810 | 2,247.0 | ||
| TXC24-098 | RC/Core(1) | M&I Conversion | 326.75 | 327.97 | 1.22 | 265.6 | 4.097 | 635.2 |
| Including | 327.66 | 327.97 | 0.30 | 1,034.0 | 16.067 | 2,483.4 | ||
| TXC24-100 | Core | M&I Conversion | 140.97 | 143.23 | 2.26 | 530.3 | 4.085 | 898.8 |
| Including | 141.67 | 142.59 | 0.92 | 943.0 | 7.156 | 1,588.5 | ||
| TXC24-101 | Core | M&I Conversion | 137.56 | 138.84 | 1.28 | 687.2 | 6.656 | 1,287.6 |
| TXC24-101 | Core | M&I Conversion | 169.26 | 169.56 | 0.31 | 181.0 | 2.970 | 448.9 |
| TXC24-101 | Core | M&I Conversion | 255.42 | 256.49 | 1.07 | 66.4 | 1.310 | 184.6 |
| TXC24-102 | Core | M&I Conversion | 152.95 | 153.92 | 0.98 | 628.0 | 4.670 | 1,049.3 |
| Including | 153.32 | 153.92 | 0.61 | 756.0 | 6.280 | 1,322.5 | ||
| TXC24-103 | Core | M&I Conversion | 232.26 | 233.78 | 1.52 | 134.0 | 1.675 | 285.1 |
| Including | 232.26 | 232.56 | 0.31 | 660.0 | 8.230 | 1,402.4 | ||
| TXC24-104 | Core | M&I Conversion | 295.20 | 295.60 | 0.40 | 125.0 | 1.610 | 270.2 |
| TXC24-115 | RC/Core(1) | M&I Conversion | 332.54 | 336.50 | 3.96 | 375.2 | 3.154 | 659.7 |
| Including | 332.54 | 333.91 | 1.37 | 624.8 | 5.066 | 1,081.8 | ||
| TXC24-116 | RC/Core(1) | M&I Conversion | 199.34 | 199.89 | 0.55 | 987.0 | 11.467 | 2,021.4 |
| TXC24-116 | RC/Core(1) | M&I Conversion | 218.12 | 218.69 | 0.58 | 135.0 | 1.440 | 264.9 |
| TXC24-117 | RC/Core(1) | M&I Conversion | 246.46 | 247.04 | 0.58 | 105.0 | 1.460 | 236.7 |
| TXC24-117 | RC/Core(1) | M&I Conversion | 261.21 | 263.23 | 2.01 | 1,141.0 | 7.139 | 1,785.0 |
| Including | 262.83 | 263.23 | 0.40 | 3,712.0 | 26.133 | 6,069.5 | ||
| TXC24-118 | RC/Core(1) | M&I Conversion | 205.98 | 206.35 | 0.37 | 1,610.0 | 15.333 | 2,993.2 |
| TXC24-118 | RC/Core(1) | M&I Conversion | 332.17 | 332.54 | 0.37 | 91.3 | 1.280 | 206.8 |
| TXC24-119 | RC/Core(1) | M&I Conversion | 370.42 | 375.12 | 4.69 | 379.0 | 3.722 | 714.8 |
| Including | 372.16 | 373.38 | 1.22 | 770.5 | 7.757 | 1,470.3 | ||
| TXC24-121 | RC/Core(1) | M&I Conversion | 262.13 | 266.00 | 3.87 | 179.3 | 1.365 | 302.4 |
| TXC24-122 | RC/Core(1) | M&I Conversion | 270.05 | 270.97 | 0.92 | 477.7 | 4.880 | 917.9 |
| Including | 270.66 | 270.97 | 0.31 | 875.0 | 8.880 | 1,676.1 | ||
| TXC24-122 | RC/Core(1) | M&I Conversion | 337.11 | 342.32 | 5.21 | 291.7 | 3.018 | 564.0 |
| Including | 341.59 | 342.32 | 0.73 | 1,834.0 | 18.081 | 3,465.1 | ||
| TXC25-125 | RC/Core(1) | M&I Conversion | 327.97 | 329.31 | 1.34 | 118.2 | 1.336 | 238.7 |
| Including | 328.27 | 328.58 | 0.31 | 432.0 | 4.900 | 874.0 | ||
| TXC25-126 | RC/Core(1) | M&I Conversion | 319.61 | 320.22 | 0.61 | 247.8 | 2.554 | 478.2 |
| Including | 319.92 | 320.22 | 0.31 | 421.0 | 4.380 | 816.1 | ||
| TXC25-128 | RC/Core(1) | M&I Conversion | 300.81 | 302.21 | 1.40 | 244.8 | 2.070 | 431.6 |
| TXC25-128 | RC/Core(1) | M&I Conversion | 348.14 | 348.75 | 0.61 | 300.5 | 3.030 | 573.8 |
| TXC25-128 | RC/Core(1) | M&I Conversion | 427.76 | 428.46 | 0.70 | 129.0 | 1.360 | 251.7 |
| TXC25-129 | RC/Core(1) | M&I Conversion | 307.24 | 308.15 | 0.91 | 155.5 | 1.322 | 274.8 |
| TXC25-129 | RC/Core(1) | M&I Conversion | 344.94 | 345.55 | 0.61 | 237.0 | 2.520 | 464.3 |
| TXC25-131 | RC/Core(1) | M&I Conversion | 319.19 | 319.80 | 0.61 | 292.7 | 2.480 | 516.5 |
| Including | 319.49 | 319.80 | 0.31 | 584.0 | 4.940 | 1,029.6 | ||
| TXC25-132 | RC/Core(1) | M&I Conversion | 437.60 | 438.52 | 0.92 | 125.8 | 1.804 | 288.6 |
| TXC25-138 | RC/Core(1) | M&I Conversion | 230.40 | 234.64 | 4.24 | 378.5 | 3.572 | 700.7 |
| Including | 232.72 | 233.02 | 0.31 | 1,805.0 | 15.267 | 3,182.2 | ||
| TXC25-138 | RC/Core(1) | M&I Conversion | 236.68 | 241.86 | 5.18 | 328.2 | 2.528 | 556.3 |
| Including | 238.35 | 238.66 | 0.31 | 1,987.0 | 15.000 | 3,340.2 | ||
| TXC25-139 | RC/Core(1) | M&I Conversion | 187.54 | 196.60 | 9.05 | 182.8 | 2.038 | 366.6 |
| Including | 187.54 | 188.37 | 0.82 | 1,411.0 | 16.133 | 2,866.4 | ||
| TXC25-140 | RC/Core(1) | M&I Conversion | 362.90 | 363.81 | 0.91 | 335.6 | 3.803 | 678.7 |
| Including | 362.90 | 363.20 | 0.30 | 371.0 | 4.310 | 759.8 | ||
| TXC25-140 | RC/Core1 | M&I Conversion | 378.11 | 380.09 | 1.98 | 96.0 | 1.215 | 205.6 |
| Including | 379.05 | 380.09 | 1.04 | 136.5 | 1.787 | 297.7 | ||
| TXC25-141 | RC/Core(1) | M&I Conversion | 273.59 | 275.17 | 1.59 | 106.6 | 0.787 | 177.6 |
| TXC25-141 | RC/Core(1) | M&I Conversion | 447.66 | 448.27 | 0.61 | 694.9 | 7.512 | 1,372.5 |
| Including | 447.97 | 448.27 | 0.31 | 1,226.0 | 13.733 | 2,464.9 | ||
| TXC25-142 | RC/Core(1) | M&I Conversion | 347.08 | 347.60 | 0.52 | 5.1 | 1.610 | 150.3 |
| TXC25-142 | RC/Core(1) | M&I Conversion | 361.01 | 361.80 | 0.79 | 597.6 | 4.540 | 1,007.1 |
| Including | 361.01 | 361.37 | 0.37 | 1,122.0 | 8.160 | 1,858.1 | ||
| TXC25-146 | RC/Core(1) | M&I Conversion | 189.50 | 190.65 | 1.16 | 615.0 | 5.497 | 1,110.9 |
| Including | 189.95 | 190.65 | 0.70 | 920.1 | 8.330 | 1,671.6 | ||
| TXC25-147 | RC/Core(1) | M&I Conversion | 148.19 | 151.85 | 3.66 | 176.7 | 1.228 | 287.5 |
| Including | 150.88 | 151.43 | 0.55 | 704.0 | 4.250 | 1,087.4 | ||
| TXC25-147 | RC/Core(1) | M&I Conversion | 182.58 | 183.34 | 0.76 | 277.5 | 5.586 | 781.5 |
| Including | 183.00 | 183.34 | 0.34 | 315.0 | 6.620 | 912.2 | ||
| TXC25-148 | RC/Core(1) | M&I Conversion | 124.66 | 125.43 | 0.76 | 111.0 | 1.270 | 225.6 |
| TXC25-148 | RC/Core(1) | M&I Conversion | 238.35 | 240.49 | 2.13 | 198.1 | 2.383 | 413.1 |
| Including | 238.35 | 238.96 | 0.61 | 512.0 | 5.590 | 1,016.3 | ||
| TXC25-149 | RC/Core(1) | M&I Conversion | 129.36 | 129.97 | 0.61 | 491.0 | 4.570 | 903.3 |
| TXC25-149 | RC/Core(1) | M&I Conversion | 238.35 | 239.57 | 1.22 | 93.7 | 1.919 | 266.8 |
| TXC25-149 | RC/Core(1) | M&I Conversion | 252.59 | 253.59 | 1.01 | 38.2 | 2.157 | 232.8 |
| TXC25-150 | RC/Core(1) | M&I Conversion | 162.37 | 165.20 | 2.84 | 363.6 | 3.413 | 671.5 |
| Including | 163.47 | 164.23 | 0.76 | 818.9 | 8.144 | 1,553.6 | ||
| TXC25-151 | RC/Core(1) | M&I Conversion | 274.47 | 275.42 | 0.95 | 208.7 | 3.149 | 492.8 |
| (1)RC/Core = RC pre-collar with core tail. (2)AgEq = Ag + Au*(Factor); where Factor = (Au Price/Ag Price)*(Au Recovery/Ag Recovery or Factor=($1900/$23)*(95%/87%)=90.21; True thickness is 90 to 100% of interval thickness based on the modelled vein geometries. (3)Cut-off grade is 150 g/t AgEq. |
Figure 1: Tonopah West project showing NI43-101 resource location and expansion potential
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/676/255788_d1bf53a51451fba6_001full.jpg
Figure 2 is a plan map showing the location of all the drillholes completed under the M&I Conversion Program and highlighting those reported in this news release.
Figure 2: Drillhole location map of the M&I Conversion Program showing drillholes reported in this news release.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/676/255788_d1bf53a51451fba6_002full.jpg
Table 3: Tonopah West Drillhole Location Coordinates (based on GPS readings in the field, Datum UTM, NAD 1927, Zone 11)
| Drillhole ID | Area | Program | Type | UTM_NAD27 E | UTM_NAD27 N | Elevation (m) | Depth (ft) | Depth (m) | Azimuth | Dip |
| TXC25-137 | DPB South | M&I Conversion | RC/Core | 477930.7 | 4213330.8 | 1776.3 | 1028.0 | 313.3 | 180 | -62 |
| TXC25-139 | DPB South | M&I Conversion | RC/Core | 477980.6 | 4213246.5 | 1778.4 | 1061.0 | 323.4 | 180 | -67 |
| TXC25-141 | DPB South | M&I Conversion | RC/Core | 477826.6 | 4213599.2 | 1770.7 | 1647.0 | 502.0 | 180 | -62 |
| TXC25-142 | DPB South | M&I Conversion | RC/Core | 477905.7 | 4213694.6 | 1772.9 | 1717.0 | 523.3 | 180 | -50 |
| TXC25-146 | DPB South | M&I Conversion | RC/Core | 478081.5 | 4213327.2 | 1780.6 | 912.0 | 278.0 | 180 | -60 |
| TXC25-147 | DPB South | M&I Conversion | RC/Core | 478067.5 | 4213281.7 | 1781.7 | 953.5 | 290.6 | 180 | -60 |
| TXC25-148 | DPB South | M&I Conversion | RC/Core | 478073.8 | 4213237.8 | 1781.8 | 979.0 | 298.4 | 180 | -60 |
| TXC25-149 | DPB South | M&I Conversion | RC/Core | 478101.9 | 4213225.4 | 1783.3 | 902.0 | 274.9 | 180 | -60 |
| TXC25-150 | DPB South | M&I Conversion | RC/Core | 478107.8 | 4213270.4 | 1783.1 | 897.5 | 273.6 | 180 | -60 |
| TXC25-151 | DPB South | M&I Conversion | RC/Core | 478104.9 | 4213335.4 | 1781.1 | 943.0 | 287.4 | 180 | -60 |
Quality Assurance/ Quality Control
All sampling is conducted under the supervision of the Company's project geologists, and a strict chain of custody from the project to the sample preparation facility is implemented and monitored. The RC and core samples are hauled from the project site to a secure and fenced facility in Tonopah, Nevada, where they are loaded on to 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 RC samples are lined out at the lab and logged in to AAL's system. The core samples are cut using core saws and personnel at AAL's facility in Sparks, Nevada according to the Company's instructions delivered with each core hole.
All samples are dried, crushed to 85% passing 10 mesh (2mm) and a 250-gram sub-sample split is collected and pulverized to 200 mesh (74 micron) in a ring and puck pulverizer. Then the pulverized material is digested and analyzed for gold using fire assay fusion and an Induced Coupled Plasma (ICP) finish on a 30-gram assay split (FA-PB30-ICP). Silver is determined using five-acid digestion and ICP analysis (ICP-5AM48). Over limits for gold and silver are determined using a gravimetric finish (GRAVAU30 and GRAVAG30). Data verification of the assay and analytical results are completed to ensure accurate and verifiable results. Blackrock personnel insert a blind prep blank, lab blank or a certified reference material approximately every 15th to 20th sample.
Qualified Persons
Blackrock's exploration activities at Tonopah West are conducted and supervised by Mr. William Howald, Executive Chairman of Blackrock. Mr. William Howald, AIPG Certified Professional Geologist #11041, is a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects. He has reviewed and approved the contents of this news release.
About Blackrock Silver Corp.
Backed by gold and silver ounces in the ground, Blackrock is a junior precious metal focused exploration and development company driven to add shareholder value. Anchored by a seasoned Board of Directors, the Company is focused on its 100% controlled Nevada portfolio of properties consisting of low-sulphidation, epithermal gold and silver mineralization located along the established Northern Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.
Additional information on Blackrock Silver Corp. can be found on its website at www.blackrocksilver.com and by reviewing its profile on SEDAR at www.sedarplus.ca.
Cautionary Note Regarding Forward-Looking Statements and Information
This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this news release relate to, among other things: the Company's strategic plans; the anticipated objectives and results from the Company's drill programs at Tonopah West; the incorporation of the results from the M&I Conversion Program in an updated mineral resource estimate on Tonopah West and the anticipated timing of release thereof; the Company's de-risking initiatives at Tonopah West; estimates of mineral resource quantities and qualities; estimates of mineralization from drilling; geological information projected from sampling results; and the potential quantities and grades of the target zones.
These forward-looking statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; the historical basis for current estimates of potential quantities and grades of target zones; the availability of skilled labour and no labour related disruptions at any of the Company's operations; no unplanned delays or interruptions in scheduled activities; all necessary permits, licenses and regulatory approvals for operations are received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; and the Company's ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data; general market and industry conditions; and those factors identified under the caption "Risks Factors" in the Company's most recent Annual Information Form.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For Further Information, Contact:
Andrew Pollard
President and Chief Executive Officer
(604) 817-6044
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