# Blackrock Silver Announces Updated Preliminary Economic Assessment for Its Tonopah West Project in Nevada; +10 Year Mine Life Fortified by 90% Increase in Indicated Mineral Resources

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690

Original source: https://money.tmx.com/en/quote/BKRRF/news/7185425045463266/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop

Publisher: tmx

Original announcement: 2026-03-31T09:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Blackrock Silver Corp.

- Ticker: BKRRF

- Exchange: TSX

- Region: Nevada

- Primary commodity: Silver

- Secondary commodities: Gold

- Document categories: Resource update, Metallurgy, Other

- Extracted: 2026-08-21 02:26:49 UTC

Narrative sentiment: 0.90 · Bullish

## Minestarters Atlas summary

Blackrock Silver announced an updated Preliminary Economic Assessment \(PEA\) for its Tonopah West Project in Nevada, highlighting a 90% increase in indicated mineral resources. The PEA outlines robust economics with a base case after-tax NPV of US$437 million and an IRR of 28% over an 11.2-year mine life, based on US$2,700/oz gold and US$31/oz silver prices. The project also demonstrates excellent metallurgical recoveries of 91.6% for silver and 96.3% for gold, with significant upside potential at higher metal prices.

Reasoning: The updated PEA and MRE for Tonopah West show a substantial 90% increase in indicated silver equivalent resources, leading to robust economics with a 28% IRR and $437 million NPV at base case prices, and even stronger economics at consensus metal prices. High metallurgical recoveries and NI 43-101 compliance further de-risk the project.

- Positive factor: significant\_indicated\_resource\_increase

- Positive factor: robust\_economic\_metrics

- Positive factor: high\_recoveries

- Positive factor: strong\_leverage\_to\_metal\_prices

- Positive factor: qp\_signoff

- Positive factor: ni\_43\_101\_compliant

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 47

## Classification and evidence

**Category Upgrade**

Polarity: positive

Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.

Why it applies: The document explicitly states a '90% increase over the previous mineral resource estimate' for indicated AgEq ounces, indicating a significant upgrade in resource confidence.

Evidence · text

> a 90% increase over the previous mineral resource estimate on Tonopah West dated effective August 25, 2025

**Contained Metal Growth**

Polarity: positive

Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.

Why it applies: The PEA highlights a '90% increase over the previous mineral resource estimate' for indicated AgEq ounces, directly implying a substantial growth in contained metal.

Evidence · text

> a 90% increase over the previous mineral resource estimate on Tonopah West dated effective August 25, 2025

**QP/CP Signed**

Polarity: positive

Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience.

Why it applies: The news release explicitly names multiple 'Qualified Persons' \(as defined by NI 43-101\) who were responsible for the PEA and MRE and have verified and approved the contents.

Evidence · text

> The "Qualified Persons" \(as defined by NI 43-101\) who were responsible for the PEA and MRE and who have verified and approved the contents of this news release are Robert H. Todd, P.E., of Minetech, Jeffery Bickel, C.P.G \(AIPG\) of RESPEC, Travis Manning, P.E., QP of Kappes, Cassiday & Associates, Thomas H. Bagan, P.E., MBA, SME-RM, an independent consulting mining engineer and Richard DeLong, QP of Westland Engineering and Environmental Inc.

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The PEA and MRE were prepared 'in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects'.

Evidence · text

> in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects \(" NI 43-101 "\)

**Resource Update**

Polarity: neutral

Definition: Revised estimate for an existing resource — compare to prior to assess progress.

Why it applies: The document announces an 'Updated Preliminary Economic Assessment' and an 'updated mineral resource estimate', indicating a revision of existing estimates.

Evidence · text

> Blackrock Silver Announces Updated Preliminary Economic Assessment for Its Tonopah West Project in Nevada; +10 Year Mine Life Fortified by 90% Increase in Indicated Mineral Resources

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: The resource estimate is prepared to support a Preliminary Economic Assessment \(PEA\), which is an early-stage study that precedes a Pre-Feasibility Study \(PFS\).

Evidence · text

> Blackrock Silver Announces Updated Preliminary Economic Assessment for Its Tonopah West Project in Nevada

**High Recovery**

Polarity: positive

Definition: Recovery at or above the exceptional band for the commodity and processing route.

Why it applies: The reported average recoveries of 91.6% for silver and 96.3% for gold are above the exceptional band for mill/CIL processing routes.

Evidence · text

> Realized average recoveries of 91.6% for silver and 96.3% for gold from a 3-stage crushing circuit and processing plant

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: The cut-off grade of 140 g/t AgEq is clearly stated for the resource estimate.

Evidence · table

> 140

Context: 2,750

**Metal Equivalent Opaque**

Polarity: positive

Story-specific tag

Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used.

Why it applies: The metal equivalent grade is reported with detailed assumptions for prices and recoveries for both Victor and non-Victor areas, making it transparent.

Evidence · text

> For non-Victor areas, the AgEq grade ratio used is 108:1 based on silver and gold prices of US$35/ounce and US$3,500/ounce, respectively, and recoveries for silver and gold of 88% and 95%, respectively. For the Victor area, the Silver Equivalent grade ratio used is 102:1 based on silver and gold prices of US$35/ounce and US$3,500/ounce, respectively, and recoveries for silver and gold of 96% and 98%, respectively.

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: The document reports a significant portion of the resource in the Indicated category, which has reasonable geological confidence.

Evidence · table

> Indicated

Context: 2,750

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The document reports a substantial portion of the resource in the Inferred category, which is a speculative category.

Evidence · table

> Inferred

Context: 5,538

## Extracted facts

Stored fact records: 47. Some facts used in scoring do not have a stored record.

## Resource Estimates (47)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-0)

Tonopah West · gold

#### Identity

- Project: Tonopah West
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 2750000
- Grade: 2.25
- Grade Unit: g/t
- Contained Metal: 199000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The indicated gold resource shows a good grade and significant contained metal, contributing to the overall 90% increase in indicated AgEq ounces, which is a strong de-risking signal for the project.

- Positive factor: category\_upgrade

- Positive factor: contained\_metal\_growth

- Positive factor: grade\_improvement

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 2.25

Context: 2,750

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-1)

Tonopah West · silver

#### Identity

- Project: Tonopah West
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 2750000
- Grade: 454.3
- Grade Unit: g/t AgEq
- Contained Metal: 40159000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The 90% increase in indicated silver equivalent ounces to 40.2 million ounces at a high grade of 454.3 g/t AgEq is a highly material and novel update, significantly de-risking the project and underpinning the robust PEA economics.

- Positive factor: category\_upgrade

- Positive factor: contained\_metal\_growth

- Positive factor: grade\_improvement

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 454.3

Context: 2,750

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-2)

Tonopah West · gold

Historical result

Needs review: historical\_restatement

#### Identity

- Project: Tonopah West
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 5538000
- Grade: 2.62
- Grade Unit: g/t
- Contained Metal: 467000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred gold resource shows a good grade and substantial contained metal, indicating significant exploration upside potential for the project.

- Positive factor: contained\_metal\_growth

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 2.62

Context: 5,538

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-3)

Tonopah West · silver

#### Identity

- Project: Tonopah West
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 5538000
- Grade: 465.8
- Grade Unit: g/t AgEq
- Contained Metal: 82944000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred silver equivalent resource of 83 million ounces at a high grade of 465.8 g/t AgEq indicates significant exploration upside and potential for future resource conversion.

- Positive factor: contained\_metal\_growth

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 465.8

Context: 5,538

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-4)

Tonopah West · silver

#### Identity

- Project: Tonopah West
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 882000
- Grade: 525.2
- Grade Unit: g/t AgEq
- Contained Metal: 14899000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The indicated silver equivalent resource in the Victor area shows a very high grade, contributing significantly to the overall indicated resource base.

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 525.2

Context: 882,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-5)

Tonopah West · gold

#### Identity

- Project: Tonopah West
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 882000
- Grade: 2.65
- Grade Unit: g/t
- Contained Metal: 75000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The indicated gold resource in the Victor area contributes to the overall indicated resource, showing good grades and contained metal.

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 2.65

Context: 882,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-6)

Tonopah West · silver

#### Identity

- Project: Tonopah West
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 1854000
- Grade: 509.2
- Grade Unit: g/t AgEq
- Contained Metal: 30354000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred silver equivalent resource in the Victor area shows a very high grade, indicating significant potential for future resource conversion.

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 509.2

Context: 1,854,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-7)

Tonopah West · gold

#### Identity

- Project: Tonopah West
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 1854000
- Grade: 2.82
- Grade Unit: g/t
- Contained Metal: 168000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred gold resource in the Victor area adds to the overall resource base, showing good grades and contained metal, indicating future potential.

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 2.82

Context: 1,854,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-8)

Tonopah West · silver

#### Identity

- Project: Tonopah West
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 263000
- Grade: 339.4
- Grade Unit: g/t AgEq
- Contained Metal: 2865000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The indicated silver equivalent resource in the DPB North area shows a good grade, contributing to the overall indicated resource base.

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 339.4

Context: 263,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-9)

Tonopah West · gold

#### Identity

- Project: Tonopah West
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 263000
- Grade: 1.79
- Grade Unit: g/t
- Contained Metal: 15000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The indicated gold resource in the DPB North area contributes to the overall indicated resource, showing a moderate grade and contained metal.

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 1.79

Context: 263,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-10)

Tonopah West · silver

#### Identity

- Project: Tonopah West
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 1686000
- Grade: 482.9
- Grade Unit: g/t AgEq
- Contained Metal: 26180000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred silver equivalent resource in the DPB North area shows a very high grade, indicating significant potential for future resource conversion.

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 482.9

Context: 1,686,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-11)

Tonopah West · gold

#### Identity

- Project: Tonopah West
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 1686000
- Grade: 2.68
- Grade Unit: g/t
- Contained Metal: 145000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred gold resource in the DPB North area adds to the overall resource base, showing good grades and contained metal, indicating future potential.

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 2.68

Context: 1,686,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-12)

Tonopah West · silver

#### Identity

- Project: Tonopah West
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 1281000
- Grade: 442
- Grade Unit: g/t AgEq
- Contained Metal: 18209000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The indicated silver equivalent resource in the DPB South area shows a high grade, contributing significantly to the overall indicated resource base.

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 442.0

Context: 1,281,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-13)

Tonopah West · gold

#### Identity

- Project: Tonopah West
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 1281000
- Grade: 2.12
- Grade Unit: g/t
- Contained Metal: 87000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The indicated gold resource in the DPB South area contributes to the overall indicated resource, showing good grades and contained metal.

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 2.12

Context: 1,281,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-14)

Tonopah West · silver

#### Identity

- Project: Tonopah West
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 485000
- Grade: 305.5
- Grade Unit: g/t AgEq
- Contained Metal: 4763000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred silver equivalent resource in the DPB South area shows a good grade, indicating future potential for resource conversion.

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 305.5

Context: 485,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-15)

Tonopah West · gold

#### Identity

- Project: Tonopah West
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 485000
- Grade: 2.02
- Grade Unit: g/t
- Contained Metal: 31000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred gold resource in the DPB South area adds to the overall resource base, showing a moderate grade and contained metal, indicating future potential.

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 2.02

Context: 485,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-16)

Tonopah West · silver

#### Identity

- Project: Tonopah West
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 323000
- Grade: 402.8
- Grade Unit: g/t AgEq
- Contained Metal: 4186000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The indicated silver equivalent resource in the NW Step Out area shows a high grade, contributing to the overall indicated resource base.

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 402.8

Context: 323,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-17)

Tonopah West · gold

#### Identity

- Project: Tonopah West
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 323000
- Grade: 2.03
- Grade Unit: g/t
- Contained Metal: 21000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The indicated gold resource in the NW Step Out area contributes to the overall indicated resource, showing good grades and contained metal.

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 2.03

Context: 323,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-18)

Tonopah West · silver

#### Identity

- Project: Tonopah West
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 622000
- Grade: 327
- Grade Unit: g/t AgEq
- Contained Metal: 6538000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred silver equivalent resource in the NW Step Out area shows a good grade, indicating future potential for resource conversion.

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 327.0

Context: 622,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-19)

Tonopah West · gold

#### Identity

- Project: Tonopah West
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 622000
- Grade: 1.67
- Grade Unit: g/t
- Contained Metal: 33000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred gold resource in the NW Step Out area adds to the overall resource base, showing moderate grades and contained metal, indicating future potential.

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 1.67

Context: 622,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-20)

Tonopah West · silver

#### Identity

- Project: Tonopah West
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 891000
- Grade: 527.3
- Grade Unit: g/t AgEq
- Contained Metal: 15109000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred silver equivalent resource in the East Extension area shows a very high grade, indicating significant potential for future resource conversion.

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 527.3

Context: 891,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-21)

Tonopah West · gold

#### Identity

- Project: Tonopah West
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 891000
- Grade: 3.1
- Grade Unit: g/t
- Contained Metal: 89000
- Contained Unit: oz
- Cutoff Grade: 140

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred gold resource in the East Extension area adds to the overall resource base, showing high grades and contained metal, indicating future potential.

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 3.10

Context: 891,000

### Fact 23

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-22)

Tonopah West · silver

#### Identity

- Project: Tonopah West
- Commodity: silver
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Lab

- Laboratory: Kappes, Cassiday and Associates

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The reported silver recovery of 91.6% is high for a conventional processing plant, indicating favorable metallurgy and contributing positively to project economics.

- Positive factor: high\_recovery

- Positive factor: qp\_signed

Evidence · text

> Life-of-mine metal recovery averages 91.6% for silver

### Fact 24

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-23)

Tonopah West · gold

#### Identity

- Project: Tonopah West
- Commodity: gold
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Lab

- Laboratory: Kappes, Cassiday and Associates

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The reported gold recovery of 96.3% is very high for a conventional processing plant, indicating excellent metallurgy and significantly boosting project economics.

- Positive factor: high\_recovery

- Positive factor: qp\_signed

Evidence · text

> Life-of-mine metal recovery averages 91.6% for silver and 96.3% for gold

### Fact 25

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-24)

Tonopah West

#### Identity

- Project: Tonopah West
- Region: usa\_nv
- Reported Region: Nevada
- Ticker: BKRRF

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The project shows exceptional leverage to higher metal prices, with a significantly increased NPV and IRR at the 1-year analyst consensus forecast, highlighting strong upside potential.

- Positive factor: exceptional\_leverage\_to\_metal\_prices

- Positive factor: robust\_economic\_metrics

- Positive factor: qp\_signed

Evidence · text

> Assessed at the 1-year analyst consensus forecast for gold and silver prices \(US$66.90/oz Ag and US$4,554/oz Au\), the Project delivers US$1.55B after-tax NPV 5% , a 79% IRR, and a 1.4-year payback

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-25)

silver

#### Identity

- Commodity: silver
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 882000
- Grade: 255.2
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The indicated gold resource shows a good grade and significant contained metal, contributing to the overall 90% increase in indicated AgEq ounces, which is a strong de-risking signal for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: category\_upgrade

- Positive factor: contained\_metal\_growth

- Positive factor: grade\_improvement

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 255.2

Context: 882,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-26)

gold

#### Identity

- Commodity: gold
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 882000
- Grade: 2.65
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The indicated gold resource shows a good grade and significant contained metal, contributing to the overall 90% increase in indicated AgEq ounces, which is a strong de-risking signal for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: category\_upgrade

- Positive factor: contained\_metal\_growth

- Positive factor: grade\_improvement

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 2.65

Context: 882,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-27)

silver

#### Identity

- Commodity: silver
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 1854000
- Grade: 221.7
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred gold resource shows a good grade and substantial contained metal, indicating significant exploration upside potential for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: contained\_metal\_growth

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 221.7

Context: 1,854,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-28)

gold

#### Identity

- Commodity: gold
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 1854000
- Grade: 2.82
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred gold resource shows a good grade and substantial contained metal, indicating significant exploration upside potential for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: contained\_metal\_growth

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 2.82

Context: 1,854,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-29)

silver

#### Identity

- Commodity: silver
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 263000
- Grade: 146.1
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The indicated gold resource shows a good grade and significant contained metal, contributing to the overall 90% increase in indicated AgEq ounces, which is a strong de-risking signal for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: category\_upgrade

- Positive factor: contained\_metal\_growth

- Positive factor: grade\_improvement

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 146.1

Context: 263,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-30)

gold

#### Identity

- Commodity: gold
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 263000
- Grade: 1.79
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The indicated gold resource shows a good grade and significant contained metal, contributing to the overall 90% increase in indicated AgEq ounces, which is a strong de-risking signal for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: category\_upgrade

- Positive factor: contained\_metal\_growth

- Positive factor: grade\_improvement

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 1.79

Context: 263,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-31)

silver

#### Identity

- Commodity: silver
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 1686000
- Grade: 193.9
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred gold resource shows a good grade and substantial contained metal, indicating significant exploration upside potential for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: contained\_metal\_growth

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 193.9

Context: 1,686,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-32)

gold

#### Identity

- Commodity: gold
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 1686000
- Grade: 2.68
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred gold resource shows a good grade and substantial contained metal, indicating significant exploration upside potential for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: contained\_metal\_growth

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 2.68

Context: 1,686,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-33)

silver

#### Identity

- Commodity: silver
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 1281000
- Grade: 213.3
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The indicated gold resource shows a good grade and significant contained metal, contributing to the overall 90% increase in indicated AgEq ounces, which is a strong de-risking signal for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: category\_upgrade

- Positive factor: contained\_metal\_growth

- Positive factor: grade\_improvement

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 213.3

Context: 1,281,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-34)

gold

#### Identity

- Commodity: gold
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 1281000
- Grade: 2.12
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The indicated gold resource shows a good grade and significant contained metal, contributing to the overall 90% increase in indicated AgEq ounces, which is a strong de-risking signal for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: category\_upgrade

- Positive factor: contained\_metal\_growth

- Positive factor: grade\_improvement

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 2.12

Context: 1,281,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-35)

silver

#### Identity

- Commodity: silver
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 485000
- Grade: 87.5
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred gold resource shows a good grade and substantial contained metal, indicating significant exploration upside potential for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: contained\_metal\_growth

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 87.5

Context: 485,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-36)

gold

#### Identity

- Commodity: gold
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 485000
- Grade: 2.02
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred gold resource shows a good grade and substantial contained metal, indicating significant exploration upside potential for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: contained\_metal\_growth

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 2.02

Context: 485,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-37)

silver

#### Identity

- Commodity: silver
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 323000
- Grade: 183.4
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The indicated gold resource shows a good grade and significant contained metal, contributing to the overall 90% increase in indicated AgEq ounces, which is a strong de-risking signal for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: category\_upgrade

- Positive factor: contained\_metal\_growth

- Positive factor: grade\_improvement

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 183.4

Context: 323,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-38)

gold

#### Identity

- Commodity: gold
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 323000
- Grade: 2.03
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The indicated gold resource shows a good grade and significant contained metal, contributing to the overall 90% increase in indicated AgEq ounces, which is a strong de-risking signal for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: category\_upgrade

- Positive factor: contained\_metal\_growth

- Positive factor: grade\_improvement

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 2.03

Context: 323,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-39)

silver

#### Identity

- Commodity: silver
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 622000
- Grade: 146.7
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred gold resource shows a good grade and substantial contained metal, indicating significant exploration upside potential for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: contained\_metal\_growth

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 146.7

Context: 622,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-40)

gold

#### Identity

- Commodity: gold
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 622000
- Grade: 1.67
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred gold resource shows a good grade and substantial contained metal, indicating significant exploration upside potential for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: contained\_metal\_growth

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 1.67

Context: 622,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-41)

silver

#### Identity

- Commodity: silver
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 891000
- Grade: 193
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred gold resource shows a good grade and substantial contained metal, indicating significant exploration upside potential for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: contained\_metal\_growth

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 193.0

Context: 891,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-42)

gold

#### Identity

- Commodity: gold
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 891000
- Grade: 3.1
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred gold resource shows a good grade and substantial contained metal, indicating significant exploration upside potential for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: contained\_metal\_growth

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 3.10

Context: 891,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-43)

silver

#### Identity

- Commodity: silver
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 2750000
- Grade: 216.8
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The indicated gold resource shows a good grade and significant contained metal, contributing to the overall 90% increase in indicated AgEq ounces, which is a strong de-risking signal for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: category\_upgrade

- Positive factor: contained\_metal\_growth

- Positive factor: grade\_improvement

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 216.8

Context: 2,750,000

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-44)

gold

#### Identity

- Commodity: gold
- Ticker: BKRRF

#### Resource Data

- Category: indicated
- Tonnes: 2750000
- Grade: 2.25
- Grade Unit: g/t

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The indicated gold resource shows a good grade and significant contained metal, contributing to the overall 90% increase in indicated AgEq ounces, which is a strong de-risking signal for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: category\_upgrade

- Positive factor: contained\_metal\_growth

- Positive factor: grade\_improvement

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 2.25

Context: 2,750,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-45)

silver

Historical result

Needs review: historical\_restatement

#### Identity

- Commodity: silver
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 5538000
- Grade: 188.5
- Grade Unit: g/t

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred gold resource shows a good grade and substantial contained metal, indicating significant exploration upside potential for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: contained\_metal\_growth

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 188.5

Context: 5,538,000

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/blackrock-silver-announces-updated-preliminary-economic-assessment-for-its-tonop--89c98010-1afc-4a16-9c3a-d7e31e148690#fact-resource-facts-46)

gold

Historical result

Needs review: historical\_restatement

#### Identity

- Commodity: gold
- Ticker: BKRRF

#### Resource Data

- Category: inferred
- Tonnes: 5538000
- Grade: 2.62
- Grade Unit: g/t

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes

#### Dates

- Event date: 2026-03-31T00:00:00.000Z

Reasoning: The inferred gold resource shows a good grade and substantial contained metal, indicating significant exploration upside potential for the project. \(Expanded from multi-commodity resource table for completeness.\)

- Positive factor: contained\_metal\_growth

- Positive factor: qp\_signed

- Positive factor: ni\_43\_101\_compliant

Evidence · table

> 2.62

Context: 5,538,000

## How Atlas produces this analysis

Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.