Record-Breaking Silver Prices Coincide With New High-Grade Discoveries in Nevada
Blackrock Silver Corp. (BRC:TSX.V; BKRRF:OTCQX) reported multiple near-surface high-grade silver and gold intercepts at its Tonopah West project. One hole hit 1,661 g/t AgEq with 13 more assays are still pending. Read more to find out what's next.
Blackrock Silver Corp. (BRC:TSX.V; BKRRF:OTCQX) has reported initial assay results from its Eastern Expansion Drill Program at the Tonopah West project in Nevada. The program, which follows the company's earlier scout drilling campaign, targets a 1.2-kilometer structural trend extending east from the DPB South resource area. The latest results include multiple thick mineralized zones of silver and gold, with some intercepts returning grades above 1,600 grams per tonne (g/t) silver equivalent (AgEq).
Key drillhole TXC25-166 intersected 5.03 meters grading 750 g/t AgEq, including 1.83 meters grading 1,661 g/t AgEq. Other notable results include TXC25-159 with 8.75 meters grading 193 g/t AgEq and a subinterval of 0.82 meters grading 1,217 g/t AgEq, and TXC25-164, which returned 5.67 meters grading 263 g/t AgEq. The mineralized intercepts were encountered at relatively shallow depths, ranging from approximately 146 meters to 234 meters downhole.
The Eastern Expansion Program utilized reverse circulation drilling followed by core tails to achieve more detailed geological data. Of the 24 holes planned, 22 were completed with a total of 6,798 meters drilled. Thirteen holes are still pending assay results.
Blackrock Silver's President and CEO, Andrew Pollard, stated in the news release, "Initial assays from our Eastern Expansion Program have returned both high-grades and broad zones of shallow silver and gold intercepts potentially extending up to 1,200 meters along trend from the DPB South Resource shell." He also noted that these results demonstrate significant tonnage potential across the emerging zone, which could materially expand the project's current mineral resource base.
This round of results builds on previous findings from scout hole TW25-128, which intersected 1.52 meters grading 1,198 g/t silver and 9.61 g/t gold, suggesting continuity across the Pittsburg-Monarch fault system, a major structural corridor on the property.
Silver Surpasses US$50 Amid Supply Constraints and Rising Global Demand
Silver continued its upward trajectory in mid-October, breaking through the US$50 per ounce mark following a sustained rally that began in September. On October 16, Stockhead reported that silver prices had surged roughly 65% year-to-date, significantly outpacing gold's gains of around 50%. Analysts Carlos Crowley Vazquez and Elaine Faddis of Blue Ocean Equities attributed the climb to increasing demand from India and a notable rise in inflows to silver-backed exchange-traded funds.
The report highlighted a sharp increase in silver lease rates an indicator of borrowing costs for the metal which spiked to approximately 30%. Crowley Vazquez pointed to a shortage of tradeable silver bars in London and limited new mine output as key factors underpinning the price rise.
Analyst Phil Ker reiterated a Buy rating and maintained a target price of CA$1.30 per share.In a separate note published the same day, Shad Marquitz of Excelsior Prosperity emphasized the impact of silver's rally on producer margins. He stated that silver's move from over US$30 to beyond US$50 had been "bull market action," noting that prices in the US$53 range were well above the metal's 50-day Exponential Moving Average. Marquitz observed that profit margins had widened considerably for producers as silver prices accelerated faster than their cost structures, lifting valuations across mid-tier and growth-focused companies.
Additional commentary from Ahead of the Herd on October 18 contextualized the silver rally within a broader resurgence in commodity markets. Author Richard Mills wrote that silver had benefited from a "commodity super-cycle" driven by chronic underinvestment and global geopolitical uncertainty. He pointed to a 12% year-to-date rise in the Bloomberg Commodity Total Return Index, fueled in part by strong performances from gold, silver, and copper.
According to the article, silver stood out with a 75% gain year-to-date, supported by both monetary and industrial demand. Mills cited The Silver Institute's projection that 2025 would mark the fifth consecutive year of a global silver supply deficit. He also highlighted factors such as ongoing central bank interest, de-dollarization trends, and silver's expanding role in clean energy technologies including solar panels and electric vehicles as further reinforcing the metal's current momentum.
Expert Commentary Highlights Tonopah West's Growing Appeal
On October 27, analysts from Ventum Financial issued a positive assessment of Blackrock Silver Corp. following the release of high-grade assay results from the company's Eastern Expansion drill program at Tonopah West. Analyst Phil Ker reiterated a Buy rating and maintained a target price of CA$1.30 per share, noting that the program "has revealed significant potential to expand resources beyond the DPB South resource area by up to 1.2 km." He emphasized the strength of the intercepts, including "5.03 meters grading 750.3 g/t AgEq, including 1.83 meters grading 1,660.6 g/t AgEq," and observed that results were located near the proposed underground exploration decline, which is currently in the permitting phase.
In an October 28 report, Red Cloud Securities also reaffirmed a Buy rating and maintained its CA$1.70 target price, citing the significance of the company's mineralized extensions along trend. Vice President and Mining Analyst Taylor Combaluzier stated that "we view these results positively as they returned higher-grades and broad zones of shallow Ag-Au intercepts potentially extending up to 1,200 meters." He called Blackrock Silver "one of our silver top picks" and noted that the ongoing program could result in additional tonnage in the upcoming mineral resource estimate expected in Q1 2026. The Red Cloud valuation was based on a discounted cash flow model with a post-financing net asset value of C$3.26 per share and a 0.50x multiple.
On October 29, Peter Krauth of Silver Stock Investor offered a detailed and positive assessment of Blackrock Silver Corp. and its flagship Tonopah West project in Nevada. His commentary highlighted both the company's recent exploration results and its parallel development initiatives designed to advance the project toward production. Krauth reported on the (mentioned above) released partial assay results from its Eastern Expansion drill program, which delivered several high-grade intercepts near surface. He pointed to hole TXC25-166, which intersected 5.03 meters grading 750 g/t silver equivalent (AgEq), including 1.83 meters of 1,661 g/t AgEq, as particularly encouraging. Additional results included 8.75 meters of 193 g/t AgEq in hole TXC25-159 and 5.67 meters of 263 g/t AgEq in TXC25-164. According to Krauth, these intercepts confirm strong continuity along the Pittsburg-Monarch fault system and support the potential to extend mineralization up to 1,200 meters east of the current DPB South resource area.
In the same update, Krauth detailed Blackrock's engineering and de-risking efforts, including the launch of a Phase 2 hydrology program, geotechnical studies, and a seismic survey. These programs are aimed at refining the design of the planned exploration decline and supporting a future bulk sampling initiative. Krauth emphasized that this type of technical work, though not as headline-grabbing as drill results, is essential to advancing the project toward underground development. He described the deposit as "just getting bigger and better" and noted that it was "being advanced towards production."
Krauth concluded that, despite a recent retreat in share price alongside broader moves in silver and gold, Blackrock Silver remained a compelling opportunity and was "attractive to add in tranches at current levels."
Research Capital followed with an October 30 update, reiterating its SPECULATIVE BUY rating and raising its target price to C$1.30 from C$0.80. Analyst Stuart McDougall cited new intercepts supporting a 1.2 kilometer mineralized extension from the DPB South resource area, including "0.82 meters grading 568 g/t Ag and 5.95 g/t Au within an 8.75-meter section," as well as "1.10 meters grading 9.2 g/t Ag and 8.67 g/t Au within a 5.67 meter section." McDougall revised valuation metrics upward, increasing in situ assumptions to US$5 per ounce for silver and US$125 per ounce for gold, citing agreement with a DCF analysis tied to the 2024 PEA and 2025 updated resource estimate. His updated projection called for targeted production of nearly 12 million silver-equivalent ounces per year at a total cash cost of US$9.25 per ounce, with construction envisioned in 2029 and production ramping by Q1 2031.
Tonopah's East Side Story: Expansion Targets and Updates Ahead
The Eastern Expansion Program forms part of a broader growth strategy for Blackrock Silver's Tonopah West project, as per the company's investor materials. The company completed a 7,000-meter drill campaign in September 2025, targeting the 1.2-kilometer eastern strike potential identified earlier this year. With assays from 13 drillholes still pending, further data is expected to shape the upcoming mineral resource estimate update scheduled for Q1 2026.
Tonopah West remains one of the larger high-grade undeveloped silver-gold projects in the U.S., with a current indicated resource of 21.1 million ounces silver equivalent (AgEq) at an average grade of 493 g/t and an inferred resource of 86.88 million ounces AgEq at 526 g/t. The ongoing drill programs, including both the northwest and eastern extensions, are expected to be incorporated into a new Preliminary Economic Assessment (PEA) following the resource update in the first half of 2026.
Streetwise Ownership Overview*
Blackrock Silver Corp. (BRC:TSX.V; BKRRF:OTCQX)
*Share Structureas of 11/4/2025According to the investor materials, the project's strategic advantages include its location on private land adjacent to Tonopah, Nevada, and direct access to infrastructure. Metallurgical testing has shown strong recoveries of 96.1% for gold and 88.9% for silver. Tonopah West's 2024 PEA outlined annual production of approximately 8.6 million ounces AgEq at an all-in sustaining cost (AISC) of US$11.96 per ounce, with a mine life of 7.8 years and an after-tax IRR of 39.2%.
The forthcoming assays and resource update could further delineate the scale and continuity of mineralization at Tonopah West. In tandem with environmental studies already underway, these developments support the company's plan to advance the project toward an exploration decline and bulk sampling program.
Ownership and Share Structure
Strategic entity 2176423 Ontario Ltd owns 14.76% of Blackrock Silver.
Management and Insiders hold 2.53% and Institutions own 12.91%. Of them, Konwave AG has 3.79%, IXIOS Asset Management has 3.63%, and Mirae Asset Global Investments holds 3.44%.
The rest is retail.
Blackrock Silver has a market cap of CA$152.05, 275.31 million free float shares, and a 52-week range of CA$0.270 to CA$1.000.
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James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.For additional disclosures, please click here.
1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.