What’s Hidden in Shafter’s Historic Stockpiles? High-Grade Silver and Base Metals Found

Historic Stockpiles Reveal Untapped Potential

Black Bear Minerals Limited (ASX – BKB) has announced compelling preliminary results from grab sampling of historic stockpiles at its 100%-owned Shafter Silver Project in Presidio County, Texas. The sampling, conducted across four waste dumps left from past mining operations, returned exceptionally high grades of silver and base metals, including lead, zinc, gold, and vanadium pentoxide. Notably, one sample hit 1,570 grams per tonne (g/t) silver, while the largest stockpile, known as the East Dump, averaged 343 g/t silver across 18 samples.

These stockpiles represent material previously considered waste and are not included in the current foreign mineral resource estimate of 17.6 million ounces of silver. The findings suggest a significant polymetallic resource that has been overlooked, offering new avenues for resource expansion and potential near-term processing opportunities.

Polymetallic Nature and Strategic Importance

The Shafter Project’s mineralisation has historically focused on silver, but the recent sampling highlights its polymetallic character, with notable grades of lead (up to 5%), zinc (4.4%), gold (0.3 g/t), and vanadium pentoxide (1.1%). This multi-commodity potential could enhance the project's economic profile, especially as silver's role shifts from a purely precious metal to a critical industrial mineral.

Silver’s strategic importance is underscored by its designation as a Critical Mineral by the United States, which faces significant import dependency and supply deficits. Black Bear’s Shafter Project, located domestically, could play a vital role in securing future silver supply amid tightening global markets and increasing industrial demand.

Next Steps – Drilling and Bulk Sampling in 2026

While the grab sampling results are promising, Black Bear Minerals cautions that surface sampling alone cannot define the bulk grade or volume of the stockpiles. To address this, the company plans systematic channel and bulk sampling followed by reverse circulation drilling starting in early 2026. These efforts aim to accurately assess the grade, density, volume, and metallurgical properties of the stockpiled material, which could then be incorporated into future resource estimates.

Additionally, the company intends to continue surface sampling and re-analysis of historic core to further explore the polymetallic potential of the Shafter Deposit. This comprehensive approach reflects a strategic push to expand the resource base and unlock value from both mined and in-situ material.

Well-Funded for Aggressive Exploration

Black Bear Minerals remains well-capitalised following a recent A$30 million placement, positioning it to aggressively pursue exploration and resource expansion programs at Shafter and its other assets. The company’s portfolio also includes the Independence Gold Project in Nevada and a substantial lithium exploration portfolio in Quebec, underscoring its diversified approach to critical and precious metals.

With silver markets facing structural deficits and rising industrial demand, Black Bear’s Shafter Project stands out as a strategically significant asset. The upcoming drilling and bulk sampling campaign will be closely watched by investors eager to see how much of the high-grade stockpile material can be converted into a mineable resource.