Silver Queen Townhall

0:08 Well, hello, everyone, and welcome to BlackRock SilverCorps Live Summit today, hosted by 6. I'm pleased to introduce President, CEO, and Director Andrew Pollard, who will take us through a company presentation. And then we're going to watch a pre-recorded video by Executive Chairman Bill Howell, who will also be joining us live for Q&A. So as a reminder, you can submit your questions at any time on the Q&A panel on the right-hand side of the screen, and we'll get to them after the presentation. And as always, this event is being recorded and will be available to watch afterwards on

0:38 six.com. But without any further ado, I'll hand it over to you, Andrew. Thanks very much, Dasha. Good to be here with all of you again. For those of you, and I'm seeing a lot of new faces, at least on the registration side of things, we're going to go over and do a high level overview of the project flight 30,000 feet originally. And then we're going to jump into a demonstration of the model, which continues to evolve spectacularly as our understanding of the project moves forward. So we'll start with just a short little overview here. For those that know us, obviously we trade on the venture exchange under the symbol BRC, and we're on the OTCQBQX under the symbol BKRRF. So you can find us down there.

1:26 So certainly lots of forward looking statements to make. I mean, given the time of year and where we're at, we're gonna be spending a lot of time going into the past, obviously the ghost of Christmas present and the ghost of Christmas future. So we're gonna be doing a mining presentation in the form of a Christmas Carol today, I think. As we're coming to the end of the year, it always serves as a good sort of time to do a bit of a year in review and also look forward here. December 15 of last year actually coincides with our 52-week low. I think we were trading down around $0.62, $0.63 at the time, and this is actually what seemed to kick off one hell of a rally into the new year.

2:13 You know, hopefully, you know, It's been a bit of a dismal year for precious metals. Obviously, the GDXJ year over year is down about 26%, 27%. But here we are right now trading in the mid-80s, up about 30%, 35% from where we were last year, which is a differential in terms of performance between the rest of the market of about 60% or so, meaning we're outperforming even when the market's doing horribly. It's companies that outperform even in times like this, that should do even better when the tides of the industry come right back. And I think we've never had a better setup than we do right now, really, since we started going, because we're just sitting on nothing but catalyst after catalyst after catalyst, leading up to the mother of all catalysts, the biggest one that we had since we hit on drill hole number 1 in July of last year. And that's gonna be us delivering our maiden resource estimate early next year in Q1. So for lots of people, there's 10 more sleeps till Christmas.

3:19 But for me, I'm expecting Santa's going to be making his appearance at the Pollard residence sometime around late February, early March, because that's going to be my Christmas morning, when we finally get a resource out there and delivered to the market. Now where we are right now in the last year, as I said, we're, you know, we've certainly treading some water, but that means that we're actually taking big steps forward. Obviously we're in the mid-80s, that gives us a market cap around $130M to $150M, depending on the day. But our market cap has increased by about 70% year over year. So in the last 12 months, we've raised just under $30M, I think $29M in 3 separate private placements.

4:06 2 of those were bought deals, and one of those was strategically led by 1st Majestic Silver. Each subsequent placement we did last year, despite a failing market, was done at higher and higher prices. We're sitting in a good position now where we've done all the drilling we need to to be incorporated into our resource estimate to look forward to, and we're fully funded to get through well beyond the first quarter and do some blue sky drilling to start early next year and hopefully make some new discoveries. So right now we're sitting pretty and if I could wave a magic wand and get everything out so that we could get that resource estimate out there, I would, but I guess it's all part of the journey. As you'll see, in June of last year, I think we were trading around 20 or $30 million market cap. We were probably 80% retail held, and now Our entire shareholder base is completely turned over, and we're now primarily institutionally held with just under 60%.

5:07 And some of the world's biggest gold funds and precious metals investors are in here. Some very familiar faces here, I'm sure. And there's many other institutions that have taken big positions in us that aren't listed. But we're certainly on the map. We've been picking up analyst coverage as we go and certainly I'm expecting more to jump on the train either before the resources are delivered or right after once it makes things a little easier for them. But we've taken lots of people down there at site over the last few months. And I think we're definitely getting on the map here. So what are we talking about? We've got 2 projects as a company, but really the one that all of our valuation is tied to, and probably the reason you're tuning in today, is our Tonopah West project. And Tonopah West is the consolidation of half of one of the most significant silver districts in North America.

6:00 You know, this time 100 years ago, this would have been the center of the universe in terms of the mining world in America. You know, it was discovered in 1900, and within a few years, it was producing up to about 14 million silver equivalent ounces per year, you know, right up until around the Great Depression. Now what makes this district unique was that it was 100 to 1 silver to gold ratio. So this is a pure play precious metals district, and we're in the heart of the Walker Lane district here. We're literally the halfway points between Las Vegas and Reno and the highway which connects Reno to Vegas cuts right across the property. In fact, we're drilling on both sides of it. Our victor target is to, I guess, the north and our DPV resource area is to the south of it. So literally, if you drive through Tonopah heading to Reno, you'll see rigs on both sides of the roads.

6:55 And it's almost too good to be true from a jurisdictional point of view. You'll see a picture of one of the veins down there. This is a classic low to mid-sulfidation epithermal district. So these are ultra-high grade veins, nice creamy textures that you'll see. And what's interesting about these veins is these are very similar to what you find down in Mexico. These veins can get really, really thick. In fact, the thickest vein in the district was on our property known as the Victor vein. And where they stopped mining it, it was 24 meters thick. Historically produced 174 million ounces silver, 1.86 million ounces of gold. But unlike other districts, this district did not peter out naturally. It petered out because precious metals prices tanked in the mid-1920s as they approached the Great Depression. And all of the, you know, the last producing mines in the district eventually went belly up, but there was lots more goodness left there, at least according to the companies that were operating them when things turned south. So we've now come in, we're the first group to consolidate this portion of the district ourselves. We're by far the largest claim holder down there now.

8:06 And, you know, so far so good in terms of what we've been drilling. You know, when everyone goes to Nevada, they think of Nevada as, you know, for the massive Carlin style gold endowments. But Nevada, if anyone's just been traveling along the highway knows, it's the silver state. And it's the silver state for a reason. The Comstock Lode, which was discovered around the late 1850s and 1860s, really put it on the map, and that grew to become the largest discovery, silver discovery, in Nevada. But it was Tonopah that came in, and around 1900, when about two thirds of Nevada's population had left, chasing riches elsewhere, and the comstock had petered out, It was this discovery that really solidified Nevada as a statehood. It's what allowed them to keep their seats in the Senate because they lost so much of their population chasing riches elsewhere. And it led to many serious discoveries nearby and all around the Walker Lane trend, of which are right in the middle, including gold fields, which grew to become the largest city in Nevada during the early 1900s, and the Bullfrog district as well.

9:18 So because we're hitting ultra, ultra high-grade silver down here, and obviously good silver projects globally, silver primary projects globally, are very, very few and far between. I think there's only about 60 to 70 silver primary companies, and really most of those require a lot of financial engineering because they're really base metals companies just reporting in silver equivalents. But we're 100 to 1 silver to gold, which makes us very, very unique within that space. And the grades that we're hitting really, really set us up in the vanguard of the industry. We'd be considered Ivy League in terms of our grades, whereas most other silver projects would be sort of trying to beg to get into community college.

10:03 Now, where silver is produced globally is interesting because Mexico and Peru are the 2 largest producers of silver by a country mile. Now, those are 2 jurisdictions that right now seem to be doing every single thing they can to do to chase foreign investment away. You're seeing absolutely horrible policies put into mining companies down in Peru right now, lots of uncertainty about whether companies will actually end up owning their mines or being allowed to continue operating. In Mexico, you get that, plus you have all the security issues with the cartels. With us, Nevada is the number 1 place to be in the world, according to the Fraser Institute. And though Nevada is a good place to be anyways, we've got private land in Nevada.

10:50 These are patented claims we're talking about here so we don't deal with the federal government on anything. We're dealing with the state and it's private property so that's one of the reasons why we've been able to move so so quickly since we got started last year. You know, we think that when we get our ounces delivered to the market in the form of our maiden resource estimate, these ounces should be worth more than anywhere else on the planet, because There's lots of other silver companies putting out good grades, and they're showing some good size potential. But they're all in Mexico, or they're in Peru, or they're in Argentina. We're halfway between Vegas and Reno on private property, drilling on both sides of a highway. There's literally nothing like it. So as I mentioned, the grades were good. So historically, the Tonopah Silver District produced at 1.3 kilos silver and 16 grams gold. This is bonanza grade stuff. And it was actually big outcropping veins that were effectively discovered in the middle of the desert by a guy by the name of Jim Butler and his trusty mule who stumbled across the veins and thus made one of the most significant discoveries in Nevada.

12:03 Now, these veins that surfaced were what's called super gene enriched. So they were ultra, ultra high-grade stuff. And really, that led to one of the biggest claim staking rushes and, as I said, became the center of the universe down there, putting Tonopah on the map from about 1900 onwards. Now they did no drilling back in the day. So this graph you see here, this is a graph of silver production based on the silver equivalent ounces. And what you're seeing here is, as I said, they did no drilling. They just started mining these veins right at surface and then following them, right or wrong, striped, doing drifts and cross cuts. So the discovery was made on the east side of town and then everything moved westward as production and all the miners followed suit. So all that early production you saw was like a hockey stick chart up And that's all the production moving west. So west represents the blue sky, and west actually, the western half of the district represents the piece of the pie that we've now consolidated on and are picking up right where they left off. Now, what you'll see here is there's, some major, major drops in production. And the real nail in the coffin for the district was in 1923, just as the western half of the district was really, really taking shape and lots of development was being done. And in 1923, what happened was the

13:33 price of silver and gold became unpegged. Going into that, they were being bought for, I think silver was being bought for a dollar an ounce due to the Pittman Act, which was in the States. When that fell out of favor, silver prices went down to 35 cents an ounce within the span of about 3 years. It sent everything in the district belly up. So this is what the district looked like in 1912 on the lower portion of the slide deck there. Now as I said, these bagel cropping veins were found on the east side of the district. Now if you look at the satellite image, the modern day image of the map right here, you'll see the town of Tonopah there, right adjacent to our property to the east.

14:18 Now, that's there because that's where the original discoveries were made. And as I said, all that production moved westward. So if you were to look at the 1912 play map there, every single color there represents a different operating, mostly publicly traded mining company down there. And what we've done is you cut that in the, you cut that map in the 0.5, and we now control that western 0.5. You know, between the mid-1910s and early 20s, There was a lot of consolidation going on in the district. So a company by the name of the Tonopah Mining, Tonopah Extension Mining Company, started gobbling up all those smaller companies. And that claim package is represented in the purple portion there. Now, it's that purple portion on that satellite image that you see there that's been the missing link for the district.

15:07 It's the reason why this district, until we started breathing life into it, had been long forgotten, even though it's in the center of the mining universe. And that's because the Tonopah Extension Mining Company, those are all patented claims, fell into Chapter 11 in 1930 when metals prices tanked. And those claims had been held effectively in purgatory for the better part of 90 years until we were able to get our hands on them. And our first drill holes into them were the first drilling that had ever been done on it. And thus, I guess, a new discovery in an old district was born. A few other things to keep to take note of in this photo satellite image here is that yellow line that cuts across our property. That's the interstate.

15:54 So as I said, when I say we're drilling on both sides of the highway, we're literally drilling on both sides of the highway. You'll see our rigs right around there. And you'll come to see our Victor Discovery, which was the thickest being in the district. And I'll take you through that shortly. That's to the Northeast, right up to our Eastern property boundary there. And our DPB area, which is gonna form the basis for a resource estimate. That's the purple portion there on the lower side in the central part there. Some other interesting colors there, the green and the orange, those are the holdings of a company called the West End Consolidated Mining Company. At one point, a guy by the name of Howard Hughes controlled many of those claims. And in fact, for the Tonopah Extension Mining Company, a guy by the name of Charles Schwab sat on that board. So there were some very, very interesting characters coming through Tonopah in the mid and early 1900s.

16:54 And yeah, it's, well, yeah, lots more left to give here. Infrastructure, as I said, that's our drill rig there set up in between a Comfort Inn and Suites and the Subway Sandwich Shop. There also is a Burger King on the other side of that food mart, so truly something for everyone there. And you'll see that lower portion there with the American flag, That's actually set up right near a very nice cemetery, which means that we're not going to be looking at open pitting anything that we find underneath there. So Where have we gone? We started drilling this project in June of 2020. We picked it up in February. I think we closed the deal to option it in April.

17:40 So the timing of it couldn't have been better. I think when we signed the deal, it happened to be the same month that the gold-silver ratio reached its 5,000-year spread. It was something like 125 to 1. Silver was around $12. So we got a screaming deal on it at the time, and it's been truly amazing ever since. Now since we started drilling in June, we've done 110,000 meters of drilling. That means 80,000 meters just this year to date, which makes this easily the most active silver exploration project in North America by a country mile and probably one of the top 3 or 4 most active silver primary projects, exploration projects on the planet right now. Now, what you'll see is these are just showing some, I guess, the drill pads of where we're going. The blue represent targets that have yet to be drilled.

18:32 And you'll see we're projecting some of these veins go all the way to the northwestern portion of a property as they wrap up towards the north there. So what we've done with all this drilling is we've gone from first drill holes ever into this property to going to be delivering a main resource estimate on it within about a year and a half. That's a true space race in terms of drilling for delivering a resource drilling from surface or vein hosted deposit here. Now what's all this drilling gotten us? Well, we've hit 10 veins, and these are big, big veins, the smallest of which that we found right now is about 425 meters, the largest of which we're up to about 1.5 kilometers. So you lay them all to end, that's about 6 to 7 kilometers of mineralization that we've now hit. Now, what you'll see here, that yellow polygon represents what we call the DPB resource area. This area represents what was going to be the last commercially operating mine in the district when things went belly up. They did development work on it.

19:38 They were getting ready to start pulling ore out. And then the Tonopah Extension Mining Company ended up going belly up based on all the loans they'd taken out to fund the development in metals prices tanking. So we've literally just come in there. We had lots of knowledge going into it, and we used to just mine expansion-style drilling. We knew where the veins were, and we've just been hitting extensions. And We're showing that these veins are open in all directions, up dip, down dip. We're testing to the east and to the west. And we've got reason to believe that they're going to keep going quite a ways. That northeastern portion of our property is the Victor area. And that represents the thickest vein in the district. It's this victor area, which is really what caused the company to go belly up in the first place. Not because it wasn't joyful but because they were mining this down around to the 1880 level in the mid-1920s, and this was getting a lot of attention at the time, just given how thick this vein was.

20:39 When they got down to the 1880 level, the mining company was encountering significant amounts of water, not significant by today's standards by any means, but significant enough that they decided to hold off, take out a whole bunch of debt to fund more development there, which would go towards building diesel generators and heavy-duty water pumps. And it was that debt that they took out and those 2 years that it took to get those water pumps made and delivered and shipped from Europe that allowed for metals prices to tank. And effectively, it was that debt that sunk the company. Now, we've now shown on the Victor vein that, you know, our first drill hole into it, we were telling the market that we were going to hit something that we thought was going to be about 24 meters thick. Our first drill hole into it hit 29 meters in 1 zone, and it was about a kilogram per tonne silver equivalent.

21:34 In addition to that, we identified 2 new veins, both of which were 3 meters thick, one of which went up to 3.6 kilograms of silver equivalent. So that really, you know, That's what we call the $100 million drill hole for us. It added $100 million to our market cap in the span of about a week there. And we got a call from Mr. Eric Splott the next day offering us more money, which allowed us to just keep going pedal to the metal in terms of his drilling. Now, when the Tonopah Extension Mining Company was waiting to get those water pumps delivered, they drifted across. And it was that time when they drifted across, they encountered these new veins, the DPB set of veins. And they were getting ready to mine these.

22:19 They'd stamped out, well, they did a whole bunch of work there, but they never actually got around to pulling out the gold and silver. So they left the ultimate roadmap there. And what we're showing is that this thing's bigger than we ever thought it was going to be. In fact, when we acquired the Profit Project, we put out our exploration targets for each of the targets. And I think our expectations for DPB in terms of tonnage potential is already far surpassed what we said was going to be there before we started drilling. Same with Victor, in fact. So things are going well. But what you'll see now is that we've got 6 veins in this area. I told you that this is the area that we're drilling out for the basis for a resource estimate.

23:05 So to put in context, this area we're drilling out for the resource includes 6 veins, as you'll see here, and Bill's going to get into the model shortly and it's easier to sort of comprehend there. But the thing to keep in mind is we've drilled 800 by 800 meter area here. There's and this is multi-vein. So it's not just 1 vein that we've drilled out. In fact, what we did was we started drilling where we knew the veins were going to

23:31 be. And then some will remember that we did like 500m stepouts and 800m stepouts as our second pass of drilling probably in October, November of last year. And since we started announcing the resource, we've been working our way in. So this thing's going to be a big kahuna and lots of veins. But the Merton vein here is the biggest. And the Merton veins where the plurality of the ounces are going to be for us. This is a vein that's about a kilometer and a half long. It's 3 meters thick is what we've been averaging so far. And you're seeing multiple sort of

24:08 high grade zones here. And one of the most prolific zones here for us is that intersection that you'll see at the bottom there between where the Merton vein and the Bermuda vein sort of intersect with one another and really seems to be some ultra, ultra high-grade stuff there. Another thing that makes this district unique is that, you know, we've hit mineralization across, you know, top to bottom 4 football fields, you know, over 400 metres of mineralization. So this is not only huge along strike, but it's huge at depth that we're hitting some phenomenal width here. Now as I said, while we're waiting for the resource estimate to be delivered in Q1, we're gonna go back to chasing some blue sky. And that's what we're really looking forward to hitting the ground running next year. I think Bill's gonna be talking more about these targets here shortly, But we're waiting on permits. We expect to get those in hand within days, not weeks.

25:07 And that should allow us to hit the ground running with the RC rig 1st or 2nd week of January. And we're going to be doing 9,000 meters of drilling across 2 different target areas up here. And these are areas that have never been seen any drilling. They're undercover. The old timers would have missed them, but based off our understanding of what's going on there, we think we've got some good potential to add some serious, serious blue sky.

25:32 So with that, we're gonna hand it over to Bill here. We pre-recorded a segment for him, but he's gonna hop on the Q&A as well after for live stuff. So with that, I'll hand it over to Dasha. Thank you, Andrew. Let's have a look at the model here. It's quite exciting what we're seeing. Of course, as we add more drill holes, we're getting more information and able to put that together. The model is really holding up quite well, and we're seeing that continuity in

26:06 the drilling that we're doing. OK, let's make a cut here in the model and look at a section. And we'll bring that up. So what we're seeing here, now this is the surface here. The cemetery is right around in here. This would be the Denver vein system, we're starting to see a number or a swarm of veins that are pinching and coming together and splitting

26:39 so we see at least 3 sections of the Denver vein out in here. This is our mule vein This is one of the new veins that we've identified. The paymaster vein here in blue. The Bermuda, very high grade silver and gold vein here in green. And then a number of splays and subparallel veins for the Merton vein system, including what we call the 76 vein. In blue here, this darker blue, this is the Pittsburgh Monarch Fault, the McCain Fault, and the 76 fault. And then we've got our upper limit here, which is the bottom of the mizpah andesite and the top of the sandgrass andesite. So that's kind of our sweet spot right in the middle of those 2 zones.

27:33 The Oreo cookie. This is the Oreo cookie, as we talked about. We've used quite a high cutoff, as it is an underground deposit. And we see those nice grades, such as we see here in hole 6, where we've got over 1200 gram per ton silver equivalent over roughly 3.5 meters. Same thing over here in the paymaster vein, you see things like 1500 grams silver equivalent over this one's over 4.5. So very, very high grades in the vein system and in these various pieces of the veins.

28:23 One thing we're starting to see that is quite encouraging for another target type is off to the south of the main vein system. We're starting to see a number of grades in some historic holes that are near surface.

28:42 And again, this might represent something that as we work our way out on the uptip portion of the Merton vein system, this could potentially be a open pit type target here to the south. So that's quite exciting. Overall, we're getting ready. We're on track to deliver the resource here in Q1 of 2022.

29:05 So we've finished all of our drilling. In fact, our last drill hole was just finished yesterday, the last core hole, and we're on our last RC drill hole up in the Victor area for 2021. So all drilling for 2021 will be done here in the next few days. And we've got some big step outs, We've got some big step outs pending too, because we've been doing the info program, but at the same point, we've been doing some Hail Marys as well, effectively all the way to the Northwest, correct? That's right, and to the south. So we want to explore this area here that's coming close to the surface. And we're following this Merton Bain system off to the northwest here. And we've got some pretty big step outs that are planned not only on the patented ground, but going up towards our new Tonopah North project.

30:08 Let's look at Tonopah North now. So we're getting ready to do, well, we're in the process of permitting. We're getting ready to do some drilling as soon as those permits are in. Quite an exciting time. This blue area represents our Tonopah North property limit. And as I've mentioned before, what we've done is gone out and we've identified the margin of the caldera using these moat sediments as a geologic guide to where that margin might be. We know the margin to the south is here and that our Merton vein follows that margin coming around to the Northwest. We've got some deep holes planned on the Northwest portion of our patented plain here down here in green.

30:59 And then also coming up and looking at this Pittsburgh Monarch extension, and then looking at some scout holes, looking at the stratigraphic units coming across from the interior to the caldera to the outside. And then We really like this target to the north. There's a lot of east-west features we see in here. And this could represent another Tonopah district on the north side, although it would be covered. So it wouldn't have necessarily been identified

31:27 back in the time the original Tonopah district was found. So this would potentially represent a covered Tonopah District to the north. And this is our caldera margin here. So that's quite exciting. I have the permits in place here before the end of 2021.

31:46 We should be able to start drilling not only on our patented claims here on the south end, but on these new drills that we permitted starting in January. So that'll be upcoming January through March. It's about 9,000 meters that has been laid out and we're pretty excited there to start drilling. You mentioned to me personally that you're testing for an element here that you've never tested for in your career just as a maybe, maybe you can shed some light on that to everyone. Yeah, well, we have a large thickness of a unit called the Siebert tub. And one of the things we know is to the west of us.

32:33 There's a company out here that is finding lithium in that in that unit. So the upper parts of our drilling role, we'll look at analyzing for lithium, see what we might find on our property. So it's kind of a double test. One could be a new lithium discovery and then hopefully we'll find another Tonopah district underneath. So it could be a very exciting year. You heard it here first. We could be BlackRock Lithium this time next year. Everyone buckle up.

33:07 All right. I think with that, are we going to move to Q&A?

33:10 Yeah, I think that sets the stage. Bill, why don't you hop on too? Yeah. There are lots of questions here, So I'm just going to jump right in. But of course, if you do have a question, feel free to submit them now. Andrew, what is the plan beyond the resource estimate? Does the company have an idea of how to move forward beyond there? Yeah, no, that's actually a very good question. You know, everything we're once we get the resource out there, I mean, 1, you know, there's going to be a lot of blue sky that's not included in that, but people can already bake into the cake. I mean, our victor target, we're not expecting that to be in there. You know, as I said, we've already got some step outs that are well, that have already hit, that are well beyond the resource drilling already, and we've got some even bigger step outs that are either at the lab or that have yet to be drilled.

34:00 So you know, we're going to have a real path forward to de-risk the project. I think the resource we're looking at is a means to show the market that the juice is going to be worth the squeeze for us to look at going underground, Because that's what's going to make us really be able to pour the gas on the fire in terms of drilling it out. Drilling out a vein deposit from surface is very tough, especially if there's some areas that have stuff at surface which you have to work around and such. So we want to show the market that it's justifiable to go underground. And from there, we probably look to plan an exploration decline that would allow us to drill out DPB further, give us access to the Victor side as well so we can immediately add those ounces to a follow-up resource.

34:52 And from there, I mean, you know, things move very quickly from that to a bulk sample. I mean, you know, once you get the resource to, you know, to do the exploration decline, you know, that's going to require a lot of planning. A lot of that planning might even be things that will get us closer towards getting a PEA. Everything we're doing right now is focused on not only showing size and grade, but it's not just the size of the resources, what you can actually recover. So, looking forward, we've got metallurgy that we're expecting to have out shortly. We're gonna be looking at other ways to de-risk the project, maybe through economic studies, because we think that, you know, with the grade we're showing and the size potential we're showing, this should be a very, very high margin, low cost set of deposits that we can drill out.

35:46 And that would put us in the vanguard of the industry there. So lots of things we can do beyond that, but certainly to start the year, we're hoping to make a brand new blind discovery. Great, thank you. And what kind of a news flow can we expect between now and the resource estimate? Yeah, well, the answer to that is lots. I think since our last set of results, we had something like 20, at the time, we had 25 drill holes pending. I think Since we've done that, we've probably completed another 20 to 25 drill holes. As you said, the resource drilling is done. So we're just at various stages of processing those drill holes and getting the labs to process those drill holes. So lots of drill-related news and coming up some metallurgy which will be baked into all the resource estimate stuff and beyond that, you know, we'll be hitting the ground running with 9,000 meters of drilling laid out for January, February.

36:48 Bill, did I miss anything?

36:53 We have polls that we're waiting results on. So just as you say, those will start to dribble in and we'll continue to put the results out as we go. All right, thank you. Louis is asking, is there any interest for majors? Can you touch on that subject?

37:15 Yeah, well, I mean, 1st Majestics come into our last 2 private placements, so has Keith personally. And beyond that, I mean, all you have to do is look at what's going on amongst the silver primary producers in South America right now. I mean, they're getting calls from their shareholders every day saying, how are you going to offset your jurisdictional risk? You know, what we have being private land in Nevada, from a jurisdictional point of view, there's really nothing else out there like it. So it would be very weird if there wasn't, but obviously everything's under the cloak of CAs and all of that, but you're seeing lots of Spanish speaking groups of geologists through Nevada these days looking at projects.

38:02 And when it comes to silver in Nevada there's nothing more exciting than what we're

38:09 proving up right now. Thank you. Randy's asking is there any chance of merging with Summa Silver?

38:19 You know, Summa Silver's got the eastern half of the district, we've got the west. You know, what's interesting is, you know, there's a saying, there's nothing like an idea whose time has come. You know, we both sides of the district have effectively been sitting in purgatory really since things shut down 100 years ago And we happen to both sort of get our respective consolidated portions of the district You know within a month of each other and we started drilling the exact same week of June of last year. I guess the difference between the 2 companies is since we started drilling, we've done 120,110,000 meters of drilling and are gonna have a resource to show for very shortly. And I think they've done about 25,000 meters over the same period. So, I think our targets are much higher resolution for us at this point.

39:09 Obviously, they've been hitting some really, really phenomenal grades. In fact, They've got a target which they call the Murray vein, their Murray target, which is the extension of our Victor vein. So they've got another, we've got 500 metres or so of that, of strike that we've proved up. It goes all the way to our property line. And I think they've got about 3 to 400 meters on their side with some phenomenal grades. You know should we look to develop this or whoever looks to develop this would probably want to see at least that Murray portion brought together because we're going to go underground we may as well keep going. But yeah, I mean, anything can happen. It'll be nice to see what they keep hitting and, you know, when the time comes and, you know, a consolidation could make sense. There's also, you know, around us, there's a handful of projects that are either construction ready or at the feasibility stage with ounces in the ground, which you could look to do a big consolidation of that area. I mean, even to the south of us is a company called Westfault mining.

40:16 They're directly adjacent to us, and they've got federal permits in hand to start mining. It's a different system. It's a low-grade bulk tonnage sort of string of pearls deposit. But if there was a consolidation there, all of a sudden the district would look like Palmarejo, which is what core mining has down in Mexico. And that's, you know, ultra high grade underground set of mines and then, you know, these low grade things, a small weather system. Who knows? But yeah, there's certainly huge roll off potential. This could be This could turn into a tier 1 mining camp very easily for whoever wants to do it. So whether it's us or whether someone gets us and then starts gobbling up the pieces there, I mean you can do a real pain by numbers approach to adding value and getting some serious answers.

41:03 All right, Jeff is asking what is your game plan after you have your initial resource estimate? Bill, what are you seeing as a path forward here in terms of? Well, yeah, I think as you mentioned, the idea here is to get the resource out, and we can see, you know, what the kind of the center of mass is for that resource, and it doesn't make sense to try to attack it from underground by putting a decline in, maybe doing some bulk sampling and things of that nature. So that would obviously be the next milestone would be to get a decline in and drill it from underground so we can get that tighter spacing and get a more well-defined resource. Thank you. Penn is asking, which month can we expect the resource estimate?

41:57 Q1. Yeah, the drilling's done, it's just a matter of how quickly the results, how quickly the labs are able to process it. MDA has already, you know, gotten started on, you know, some of the aspects and, you know, there's a critical mass of drill data out there already, but there's plenty for them to get going. So it's not like they're waiting for everything to come in to get started. So everything's well on track. Thank you. Matt's asking, is Tonopah North private land? No, those are BLM claims that we stake. So they're sort of 2 separate projects. And we'll treat them like that because, you know, once you start treating them as 1, you know, we sort of lose the benefits that we have of that being on patented ground for the bulk of our resource area.

42:47 Okay, thank you. Robert's asking, with the last holes being finished for 2021, how many holes are awaiting results? Yeah, I think that's about 40 to 45 that are in various stages of processing. We should be in a position to do another release shortly, I'm thinking, so we'll have a critical mass of results for that, and then probably another set of, a final set of results sometime in January or maybe early February for the last of that and from there. All right. Matt's asking, is the follow on placement enough for 2022 drilling program or will we need to raise more post-maiden resource?

43:33 Oh yeah, well we're hoping, I mean, what we're trying to do with this money and this round of drilling in January and February is trying to find some strings to pull up. Once we pull on those strings, man, I'm hoping we're going to take that all the way out and do a huge, huge program. So yeah, we'll definitely need more money, but we're certainly not looking to do anything until we get that re-rate post-resource and have a better idea of just what strings there are to pull it. I mean, the more veins we hit, the more drilling that requires. But it's hard to tell right now. Certainly in a good position to get through the next 3, 4 or 5 months. Great, Thank you. Don's wondering if you see a big upside in the share price, even if silver doesn't go up.

44:22 I think our value proposition becomes more apparent in a low silver price environment because we're a high grade story. As I said, I mean, you know, our grades are Ivy League, whereas most of the silver grades are, you know, it's, it's, it's, so, you know, in a low-price environment, all the optionality stories lose their luster very, very quickly. It's companies like us hitting high-grade silver and gold whose value proposition is something that everyone will be jumping on in a low price environment. And it also means the margins get that much bigger in a high price environment. So it's the best of both worlds. Thank you. Louis is asking how different will the company look 6 to 12 months down the road? You know, I'd be surprised if we're if we're still a company, or if someone hadn't made a bid on us, I'd be mildly shocked.

45:16 But if we, you know, if the, I think we'll have a huge target on our back once we get this resource out there. All the things we're doing to de-risk us to that point are things that majors and mid-tiers would want to see. You know, Great Bear just got taken out without a resource, but they really made their big moves once they started proving that up. And that's where we are now. You know, it's only recently that they came out with their metallurgy, which you need to do for your resource. It's only recently that they started doing the drill density and just showing that there's continuity. We're showing that now too. Now, we're not doing the, we're not using the Great Bear playbook in terms of how we're looking to develop the project. We're using the Silvercrest playbook. They, very similar story, they consolidated a historic silver district in Mexico.

46:05 They started drilling it out. Within about 2 years, they put out a maiden resource. Maybe a year later, they updated that resource, then a PEA. Then Now they're going to be producing. We think our maiden resource will compare very, very well to what they started out with. It's a pay-by-numbers approach from there. What's the upside? Well, the upside is their $1.5 billion market cap right now, and we're around 150. I'm happy following their approach, de-risking it. If it's if someone doesn't take us out, we'll just keep moving it forward the way it makes sense. And there's plenty of things we can do to do that. Great. Thank you. One last question here. Are you guys doing anything up at Silver Cloud?

46:54 Yeah, that's a good question. You know, we've been on such a sprint the last year, 110,000 meters, 180,000 meters of drilling. We've been solely focused on getting this resource out. Now that we can finally come up for air, yeah, we are looking at different ways that we can, I guess, advance the ball there? And I'm thinking that we'll have something new to talk about on that front very, very soon, which I think people might like quite a bit. So stay tuned on that, but I can't say anything beyond that without a news release. Great. We actually just got one more question, so we'll squeeze that one in. Peter's asking, looking at the drill data, what is the likelihood of the plumbing of the resource to extend to depths below current drill depths?

47:42 Mr. Bell? Well, we already know, based on our drilling at Victor, that it goes quite deep and continues to go. So that's one of the reasons we need an underground platform is to test those deeper reaches of the system. But all indications are it's based on the north end, it's still open at depth. All right. Well, thank you so much, Bill and Andrew, for taking us through the presentation, the video and live Q&A. And thank you, everyone, for attending and asking great questions. If you do think of another question, don't hesitate to reach out to BlackRockSilver directly and I'm sure they'll be happy to follow up with you. And you can also find more information on their website, blackrocksilver.com, but pass it back to you, Andrew, if you have anything you'd like to close out with. No, I just want to thank all of you for attending.

48:35 There was stiff competition for your time today because I believe Mr. Jerome Powell was also speaking at the same point. So anyhow, really appreciate the interest in the story. Never been a more exciting time to come along for the ride. I think tax law season's coming to an end, and we've got nothing but catalysts coming up here for the future. And as I said early on, in a horrible market, which it's been really since we started drilling, we've been less horrible than the rest of the market. So if we can outperform in bad times, then I think we're going to be making some big, big moves once people start giving a damn again. And I think where we are right now, we're in a sector that's probably the most hated sector in the world right now. But so is oil and gas in Q2 or Q3 of last year. And guess what? We're 20, yeah, now it's, you know, riding high. And I think that's what's going to happen with gold and silver. That should be our day to come pretty soon here. So with that, thank you very much.

49:31 And we'll end it here. Great. Thank you, everyone. Have a good rest of your day.