The Silver Queen’s Maiden

0:08 Well, hello, everyone, and welcome to a BlockRock SilverCorps Live Investment Summit today, hosted by 6. I'm pleased to introduce President, CEO and Director Andrew Pollard. Andrew is going to take us through a company presentation, and then we have a pre-recorded video from Executive Chairman Bill Howell. And then after that, we will open the floor up to a live Q&A. So remember, you can submit your questions at any time on the Q&A panel on the right-hand side of the screen, and we will get to them after the presentation.

0:38 Also, a copy of this presentation is available for download under the handouts tab on the right-hand side of the screen. And as always, This event is being recorded and will be available to watch afterwards on six.com. So without any further ado, I'll hand it over you to you Andrew Thanks very much. Dasha My goodness. It's good to be here with all of you It's been a long time since we've done a long form presentation like this and it's been quite the summer to say the least, both from a market perspective but also from what we've been I guess putting forward in terms of advancing our flagship project via the drill bit. So for those of you that are familiar with us, you know, I will start by saying, obviously we trade on the venture under the symbol BRC, but also you can trade us on the US OTCQX under the symbol BKRRF.

1:31 And It's nice to see that liquidity is on both exchanges these days. And it's nice to see some green on the screens again after what's been a wild few days in the market for everyone. So I'm definitely going to ask you to step into the future with me a bit and obviously I'm going to be making some forward-looking statements. I'm not going to ask you to go too far though because everything that we're looking at right now, everything we're doing right now is working towards 1 goal. And that one goal is the single biggest catalyst that we've had since we hit on our very first drill hole last summer. And that catalysis is our maiden resource estimate. We've gone from first drill holes in our project, we started drilling it last June, to planning to deliver a maiden resource within the span of about 1.5 years, which is unheard of when drilling out a vein system. And that's because what we've got right now is a monster by the tail.

2:24 And we're in the fun part now. What you'll see right now, obviously, this is an investment. So I'm going to start with the financial slide first. Ultimately, you know, the goal with anything is to buy low and sell high. I don't think we've ever had a better setup in terms of just the wind being at our back than we do right now. You'll see that black arrow on the screen there. That represents, I guess, our year-to-date high, which was at the beginning of June, right before the Fed started messing with everything and talking about their taper top. Since then, we've come down quite a bit. Last I checked right before we came on here, We were trading at 83 cents Canadian, which really, well, you know, if I'm buying shares today I'd see it as a hell of an opportunity.

3:10 But as you know, this holding here represents pretty much what I expect to be the setup of a lifetime for myself. I see a huge, huge disparity between the value we've been putting into the ground, the value we've been hitting via the drills, and the value that's being reflected in the marketplace right now. So call this Christmas, September, if you don't have a position just yet because right now what we've got is we've never had more catalysts lined up in the shortest period of time than ever before. Last year at this point of time we were a major tax loss candidate. We went from $0.07 to $1.60 in the span of about 4 months. So we had profit taking and we had tax loss considerations pretty much right at the exact same time the market started going out on the industry, which as you can see was right around August or September of this point last year.

4:04 Now obviously the market's going to do what it wants to do, but those 2 countervailing forces we had last year, the profit taking on one side and the tax loss on the other, that was absolutely killer. But guess what happened? You see in December there when tax loss season ended, it was a hockey stick chart up. Now we do not have any of those headwinds anymore. I think anyone that wanted out last year for tax loss considerations did it. And I think the profit takers, Well, we've been trading effectively range bound for the better part of a year now. Since I guess August of last year, we've raised $30 million Canadian between the prices of say 72 cents and 75 cents. You know, I think everyone that's been positioned and now sees the big picture.

4:51 And I think with all the catalysts, which include 32 drill holes that we have at the lab pending and the mother of all catalysts, which we see as being the biggest re-rate potential we've had being the made in resource assessment. Those are all gonna be due and out very, very soon. And that's what we're working towards. Now, the other big thing that's happened since we sold off in June, just with everyone else too, is we've started getting analysts hopping on board. As we're turning the corner and finishing off our resource definition program, we're de-risking the project in a sense that analysts are now comfortable putting price targets on us. Just yesterday, Red cloud securities initiated a buy rating on us. About 2 or 3 weeks ago, research capital, which is the research arm of Mackey Financial, they initiated coverage and a buy rating on us. People are starting to jump on the bandwagon and I wouldn't be surprised to see more analyst coverage moving towards our Maiden Resource Estimate over the next few weeks and months.

5:51 So we're in a really, really good spot. Also, since that sell-off, we've closed the financing from 1st Majestic Silver, which if you're going to be in the Silver business, which we are, that's one hell of a validation, especially given the fact that we only started drilling this thing barely a year ago. So what are we talking about here? Well, we're talking about the Queen of the Silver Caps, and we're going to deliver the Queen her maiden in very, very short order here. Now, what is the Queen of the Silver Camps? This happens to be one of the most significant precious metals districts in American history that you've probably never heard of until we started drilling it. This district 100 years ago would have been the center of the universe for mining in America.

6:36 It represented the last of the gold rush before World War I, and it set off a prospecting revolution that really helped the Walker Lane district, of which is still in prominence today, really, really emerge, leading to many, many significant discoveries nearby, including Goldfields, Bullfrog, and a number of other different areas within close proximity. None of those would have been discovered had it not been for the Tonopah discovery. Now, what makes Tonopah unique is that historically it produced at 100 to 1 Silver to Gold ratio. Now, whether you like Gold or Silver, I mean, you look at the economics of what we're drilling right now, you're probably going to be getting about 50-50 weighting. Now, at 100 to 1 silver to gold ratio, that means we're not doing any financial engineering with our equivalents. We're not mining lead or zinc or copper. We're not putting in 4 or 5 different inputs. We're either going to be delivering you silver or we will be delivering you gold ounces, but it's the best of both worlds. And this district was known for its grade.

7:40 Historically, the district averaged over 1.3 kilos silver and 16 grams gold. This was bonanza grade stuff and back then in about 30 good years of commercial production this district itself produced in the order of about 174 million ounces of silver and just under 2 million ounces of gold. This was the real deal back then. In the span of a few years, it went from discovery to producing about 14Moz equivalent silver per year. And then it completely fell off the map. And I'm going to tell you why. It's that reason, it's that whole story of it falling off the map that presents the investment opportunity that sits before you today. And, you know, as I laid out before in showing you the stock chart, I don't think it's too late given the amount of catalysts we've got lined up. I think we're about to turn the corner and we're gonna be showing some real, real value coming up in the very, very short term here.

8:39 You know, when everyone thinks of Nevada these days, they think of it for its massive gold endowments. They think of it for the Carlin trend, these big open pit deposits, but not many people know the history of Nevada. And to this day, it's still known as the Silver State. It's known as the Silver State for a reason. It's because of the Comstock load discovery in the early 1860s. And it's really also because of the Tonopah Silver District discovery which allowed it to really, it caused a revitalization of the state after two thirds of its population had left following the Comstock petering out in the 1880s and 90s. It was the discovery of Tonopah which really revitalized it because they were in the process of losing their seats in the Senate because they just didn't have enough people there to justify it. So the Comstock actually funded the American Civil War and the Tonopah discovery brought this massive prospecting revolution back to Nevada, which really, really put it onto the map and gold fields right by us actually grew to become the largest city in Nevada up until the early 1940s, I believe, and that was purely because of the Tonopah discovery. Now, what you'll see on this map here is that in the Silver State, Tonopah is the second largest Silver district in Nevada, only behind the Comstock load. As I said, Tonopah historically produced about 174Moz of Silver.

10:05 Comstock produced about 300Moz. The difference between the 2 is that Comstock was actually mined out. Everyone and anyone was there prospecting. They were there trying to make a buck and they mined that out efficiently. Tonopah, on the other hand, Tonopah was a victim of history. Now, I don't know if any of you guys are history buffs, but the early 1900s wasn't a great time to be around. You had World War I, you had the Great Depression, and you had a number of other policies which made the price of gold and silver tank. It was that reason, the price of gold and silver tanking in the mid-1920s, that led everything in the district in Tonopah to go belly up. Why hasn't anyone been back since and why are we the only ones making news when we started drilling it last year? That's because the claims that we own were privately owned. They were patented claims, meaning they've been held, literally sitting in purgatory for the better part of a century until we were able to get our hands on them.

11:08 But let's focus on the Silver world first because at the end of the day, it's not about Gold or Silver, it's actually about making money. Now I'm going to tell you why I think that the ounces in the ground that we're going to be proving up with our maiden resource here are going to should be worth more than anywhere else on the planet within the silver space. And it's not going to be me saying this. This is going to be the Fraser Institute saying this. I'm not sure if any of you saw the Fraser Institute rankings that they put out in terms of investor attractiveness. Now, the Fraser Institute, for many of you who don't know, is a think tank that does lots of things. But every year they come out with a list of their top investment jurisdictions globally. Nevada was number 1 within the mining business.

11:55 Now when you cross-reference that with the top silver jurisdictions globally, you're going to see some things start to stand out. You know, number 1 is hard to beat, but when you look at the top, say, 10 silver producers globally, you've got Mexico, Peru, those are the top 2 silver producers by country mile. Mexico didn't even make the first column on the list there. Mexico ranked number 42 last year on their rankings. Peru was number 34, but Chile, Bolivia, Argentina, my goodness, you go lower and lower and lower and lower. What that means is that all of the primary silver producers, all of the companies that are focused on delivering ounces in the ground and making money on those ounces are going to be having a tough, tough time being down in Latin America.

12:46 There's lots of companies right now in the silver space that are putting out great drill results. Unfortunately, they're not going to command the same sort of M&I premium that BlackRock will. It's hard to beat, number 1. But the other thing to keep in mind is Nevada is a good place to be anyways, but these are patented claims that we own. This is private land, meaning we're not dealing with the federal government. We're dealing with the state and we're dealing with the only limitations we have is the limitations of our imagination. This has got to be one of the most coveted projects on the planet right now within the silver space. As I said, we're not mining zinc, we're not mining lead, we're not mining copper. This is a pure play precious metals district, ultra high grade in the best jurisdiction on the world. And guess what? It's on private land too.

13:37 We are in a league of our own in terms of projects being drilled globally right now. And the catalysts we've got lined up are enough to hopefully make you as excited as I am about what we've got coming. So the district itself, it was discovered in 1900. As I said, the comstock petered out and really Nevada at that time was really just ranchers. Most prospectors had gone over to California and to other nearby gold rushes, but Nevada itself is on its last legs. It was Jim Butler and his burrow that effectively discovered some outcropping veins in the middle of what would have been nowhere at that time. And it was that discovery that really led to one of the most consequential discoveries in American mining history.

14:27 Within a very, very short period of time, This prospecting rush went off and it led to

14:35 really the revitalization of San Francisco after the big earthquake there that happened in the early 1900s. And it also formed the basis for the Philadelphia Stock Exchange. You saw some very, very interesting historical figures come true, come through town at that point. Mark Twain was known to have been there. Wyatt Earp actually ran a saloon on the property. Charles Schwab was the largest shareholder of really the claims package now that we actually consolidated. And Howard Hughes came through town in the 1960s and tried to consolidate the district just like we've done now, but he ended up I guess leaving before doing much of anything from a project basis.

15:21 It was this history of the project that has created this opportunity for us now. And I'll tell you what that looks like. In 1912, you'll see what the district looked like on the map there, in the bottom left of your screen. Now, what's key to keep in mind is that this discovery was made from large outcropping veins on surface, and this is an east-west trending district. So, imagine lots of veins in a corridor going east west. The veins outcropping at surface were on the east side of town. That's the original discoveries were that's where all of the original production was early on. And it was effectively over time over about 3 decades that that production move westward. So the west side of the district represented the blue sky. The west side of the district represented where all of the historic production, or the last commercial production was taking place when precious metals prices tanked in the 1920s leading up to the Great Depression.

16:23 And it's the western half of the district that Blackrock has been able to consolidate and pick up. We've now brought together the largest claim holding package in the district, and we're the first group to go in and drill this property, really the purple portion there, which has been the missing link for everyone for this district in nearly 100 years. Our first drill hole into this property last year represented the single best drill hole in all of Nevada in 2020. Our first drill hole hit 30m of a kilogram per tonne silver equivalent in addition to 2 other 3m zones. Now why has this been sitting in purgatory?

17:01 Well it's because in 1930, this company's holdings, and it was called the Tonopah Extension Mining Company, they grew to become the third largest producer in the district. And they did that by gobbling up all those other claims packages you see in the olden time map there. They got so big, they took out so much debt because times were, you know, business was good in the early twenties, but when metals prices tanked, it sent that debt sent them into receivership and they went into chapter 11. A man by the name of Keely picked up the claims out of chapter 11 in 1930. His family held them until last year when we picked them up. And as I said, that first drill hole in nearly 100 years into this project, turned out to be a doozy. It's this purple portion here that all of the mineralization that we're working towards drilling out right now rests.

17:55 And it's this purple portion here that really represents us picking up right where the historic miners left off. Now, you'll see a yellow line crossing, traversing our property. That yellow line there is the highway that connects Las Vegas to Reno. This project is literally the halfway point between Vegas and Reno, And you'll see on that map, directly adjacent to our property is actually the town of Tonopah. The town consists of banks, it consists of hotels, it consists of casinos and fast food. It's literally got everything you'd want in a jurisdiction. But our parcel is right next door to that so you'll see really nothing on our parcel, meaning it's private land, there's no real encumbrances on surface and we've just been going at it full, you know, the pedal to the metal.

18:49 Since we started drilling it last year, we've become the most active Silver exploration project in all of North America and probably top 3 or 4 in the world right now. We've drilled about 85,000m in the span of just over a year and we've gone from first drill holes into the project to aiming to put out our maiden resource estimate by either the end of this year or very early Q1. In fact, we're actually just finishing off our resource definition drilling now. So really the only thing we're waiting on is assays and the consultants. And the consultants have already been engaged and they're getting started. As I was telling you about the infrastructure, I mean, not only do we have a highway right next to us, but we've got a town right next door. It's too good to be true. The drillers love it. It's easy to find people, electricity, of course, across our property, water's not an issue. And as I said, private land, so we've been able to go full tilt. You'll see in that middle picture on your screen, that's our drill set up between a comfort inn and a subway sandwich shop. I was down there last week at the project with a bunch of analysts, And at that time we were drilling next to Burger King.

20:04 It's honestly too good to be true from a setup and infrastructure matters. Infrastructure means you're not having to helicopter stuff in. You're having, it's easy to get people to work there. And by goodness, Nevada is a hell of a jurisdiction to be in the first place let alone the private land. So you know what have we hit exactly with all this drilling? Well in about a year we've now delineated 10 different veins ranging the smallest of which being 425 meters in strength, the largest of which is over 1.5 kilometers. Now, all of the veins are open, except the ones that go right up to our property line to the east. So, you know, just how big these veins that we've hit are going to get is anyone's guess. But what you'll see within this yellow polygon here, this is the area we're really focusing in on for the Maiden Resource Estimate.

20:58 You'll see the yellow arrow there. That denotes what we call the DPB area. It was this area that represented the last

21:06 historic producing mine in the district. It was a series of 4 veins they mined historically. We've now hit 6 veins in this area. Now That blue line you see there, that's what we call the Victor area. I'll tell you about Victor in a second. We've got 2 active areas. If you lay all of the mineralized strike end to end, we've drilled out between 6km and 7km of mineralized strike and we've had absolutely phenomenal eye iWater grades. We've had up to 26 grams gold, multiple intercepts over 2 kilos pure silver. So this is Bonanza grade stuff in the best jurisdiction in the world on private land with a huge upside potential in terms of continuing to add along strike in depth.

21:53 Now here's a cross section of our DPB zone. And this is really what the maiden resources were focusing in on, as I said. Now, in this area alone, you know, we're averaging, I believe it was research capital that tallied up all of the intercepts, and we're averaging 558

22:11 gram per tonne intercepts across all of these veins. Now, we've got some ultra, ultra high-grade veins here, and the biggest vein of which is the Merton vein which you'll see here and Right where it forks into the Bermuda vein. I mean, we've got zones in this area up to 12 meters thick And this is where the highest grades have been found to date But we've also got all these other veins here, which historically were mined together, adding to tonnage and adding to, I guess, the resource here. So things are looking good. You know, as I said, we've hit 10 veins, the biggest vein of which is Merton and Merton is within the DPB zone. And Merton is the one that's going to be the big kahuna for us. It's already 1.5km in strike. We're averaging about 3m thickness on this so far.

23:00 What you'll see on this slide here is top to bottom, it goes beyond 400m. 4 football fields of high-grade mineralization, top to bottom, 3m thick. You can say we're averaging on this one somewhere between 600g and 700g per tonne silver equivalent. This one vein alone could have about 3 to 3.5Mt when all is said and done with it. The best part is we've got 9 other veins. In terms of size potential, this project has tier 1 potential written all over it and we're just trying to put our best foot forward with the resource.

23:41 This is the Victor vein and the Victor target was that blue area I showed you. This target isn't even going to be in the resource, but this was home to what myself and our chairman joke is the $100M drill hole, because it was that first drill hole we put into our target last year at Victor, which added $100M to our market cap in the span of 2 days. This Victor target is really the reason why the Tonopah Extension Mining Company actually went belly up. It's the reason why effectively the company hasn't been touched in nearly 100 years, and it's created the opportunity of a lifetime for all of us. Now, the reason it went belly up in the mid 1920s was this was the thickest vein in the district.

24:28 They mined it down to the 1880 foot level, and it was just getting to the good part. Where they stopped mining, it was 24 meters thick. And the reason they stopped mining it and the reason the headaches were caused was because they hit a lot of water, at least by olden time standards. What they did at Victor at that day was they realized that this vein is 24m thick, it was averaging right around a kilogram per ton. They figured they're going to take out a lot of debt and they're going to send away for some heavy-duty water pumps and diesel generators.

25:02 It took about 3 or 4 years for those heavy-duty water pumps and diesel generators to be built and shipped over from Europe. It was over that time period that silver prices became unpegged. It was trading at around $1 an ounce in 1923, all the way down to 35 cents an ounce by the mid 1920s, early 1930s. It was the debt they took out for this that sunk the company. Now, While they were waiting for those water pumps and diesel generators to be installed, this company drifted westward and that's where they hit all of the veins in the DPB zone. And they actually got, they did a substantial amount of development in the DPB zone back then.

25:49 They mined it effectively and were readying to mine right at that 1650ft level, but they actually never got around to pulling out ore before the company went belly up. Well, no one's been back in there since they did the development work at DPB and since they hit that water at Victor until we started drilling it. Now, our first drill hole into Victor, as I said, we told the market leading into that it was going to be something like 24 metres thick. That's what all the reports said, what it was when they stopped drilling it. Our first drill hole hit 29m of a kilo. Since then, all of the drilling we've been done is just proof of concept. The concept was they did not stop mining because they ran out of ore, they stopped mining due to the metals prices tanking. And what we're showing now is, as I said, we've drilled out about 6 to 7 kilometers of mineralized strike beyond what the old-timers were mining. And this is a heavy-duty district. I mean, so who knows how much bigger this can be. But I think that

26:53 when all said and done, the history books on Tonopah will show that it will become the largest silver district in Nevada. We think that what the historic miners pulled out is nothing compared to what they left behind for us. And speaking of blue sky potential, we actually just put out a news release this morning, talking about some new targets we've delineated directly adjacent to our property. We staked about 20 kilometers square back in July and since then we've been advancing some really really compelling targets. This whole district itself, the mineralization seems to follow along a margin of a caldera. For those that don't know, a caldera is a blow-off top from a historic volcano. So all of the mineralization you'll see in the DPB system, there lies along that east-west trending corridor right along that margin of the caldera.

27:48 Now, what we're showing based on mapping, based on some sampling and based on magnetics is that this caldera actually wraps around and we've got what could be a 2nd Tonopah-sized Silver District directly to the north of us,

28:04 with an east-west trending district up there that has never ever been drill tested. Now, the reason Tonopah was picked over in the day was because these veins were outcropping its surface. The nice part about that district to the north there, which you'll see we call the East-West pediment targets, is it's exactly the same structural setting. We're seeing the same magnetic readings, but it's undercover. It's under gravel, meaning there are no outcropping veins. There are no visible ledges. The historic miners probably walked over it 1000 times and didn't know what was lurking beneath. They didn't have the benefit of geophysics. We do. So no one has ever, no one has ever drilled tested this area. And we're going to be excited to hit that up with the RC drilling towards the end of this year. Now another compelling target there, and Bill's going to go into it as well, is what we call the Pittsburgh-Marmark Fault Extension Target.

28:57 And that is probably the most prolific and important structure in the Tonopah Silver District. It's a large fault system, and it's this fault system where all of the thickest veins known to be in the district line up. It's right where our victor vein abuts directly,

29:18 that fault, and it's where that vein's 24 to 30 meters thick. Now, once again, we've traced this fault all the way up and what we're trying to do is we're going to hit it on the other side of the margin there of the caldera. That's also never before been drill tested. If it's correct and if there's going to be vein systems there, we expect that's where the thickest veins could possibly be and we might have another similar sort of Victor or Ohio vein, which the Ohio vein was also up against that fault and it was 14 to 15 meters thick was the second thickest vein in the district. We're going to be drill testing both of these sometime either this fall or early in Q1, but the upside here is massive. Not only are we backstopping our valuation right now by getting ounces in the ground at our DPB vein system, we'll have built in upside upon delivery of that resource because the Victor vein, we've drilled over 500 meters of strike there and that's not gonna be in the resource, so immediate upside. And then these blue sky targets, which we're hoping to make some new discoveries on. And really, the world's our oyster at this point. But it's one thing to see, you know, slides, it's another thing to see the model in 3D. So I'm going to hand it over to Bill here and he's going to take you through the model and also provide some more insight on our new claims.

30:39 Okay, thank you, Andrew.

30:41 Let's have a look at the model. It's really coming together very well. The drilling that we're doing over in DPB, which is this area here is showing good continuity and we're able to figure out which veins were intersecting and basically predict them. So that's always a good start. Just to get you oriented, this is the town of Tonopah over on your right side here. This is the highway between Las Vegas and Reno. Reno would be this direction, Las Vegas would be this direction. This is the cemetery here. So that's one place we're drilling around. Obviously we're not interested in the first 6 feet of that area.

31:27 And this is our DPV area. This is where the resources is going to be. Let's cut a section here. We're going to look to our west. So here we are, north is on this side to the right and south is on the left side. The colors represent the different features. The blue here are faults. This is our Pittsburgh Monarch fault system here and the McCain fault. You can see the veins are coming up against the McCain fault and we have yet to really figure out what's going on so there's some opportunity here between the McCain and the Pittsburgh Monarch fault.

32:28 The red and kind of magenta colors those are our veins this is the Denver vein this is the Newell vein in pink, and then here we have the Paymaster, the Bermuda, the sorry the Bermuda here is this vertical one, and the Merton, and then a new vein that we're working on called the 76 vein. What I've done here is I've put these magenta colors on the drill holes. Those are composites that are greater than 200 gram per ton silver equivalent and just to highlight some of those. So this is a 1200 grams per ton silver equivalent. Remember our silver equivalent is gold and silver nothing else so we use 100 to 1 ratio and that's over 3.6 meters so there's 1200 grams silver equivalent over 3.6 meters You can look at this one on the new vein This is 1500 grams per tonne silver equivalent and that's over 4.5 meters look at this one down here. This is an interesting intersection.

33:49 This is 300 gram per ton over 12.2 meters. So as you can see we've got some good thickness in the veins. Over here at Denver this is 550 grams per ton silver equivalent over 4.6 meters and another one here on the Denver this is almost 450 at 3.3 meters So you can see we have good thicknesses in the veins. We're using a 200 gram per ton silver equivalent cutoff. The veins were able to basically predict where they're at. We're still waiting on a whole lot of drill holes to come back from the lab. We're behind about 30 or 32 drill holes.

34:35 And so some of this is going to fill in when those come back. But we're really excited by what we're seeing here on the Merton, very good high grade, or sorry, on the Bermuda, very good high grades on the structure here and the Merton we're starting to see some interesting zones, both thickness and grade at this intersection so very exciting time. As we move to the west, you can see the grades here again, staying in the Bermuda vein. There's that 1,200 again. There's something again.

35:26 There's 2000 over 4 meters. So again, As I said, this Bermuda vein is very high grade and its intersection is looking very good. We're starting to put the kind of the regional picture together and you may have heard, we just recently staked some new claims. So we're gonna have a look at those next. Okay I'm just going to, hopefully that's coming through. Let's just have a look. So what I've done here is I've got these 2 maps at the same scale. This is the Tonopah area. This is Crater Lake in Oregon. These 2 maps are at the same scale.

36:11 I just want to show you this. What we're looking at is basically a caldera. And our vein system's on the margin of this northern caldera, we'll call it the Tonopah caldera, and it's about the same size as Crater Lake, and if you've ever been to Crater Lake you can get a sense of what this is. But what we've been doing basically is mapping around the margin, trying to understand the edge of the caldera and looking at our vein system that we know about. So here's our veins down here in Tonopah. And what we've been able to see is that this Merton vein is really following that edge of the caldera.

36:56 And we believe it's going to wrap around into this area here. The other thing we have going on are a series of these northwest faults. So we talked about the Pittsburgh Monarch Fault and the McCain Fault. Those are these blue lines here. They're basically coming up following, almost following along the county boundary here between Nye County and Esmeralda County. And what we wanna do is see where those faults cut through the caldera again. We think that will be a good place to maybe find some more gold and silver. So we've got those faults coming this way, the caldera margin, and we're quite excited by this Pittsburgh-Monarch extension target. There's a little, there's quite a bit more work to do. We've just finished some gravity and some magnetics, and we're quite excited by what we're starting to see there.

37:55 Up here to the north, we really like this area here, we see a lot of east-west structure coming through. And you see this big offset in the geology here and that's the Mizzpah-Andesite here and this big east-west structure through here you know we like that we like east-west We see that down here on the south end. And what this basically represents is the ability or the opportunity to maybe find another Tonopah district and recover. These are all cover rocks. So there's nothing outcropping. So the old timers, when they went through here, they wouldn't have had a ledge or a vein or anything to sample, it would have been covered up. So, you know, we'll use some more geophysics here, some gravity, magnetics, some CSAMT to refine this target, as well as some additional mapping of the cover rocks. We're seeing a unit here that really is telling us where the margin of the caldera is. And that's what we're using to identify the edge of the caldera and these target zones.

39:01 Thank you, Bill. So, you know, really what we're doing right now is we're working towards backstopping our valuation with the ounces in the ground from our maiden resource estimate. We're targeting towards either the end of the year or very early Q1 there. As Bill mentioned, we've got 32 drill holes in the lap right now pending assay, 4 rigs at site turning 24-7. Now that resource definition drilling, that's going to be done within the next week or 2 weeks or so. Meaning after that, everything's just a matter of waiting on the assays to play catch up. And then we've engaged MDA out of Reno to already begin work on tabulating the resource. So they're going to be going as assays come in. They're not going to be starting from scratch, waiting for everything to come in first. So we're looking forward to either a nice Christmas present or starting 2022 off on a really, really good note with what we see as being this big potential re-rate here.

39:58 And in the interim, we still got some, we're going to be taking some big swings and those big swings are going to be focused on hitting new discoveries on those new claims that we've hit. We think there's been some absolutely low hanging fruit there that's been left for us just because they're undercover and because no one's had the understanding of this district that we do. I mean, Bill's drilled more meters in this district than any person alive or dead at this point. So we've got what we think is a good understanding. We've got a monster by the tail with what we're drilling out at DPB right now. And really, I mean, the continuity, you know, what we're drilling right now, we've done the broad strokes, we've laid out roughly the strikes of what we want to be focused in on. And now we're just drilling in where we're filling in the gaps.

40:48 So it's not particularly risky drilling from our perspective. In fact, boring is good from my perspective. All we're trying to show is similar grades and continuity that everything ties together. Because if it ties together, What we're targeting for the resource is going to be something in the order of 4.5 to 6Mt of material. And based off what we've been averaging up there, I mean, that could be anywhere between say 450g up to say 600g per tonne silver equivalent. We do that, this becomes one of the top 10 silver primary projects globally. And guess what? We're not in Peru, we're not in Mexico, the same Bolivia or Argentina. This is private land in Nevada, halfway between Vegas and Reno drilling next to Burger King. It's absolutely wild. That's what got 1st majestic in here.

41:36 It's why pretty much every company that you'd expect would have an interest has expressed the interest in I guess, getting into our data at this point. And there's some either outside the box ones too, which would also surprise you. But right now we're just showing size. We're trying to backstop our valuation with these ounces so more analysts can start valuing us. And if all goes well, according to plan, what we wanna show with this resource is that the juice is going to be worth the squeeze for us to look at going underground next year, driving our own decline so that we can explore from underground. Drilling from surface is good for making the discoveries, but drilling out the vein systems will be a heck of a lot easier for us to tee off at the veins right at their face from underground.

42:22 And what we're planning is, assuming all goes according to plan, we'll drive an exploration decline in there that'll give us access to both DPB and the Victor side. And the Victor side should add significant upside to whatever resource we put out now too, because as you saw in those cross-sections, we've got about 500m of strike there and it ranges from probably, I think off everything we drilled, about 5m thick if you do a composite at some very, very good grades there too. Not to mention the new claims we just staked and are going to be doing some Hail Mary type drilling on there too. So a really, really interesting time to be a shareholder. We've obviously got a good base so far and support in the market. As I said, we've raised about $30M over the last 12 months or so. All institutionally, they're very happy and their eyes are getting wider and wider as we're proving up the continuity of the system because there's nothing like they're out there out there like this in the silver space.

43:21 Everything seems to have fleas, R1 doesn't. So I implore you to take a look and if you like what you've heard come along for the ride. With that I'd be happy to take some questions if anyone has them. Yeah, there are lots of questions here. First being, what is the expected timing for the Maiden resource? Yeah, so right now, I mean, the only thing we're really limited by is just the turnaround times at the lab. We're slightly ahead of schedule on our drilling. We plan to be done sometime towards early to mid-October, and I think at this rate we'll probably be done by the very beginning of October. So that's the last of the drill holes. We've got 32 of the lab pending assay and then it's really just a matter of how quickly those come in. But what that means is just lots of catalysts lined up between now and then. As I said, the consultants, MDA, have been engaged. They're really, really highly regarded groups. They're known to be very, very conservative, which means that whatever resource we table is going to be bulletproof in the eyes of the analysts, in the eyes of institutions, and in the eyes of the corporates.

44:32 So we're hoping either by the end of this year or very early Q1, but the only aspect of that that we really can control is the drilling and that's effectively gonna be all wrapped up. At least the resource definition aspects gonna be wrapped up in the next week, week to 2 weeks or so. Great, thank you. And in regards with your other project, SilverCloud, are you still planning a spin-off? Yeah, so that's a good question. So last year, once we started hitting at Tonopah, All of our valuation became based on this one asset, but we've got an absolutely, one of the best perspective opportunities in all of Nevada called Silver Cloud, which is a gold target in Northern Nevada. It's about 45 square kilometers, right where the Carlin trend intersects the Northern Nevada Rift. So there you've got on one side of the project, like the largest Gold mines in North America, we're 15km from the Gold Strike mine and we're right next door to 2 of the highest-grade deposits on the planet.

45:32 Hollister, whose vein system goes directly at us, right up to our property line, which averaged at 34g per tonne gold head grade when it was producing and the Midas mine, which was producing at about 30g per tonne gold head grade in its heyday in the early 2000s. Those are Fosterville type numbers and both of those main systems point directly at us. Now in terms of the spin out, when all of our valuation was tied to Tonopah last year on the back of our first few drills in it. We were looking at doing the spin out because gold was at its all-time highs and things were looking rosy. Since then, since September when we announced it, we're looking to do it. The GDXJ is off about 30% to 40%. And the whole methodology of spinning out a property is to unlock value.

46:22 We think we're still going to proceed with it. The question is timing. And there's no point doing it if you're going to go into an apathetic and weak gold market. Right now, we've got no shortage of catalysts at Tonopah and some very, very clear value drivers for the company that we're really in no rush. But we've been sort of readying ourselves. We've been updating our various technical documents there and we're actually working on refining some more drill targets there this summer so that when we are ready to pull the trigger on that, once the market stabilizes a little bit and that we'll be able to go out and raise some money specifically just for that spin out and drill that thing because it's an absolutely wild target and it hasn't been given the attention it truly deserves. Midas or Hecla, which operates Midas in Hollister, they just made an absolutely phenomenal blind discovery that no 1 in the industry is talking about.

47:16 They hit about 2 miles away from the Midas mine proper. They hit a new vein system called the Green Race Recenter, which they've confirmed it's about a metre and a half thick, and it's over 3 to 4 ounces gold, like 120,130 grams per tonne gold. That's exactly the same targets, the same structural architecture that we've got up at SilverCloud. And I tell you, if we hit that in a new company, my goodness, the sky's the limit. But right now we're just deploying all of our capital, all of our attention, and all of our focus and energy on getting this resource done and out to market at Tonopah. Great, thank you. Vicky is asking what type of notice is BlackRock getting from the larger companies? She says I know about 1st Majestic but is wondering about any others?

48:02 Yeah, well that's the other reason why we want to get this resource out as quickly as possible because really the only thing that keeps me up at night is if someone were to come in and try and scoop us up before we're able to crystallize value. And the majors and mid-tiers don't necessarily need the resource, but to drill out the resource means we're de-risking the project because we're establishing the continuity of the veins we've already intersected. And once we get to a point, even pre-resource, we're sort of in a pernicious place where the majors can come in and try and scoop us up. I mean, what's going on in South America and Central America right now, where all of the primary silver companies are, I mean, the Pan-Americans, the Hoss Childs of Fortuna, everyone's got exposure to South America, but, you know, they're having issues between whether it's COVID shutdowns, whether it's taxation issues, whether it's cartels, You know, you have none of those issues in Nevada.

49:05 So, you know, it's all of these companies need to offset their jurisdictional risk and you're seeing them having to go to far flung places. I mean, 1st Majestic coming into Nevada was a huge thing because for 19 years, their corporate motto was 1 country, 1 commodity. Since then, now they're in Nevada, they had to change their motto to 2 countries, 2 commodities, because they bought a gold mine in Nevada. They couldn't even find a good silver mine. Silver primary projects in the world are very, very hard to come by. You know, only a third of all, less than a third of all silver production comes from a silver primary mine. Most of it's a byproduct. Well, we've got a 100 to 1 Silver to Gold ratio in Nevada, meaning, you know, there's plenty of companies out there putting out Gold equivalents. Most of them, if you look at their economics, probably make more money from other commodities. They're just announcing in silver equivalent. No, we're gold and silver. We're in Nevada.

50:03 And we think we're going to be the takeout candidate within the space, meaning we're hoping to get these ounces in the ground so that people can value us, value us accordingly. Great. Thank you. Our next question is how much cash do you have now and how long will that last and will you be raising money in 2021? Yeah, so we've been putting a huge amount of cash into the ground via the drill bit. To get to this resource, well in the last year we've done 85,000m of drilling, which is remarkable considering we only set out to do about I think 7,500m last year. We've been spending $2.5M a month or so Canadian every month into the ground, and that's going to be slashed by quite a bit at the end of this month once we're done the resource definition drilling. I think after this month, we should have somewhere between $3M to $4M in the Treasury. We're still going to keep drilling because while we're waiting for the assays to come in, and that should be a lot of news flow through the end of the year, But while we're waiting for those, we're gonna keep the RC rig going and test those new targets that Bill and I told you about.

51:22 And we wanna keep showing upside, we wanna keep showing blue sky, but RC drilling's about 0.333 to 0.25 of the price's core. So we're in a really, really good place financially to just let things wait and let the resource bake in. I wouldn't be surprised to see offers coming from mid-tiers and majors over the next few months leading into the resource, maybe on strategic sort of deals. You know, the only way we'd consider that would be some sort of substantial premium to market because we're in a really good place. We know we've got the mother of all re-rates coming down the pipe. We're nearing the finish line on that with the resource. So for someone to try and get a toehold in us, whether it's 1st Majestic or someone else, it's got to make a lot of sense. And after that, who knows? I think even though we're planning to potentially go underground and break ground sometime this time next year, I think it's a slim reality that we'd be the ones actually doing it if we deliver the resource the way we think we will.

52:25 I think it's too good, too unique, too rare within the silver space that someone won't come and try and buy us. So yeah. All right. Scott is asking, can you address the plan for share price to possibly trade BlackRock on the big board, such as using the company value to raise share price versus the reverse splits to hit roughly $5 a share needed to list. Yeah, well, you know, to go on the New York Stock Exchange, I think you need a minimum share price of $1. You don't want to go beyond under that because they can delist you. If you saw our performance, I mean, really the only the only thing holding us back these days has just been the price of silver. I mean in June, at the beginning of June before the Fed started their taper talk, we were trading north of $1.20.

53:15 Now since then we've released about 30 drill holes, We've established the continuity of all these veins and we're showing that this is the real deal in terms of projects. And yet we're trading, we're off by 30%, 40%. I think the winds that are back now in terms of adding value, we've got 32 drill holes at the lab and this resource coming out, and we're gonna be testing some blue sky targets. Now, assuming the market doesn't all but break down, I think we'll be north of a dollar very easily. I mean, and certainly that dollar 20 level, you know, that we were in June, We're a much, much, much stronger project now than we were then. So I think the sky's the limit in terms of how high we'll get. In terms of analysts, I mean, Red Cloud just put out a target on us yesterday And they modelled based off everything we drilled.

54:03 They actually modelled the same sort of tonnage expectations we did. They said we have a 90% chance, based on their modelling, to deliver something in the order of 4.6Mt to 6Mt. I think based on their Gold-Silver ratios, they were using, that was like 75M to 100Moz at 80 to 1. We deliver that, I think they said a $2.15 price target. I think if we deliver that resource, we'll be well beyond even that expectation just based on how others are trading but it's nice to see other people sort of modeling and coming up with similar numbers that we are because there's no shortage of data out there now. If we deliver that resource, Yeah, I don't think we'll have to do any financial engineering or any sort of rollbacks to qualify to go on the big boards, that's for sure.

54:52 Great, thank you. So we have a couple of questions here about the location, being that it is so close to a town and you said a Burger King. The question is, will that present permitting issues when you want to build and open a mine? And also, are you going to have to move the town to develop the mine? No, no, great questions. In fact, the town is there because of the original discoveries. The town was actually built on top of the old historic mines there. And as I told you, you know, the big outcropping veins that surface on the east side, well, the east side of the district is where the town is, and then everything went westward. Because it's private property, permitting should be really, really straightforward. We're not looking at developing a big footprint open pit mine. You know, we're gonna be doing a very small footprint, ultra high grade, hopefully high margin underground operation. And You know, if you're in the town, I mean, there's very, you won't even know we're there other than just the increased activity through there.

55:53 You know, the mayor of the town actually told us that they've got new, they're putting in new sidewalks because of all the taxation revenue they've generated off all of our consultants coming through the town. It was something like 80 or $90,000 into their coffers, which was brand new for them. And they're very, very eager. This is mining country. This is, you know, Nevada. This is within the precious metals world. I think, you know, you're not going to find more pro-mining jurisdiction than this. And the fact that it's on private land means we're not looking for federal, we don't have to do any federal permitting here. The Feds have no say in what we're doing. You know, if anything, they're going to be very, very happy. If they're pushing forward with their green new deal type policies, you know, Biden wants to have 50% of all car sales by 2030 being electric vehicles. They're going to need a heck of a lot of silver. Well, guess what? This is going to be a small footprint, a high-grade silver mine project in Nevada.

56:52 And wouldn't they like to get a domestic source of silver for their aspirations? I think it's almost too good to be true. And I think we'll have a lot of support from both the state and federal governments in what we're doing. Great, thank you. There are so many questions here and not enough time. I think we have time for one more. Jeremy's asking, are you expecting the resource estimate to be just inferred or a mixture of indicated and inferred? Yeah, it's going to be largely inferred. We might get some indicated. You know, the issue with drilling out a vein system from surface is it's difficult to get. So what we're trying to do is to deliver this resource where we're targeting between 50 and 75 metre spacings. There are some areas which have been drilled up more than others.

57:40 Luckily, those are the highest grade areas we've hit. So there's a good potential that those could be indicated. But as I said before, one of the main justifications for doing this is not only to get that re-rate and have a really compelling short-term catalyst for us, but it's also to show that the juice will be worth the squeeze for us to look at going underground next year. That's where the real fun begins because if we design the decline correctly, we can tee off at both sides of the property, both the Victor side and the DPB side. And the Victor side, the reason that won't be included in the resource is simply because, You know, the historic miners, we're having to place slalom and thread the needle with all of the workings that are on top of it, which is very hard to drill from surface. We know there's a lot of joy there. It's just hard to hit with the spacing we need to from surface. So I mean, if we can go underground, yeah, we'll be able to upgrade that resource very, very quickly. And then because it's private land too, we can do things like, you know, advance it to like bulk samples and maybe start generating revenue very, very quickly because it's just less permitting to get to. So, you know, once we're underground, things can move very, very quickly. But as I said, I doubt that, I highly doubt that other mid-tiers and majors will allow us to get there because they'll probably want to first.

59:01 Great, thank you. So I'm sorry we are running out of time. We don't have time to get to all of these questions right now, but I will make sure that Andrew gets all of them and can follow up with you directly to get all of your questions answered. Thank you so much, Andrew, for taking us through the presentation and the Q&A. And thank you to everyone who joined and asked all these great questions. Like I said, this webinar is being recorded and so it will be available to rewatch on six.com afterwards. And of course, there's also more information on the BlackRockSilver website, blackrocksilver.com right over there on your screen. But I'll pass it back to you, Andrew, if you have any final words. Yeah, no, I appreciate all of you taking the time out of your schedule. It's an interesting time in the markets and within the sector. But, you know, as I said, we've never had more wind at our back than we do right now.

59:50 You know, no shortage of catalysts to look forward to. And I think we've got our hands on something really, really special. It's the fact we're able to get our hands and consolidate this district and, you know, reinvigorate it after 90 years. Hiding in plain sight is truly a miracle and I think it's still an exciting time to get involved. If there are questions we weren't able to get to, please email me directly. It's just andrew at blackrocksilver.com and I'll be happy to take you through the project. And next, thank you all. And yeah, look forward to chatting with you