Black Bear Minerals (ASX: BKB; OTCQX: BKBMF) ('Black Bear Minerals' or 'the Company') is pleased to provide a progress update for the Shafter Silver Project ('Shafter' or 'Project'), located in Presidio County, Texas, USA.
Black Bear Minerals, Chief Executive Officer, Dennis Lindgren, commented: 'Great first results highlight the pure silver resource growth potential at Shafter beyond the existing Foreign MRE with SFD002 returning 9.1m at 240g/t Ag, including 1.5m strike at 501g/t Ag, and is wider and higher grade than nearby historic drilling. At these grades, step-out success has the potential to materially increase the existing Foreign MRE and polymetallic potential, providing strong leverage to an already defined resource base'
Shafter Silver Project Overview
The Shafter Project is located in Presidio County, Texas, near the town of Marfa. The Project is situated within a basin carbonate sequence that extends 1,600km from northern Mexico through southwest Texas, and lies in an extension of Mexico's Eastern Sierra Madre Belt which is home to Penasquito, the world's fifth largest silver-producing mine, operated by Newmont
The Company first announced the Foreign Mineral Resource Estimate for the Project on 2 October 2025. The Mineral Resource Estimate is a foreign estimate prepared in accordance with Canadian National Instrument 43-101. A competent person has not done sufficient work to classify the foreign estimate as a Mineral Resource in accordance with the JORC Code 2012, and it is uncertain whether further evaluation and exploration will result in an estimate reportable under the JORC Code 2012.
The mineralised zone at Shafter spans approximately 4km of strike from west to east. The central portion outcrops at surface at the intersection between the MacDaniel and Mina Grande Faults and was historically worked as the Presidio Mine from 1883 until 1942. During that period, the mine produced 35.2 million ounces of silver, averaging 521g/t Ag.
Shafter mineralisation follows the trend of the MacDaniel Fault, which is thought to be a major feeder structure for mineralisation. The highest-grade mineralisation is found proximal to the intersection between the northeast-trending MacDaniel Fault and the north-trending Mina Grande Fault.
Silver Mineralisation
From-surface mineralisation at the Presidio Mine area is hosted in the Mina Grande Formation as manto-style carbonate replacement ore bodies. A key control on manto-mineralisation is the occurrence of major structures, such as the northeast-trending MacDaniel Fault and the north-trending Mina Grande Fault, that act as feeders for mineralising fluids.
Initial target generation by Black Bear Minerals focused on identifying structural corridors parallel to the Mina Grande Fault, which are prospective for high-grade mineralisation. One such corridor was identified directly east of the Mina Grande Fault, where historic drilling had not adequately tested for mineralisation.
Drillhole SFD002 was planned to target the prospective structural corridor, testing for extensions to mineralisation outside the 17.5Moz Foreign Mineral Resource. Partial results have been received for SFD002, spanning the Mina Grande Formation portion of the hole, and successfully intercepted thick, high-grade mineralization
Locally, the result of SFD002 shows a thickening and increase in manto-mineralisation grade, providing a promising structural corridor for the Company to continue to follow-up with further exploration drilling.
In this area, manto-mineralisation has predominantly developed at the upper-contact of the Mina Grande Formation (carbonate host unit) with Cretaceous sediments and volcanics, with SFD002 confirming that mineralisation has formed a shallowly-dipping, continuous tabular mineralised body, with localised increasing-grade and thickening proximal to major structures.
Additional north-trending structures have been identified across the Project, including in the far northeast and southwest of the Project area.
These structures will be the focus of exploration drilling over the coming months, where initial drilling will aim to delineate the stratigraphic offsets either side of the structures, before planning of targeted drillholes to test for further high-grade extensions to mineralization
Polymetallic Potential
The Shafter Foreign Mineral Resource Estimate incorporates only silver, with no previous consideration given to multi-commodity potential.
Recent grab and rock chip sampling by the Company has shown that mineralisation at the Project is polymetallic, including gold, zinc, lead and vanadium4.
Results from drillhole SFD002 provides further evidence that mineralisation is polymetallic, with the high-grade 501g/t Ag interval returning 4.3% Zn, 2.0% Pb and 0.2g/t Au.
The Company is in the process of re-logging and re-sampling available historic core in order to better understand the distribution of all other significant commodities at the Project, with a view of incorporating results into a maiden JORC Mineral Resource Estimate, in addition to silver.
As part of the Phase 1 exploration drilling, Black Bear Minerals completed 3 drillholes in the southwest of the Project, targeting an area suspected to be prospective for base metal mineralisation.
Next Steps
Phase 1 exploration drilling is ongoing at the Project, which primarily aims to delineate the position of the mineralisation-hosting Mina Grande Formation and major 'feeder' faults. Drilling to date has so far successfully determined the offset of the Mina Grande Formation in the Southwest, enabling the Company to effectively plan Phase 2 drilling that will target silver mineralisation outside of the MRE.
Drilling to the north of the Shafter MRE has shown that high-grade silver and polymetallic mineralisation is present proximal to a north-trending fault, parallel to the Mina Grande Fault that is thought to be the key feeder structure for mineralisation at the historic Presidio Mine.
The Company is in the process of updating stratigraphic and structural models across the Project. Further drilling is to be conducted across the entire Project area that will focus on testing for extensions to silver mineralisation outside the MRE.
Black Bear Minerals is additionally planning to undertake limited infill and twin-hole drilling in order to validate the foreign MRE with a view to complete a maiden JORC Mineral Resource Estimate in Q2 2026.
Drill results received to date are only partial, with the majority of each hole yet to be analysed, including the Cretaceous overburden that is prospective for additional epithermal-style mineralisation. Results, once received, will be released to the market in due course.
Strategic Alignment with U.S. Critical Mineral Initiatives
Advancing the potential near-term restart comes at a pivotal time for the U.S. domestic mining and refining sector. The U.S. Government recently underscored the strategic importance of domestic silver and base metal processing through a landmark US$7.4 billion investment partnership with Korea Zinc, highlighting the national mandate to secure domestic supply chains for critical and precious metals, including silver.
Black Bear Minerals' objective to bring the Shafter Project online aligns directly with this national strategy, positioning the Company to potentially provide high-grade domestic feedstock and supply for the next generation of U.S. smelting and refining infrastructure.
Black Bear Minerals (ASX: BKB; OTCQX: BKBMF) is a precious metals developer focused on high-grade, advanced-stage assets in Tier-1 North American jurisdictions. The Company has been in development of a transformational portfolio which is responsive and supports critical market demand.
In late 2025, Black Bear Minerals completed the 100% acquisition of its flagship Shafter Silver Project in Texas, which hosts a significant and high-grade 17.6 Moz silver foreign mineral resource, permitting and A$150 million in existing infrastructure. Complementing the Shafter Project is the Independence Gold Project in Nevada's prolific Battle Mountain region, where the Company holds a majority interest in a 1.4 Moz gold resource6 adjacent to the world-class Phoenix Mine Complex. While the company maintains a legacy portfolio of lithium prospects in the James Bay region of Quebec (including the Joule, Aero, and Aqua prospects), primary focus is now on the rapid advancement of its U.S. gold and silver assets toward production, supported by a strong cash position and a strategic presence in the critical minerals market.
Contact:
Matthew Hayes
Tel: (08) 9388 1474
Email: info@blackbearminerals.com.au
Forward-looking statements
This announcement may contain certain forward-looking statements, guidance, forecasts, estimates or projections in relation to future matters (Forward Statements) that involve risks and uncertainties, and which are provided as a general guide only. Forward Statements can generally be identified by the use of forward-looking words such as 'anticipate', 'estimate', 'will', 'should', 'could', 'may', 'expects', 'plans', 'forecast', 'target' or similar expressions and include, but are not limited to, indications of, or guidance or outlook on, future earnings or financial position or performance of the Company. The Company can give no assurance that these expectations will prove to be correct. You are cautioned not to place undue reliance on any forward-looking statements. None of the Company, its directors, employees, agents or advisers represent or warrant that such Forward Statements will be achieved or prove to be correct or gives any warranty, express or implied, as to the accuracy, completeness, likelihood of achievement or reasonableness of any Forward Statement contained in this announcement. Actual results may differ materially from those anticipated in these forward-looking statements due to many important factors, risks and uncertainties. The Company does not undertake any obligation to release publicly any revisions to any 'forward- looking statement' to reflect events or circumstances after the date of this announcement, except as may be required under applicable laws.
Competent Person Statement
The information in this announcement that relates to new Exploration Results at the Shafter Project is based on, and fairly represent, information and supporting documentation reviewed, and approved by Mr Brodie Box, MAIG. Mr Box is a geologist at Cadre Geology and Mining Ltd and has adequate professional experience with the exploration and geology of the style of mineralisation and types of deposits under consideration to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Box consents to the form and context in which the results are presented in this announcement.
The information in this announcement that relates to previously reported Exploration Results at the Shafter Silver Project is extracted from the Company's ASX announcements dated 2 October 2025, 27 November 2025 and 2 December 2025 (Original Announcements). The Company confirms that it is not aware of any new information or data that materially affects the relevant information contained in the Original Announcements.
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