Vancouver, British Columbia--(Newsfile Corp. - July 7, 2026) - BP Silver Corp. (TSXV: BPAG) (OTCQB: BPSCF) ("BP Silver" or the "Company") announces that its 2,000 meter ("m") Phase 2 drill program (the "Program") commenced on June 30, 2026, at its wholly-owned Cosuño Silver Project ("Cosuño") located in the Department of Potosí, Bolivia.
The Program is designed to test the broader scale potential of the Cosuño lithocap-hosted hydrothermal system and build on the positive results of the Company's Phase 1 drill program.
The Program is expected to comprise approximately 20 to 24 diamond drill holes. The first drill hole is currently following up on high-grade silver mineralization intersected at the Pocañita Chica target, where discovery drilling returned 5 m grading 600.40 g/t silver, including 1 m grading 1,655 g/t silver.
The Phase 2 drilling forms part of a broader ~8,000 m diamond drilling campaign anticipated for 2026. The aim of the Phase 2 drilling is to:
Confirm and expand recently discovered high-grade mineralization at the Pocañita Chica target (Figure 1).
Test for potential high-grade and/or broad zones of near-surface silver mineralization within the large, newly defined Jalsuri target cluster (Figure 1).
Tim Shearcroft, Founder and CEO, stated, "The commencement of Phase 2 drilling marks an important milestone for BP Silver as we continue to advance the Cosuño Project and make meaningful progress. This program is designed to follow up on the successful Phase 1 drill results, where the Pocañita Chica target returned significant high-grade silver mineralization, while also testing several newly identified targets within the greater Jalsuri area. With sixteen mapped and sampled breccia and vein structures identified within just three of our ten priority target areas, we believe we are only beginning to unlock the potential of the Cosuño Silver Project."
Details of Phase 2 Drilling Campaign
Initial drilling will focus on the Pocañita Chica and the Jalsuri target cluster (Jalsuri, Jalsuri North, and Jalsuri Northeast), where recent geological mapping and sampling programs have identified sixteen breccia and vein structures with a cumulative strike length of approximately 2,100 m (Figure 1 and refer to news release dated May 19, 2026, for more information).
Initial drill testing of the Pocañita Chica target returned the thickest, highest-grade results reported to date at Cosuño - returning 38 m grading 116.39 g/t silver, including 5 m grading 600.40 g/t silver and 1 m grading 1,655 g/t silver (refer to news release dated February 27, 2026, for more information). Phase 2 drilling is designed to test the continuity and potential expansion of the mineralization both down dip and along strike.