Mr. Andrew Pollard reports

BLACKROCK ANNOUNCES UPDATED MINERAL RESOURCE ESTIMATE FOR THE TONOPAH WEST PROJECT

Blackrock Silver Corp. has released the results for its updated mineral resource estimate for its 100-per-cent-controlled Tonopah West project, located in the Walker Lane trend of western Nevada. Tonopah West is conveniently situated directly adjacent to the town of Tonopah in western Nevada, with Highway U.S. 95 traversing the property, and the resource area lies exclusively within patented mining claims. All amounts herein are presented in U.S. dollars unless otherwise stated.

Highlights:

• The updated MRE contains a total of 570,000 ounces of gold and 47.74 million oz of silver or 100.04 Moz of silver equivalent, which is a 135-per-cent increase over the maiden resource estimate for Tonopah West included in the technical report dated effective April 28, 2022.
• At a 200 g/t AgEq cut-off, the average grade of the inferred mineral resource is 508.5 g/t AgEq, which is a 14-per-cent increase over the maiden MRE.
• The updated MRE includes 6.12 million tonnes, which is a 106-per-cent increase over the maiden MRE.
• Blackrock's discovery costs are 29 cents per ounce of AgEq.
• The updated MRE is based on a structural reinterpretation of the Victor and DPB areas and incorporation of the new drill information from the Northwest stepout target. The updated MRE captures approximately three kilometres of strike along the Tonopah West vein system.
• Silver and gold mineralization remains open to the northwest and internally between Victor and DPB and the DPB and the Northwest stepout target and at depth.
• Blackrock will host an investor webinar on Wednesday, Oct. 11, 2023, at 1 p.m. Pacific Time.

The MRE was prepared in accordance with Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards For Mineral Resources and Mineral Reserves adopted May 19, 2014, and in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The effective date of the new mineral resources estimated by Respec (formerly Mine Development Associates) is Oct. 6, 2023.

Andrew Pollard, the company's president and chief executive officer, stated: "With delivery of our second mineral resource estimate at Tonopah West in just three years of our initial discovery, we are making great strides towards derisking and reawakening one of the great American silver camps. Compared to the maiden MRE, our mineral inventory has grown by 135 per cent AgEq, and discovery costs have plummeted to 29 cents per silver equivalent ounce. The addition of 25,000 metres of new drilling into the database, a reinterpretation of the underlying geologic model and the modelling of the newly discovered NW stepout target highlights the expansion potential of the project. This updated MRE has seen the footprint of mineralization more than double from the maiden MRE, with the vein corridor now stretching over three kilometres with the inclusion of the new NW stepout target. There are no signs of the system stopping both along strike and at depth.

"Tonopah West is unparalleled within the industry as I see it, given its exceptional, safe jurisdiction, incredible infrastructure, high-grade precious-metal-only resource, excellent metallurgy and district-scale exploration upside. Moreover, the entire resource is on private lands (patented claims), potentially providing for a streamlined permitting process.

"Over 160 years, since Nevada earned its moniker as the silver state and nearly a century since commercial production shutdown, most had assumed the history books had long since closed on this once-renowned district. This resource marks a pivotal step toward the resurgence of this illustrious mining camp, proving that the final chapters of the queen of the silver camps are yet to be written."

The updated MRE is presented with block diluted grades. The AgEq block model grades are based on $22 per ounce of silver, $1,850 per ounce of gold, and 87 per cent and 95 per cent recoveries for silver and gold, respectively.

The resource is reported using a cut-off grade which was calculated from estimated mining costs and metallurgical recoveries.

Kappes and Cassidy completed 12 bottle-roll tests on vein composites. Silver returned recoveries from 81 per cent to 94 per cent with an average recovery of 87 per cent. Gold recoveries from the 12 composites were between 90 per cent to 98 per cent, with average recovery of 95 per cent. Based on the KCA data, a recovery of 87 per cent was used in the calculation of the resource cut-off grade.

Blackrock completed a total of 198 drill holes (125,208 metres) between June 16, 2020, and Dec. 15, 2022, from the surface drill hole. This drilling underpins the updated MRE. A total of $28.75-million was expended since acquiring the option on Tonopah West on April 1, 2020, to Sept. 30, 2023, exclusive of option payments, holdings costs, and corporate general and administrative costs, which equate to a discovery cost of 29 cents per ounce of AgEq.

During 2023, the company focused its efforts on reviewing all drill hole and exploration data, as well as incorporating the Northwest stepout area in to the geologic and resource model. This review concluded that the Tonopah West mineralization is closely associated with the arcuate margin of the Tonopah caldera. As a result of this finding, the geologic model was revised to better capture the new structural understanding of the distribution and orientation of the Tonopah West vein system. This new interpretation included relogging and remodelling of the existing drill data and incorporating of the historic underground information. Silver and gold mineralization and continuity have been established over a three-kilometre strike. The vein system is open to the west-northwest and internally with undrilled areas between Victor and DPB and the DPB and Northwest stepout.

The new model is based on drill holes which are oriented between 90- and 50-degree inclinations from the surface with up to three drill holes at different inclinations completed from the same drill pad. Drill holes are spaced approximately every 50 to 100 metres along sections with 50-metre distance between sections in the DPB area. At Victor, drill holes are spaced between approximately 25 to 50 metres apart along sections with the sections 50 to 100 metres apart. The Northwest stepout area is one kilometre northwest of the DPB resource. Drill holes are spaced between 100 and 150 metres apart. The Northwest stepout represents a new area not previously included in the May, 2022, maiden resource.

The updated MRE encompasses the Victor, DPB, Bermuda and Northwest stepout areas. The Victor area is approximately 500 metres by 250 metres while the DPB area is 800 metres by 800 metres. The Bermuda area is a high-grade vein within the DPB area, and the Northwest stepout represents a new extension of the vein zones to west-northwest. Respec was supplied with 3-D vein shapes. Silver and gold mineral resources were modelled and estimated as follows:

• Evaluate the drill data statistically;
• Create tightly constrained low-, medium- and high-grade mineral domain polygons for both silver and gold on sets of cross-sections spaced at 50-metre intervals;
• Use the mineral domain polygons as a basis to create 3-D solids;
• Code a block model to the silver and gold domains for each of the two deposit areas using the mineral domain solids;
• Analyze the modelled mineralization geostatistically to aid in the establishment of estimation and classification assumptions;
• Interpolate grades into models composed of blocks of 1.5 (east-west) by 1.5 (north-south) by 1.5 (vertical) metres using the silver and gold mineral domains to explicitly constrain the grade estimations.

Drill hole assay samples were composited within the mineralized domains into 1.5-metre-length composites. High-grade capping was completed on composite data and established using a statistical analysis for silver and gold. Silver was capped at 1,800 g/t, and gold was capped at 20 g/t.

Specific gravity testwork was completed for 92 core samples. Results indicate an average density of 2.49 grams per centimetre for vein material and 2.36 grams per centimetre for wall rock.

Respec utilized inverse distance cubed interpolation for the estimation to obtain a localizing effect in the mid- and high-grade domains, and an inverse distance squared in the low-grade domains where mineralization is more diffuse. All estimates are based on a block dimension of 1.5-metre-by-1.5-metre-by-1.5-metre blocks.

The original deposit had been depleted by historical mining in the Victor area. Approximately 200,000 tonnes of material were removed from the Victor resource estimate. In the DPB area, no historical mining records were documented.

A cut-off for the reported resource of 200 g/t AgEq was selected based an assumed mining costs for underground methods along with processing and G&A costs. At a 200 g/t AgEq cut-off, the average grade of the inferred resource is 508.5 g/t AgEq.

A technical report is being prepared on the updated MRE in accordance with National Instrument 43-101, and will be available on the company's website and on SEDAR+ within 45 days of the date of this news release.

The updated MRE was prepared under the supervision of Jeffrey Bickel, CPG, an employee of Respec, and he has reviewed and approved the technical contents relating to the updated MRE in this news release.

Blackrock's exploration activities at Tonopah West are conducted and supervised by William Howald, executive chairman of Blackrock. William Howald, AIPG certified professional geologist No. 11041, is a qualified person as defined under NI 43-101. He has reviewed and approved the contents of this news release.

All sampling is conducted under the supervision of the company's project geologists, and a strict chain of custody from the project to the sample preparation facility is implemented and monitored. The reverse circulation samples are hauled from the project site to a secure and fenced facility in Tonopah, Nev., where they are loaded onto American Assay Laboratory's (AAL) flatbed truck and delivered to AAL's facility in Sparks, Nev. A sample submittal sheet is delivered to AAL personnel who organizes and processes the sample intervals pursuant to the company's instructions.

The core, reverse circulation and quality assurance/quality control samples are crushed and pulverized, and then the pulverized material is digested and analyzed for Au using fire assay fusion and an induced coupled plasma (ICP) finish on a 30-gram assay split. Silver is determined using five-acid digestion and ICP analysis. Overlimits for gold and silver are determined using a gravimetric finish. Data verification of the assay and analytical results is completed to ensure accurate and verifiable results.

Mr. Bickel has reviewed the sampling, assaying and security procedures used at Tonopah West, and it is his opinion that they follow industry standard procedures and are adequate for the estimation of the updated MRE and for use in preparing the technical report.

Mr. Bickel completed audits of the database, performed a site visit, and reviewed quality assurance and quality control data. After performing his review, he considers the assay data to be adequate for the estimation of the updated MRE and for use in preparing the technical report.

Investor webinar

Blackrock will host an investor webinar on Wednesday, Oct. 11, 2023, at 1 p.m. Pacific Time.

Please register.

About Blackrock Silver Corp.

Blackrock is a junior precious-metal-focused exploration company that is on a quest to make an economic discovery. Anchored by a seasoned board of directors, the company is focused on its Nevada portfolio of properties consisting of low-sulphidation epithermal gold and silver projects located along the established Northern Nevada rift in north-central Nevada and the Walker Lane trend in western Nevada. Its flagship Tonopah West project hosts an inferred mineral resource of 6.12 million tonnes grading at 508.5 g/t AgEq for 100.04 million oz AgEq.

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