Key highlights

  • Black Bear Minerals Ltd (ASX:BKB) shares touched a 52-week low during the 19 October 2026 session and closed at $0.395, down 11.24%.
  • A 15 October 2026 announcement reports re-assays of historic Shafter core, including 14.6 m at 542 g/t silver versus 471 g/t originally.
  • The company is working towards a maiden JORC resource estimate for Shafter in the fourth quarter of 2026.

Black Bear Minerals Ltd (ASX:BKB; OTCQX: BKBMF) is an exploration company focused on the Shafter Silver Project in Presidio County, Texas. On 19 October 2026, the shares touched a 52-week low during the Trading session and closed at $0.395, down 11.24%. In an ASX announcement dated 15 October 2026, the company provided a progress update on Shafter, centred on results from re-analysing core drilled by earlier operators.

What the re-assays showed

The company reports that stage one re-analysis has returned higher contained silver than the historical results in most cases. Hole 201200106 returned 14.6 metres at 542 g/t silver, including 6.7 metres at 1,038 g/t, against 471 g/t over the same interval originally, an increase of 15% in contained silver. Hole S-12-406 returned 7.9 metres at 377 g/t, up from 250 g/t, a 51% increase in contained silver across the broader intercept.

Hole 201200103 returned 2.4 metres at 433 g/t silver, up 27%, and S-12-439 returned 10.4 metres at 91 g/t, up 38%. The company says the work confirmed silver grades as high as 2,992 g/t in individual samples. It also reports that historic assays appear to have understated grade in several campaigns, since selective sampling and older methods were used.

First gold results

Re-analysis also returned gold. Hole 201200609 intersected 6.1 metres at 0.5 g/t gold and 227 g/t silver, with sub-intervals of 1.2 metres at 1.9 g/t gold and 2.4 metres at 1.3 g/t gold, and a 0.6-metre interval at 4.1 g/t gold. The existing 17.5 million ounce foreign resource covers silver only, and the company notes that historic gold assaying was limited.

Path to a resource estimate

Stage one of the check program was designed to validate historic intercepts across drill campaigns within the foreign resource area. The company says twin holes SFD019, SFD020 and SFD022 returned thicker and higher-grade intercepts than the historic holes they twinned. A second stage of re-analysis may be undertaken, depending on how closely check and original results agree for each campaign. Stage one assays are due to feed into a maiden JORC Mineral Resource Estimate targeted for the fourth quarter of 2026.

The announcement frames the re-analysis within the broader Shafter resource work. The 17.5 million ounce foreign estimate spans several historic drill campaigns, and the stage one program extended check analysis across the full footprint where core and pulps were available and in suitable condition. The company says check sampling has consistently indicated that historic analytical or sampling methods may have understated silver and polymetallic grades, and that historic core was often sampled selectively on visual alteration.

It also refers to earlier releases covering the twin holes and to an announcement of 6 October 2026 on gold analysis of underground drill holes and rock chip sampling at the company’s Modoc Project. The company has not given a date for any stage two program, which depends on how well the check assays match the originals for each campaign.

Sector backdrop

The S&P/ASX 200 (ASX: XJO) stood at 8,845.70 at 4:25 pm (GMT+11) on 19 October 2026, up 0.44%, or 39.00 points, for the day. On the sector map for the session, Energy rose 2.16%, Industrials 0.93%, Financials 0.85%, Utilities 0.38% and Consumer Staples 0.25%, while Information Technology fell 1.35%, A-REIT 0.34%, Consumer Discretionary 0.18%, Telecommunication Services 0.16% and Health Care 0.13%.

Risks shareholders should weigh

The re-assay figures apply to specific historic intercepts and cannot be taken as representative of the whole deposit. Individual samples vary widely, from 91 g/t over 10.4 metres to 2,992 g/t at the top end. The 17.5 million ounce estimate is a foreign estimate that does not follow the JORC Code, and the maiden JORC figure could differ.

A second re-analysis stage may be required, which could affect timing. Gold results come from limited historical assaying and may not extend across the project. The announcement does not describe funding for further drilling or studies.

What’s next

The company will fold the stage one assays into the maiden JORC estimate, may run a stage two re-analysis, and will continue twin drilling. Results will be released through the ASX as they arrive.