• Re-assays of historic holes at Shafter returned higher silver grades than the original results, with a peak value of 2,992 grams per tonne over 0.6 metres.
  • Hole 201200106 re-assayed at 14.6 metres at 542 grams per tonne silver, against 471 grams per tonne originally.
  • A maiden JORC Mineral Resource Estimate is targeted for the fourth quarter of 2026; the existing 17.57 million ounce resource is a foreign estimate, not JORC.

Black Bear Minerals Limited (ASX:BKB) has reported re-assay results from historic drill holes at its Shafter Silver Project in Presidio County, Texas, near the town of Marfa. In the holes reported, the new assays were higher than the original results, including a peak silver value of 2,992 grams per tonne (g/t) over 0.6 metres. The company is working towards a maiden JORC Mineral Resource Estimate, which it has targeted for the fourth quarter of 2026.

Re-assay results

The announcement compares new check assays with the original historic values. In hole 201200106, the re-assay returned 14.6 metres at 542 g/t silver, including 6.7 metres at 1,038 g/t, against an original 14.6 metres at 471 g/t including 6.7 metres at 932 g/t. The company said contained silver rose by 15 per cent. In hole S-12-406, 7.9 metres at 377 g/t silver, including 1.5 metres at 867 g/t, compares with an original 7.9 metres at 250 g/t including 1.5 metres at 407 g/t. Contained silver rose by 51 per cent for the broad interval and 113 per cent for the internal interval.

Other holes showed smaller increases. Hole 201200103 returned 2.4 metres at 433 g/t silver, including 0.6 metres at 787 g/t, against 340 g/t and 469 g/t originally, and the company noted this was a partial intercept. Hole 201200304 returned 16.5 metres at 177 g/t silver from 9.1 metres, against 138 g/t originally. Hole S-12-439 returned 10.4 metres at 91 g/t, including 1.8 metres at 262 g/t, against 66 g/t and 183 g/t.

Gold intercepts

The company also reported gold in hole 201200609: 6.1 metres at 0.5 g/t gold and 227 g/t silver from surface, collared underground, including 1.2 metres at 1.9 g/t gold and 36 g/t silver. A second interval of 2.4 metres at 1.3 g/t gold and 14 g/t silver lies beneath the extents of the existing foreign resource, including 0.6 metres at 4.1 g/t gold and 11 g/t silver. The true width of the 6.1 metre interval is estimated at about 2.5 metres.

Resource status

The project's existing Foreign Mineral Resource totals 17.57 million ounces of silver, from 1.89 million tonnes at 289 g/t silver using a 137 g/t cut-off. It was prepared under the Canadian NI 43-101 standard. Black Bear states that it is not reported under the JORC Code 2012 and that a competent person has not yet classified it as a JORC Mineral Resource, so the figure should not be read as a JORC resource. The mineralised zone spans about four kilometres of strike, and the historic Presidio Mine operated from 1883 to 1942.

Work still to do

The announcement lists outstanding work that bears on whether the maiden JORC estimate can proceed as planned. Remaining stage one re-assay results are expected next month. A possible stage two re-analysis programme depends on how well the check assays agree with the originals. Historic pulps are being catalogued for further check analysis, and historic core is being re-logged and sampled for gold and other commodities. The company says systematic sampling of the historic Presidio Mine workings is required, and spectral survey targets outside the resource area need ground assessment and drill testing. Work is also continuing to locate historic gold assay records.

Risks and caveats

These are re-assays of historic drilling, not new drilling, and they cover a limited number of holes. Higher grades in the holes reported do not establish that the same result will apply across the wider resource, and a JORC estimate may differ from the foreign estimate. The company's own list of outstanding checks shows that validation is incomplete.

Black Bear's stated milestones are the remaining stage one re-assay results next month and the maiden JORC Mineral Resource Estimate targeted for the fourth quarter of 2026.