BKB - assays increase silver grades by up to 147% from project in Texas, USA

Published 06-AUG-2026 10:54 A.M.

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Our 2025 Small Cap Pick of the Year Black Bear Minerals (ASX: BKB | OTCQX: BKBMF) just released a second batch of re-assay results from old drill core at its silver project in Texas, USA.

And once again, the new silver numbers came back higher than the originals.

(We covered the first batch of re-assay results here)

The first batch were grading ~50% higher, one of the assay results from this batch came in at ~147% more silver than originally recorded…

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(source)

BKB’s project previously produced ~35.2 million ounces of silver at 521g/t between 1883 and 1942.

It was most recently operated between 2012-13 from existing processing infrastructure with a replacement value of ~$150M.

Today, the project has a 17.5Moz @ 289g/t silver foreign (non-JORC) resource.

BKB is now drilling the project looking to convert that foreign resource into JORC standards.

(the re-sampling program is also a part of that conversion process).

Here is where today’s new results came from relative to BKB’s foreign resource:

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(source)

What else is BKB up to?

Earlier in the week, BKB released the results of a scoping study for its Nevada gold project (Independence) based on just a small portion of the resource there.

Over here in Nevada BKB has a ~2.2M ounce gold JORC resource next door to $98BN Barrick and $158BN Newmont's Nevada Gold Mines (NGM) Phoenix Complex.

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(source)

The scoping study was based off just ~420K ounces gold equivalent portion of its total 2.2M ounce resource showing:

A post-tax NPV of ~A$511M - over 5.5x BKB's current market cap of $90M,
A ~64% Internal Rate of Return, and;
A ~1.4 year payback on initial capital of ~A$119M.

You can read our deep dive from earlier this week here: BKB: Surrounded by the biggest gold mining complex in the world - and this just happened

What's next for BKB?

🔄 Gold project in Nevada

Next we want to see BKB deliver:

✅ COMPLETED: Mining study phases on a heap-leach development
✅ COMPLETED: Scoping study
🔲 DUE NEXT: Metallurgical testwork across all epithermal oxidation states
🔲 DUE AFTER: Revised Scoping Study on the full 1.2M ounce shallow resource
🔲 DUE LATER: Pre-Feasibility Study

Eventually when drilling is back on the cards we want to see BKB test for the following:

🔄 UNDERWAY: Planning for follow-up drilling north of skarn (the 580m gap to WI-002)
🔲 DUE NEXT: Drill testing the Rebel Trend (1km of untested strike)
🔲 DUE NEXT: Deeper drilling at South Hill (untested stacked lodes)