M&I Conversion Program Expands and Confirms Continuity of High-Grade Gold and Silver in the Shallowest Portion of the Deposit

HIGHLIGHTS:

• TXC24-119 returned 4.69 metres of 714 grams per tonne ("g/t") silver equivalent ("AgEq") (379.0 g/t silver ("Ag") and 3.72 g/t gold ("Au")) from a depth of 370.4 metres, including 1.22 metres of 1,469 g/t AgEq (770.5 g/t Ag and 7.76 g/t Au).

• TXC24-117 yielded 2.01 metres of 1,783 g/t AgEq (1,141 g/t Ag and 7.13 g/t Au) from a depth of 261.2 metres, including 0.40 metres of 6,064.4 g/t AgEq (3,712 g/t Ag and 26.13 g/t Au).

• TXC24-102 intersected 0.98 metres of 1,048 g/t AgEq (628.0 g/t Ag and 4.67 g/t Au) from a depth of 152.9 metres, including 0.61 metres of 1,321 g/t AgEq (756.0 g/t Ag and 6.28 g/t Au).

• M&I Conversion Program: Assays for 5 completed drillholes are pending at this time, with a further 8 drillholes to be completed to finish off the program. An additional 6 reverse circulation ("RC") drillholes have also been added to follow-up on high-grade mineralization encountered 200 metres to the east of the M&I Conversion Area.

• Resource Expansion Program: 9 drillholes testing broad continuity of high-grade gold & silver mineralization across a 1 kilometre vein corridor aiming to link the DPB resource area with the NW Stepout resource area have been completed with all assays pending at this time.

Vancouver, British Columbia--(Newsfile Corp. - January 16, 2025) - Blackrock Silver Corp. (TSXV: BRC) (OTCQX: BKRRF) (FSE: AHZ0) ("Blackrock" or the "Company") is pleased to report the third tranche of assays from the M&I Conversion Program (as defined herein) on the Company's 100% owned Tonopah West project ("Tonopah West") located within the prolific Walker Lane trend in Esmeralda and Nye Counties adjacent to the town of Tonopah, Nevada, USA.

The Company's 2024 drill campaign on Tonopah West, which commenced in late July 2024, includes an in-fill drilling component consisting of approximately forty drillholes within the shallow southern portion of the DPB resource area with a goal to convert up to 1.5-million tonnes of material from inferred mineral resources to measured and indicated mineral resources (the "M&I Conversion Program") and an exploration component that is targeting expansion potential across a one kilometre trend of vein corridor linking the DBP and the NW step out resource areas (the "Resource Expansion Program").

The area in which the M&I Conversion Program is taking place (the "M&I Conversion Area") represents the initial years of anticipated production based on the mine plan laid out in the Company's Preliminary Economic Assessment on Tonopah West (the "PEA") (see September 4, 2024 news release). The M&I Conversion Program has completed 32 of the planned 40 drillholes. An additional 6 core holes from surface were added to follow up on high-grade intercepts encountered in the course of the M&I Conversion Program. To the end of December 2024, a total of 10,055 metres (32,989 feet) have been completed. The Company has received assays for 28 of the 32 drillholes completed, with assays for five drillholes pending. Eight pre-collars and core tails will be completed in early 2025 to complete the M&I Conversion Program. Table 1 shows the third installment of drillhole assays received to date at a 150 g/t AgEq cut-off grade.

Andrew Pollard, the Company's President and CEO, stated, "Assay results from our ongoing M&I Conversion Program continue to tie together shallow high-grade gold & silver mineralization both within and up-dip from the existing resource area that is projected to represent the initial years of production at Tonopah West. A new very shallow zone of interest has emerged east of the M&I Conversion Area, and additional drilling is being deployed to test roughly 200 metres of new strike potential along what is thought to be the Merten vein. In addition, we expect to have our first tranche of assays from our separate Resource Expansion Program over the coming weeks, where 1 kilometre of vein corridor is being drill tested with an aim of adjoining high-grade mineralization between our DPB and Northwest Step Out deposits. Drilling remains ongoing at site, and with a substantial backlog of assays pending at the lab from both our M&I Conversion Program and Resource Expansion Program, the Company is poised for an active start to 2025."

Table 1: Tonopah West Assay Intercepts using 150 g/t AgEq cut off

The M&I Conversion Program is establishing continuity of the high-grade within the Merten vein, where two northwest oriented mineralized chutes are showing thick high-grade gold and silver. The mineralized chutes are raking at an azimuth of 315 degrees and have continuity over an area 225 metres in length and are still open in the northwest direction.

Initial results from the M&I Conversion Program are very positive with excellent continuity of high-grade mineralization having been established over an area that is 200 metres by 250 metres and open to the northwest and down dip.

An additional high-grade silver equivalent zone has emerged to the east of the M&I Conversion Area, and additional drillholes are in progress to follow up on this isolated intercept along the Merten vein. Six reverse circulation (RC) drillholes have been added to the M&I Conversion Program to test the extents of this high-grade and determine its overall relationship to the Merten vein system.

Figure 1: Map showing the location of drillholes cited in this news release

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/676/237369_4ccbeecb342629f3_001full.jpg

The Company is also progressing on its Resource Expansion Program to establish the continuity of gold and silver from the DPB resource to the Northwest step out resource located approximately one kilometre to the northwest of DPB. A total of nine pre-collar holes, seven core tails and two core holes from surface were completed by the end of 2024. TXC24-107 was lost at 118 metres (387 ft) well above the target veins. All assays are pending at this time for drill holes TXC24-106 to TXC24-114.

Table 2: Tonopah West Drillhole Location Coordinates (based on GPS readings in the field, Datum UTM, NAD 1927, Zone 11)

Quality Assurance/ Quality Control

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 RC and core samples are hauled from the project site to a secure and fenced facility in Tonopah, Nevada, where they are loaded on to American Assay Laboratory's ("AAL") flat-bed truck and delivered to AAL's facility in Sparks, Nevada. A sample submittal sheet is delivered to AAL personnel who organize and process the sample intervals pursuant to the Company's instructions.

The RC samples are lined out at the lab and logged in to AAL's system. The core samples are cut using core saws and personnel at AAL's facility in Sparks, Nevada according to the Company's instructions delivered with each core hole.

All samples are dried, crushed to 85% passing 10 mesh (2mm) and a 250-gram sub-sample split is collected and pulverized to 200 mesh (74 micron) in a ring and puck pulverizer. Then the pulverized material is digested and analyzed for gold using fire assay fusion and an Induced Coupled Plasma (ICP) finish on a 30-gram assay split (FA-PB30-ICP). Silver is determined using five-acid digestion and ICP analysis (ICP-5AM48). Over limits for gold and silver are determined using a gravimetric finish (GRAVAU30 and GRAVAG30). Data verification of the assay and analytical results are completed to ensure accurate and verifiable results. Blackrock personnel insert a blind prep blank, lab blank or a certified reference material approximately every 15th to 20th sample.

Qualified Persons

Blackrock's exploration activities at Tonopah West are conducted and supervised by Mr. William Howald, Executive Chairman of Blackrock. Mr. William Howald, AIPG Certified Professional Geologist #11041, is a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects. He has reviewed and approved the contents of this news release.

About Blackrock Silver Corp.

Backed by gold and silver ounces in the ground, Blackrock is a junior precious metal focused exploration and development company driven to add shareholder value. Anchored by a seasoned Board of Directors, the Company is focused on its 100% controlled Nevada portfolio of properties consisting of low-sulphidation, epithermal gold and silver mineralization located along the established Northern Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.

Additional information on Blackrock Silver Corp. can be found on its website at www.blackrocksilver.com and by reviewing its profile on SEDAR at www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Statements and Information

This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this news release relate to, among other things: the Company's strategic plans; the timing of completion of the Company's drill program at Tonopah West, consisting of the M&I Conversion Program and the Resource Expansion Program and the anticipated objectives and results therefrom; additional anticipated drilling within the M&I Conversion Area; the anticipated timing of receipt and announcement of assay results; the Company's de-risking initiatives at Tonopah West; estimates of mineral resource quantities and qualities; estimates of mineralization from drilling; geological information projected from sampling results; and the potential quantities and grades of the target zones.

These forward-looking statements reflect the Company's current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; the historical basis for current estimates of potential quantities and grades of target zones; the availability of skilled labour and no labour related disruptions at any of the Company's operations; no unplanned delays or interruptions in scheduled activities; all necessary permits, licenses and regulatory approvals for operations are received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; and the Company's ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data; general market and industry conditions; and those factors identified under the caption "Risks Factors" in the Company's most recent Annual Information Form.

Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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