Black Bear Minerals Limited has intersected 9.1 metres at 1,043g/t silver from 116.4 metres, including a 0.6-metre internal interval grading 2,990g/t silver, in follow-up re-analysis of historical drill core from the Shafter Silver Project in Presidio County, Texas.

The updated assay from drillhole S-12-403 represents a 30% increase in contained silver for the broader intercept and a 133% increase in silver grade for the internal interval compared to historical records. A second re-assayed diamond hole, S-12-420, returned 15.5 metres at 299g/t silver from 144.5 metres, including 4.3 metres at 994g/t silver.

The re-analysis program also confirmed polymetallic mineralisation, returning up to 0.8g/t gold and 30% lead in legacy core samples that were originally analysed exclusively for silver.

Black Bear acquired 100% ownership of Shafter in November 2025, gaining an asset that includes approximately A$150 million of existing mine and processing infrastructure. In January 2026, the company engaged engineering firm Ausenco to conduct operational restart assessments and dilapidation studies. Ausenco is currently progressing operational restart studies, bankable feasibility studies, and metallurgical test work for the project.

“Shafter continues to surprise on the upside. These latest results include 9.1 metres at 1,043g/t silver with a peak of 2,990g/t, while also identifying up to 0.8g/t gold and base metals, largely absent from historic datasets.” — Dennis Lindgren, Chief Executive Officer

Driven by the positive results from twin-hole drilling and core re-analysis, Black Bear is extending its review of historic core to encompass all available legacy drill programs across the project as it advances JORC resource work, restart studies, and ongoing surface and underground exploration.

“With extensive historic core already on site, we have a significant catalyst to progressively build a more complete picture of the Shafter mineralised system as we advance the JORC resource work, Rapid Mine Restart Study and continue our extensive surface and underground exploration program.” — Dennis Lindgren, Chief Executive Officer

Work on the Shafter project is continuing alongside ongoing technical evaluations aimed at converting the historical resource into a JORC-compliant Mineral Resource.

Read the full announcement: Assays Confirm High-Grade Silver With Gold At Shafter