Black Bear Minerals Ltd is advancing final operational-readiness and rehabilitation activities at the Shafter Silver Project in Texas to prepare for an upcoming underground drilling program.

The site work, supported by American Mining and Tunnelling, includes safety inspections by the Mine Safety and Health Administration to secure underground access via existing mine declines. Drilling will target resource growth and definition around historical stopes in areas such as Presidio East and the Ramp zone.

The upcoming campaign marks a shift from the company's initial Phase 1 surface diamond drilling program, which comprised 11 holes for approximately 2,250 metres. Shafter currently hosts a foreign mineral resource estimate of 17.57 million ounces at 289 grams per tonne silver, which Black Bear is working to convert to JORC-compliant standards.

Black Bear acquired 100% ownership of the project in November 2025, taking control of approximately A$150 million in existing mine and processing infrastructure. A post-acquisition administrative review also confirmed that all major operating and environmental permits referenced in the project's 2018 preliminary economic assessment remain active, in good standing, and transferable.

"We're completing the final operational-readiness steps to access the underground developments at Shafter and commence underground drilling, leveraging existing decline development and ground support that remain in good condition. Drill planning is underway, targeting extensions to high-grade silver mineralisation while supporting planned JORC conversion, MRE updates and key mine-restart inputs. Leveraging the underground workings allows us to rapidly advance exploration while supporting our restart ambitions." 

— Dennis Lindgren, Chief Executive Officer

The underground program will provide targeted drilling platforms to test mineralised zones that are difficult to reach from the surface, while supplying technical inputs for ongoing restart assessments. Company officials noted that the operational-readiness activities and upcoming drilling do not constitute a formal decision to resume mining operations.

Read the full announcement: Underground Drilling to Commence at Shafter