October 26, 2022
Blackrock Silver Corp. (TSXV:BRC, BUY, C$1.55 target, Taylor Combaluzier) announced final drill results from the scout drill campaign on its 100%-controlled Tonopah North project located in Nevada. Drilling confirmed a broad Li-bearing zone and intercepted up to 1,217 ppm Li over 23m (TN22-012) in the Siebert Tuff. The thickness of the Li-bearing zone is up to 56.4m, though it has an average thickness of 28.1m. Additionally, the zone comes to within 8m of surface and has been drilled to 117m depth, where it remains open. We calculate this batch of assays returned a weighted-average grade of ~508 ppm Li over an average width of ~26m. For comparison, we note the nearby TLC deposit has an average grade of 912 ppm Li. We also note that the highest-grade intercept was drilled in the center of the property with holes drilled to the NE showing higher grades; whereas holes drilled to the S/SW only returned anomalous Li values. A NE-oriented fault structure was also identified, which could potentially be a control on lithium mineralization and be the cause of elevated grades to the NE. Follow-up on this fault structure is warranted and could potentially help BRC vector towards higher Li grades. The company completed 20 RC drillholes (~9,300m) to test the Tonopah North project for Ag-Au mineralization below the cover rocks that are known to host Li deposits in the region. As outlined in our previous note, we believe that the Li potential could offer a potential sweetener for the Tonopah West Ag-Au project if the company can delineate an economic Li deposit in the future. However, we continue to expect the current focus to remain on growing the Ag-Au resource. Read more
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Blackrock Silver Corp. – TSXV:BRC – 3,4
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