Blackrock's president and CEO Andrew Pollard said that the initial results from the 2022 step-out drill programme at the "highest-grade undeveloped silver project in the sector" allude to "substantial resource expansion potential".

"Drillhole TXC22-052 intercepted a thick, highly mineralized section of the Denver vein roughly one kilometre beyond our maiden resource envelope, indicating we're still in the very early stages of defining Tonopah West's full potential," he said.

"With our resource expansion programme roughly 50% complete, in-fill drilling has encountered a shallow new zone of stockwork quatz-veins and breccias that could point to near surface potential for the southern portion of the property, of which assays are pending at this time," he said.

Blackrock highlighted the following:

• 4.6 metres of the Denver vein grading 0.63g/t gold and 148g/t silver, or 211g/t AgEq, including a 0.7 metre zone grading 1.89g/t Au and 513g/t silver or 702g/t AgEq
• 0.3 metres grading 1.91g/t Au and 127g/t Ag, or 308g/t AgEq

Red Cloud mining analyst Taylor Combaluzier said: "While not the flashiest intercepts we have seen from Tonopah West, we are encouraged that the step-out drilling demonstrates the mineralization extends well beyond the resource area".

"This supports our belief that Tonopah West still has considerable room to grow from the ~42.6 million oz AgEq delineated in its maiden resource with our base and upside mineral investory cases of ~79.7 million oz and ~106.3 million oz AgEq, respectively," he said.

Blackrock's share price was C$0.58 (US$0.45) on July 18. The company has a market capitalization of C$95.37 million.