Tim Shearcroft

BP Silver – First Assays From Phase 2 Drilling Return The Best Results To Date

• Top takeaway He argues bismuth appearing alongside silver marks a high-temperature feeder beneath the Poconita Chica lithocap, the structure he wants to follow down-dip toward a vein system like Pula Kayo 10 km south, which he says accounts for 640 million ounces of silver and whose mineralisation below the lithocap started around 4,000 m.
• He contends most investors and shareholders do not realise the value of bismuth and antimony, noting they together carry roughly three-quarters of the silver-equivalent grade in Hole 13, while the silver alone at 314 g/t is close to 10 oz/t.
• His thesis is that feeder structures gain grade and size with depth, and that undercutting holes 8, 9 and 13 to show continuity and geometry should come before committing to deeper drilling; he would consider another step-out if that holds.
• He treats the treasury as sufficient to fund the 8,000 metres across phases two and three with several million left, and says the board and shareholders would support adding metres if results of this quality continue.
• He expects a steady flow of news rather than one catalyst: three or four assays in the next few weeks, more holes from the current batch, and he is holding back the deeper 500-700 m targets until the IP and MAG data are in.

BP Silver's first Phase 2 assays at Bolivia's Cosuno project delivered 1,328.8 g/t silver equivalent over 3 metres — the best hole yet. Bismuth and antimony carry about three-quarters of that silver-equivalent grade, critical-metal credits most investors overlook. The CEO argues bismuth beside silver flags a high-temperature feeder, the conduit that can grow into a major vein system at depth. Holes 8, 9 and 13 sit within a 450-metre step-out, and the next test is undercutting all three from below. About $8.5 million in the treasury covers the full 8,000-metre programme, though weather delayed the drone magnetic survey and Phase 3 targeting.

BP Silver – Phase 2 Drilling Has Begun At Select Targets – Soil Sampling Assays Pending & MAG Survey

• Top takeaway Sheercroft argues the Phase 2 drilling is deliberately low risk, sitting directly on top of structures already mapped and sampled at surface, which he says is why he started it ahead of the surveys and expects results comparable to surface grades.
• He argues the geophysics should drive the next round: a mag survey to map the geometry, dip and depth of structures that dip under cover, and an IP survey to pick up sulfides deeper down, feeding a Phase 3 program aimed at feeder structures below the lithocap.
• He calls Poconita Grande the best target on the property, undrilled and four times the size of Poconita Chica, sitting at the center of what he describes as a mineralized trend 3.5 kilometers long, and says it gets maiden drilling in Phase 3 this year once access roads are finished.
• He uses Pula Cayo, 10 kilometers to the south, as an analog, citing a vein system below a lithocap there responsible for over 600 million ounces of silver, and argues that grade profile could make the project very profitable and attractive to other companies regardless of silver prices.
• He argues the project is already amenable to open pit mining with high grade veins suited to an underground scenario, and calls it a rare tier one opportunity because most lithocaps worldwide are barren.

BP Silver began its 2,000-metre Phase 2 drill program in Bolivia, roughly 20 to 24 relatively shallow holes. First holes follow up Poconita Chica, where holes 8 and 9 returned a metre near 1,600 grams per tonne silver. Over 600 samples await assays, a first batch due within weeks, with drill results hoped for late August. Magnetic and IP surveys, delayed by Bolivia's border blockades, precede Phase 3 drilling aimed at deeper feeder structures. Poconita Grande, four times the size of Chica and undrilled, anchors Phase 3 after a fully funded $10 million raise at $1.

BP Silver – Upcoming Channel Sampling, MAG Survey, Phase 2 Drilling, IP Survey, and Phase 3 Drilling

BP Silver Corp is fully funded for an aggressive, multi-phase exploration program at its Cosuño Silver Project in Bolivia throughout 2026. Phase 2 drilling will target extensions of high-grade silver intercepts, including 1,655 g/t Ag over 1m, and test newly discovered veins. The company will integrate channel sampling, MAG, and IP geophysical surveys to guide a subsequent Phase 3 drilling program. Successful execution of this fully-funded work program is expected to significantly improve the geological understanding of the Cosuño system. Investors should watch for continuous data flow from multiple exploration milestones building on the successful Phase 1 proof of concept.