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

The KE Report Jul 8, 2026

Summary

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.

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.

Top takeaway Markowitz argues the pivot into drilling ahead of the surveys worked in the company's favour, since investors respond most to drill holes and the pending assays plus the survey work together point to an exciting news season over the next couple of months.
He frames Poconita Grande as the centerpiece of the program, noting that road building and site access were the gating items and that both are targeted to come together in Phase 3.