- Black Bear has increased Independence MRE to 2.2Moz AuEq.
- Preliminary tests show gold recoveries up to 95.9% for skarn material.
- The May update marks an addition of 815,900 ounces over the last 12 months, achieved at discovery cost of A$4.71/ounce.
There’s been a significant update to the Mineral Resource Estimate for its Independence Project in Nevada, Black Bear Minerals (ASX:BKB) told shareholders this morning, with the project now hosting a combined 2.2 million ounces gold equivalent – representing an 815,900-ounce increase since CY25.
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The updated estimate was made up of two mineralisation styles, a high-grade underground skarn resource and a from-surface epithermal resource. The skarn holds 1Moz at an average of 6.29 g/t Au; the epithermal totals 1.2Moz AuEq.
The following table outlines the current resource classifications as of May CY26.
| Resource Type | Classification | Tonnes (Mt) | Grade | Contained Metal |
| Skarn | Inferred | 5.0 | 6.29 g/t Au | 1,002,500 oz Au |
| Epithermal | Indicated | 26.6 | 0.44 g/t AuEq | 376,300 oz AuEq |
| Epithermal | Inferred | 63.3 | 0.41 g/t AuEq | 841,100 oz AuEq |
| Total | Combined | 94.9 | – |
This update reflects a 190% increase in the epithermal resource, largely driven by extensional drilling and the removal of previous pit-shell constraints.
Significant potential remains, with all domains open along strike and at depth – and that’s what Black Bear will needle in on next, starting with testing at Rebel Trend (where high-grade intercepts like 7.6m at 3.9g/t AuEq remain open) and delineating mineralisation between epithermal and skarn resources.
“We see strong potential for further resource growth as we advance mining studies focused on a low-strip, heap-leach development pathway, leveraging our location in Tier 1 Nevada, Battle Mountain region,” CEO Dennis Lindgren said.
The Black Bear CEO also said the company was very happy with how quickly they’d put together the update; it took around 12 months from start to finish.
The explorer will also, when it has time, stage further drilling to bridge the 580 metre “gap” between the current skarn MRE and northern anomalous intercepts. That should be on the cards sometime quite soon.
BKB shares were last 69 cents each.
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Disclaimer: This content has been prepared as part of a partnership with Black Bear Minerals Ltd and is intended for informational purposes only.
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