BP Silver Initial Drilling Intersects Significant Mineralization Within Cosuño Lithocap Hole CO-0001 Returns 29 Meters at 56 g/t Silver & 0.28 g/t Gold (80 g/t AgEq)
BP Silver Initial Drilling Intersects Significant Mineralization Within Cosuño
Lithocap
Hole CO-0001 Returns 29 Meters at 56 g/t Silver & 0.28 g/t Gold (80 g/t AgEq)
Vancouver, British Columbia – (February 2, 2026) – BP Silver Corp. (TSXV: BPAG) (“BP
Silver” or the “Company”) announces assay results (“Assays”) from the first two drill holes of its
eleven-hole Phase I drill program (the “Program”) at the Cosuño Silver Project (“Cosuño”) in
Bolivia. The Company expects to release assays from the remaining nine drill holes over the
coming weeks. The Company also announces that Dr. Mark Cruise, has been appointed as the
Company’s Executive Chair.
Dr. Stewart D. Redwood, Director and Qualifying Person stated, “Cosuño is a 10 .5 square
kilometer zone of alteration. The Program tested only four targets in the southern p ortion of
Cosuño, selected as initial targets because they were outcropping. We expect there to be many
more hidden targets as most of the area is covered by surficial overburden . We are literally
scraping the surface with two short holes into this extensive system, and it is very significant that
Cosuño’s lithocap is mineralized as lithocaps are usually barren.”
Dr. Redwood continued, “We expect Cosuño’s grades to increase when we drill deeper into and
below the lithocap. Lithocaps are extensive zones of clay and silica alteration that form in the top
part of Bolivian polymetallic vein systems and tin porphyries, similar to those which overlie
porphyry copper deposits. The nearest neighbour to Cosuño, in a similar geological setting, the
Pulacayo deposit, has a large lithocap that is barren and conceals a major vein that produced 640
million ounces of silver and 200,000 tons each of lead and zinc.”
Key Highlights from Cosuño’s Initial Results
Assays released are from the first two drill holes, Hole CO-0001 and CO-0002, which tested one
of four initial surface targets identified within the large ~10.5km 2 Cosuño hydrothermal system
(Table 1 & Figure 1). The assays demonstrate that silver and gold mineralization identified at
surface continues at depth within the lithocap . The results are significant because mineralized
Lithocap’s are usually barren in similar Bolivian systems, indicating Cosuño’s potential for further
discoveries at depth and in covered areas.
Table 1: Significant drill intersections in DDH CO-0001 and CO-0002.
Notes to the table:
(1) Silver equivalent (AgEq) = Ag + (Au * Au price/ Ag price). Assumes a recovery of 100% Ag and 100%
Au given the project is early stage and there is no metallurgical test work to date.
(2) Prices used Au $3431.54/oz, Ag $40.03/oz (London Bullion Market Association 2025 Average)
(3) Above are core lengths as true widths are not known at this time.
Dr. Redwood commented, “The gold grades are higher than expected and over significant widths
in the Jalsuri target. These results have achieved one of the objectives of the Phase I drill program
which was to confirm that the silver anomalies defined by surface rock sampling continue at depth.”
Cosuño Drill Program Overview
The Program tested four high priority targets defined by structurally controlled, outcropping
geochemically anomalous to highly anomalous silver -rich polymetallic zones characterized by
silicification, intermediate to advanced argillic alteration, sulfides and brecciation: features typical
of many significant Bolivian silver deposits. The targets occur within a large ~10.5 km²
hydrothermal alteration system as defined by detailed mapping, geochemical sampling and remote
sensing alteration studies.
Figures and additional geological background from the initial program can be found in the
Company’s October 21, 2025, and November 14, 2025, news releases. Additional results from
remaining nine holes will be released once received by assay labs over the coming weeks.
Detail
This marks the first drill program completed within the Cosuño Lithocap: Holes CO-0001 and CO-
0002 were drilled in the Jalsuri target, a northwest-southeast trending ridge formed by a prominent
mineralised structure (Figure 1 and 2).
CO-0001 (Easting 747065 Northing 7762846) was drilled at an inclination of -45° and direction
of 235° to a depth of 101.0 m. CO-0002 (Easting 747063 Northing 7762848) was drilled from the
same platform at an inclination of -45° to an azimuth of 175° to a depth of 107.0 m (Table 1, Figure
1 & 2). Both holes cut tuffs with hydrothermal breccias, advanced argillic and argillic alteration,
strong silicification, and semi -massive pyrite, all cut by late drusy veinlets of quartz, pyrite,
tetrahedrite and silver sulphosalts (Figures 3 to 4).
Figure 1: Summary geological map showing surface geochemistry, initial priority targets and
drillhole collar locations – Cosuño Silver Project, Bolivia.
Figure 2: Jalsuri Target Cross Section illustrating surface geochemistry, hole CO-0001 trace,
mineralization, alteration and geology.
Figure 3: Hole CO-0001: Hydrothermal / crackle breccia, intense advanced argillic alteration
with pyrite, sulfosalts and sulfides, quartz-alunite-dickite Veinlets, open space with druzy quartz.
Figure 4A (Left photo): Hole CO-0001: 49.70m, Polymictic breccia matrix supported pervasive
silicification with disseminated sulfosalts, local vuggy silica and quartz-alunite-dickite. Figure
4B (Right Photo): Hole CO-0002: At 60m.
Executive Chair Appointment
The Company also announces that Dr. Mark Cruise, previously an independent director of BP
Silver, has been appointed as the Company’s Executive Chair, effective February 2, 2026.
Dr. Cruise brings over 30 years of global mining experience from early -stage exploration to
production in the base, precious metal and critical mineral industries. His expertise encompasses
technical strategy, capital markets ( raising over $1B), merger & acquisitions and advanced
stakeholder negotiations. He has co-founded and led several billion-dollar exploration and mining
companies, and most recently served as COO and CEO of New Pacific Metals, who are developing
two silver deposits exceeding 200 million ounces each in Bolivia.
Investor Relations Partnership
BP Silver also announces effective February 1, 2026, it has engaged Adelaide Capital
(“Adelaide”), a leading investor relations and capital markets advisory firm, to provide investor
relations and consulting services to the Company.
Adelaide is a full-service investor relations firm that brings a unique and powerful perspective and
a re-engineered investor relations business model. Adelaide will work closely with BP Silver to
develop and deploy a comprehensive capital markets program, which includes assisting with non-
deal road shows , virtual campaigns, social media, conferences and assisting with investor
communication. In exchange for Adelaide’s services, and pursuant to an investor relations
consulting agreement (the “IRA”), the Company has agreed to pay a monthly fee of C$10,000 for
a three-month term. Adelaide is an arm's length company based in Toronto, Ontario. As of the date
hereof, Adelaide does not have any interest, directly or indirectly, in the Company or its securities
except for being previously granted 50,000 options of the Company. The IRA is subject to approval
by the TSX Venture Exchange.
Qualified Person
The technical information contained in this news release has been reviewed and approved by Dr.
Stewart D. Redwood, PhD, FIMMM, a Director of the Company and a Qualified Person as defined
under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. As Dr. Redwood
is a director of the Company, he is not independent under National Instrument 43-101.
Mineralization at the Pulacayo deposit is not necessarily indicative of mineralization at the Cosuño
Project. Information on production from the Pulacayo deposit was obtained SERGEOMIN,
Bulletin of the National Service of Geology and Mining, No. 30, pp. 119-120.
QA/QC
The work program was designed and supervised by Gonzalo Lemuz, P.Geo, the Company's Chief
Operating Officer, who was responsible for all aspects of the work, including the Quality
Assurance and Quality Control (QA/QC) program. On-site personnel at the Project rigorously
collect and track samples which are then security sealed and shipped to ALS laboratory in Oruro
for sample preparation. The core samples were prepared by ALS at their laboratory in Oruro,
Bolivia and the sample pulps were shipped to their laboratory in El Callao, Peru for analysis. ALS
is accredited to ISO/IEC 17025:2017 and ISO9001:2015. ALS is independent of BP Silver. Silver
and multi-elements were analysed by aqua regia digestion and ICP-MS finish. Gold was analysed
by fire assay and AA finish. BPAG inserted certified standard reference materials (CSRM), blanks
and duplicates to monitor QAQC. All diamond drill holes were drilled in HQ diameter. The
average core recovery was 97.5% for CO-0001 and 95% for CO-0002.
About BP Silver Corp.
BP Silver Corp. is a Canadian exploration company focused on advancing high -grade silver
projects in Bolivia. The Company’s flagship asset, the Cosuño Project, is strategically located in
the prolific Bolivian silver belt, a region with a rich mining histo ry and significant untapped
discovery potential. With a strong technical team and a disciplined exploration strategy, BP Silver
is positioned to unlock value for its shareholders through the discovery and development of major
silver deposits.
For further information please contact:
Tim Shearcroft, Chief Executive Officer
604-307-7032
Cautionary Statement Regarding Forward Looking Information:
Information set forth in this news release contains forward -looking statements. These statements
reflect management's current estimates, beliefs, intentions and expectations; they are not
guarantees of future performance. The Company cautions that all forward-looking statements are
inherently uncertain and that actual performance may be affected by a number of material factors,
many of which are beyond the Company's control. Such factors include, among other things: future
prices and the supply of silver and other precious and other metals; future demand for silver and
other valuable metals; inability to raise the money necessary to incur the expenditures required to
retain and advance the property; environmental liabilities (known and unknown); general business,
economic, competitive, political and social uncertain ties; results of exploration programs; risks
of the mineral exploration industry; delays in obtaining governmental approvals; and failure to
obtain necessary regulatory or shareholder approvals. Th ere can be no assurance that such
statements will prove to be accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should not place undue reliance
on forward-looking statements. The Company disclaims any intention or obligation to update or
revise any forward -looking statements, whether as a result of new information, future events or
otherwise, except as required by law.
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PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
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