BP Silver Corp. Hits 1,328 g/t AgEq Feeder at Cosuno Project

Source: Streetwise Reports 09/30/2026

BP Silver Corp. (BPAG:TSXV;BPSCF:OTCQB) reports standout Phase 2 drill results, including 1,328 g/t AgEq over 3m with bismuth and antimony by-products at its Cosuno silver project in Bolivia.

BP Silver Corp. (BPAG:TSXV; BPSCF:OTCQB) announced on September 29, 2026, assay results from the first two holes of its Phase 2 drill program at the Cosuño Silver Project in Bolivia, highlighting a high-grade feeder structure discovery.

Key Takeaways

• BP Silver reported high-grade silver, bismuth, and antimony mineralization at the Cosuño Silver Project, including 3.0 meters grading 1,328.8 g/t silver equivalent in hole CO-0013.
• Drilling has extended silver-bismuth-antimony mineralization across approximately 450 meters of strike at Pocañita Chica, with additional Phase 2 assays pending.
• The Cosuño system contains multiple metals, with elevated bismuth and antimony potentially providing additional value alongside silver if an economic deposit is ultimately defined.
• Phase 2 drilling is testing the potential for higher-grade mineralization at depth, while geophysical surveys are being used to identify additional exploration targets across the project.
• A projected global silver-market deficit provides a broader backdrop for exploration, with the Silver Institute forecasting a sixth consecutive annual market deficit in 2026.

Project Update and Critical Metals Potential

The standout result came from hole CO-0013 at the Pocañita Chica target, intersecting 3.0 m (meters) grading 314.3 g/t silver (Ag), 2.62% bismuth, and 0.74% antimony for 1,328.8 g/t AgEq (silver equivalent) within a broader 7.0 m interval of 634.1 g/t AgEq. This sits inside a 74.0 m zone averaging 82.3 g/t AgEq. Hole CO-0012 returned broader lower-grade silver mineralization over 37.0 m at 27.3 g/t Ag (39.3 g/t AgEq). These results extend silver-bismuth-antimony mineralization over approximately 450 m of strike at Pocañita Chica. The company has completed 19 holes to date, totaling 2,289.7 m in the expanded Phase 2 program, with assays pending for additional holes.

Dr. Stewart D. Redwood, Director and Qualifying Person, stated in the release, “The Pocañita Chica target continues to demonstrate high-grade silver mineralization within feeder structures occurring within broader intervals of silver mineralization. Hole CO-0013 is particularly significant, intersecting a 3 m feeder structure grading 1,328 g/t AgEq, comprised of high-grade silver, bismuth, and antimony. Within a lithocap system, feeder structures can represent important conduits for mineralizing hydrothermal fluids and may connect to broader vein systems at depth. Importantly, elevated bismuth and antimony were also identified in Phase 1 drilling at Cosuño, including in holes CO-0008 and CO-0009. The increasing silver grades observed down-hole in these holes and in the Pocañita Chica area are particularly encouraging and may potentially indicate that higher-grade mineralization continues down dip and at greater depth. Testing this possibility will be an important focus of the ongoing exploration program.”

Analyst Ben Pirie of Atrium Research reiterated a “Buy” rating and price target of CA$2.00 in a September 29, 2026.

Dr. Redwood continued, “The high-grade bismuth and antimony encountered in CO-0013 are very significant as these metals may represent valuable by-products to the silver mineralization. Bismuth and antimony are classified as critical minerals by the United States government, the Canadian government, the European Union, and other jurisdictions. The world’s only primary bismuth deposit, the Tasna bismuth deposit, is located approximately 65 kilometers southeast of the Cosuño Project, further highlighting the presence of significant bismuth mineralization within the broader regional geological setting.”

Cosuño is an emerging silver-rich polymetallic discovery. The high-grade bismuth and antimony in CO-0013 are notable as critical minerals, with the nearby Tasna bismuth deposit underscoring regional potential. Geophysical surveys, including a completed drone MAG survey over 37.5 km² and an ongoing IP survey, are underway to refine targets.

A Silver Deficit in the Market

Kitco’s live silver price showed spot silver pricing at approximately US$60.87 per ounce late September 30, 2026, while Reuters reported silver at approximately US$61.15 per ounce on September 30. The metal has faced pressure from elevated Treasury yields, a firm U.S. dollar, and expectations for additional Federal Reserve rate increases, although softer U.S. inflation data helped precious metals recover late in the month. Kitco reported that silver had rebounded alongside gold as weaker labor-market and consumer-confidence data reduced expectations for an October rate increase.

The silver market is tied to both investment demand and industrial consumption. In February 2026, the Silver Institute reported that it expected the global silver market to remain in deficit for a sixth consecutive year in 2026, with a projected shortfall of 67 million ounces. Total supply is forecast to rise 1.5% to approximately 1.05 billion ounces, including an estimated 820 million ounces of mine production, while physical investment is expected to increase 20% to 227 million ounces. Industrial fabrication, meanwhile, is forecast to decline 2% to roughly 650 million ounces, largely because of reduced silver usage in photovoltaic applications as manufacturers continue efforts to economize on silver and substitute other materials. Growth in data centers, artificial intelligence-related technologies, and automotive applications is expected to offset some of that decline.

The Silver Institute argued that this deficit will require releases from above-ground inventories, while elevated prices are also expected to increase recycling, which is forecast to exceed 200 million ounces in 2026. Recent market commentary highlights physical-market tightness alongside macroeconomic factors.

Kitco reported September 28, 2026, that BMO Capital Markets viewed the recent weakness in gold and silver against a higher long-term price base, while JPMorgan has cited physical-market tightness and the prospect of further rate increases as factors contributing to an uncertain outlook for the metal.

Pirie Commented on Latest Results

Analyst Ben Pirie of Atrium Research reiterated a “Buy” rating and price target of CA$2.00 in a September 29, 2026 research note. In reference to BP Silver’s latest release, Pirie said, “We view today’s results as a strong start to Phase 2, confirming mineralization over ~450m of strike at Pocañita Chica.”

After expressing excitement over the results, Pirie continued, “Importantly, the high-grade portion of hole CO-0013 is believed to be a conduit feeding a broader vein
system at depth, as silver grades are increasing down-hole. The feeder structure is going to be a key aspect of the exploration story going forward. Additionally, there are unusually strong bismuth and antimony grades (also intersected in the Phase 1 program), which could provide meaningful by-product credits in a mining scenario.”

More Assays to Come

Tim Shearcroft, Founder and CEO of BP Silver, said in the release, “Hole CO-0013 is the best hole drilled to date at Cosuño. With 19 holes now completed and several more remaining as part of our expanded Phase 2 drill program, the potential at the Pocañita Chica Target and across the broader Cosuño system continues to be very encouraging. We look forward to testing this potential as drilling continues.”

Pending assays from the remaining Phase 2 holes, final geophysical data interpretation, and continued drilling to test down-dip extensions and new targets such as Pocañita Grande are key near-term catalysts investors should watch. [OWNERSHIP_CHART-11728]

Ownership & Share Information¹

BP Silver Corp. has a market cap of approximately CA$65.07 million, with 65.05 million shares outstanding. The company’s 52-week range is CA$0.30-CA$1.45.

Management & Insiders own 17.31% of shares, and the remaining 82.69% of shares are held by Retail.

Frequently Asked Questions

Q: What does the feeder structure discovery mean?

A: Feeder structures can act as conduits for mineralizing fluids and may connect to broader vein systems at depth, potentially indicating larger-scale mineralization similar to nearby deposits like Pulacayo.

Q: How significant are the bismuth and antimony values?

A: These critical metals represent valuable by-products and highlight the polymetallic nature of the system, with the regional Tasna deposit providing geological context.

Q: What is the current drill status?

A: Phase 2 has 19 holes completed for 2,289.7 m, with at least eight more planned and assays pending from 17 holes.

Q: Are there upcoming catalysts?

A: Additional Phase 2 assays, geophysical interpretations, and testing of depth extensions and new targets like Pocañita Grande are expected.

Q: What is silver equivalent (AgEq)?
A: Silver equivalent (AgEq) is a standardized measure used to express the combined value of silver and other metals in terms of an equivalent amount of silver. The calculation uses metal prices and other assumptions to convert multiple metals into a single grade, allowing mineralized intervals containing silver and by-products to be compared more easily.

Q: What is a feeder structure in mineral exploration?
A: A feeder structure is a geological feature that can act as a conduit for mineralizing fluids moving through the Earth’s crust. In hydrothermal systems, these structures may connect deeper sources of mineralization with veins or other deposits closer to the surface. Identifying feeder structures can help exploration companies determine where additional mineralization may occur.

Q: What does strike length mean in mining?
A: Strike length describes the horizontal distance over which a geological structure or zone of mineralization extends along its dominant direction. A longer mineralized strike can help demonstrate the scale and continuity of a mineralized system, although strike length alone does not establish the size or economic viability of a mineral deposit.

Q: What is a polymetallic mineral deposit?
A: A polymetallic mineral deposit contains economically or potentially economically significant concentrations of more than one metal. Silver deposits may also contain metals such as lead, zinc, copper, gold, bismuth, or antimony, which can potentially contribute to a project’s overall economics depending on their grades, recovery rates, and market prices.

Q: What are critical minerals?
A: Critical minerals are mineral resources considered important to economic or national security and potentially vulnerable to supply disruptions. Governments and international organizations maintain their own critical-mineral lists based on factors such as industrial importance, supply-chain concentration, and geopolitical risk. Bismuth and antimony are classified as critical minerals by several jurisdictions.

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Important Disclosures:

1. Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

( Companies Mentioned: BPAG:TSXV;BPSCF:OTCQB, )