The playbook — silver · October 28, 2026
High-grade silver surfaces shallow at Cosuño — and the market noticed
Two holes at BP Silver's Bolivian project hit 10 m of 184 g/t silver near surface, plus 100 m of low-grade zinc. Early days, no resource yet.
BP Silver, a junior drilling in Bolivia’s silver belt, reported results from two holes at its Cosuño project on October 28. The headline number: hole CO-0019 cut 10.0 metres grading 183.62 grams of silver per tonne — about six ounces of silver in every tonne of rock — starting just 3 metres below surface. Inside that run sat a richer 2.0-metre bite of 506.50 g/t silver. Both figures come with a gold kicker, and the company translates them into silver-equivalent grades of 239.65 and 600.04 g/t. The second hole, CO-0016, carried thinner silver but a long stretch of zinc.
That zinc is the quieter but broader story. CO-0016 hit 96 metres of 1.37% zinc from 4 metres down, and CO-0019 ran 100 metres of 2.49% zinc-equivalent from 2 metres down — big widths, modest grades. The silver is rich but shallow and thin; the zinc is large but lean. Both holes ended in mineralization — the company says this points to potential for the system to continue at depth. The credibility here leans less on first-time CEO Tim Shearcroft than on Executive Chair Dr. Mark Cruise, formerly CEO and COO of New Pacific Metals, which is advancing two 200-million-ounce silver deposits in Bolivia. The market gave a mild nod: while silver fell 5.4% over three months and the junior silver index went nowhere, BPAG edged up 1.2%, running to roughly 1.19 mid-period before fading back — company-specific buying that partly reversed.
Now the honest fine print. True widths are not determined — the reported intervals are core lengths, so these shallow intercepts could overstate real thickness. The silver- and zinc-equivalent grades assume 90% recovery across all metals, with no metallurgical test work done yet; treat them as an exploration tool, not recoverable metal. The release says CO-0016 and CO-0019 step northwest along strike from an earlier hole “demonstrating continuity,” but no step-out distance or strike length is given, so that continuity claim rests on narrative, not metres. The Qualifying Person, Dr. Stewart Redwood, is a company director and explicitly not independent under NI 43-101 — disclosed, but a governance gap. Additionally, the QA/QC section of the release discloses core recovery only for CO-0012 (95%) and CO-0013 (97%) — not for the two reported holes, CO-0016 and CO-0019. Cosuño’s title is held through a Bolivian Transitory Mining Authorization, a jurisdiction where the state retains mineral ownership. There is no resource estimate. The company says more Phase 2 assays remain in the queue, with step-out drilling planned to test the system at depth — timing not stated.