Belararox Confirms High-Grade Silver, Zinc and Copper at Toro Central

Belararox Drills High-Grade Silver, Zinc and Copper at Toro Central as Structural Picture Takes Shape

Belararox Limited (ASX: BRX) has released new assay results from its ongoing diamond drilling campaign at the Toro Central prospect within the Toro-Malambo-Tambo (TMT) Project in Argentina's San Juan Province. The latest results from hole TMT-TC-DDH-004 confirm the continued presence of high-grade polymetallic mineralisation, with standout intersections of silver, zinc, copper and gold keeping the company firmly on the exploration radar as Belararox drills high-grade silver zinc and copper at Toro Central Argentina heading into its next field season.

Headline Numbers: What the Drill Has Found

The most significant result from the latest round of assays comes from hole TMT-TC-DDH-004, which delivered two distinct mineralised intervals:

These results represent two different styles of mineralisation within the same hole — a narrow but exceptionally high-grade silver-zinc-copper zone at 216.25m depth, and a broader copper-dominant interval at 364m depth. Furthermore, the combination reinforces the complexity and multi-metal character of the Toro Central system.

For context, the benchmark result from earlier hole TMT-TC-DDH-002 remains the headline discovery to date, having returned 47m @ 171.99 g/t Ag, 3.99% Zn, 0.23% Cu, 0.22 g/t Au and 0.34% Pb from 59m, including an exceptional 27m @ 290.55 g/t Ag, 5.00% Zn, 0.38% Cu, 0.35 g/t Au and 0.53% Pb.

While the latest holes have not replicated that exceptional width and grade combination, the presence of 312 g/t silver in DDH-004 — the highest silver grade recorded at Toro Central to date — speaks to the raw potential that remains within this system.

Understanding the Drill Results to Date

The complete picture of assay results from all completed holes at Toro Central is summarised below:

The variability across drillholes is consistent with structurally controlled mineralisation, where high-grade metal is concentrated along fault intersections and structural corridors rather than in broad, continuous zones. Understanding exactly where those structures sit in three-dimensional space is the key work programme now underway.

What Is Structurally Controlled Mineralisation and Why Does It Matter?

A Brief Explainer for Investors

When geologists describe mineralisation as "structurally controlled," they mean that high-grade metal is not distributed uniformly through the rock. Instead, it is concentrated along specific geological features — typically faults, fractures, or the intersections of multiple fault systems.

In practice, this means:

• Drill holes that miss the structure will return no significant result (NSR) — not because the metal isn't there, but because the hole didn't intersect the right part of the system.
• Drill holes that hit the structure can deliver spectacular, very high-grade results in narrow zones.
• The variability between drillholes at Toro Central — ranging from NSR to 312 g/t silver — is entirely consistent with this style of deposit.

Why This Matters for Investors

Structurally controlled, high-grade systems can host significant metal endowment. However, accessing that value requires precise understanding of the structural architecture before drill targeting can be optimised. Belararox is currently in this critical interpretation phase, which sets the stage for more precise and higher-probability drilling in the next field season.

Glossary of Key Terms

• Epithermal mineralisation: Metal deposits formed at shallow crustal depths (typically less than 1.5km) from hot water solutions. Often associated with high-grade gold, silver, zinc, copper, and lead.
• Intermediate-sulphidation: A subtype of epithermal system characterised by silver, gold, zinc, lead, and copper mineralisation — precisely the suite of metals seen at Toro Central.
• Porphyry: A large, typically lower-grade copper-gold deposit style associated with deep igneous intrusions. TMT also hosts porphyry targets being explored at Tambo South and Malambo.
• NSR (No Significant Result): The drillhole did not intersect mineralisation above the reporting cut-off grade — not necessarily indicating absence of mineralisation in the broader area.
• JORC (2012) Code: The Australian standard for reporting exploration results, mineral resources, and ore reserves, ensuring transparency and consistency.

What Is Belararox Doing During the Off-Season?

With the Argentine winter restricting fieldwork, the company is using the off-season productively. Rather than waiting, the team is undertaking a structured programme of data consolidation and re-interpretation designed to maximise drilling efficiency when conditions allow a return to the field.

The planned off-season work programme includes:

1. Geological re-logging of all Toro Central and Toro South drill core, incorporating new assay geochemistry and geophysical data to better understand mineralisation controls.
2. 3D structural interpretation — mapping the complex fault architecture at Toro Central to understand how high-grade zones are distributed spatially.
3. Geophysical and geochemical reinterpretation — using existing MT/IP and magnetic survey data as vectoring tools to refine drill targets.
4. Targeting work at Toro South and the recently acquired El Faro prospect, expanding the exploration footprint.
5. Review of other priority targets across the TMT Project, with a particular focus on achieving a copper porphyry discovery.
6. Finalising the 2026/2027 drilling programme, with an initial focus on both the Tambo South and Toro mineralised targets when the field season opens later in calendar year 2026.

Remaining assay results from current Toro Central and Toro South drillholes are expected within two to three weeks and will be reported to the market as they are received.

Management Perspective

CEO Will Dix commented: "Continuing to intersect high-grade mineralisation at Toro Central is positive, albeit at narrower widths than previously reported. The mineralised intervals, especially intersecting zones of higher-grade copper, validate our presence in this highly prospective district. The current off-season gives us an excellent window to consolidate our geological data and map out an aggressive exploration forward programme."

General Manager Exploration Chris Blaser added: "These latest results continue to support the presence of structurally controlled high-grade silver, copper and zinc mineralisation at Toro Central. Although mineralisation has proven variable between drillholes, the intersections in TMT-TC-DDH-004 provide important insights into the structural architecture of the system and will assist with refining drill targeting ahead of the next field season."

The Broader TMT Project: More Than One Story

While Toro Central commands attention with its high-grade polymetallic results, the TMT Project is a multi-target, multi-commodity opportunity spread across a strategically positioned land package in Argentina's San Juan Province. The project sits between the historically significant El Indio and Maricunga Metallogenic Belts — two of South America's most prolific copper-gold corridors — and hosts at least 12 identified targets across multiple prospect areas.

In addition, surface sampling at Toro Central has previously returned values of up to 1,980 ppm silver, 2.56 ppm gold, and 1.50% copper, confirming that the surface geochemical footprint supports a system of genuine scale.

The Investment Case: Why This Moment Matters

The high-grade silver result is a proof-of-concept signal. A grade of 312 g/t silver — even in a narrow interval — confirms that the mineralising system at Toro Central is capable of delivering extreme metal concentrations. The challenge, as the company now recognises, is structurally locating where those concentrations are most consistently preserved.

Several aspects of the investment thesis deserve attention:

• The benchmark remains compelling. The earlier intersection of 47m @ 171.99 g/t Ag from hole DDH-002 remains one of the more notable silver intercepts reported by an ASX-listed junior explorer in recent memory.
• Multi-commodity exposure. Toro Central is a silver-zinc-copper-gold system. Each of these metals has its own demand profile, and the combination reduces single-commodity risk while amplifying potential upside.
• Porphyry optionality. The Tambo South and Malambo targets represent large-footprint copper porphyry opportunities that could be transformational if a discovery is made.
• Off-season work adds value, not cost. Geological re-interpretation and targeting refinement should meaningfully improve the quality of the next drilling campaign.
• The regional context. The TMT Project is located within a region that hosts major copper-gold mineral systems, validating the district-scale exploration thesis.

Upcoming Catalysts to Watch

Why Investors Should Keep Watching Belararox

The Toro Central story continues to evolve. The presence of 312 g/t silver alongside 25.4% zinc and 2.24% copper in hole DDH-004, combined with the previously reported landmark result from DDH-002, confirms that a genuinely high-grade polymetallic system exists at this prospect. What the company is now working to resolve is the three-dimensional architecture of that system — a challenge that is technical rather than fundamental.

The off-season work programme is targeted precisely at answering the structural questions that have emerged from the first four holes. With a refreshed geological model in hand, the 2026/2027 drilling campaign has the potential to deliver more precisely targeted holes into the highest-grade corridors identified to date.

Beyond Toro Central, the TMT Project's multi-target, multi-commodity character — spanning high-grade epithermal silver-zinc-copper and large-scale copper porphyry potential — provides a compelling exploration pipeline for a company of Belararox's size and stage.

Belararox has positioned itself as an active explorer in one of South America's most prospective mineral districts, with high-grade silver, zinc, and copper results at Toro Central validating the geological thesis. With refined drill targeting now being developed through off-season interpretation work, and a multi-target pipeline including the porphyry-focused Tambo South prospect, investors should monitor closely as the 2026/2027 field season approaches.

As Belararox drills high-grade silver zinc and copper at Toro Central Argentina, the combination of exceptional peak grades and comprehensive geological reinterpretation positions the company for a potentially transformative exploration programme ahead. The systematic approach to understanding structural controls on mineralisation distribution represents a methodical path towards what could prove to be a significant resource discovery.

Want to Catch the Next Major Mineral Discovery Before the Broader Market?

Discovery Alert's proprietary Discovery IQ model delivers real-time alerts on significant ASX mineral discoveries — instantly translating complex polymetallic exploration data into actionable insights for investors at every experience level. Explore historic examples of exceptional discovery returns and begin your 14-day free trial at Discovery Alert to position yourself ahead of the market.