Blackrock Announces Equity Investment from First Majestic Silver Corp. as Part of C$2.0 Million Private Placement

Vancouver, May 19, 2021 - Blackrock Silver Corp. (TSXV: BRC) (the "Company") is pleased to announce a non-brokered private placement (the "Offering") of 2,666,666 units (the "Units") at a price of C$0.75 per Unit for gross proceeds of C$2,000,000 to be conducted concurrently on the same terms and conditions as the bought deal private placement announced May 17, 2021. The Company is pleased to advise that First Majestic Silver Corp. has agreed to purchase C$1.25 million of the Offering. Each Unit will be comprised of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share in the capital of the Company at a price of C$1.15 for a period of two years from the date the Units are issued.

Andrew Pollard, President and CEO, commented, "This strategic investment by First Majestic represents a validation of the potential at our Tonopah West silver-gold project in Nevada. With First Majestic's recent entry into Nevada through their acquisition of the Jerritt Canyon mine and their deep technical bench-strength, they represent an ideal strategic investor as we continue on our path towards delivering our maiden resource estimate. As the footprint of known mineralization continues to expand via the drillbit, both along strike and through the discovery of new veins, this additional funding will allow us to scale up our exploration program."

The Offering is scheduled to close on or about June 8, 2021, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The Units to be issued under the Offering will have a hold period of four months and one day from the closing. The net proceeds of the Offering will be used by the Company for exploration of the Company's portfolio of gold and silver projects in Nevada and for general working capital purposes.

The Company will pay a finder's fee on the Offering of 6% in cash and finder's warrants equal to 3% of Units placed by the finder, each finder's warrant exercisable for one common share for a two-year term at a price of $0.75.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

About Blackrock Silver Corp.

Blackrock is a junior silver-focused exploration company that is on a quest to make an economic discovery. Anchored by a seasoned Board, the Company is focused on its Nevada portfolio of properties consisting of low-sulphidation epithermal gold & silver projects located along the established Northern Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.

For further information, please contact:
Andrew Pollard, President & CEO
Blackrock Silver Corp.
Phone: 604 817-6044
Email: andrew@blackrocksilver.com

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking statements" within the meaning of Canadian securities legislation. Such forward-looking statements concern expected subscriptions and closing of the Offering, net proceeds from the Offering and the intended use of proceeds. Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; timing and amount of capital expenditures; and effects of regulation by governmental agencies. The actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors including: the availability of funds; the timing and content of work programs; results of exploration activities of mineral properties; the interpretation of drilling results and other geological data; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES

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