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 Fortune Bay Corp. (TSXV: FOR,OTC:FTBYF) (FWB: 5QN) (OTCQB: FTBYF) (‘Fortune Bay’ or the ‘Company’) is pleased to announce that summer drilling has commenced at its Murmac Uranium Project (‘Murmac’ or the ‘Project’), located in northern Saskatchewan near Uranium City . A limited suite of high priority targets has been selected for testing.

Exploration work at Murmac is being funded by Aero Energy Limited (TSXV: AERO) (OTC Pink: AAUGF) (FSE: UU3) (‘Aero’), and is being operated by Fortune Bay, under an Option Agreement that was executed on December 15, 2023 .

Gareth Garlick , VP Technical Services of Fortune Bay, commented, ‘ This drilling program represents an excellent opportunity to test high-priority uranium targets with strong geophysical signatures in a proven district. The current drill program has been carefully designed to evaluate structural and conductive settings that have historically delivered uranium mineralization in the Athabasca Basin margin. By capitalizing on shared mobilization and operational efficiencies, we are able to advance exploration in a technically rigorous and cost-effective manner.’ Dale Verran , CEO of Fortune Bay, added, ‘Our partner-funded exploration at Murmac demonstrates how we can unlock value from our uranium portfolio on a non-dilutive basis for shareholders. This strategy allows us to preserve capital and maintain focus on advancing our 100%-owned gold assets, while retaining significant exposure to upside from uranium discoveries.’

Drill Targets

Target selection has been based on airborne electromagnetic and ground gravity survey results, targeting features along buried basement-hosted conductive graphitic units at their intersection with known mineralized cross faults identified during historical and current prospecting activities, including spectrometer surveying and geochemical sampling. Drilling will focus on the northern end of the Armbruster Conductor, which the Company has not yet drill tested. This program has been planned at short notice to benefit from significant cost savings related to the presence of another exploration group in Uranium City carrying out a separate drill program using the same drill contractor. Shared mobilization and operational costs are allowing the Company to cost effectively test three selected high priority targets (Figure 1) in the summer window.

  • A19: Low amplitude EM high target on a conductor inflection, with an associated diffuse gravity low anomaly. The targeted graphitic horizon underlies a small lake, at the location of an intersection of the Armbruster Conductor with a major conductor-parallel fault.
  • A18: Low amplitude EM high feature coincident with a high priority gravity low target at a location where the Armbruster Conductor is apparently terminated by a cross-cutting mineralized fault.
  • A9: A broad EM high anomaly on the edge of a conductor termination, with a small down-dip gravity low. This target is aimed a structural confluence of several known mineralized cross-faults with the Armbruster Conductor.

Technical Disclosure

Further details regarding the historical exploration/drilling and exploration results noted in this news release can be found within the Saskatchewan Mineral Assessment Database (SMAD) and the Saskatchewan Mineral Deposit Index (SMDI). Fortune Bay has verified several of these occurrences through field prospecting and sampling, however there is a risk that any future confirmation work and exploration may produce results that substantially differ from the unverified historical results. Historical drill hole locations, captured from georeferenced assessment report maps, are subject to uncertainty (considered accurate to +/-50 meters. The Company considers these unverified historical results relevant to assess the mineralization and economic potential of the property. The historical information referenced derives from SMAD references 74N07-0011, 74N07-0173 and 74N07-0277.

Qualified Person

The technical and scientific information in this news release has been reviewed and approved by Gareth Garlick , P.Geo., Technical Director of the Company, who is a Qualified Person as defined by NI 43-101. Mr. Garlick is an employee of Fortune Bay and is not independent of the Company under NI 43-101.

About Fortune Bay

Fortune Bay Corp. (TSXV:FOR,OTC:FTBYF; FWB:5QN; OTCQB:FTBYF) is a gold exploration and development company advancing high-potential assets in Canada and Mexico. With a strategy focused on discovery, resource growth and early-stage development, the Company targets value creation at the steepest part of the Value Creation Curve—prior to the capital-intensive build phase. Its portfolio includes the development-ready Goldfields Project in Saskatchewan , the resource-expansion Poma Rosa Project in Mexico , and an optioned uranium portfolio in the Athabasca Basin providing non-dilutive capital and upside exposure. Backed by a technically proven team and tight capital structure, Fortune Bay is positioned for multiple near-term catalysts. For more information, visit www.fortunebaycorp.com or contact info@fortunebaycorp.com .

On behalf of Fortune Bay Corp.

‘Dale Verran’
Chief Executive Officer
902-334-1919

Cautionary Statement Regarding Forward-Looking Information
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Words such as ‘expects’, ‘aims’, ‘anticipates’, ‘targets’, ‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, ‘continues’, ‘may’, variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements.

Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals, intentions or future plans, statements, exploration results, potential mineralization, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify targets or mineralization, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, inability to reach access agreements with other Project communities, amendments to applicable mining laws, uncertainties relating to the availability and costs of financing or partnerships needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. For more information on Fortune Bay, readers should refer to Fortune Bay’s website at www.fortunebaycorp.com .

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

SOURCE Fortune Bay Corp.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2025/26/c9916.html

News Provided by Canada Newswire via QuoteMedia

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United Nations Ambassador Mike Waltz on Thursday called mishaps during President Donald Trump’s U.N. speech ‘unacceptable’ and vowed to withhold U.S. funding until sweeping reforms are made.

Waltz appeared on FOX Business’ ‘Kudlow’ when host Larry Kudlow asked him about the incidents that appeared as if the U.N. was trying to sabotage the president.

Kudlow noted that the escalator malfunctioned as Trump and first lady Melania Trump arrived, the teleprompter later failed, and finally the auditorium sound cut out.

Waltz added that the broadcast audio abruptly switched to Portuguese during Trump’s speech before returning to English.

‘The whole thing is unacceptable. The whole thing stinks,’ Waltz said. ‘There’s 150 world leaders there and this only happens to him, not once, not twice, but three times.’

He said the incidents are under investigation by the Secret Service and noted the Secretary General has pledged full cooperation.

‘As the ambassador, I said, you’ve got to open your doors, and some people were kind of shoulder shrugging at this,’ Waltz said. ‘This could have been incredibly serious. It’s insulting, and it’s right here on American soil.’

Waltz then turned to reform, criticizing the U.N.’s bloated bureaucracy and noting that seven agencies focus on climate issues alone. He argued the organization needs to be ‘cut up’ and reformed before U.S. taxpayer money flows again.

He confirmed the U.S. has withheld its U.N. contribution this year.

‘We’ve withheld this year,’ Waltz said. ‘We haven’t paid any and my first meeting with the Secretary General was, here are the reforms that we need to see before you start talking about taxpayer dollars.’

Waltz invoked Sen. Jesse Helms’ 1999 push to clean up the U.N. before releasing U.S. dollars, saying transparency and accountability remain essential.

‘We have every obligation to make sure it’s transparent,’ he said.

This post appeared first on FOX NEWS

President Trump reacted to the indictment of former FBI Director James Comey, telling Fox News Digital during an exclusive interview that he ‘placed a cloud over the entire nation’ with the bureau’s ‘Crossfire Hurricane’ probe.

Comey, on Thursday evening, was indicted by a grand jury on two counts, alleged false statements within jurisdiction of the legislative branch and obstruction of congressional proceeding.

‘What they did was so terrible and so corrupt,’ Trump told Fox News Digital, referring to those involved in the Trump-Russia probe. ‘We had a great administration, though.’

Former Deputy Assistant Director of Counterintelligence Peter Strzok formally opened the Trump-Russia investigation, known inside the bureau as ‘Crossfire Hurricane’ on July 31, 2016.

Trump fired Comey in May 2017. Days later Special Counsel Robert Mueller was appointed to take over the Crossfire Hurricane probe.

‘He is a very corrupt person. He was absolutely a terrible man for what this country stood for,’ Trump told Fox News Digital.

‘Comey placed a cloud over the entire nation, and actually, the Russia, Russia, Russia hoax made it very difficult,’ Trump said. ‘It could have caused wars.’

Fox News Digital exclusively reported in July that Comey was under criminal investigation by the FBI. 

Fox News Digital also exclusively reported that former CIA Director John Brennan is under criminal investigation related to the Trump–Russia probe. 

When asked whether Brennan should be charged as well, the president told Fox News Digital: ‘We’ll have to see what happens.’

‘It is up to the Justice Department, but I can tell you, it is a group of people that was very disappointing,’ the president said. ‘This makes Watergate look like peanuts.’ 

He added: ‘They tried to destroy our country.’

Comey’s case is being handled by the U.S. Attorney’s Office for the Eastern District of Virginia.

The indictment alleges that Comey obstructed a congressional investigation into the disclosure of sensitive information in violation of 18 USC 1505.

The indictment also alleges Comey made a false statement when he stated he did not authorize someone at the FBI to be an anonymous source. According to the indictment, that statement was false. 

His arraignment is set for 10 a.m. on Oct. 9, in Alexandria Courtroom 600 before District Juge Michael S. Nachmanoff.

‘No one is above the law,’ Attorney General Pam Bondi said on X. ‘Today’s indictment reflects this Department of Justice’s commitment to holding those who abuse positions of power accountable for misleading the American people. We will follow the facts in this case.’

FBI Director Kash Patel took to X to say, ‘Today, your FBI took another step in its promise of full accountability.’

‘For far too long, previous corrupt leadership and their enablers weaponized federal law enforcement, damaging once proud institutions and severely eroding public trust,’ Patel wrote. ‘Every day, we continue the fight to earn that trust back, and under my leadership, this FBI will confront the problem head-on. Nowhere was this politicization of law enforcement more blatant than during the Russiagate hoax, a disgraceful chapter in history we continue to investigate and expose.

‘Everyone, especially those in positions of power, will be held to account – no matter their perch.’

Meanwhile, after nearly two years, former Special Counsel Robert Mueller’s investigation, which concluded in March 2019, yielded no evidence of criminal conspiracy or coordination between the Trump campaign and Russian officials during the 2016 presidential election.

Shortly after, John Durham was appointed as special counsel to investigate the origins of the ‘Crossfire Hurricane’ probe.

Durham found that the FBI ‘failed to act’ on a ‘clear warning sign’ that the bureau was the ‘target’ of a Clinton-led effort to ‘manipulate or influence the law enforcement process for political purposes’ ahead of the 2016 presidential election.

‘The aforementioned facts reflect a rather startling and inexplicable failure to adequately consider and incorporate the Clinton Plan intelligence into the FBI’s investigative decision-making in the Crossfire Hurricane investigation,’ Durham’s report states.

‘Indeed, had the FBI opened the Crossfire Hurricane investigation as an assessment and, in turn, gathered and analyzed data in concert with the information from the Clinton Plan intelligence, it is likely that the information received would have been examined, at a minimum, with a more critical eye,’ the report continued.

Durham, in his report, said the FBI ‘failed to act on what should have been — when combined with other incontrovertible facts — a clear warning sign that the FBI might then be the target of an effort to manipulate or influence the law enforcement process for political purposes during the 2016 presidential election.’

In an Instagram post on Thursday, Comey acknowledged that he and his family have known for years that there are costs to standing up to President Donald Trump.

‘We couldn’t imagine ourselves living any other way,’ he said. ‘We will not live on our knees and you shouldn’t.’

Fox News’ David Spunt contributed to this report. 

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Former FBI Director James Comey has declared himself ‘not afraid’ of President Donald Trump’s Justice Department after being indicted Thursday for allegedly lying to Congress and obstructing a congressional proceeding. 

‘My family and I have known for years that there are costs to standing up to Donald Trump, but we couldn’t imagine ourselves living any other way,’ Comey, who denies the allegations, said in an Instagram video. ‘We will not live on our knees, and you shouldn’t either. Somebody that I love dearly recently said that fear is the tool of a tyrant, and she’s right.’

‘But I’m not afraid,’ Comey added.

Comey was indicted by a grand jury following a probe centered on whether he lied to Congress during his Sept. 30, 2020, testimony about his handling of the original Trump–Russia investigation at the FBI, known inside the bureau as ‘Crossfire Hurricane.’ The indictment also alleges Comey made a false statement when he testified that he did not authorize someone at the FBI to be an anonymous source. According to the indictment, that statement was false.

‘My heart is broken for the Department of Justice, but I have great confidence in the federal judicial system,’ Comey continued. ‘I’m innocent. So let’s have a trial and keep the faith.’

Patrick J. Fitzgerald will represent Comey in the case and said his client denies the charges.

‘Jim Comey denies the charges filed today in their entirety,’ Fitzgerald said in a statement. ‘We look forward to vindicating him in the courtroom.’

WATCH: James Comey indicted, charged with false statement and obstruction of justice

Fitzgerald previously served as special counsel in the Valerie Plame CIA leak probe and as U.S. attorney in Chicago, where he prosecuted former Illinois Gov. Rod Blagojevich, who was convicted in a corruption scandal in 2011.

The indictment marks a stunning legal turn for the man who once led the bureau through the Hillary Clinton email controversy and Russia investigation.

Comey will reportedly turn himself in on Friday, and his arraignment is set for 10 a.m. on Oct. 9 before District Judge Michael S. Nachmanoff, a judge appointed by former President Joe Biden.

FBI Director Kash Patel defended the bureau’s work in the case by praising the career agents and analysts who led the investigation.

‘They called the balls and strikes and will continue to do so,’ Patel said in a statement. He dismissed claims of politicization as ‘wildly false accusations’ and said critics were repeating the same ‘bankrupt’ narratives tied to the Russia investigation.

‘It’s hypocrisy on steroids. Their baseless objections tell us now, more than ever, that we are precisely over the target and will remain on mission until completion,’ Patel said.

President Trump took to Truth Social Friday to celebrate the indictment and declared Comey a ‘dirty cop.’

‘Whether you like Corrupt James Comey or not, and I can’t imagine too many people liking him, HE LIED!’ Trump wrote. ‘It is not a complex lie, it’s a very simple, but IMPORTANT one. There is no way he can explain his way out of it.’

Trump said Comey got ‘unexpectedly caught’ but is off to a good start with the case being assigned to a Biden-appointed judge. 

‘He knew exactly what he was saying, and that it was a very serious and far-reaching lie for which a very big price must be paid!’ Trump wrote. 

The indictment alleges that Comey obstructed a congressional investigation into the disclosure of sensitive information in violation of 18 USC 1505.

Fox News Digital also exclusively reported that former CIA Director John Brennan is under criminal investigation related to the Trump–Russia probe. 

Under federal law, prosecutors have five years to bring a charge, with the five-year mark occurring Tuesday.

The case is being handled by the U.S. Attorney’s Office for the Eastern District of Virginia.

This post appeared first on FOX NEWS

Kamala Harris, when she was serving as vice president, rejected the Biden campaign’s pressure to celebrate the then-president as the winner of his disastrous debate against Donald Trump, saying she didn’t want to be fed ‘bulsh–t,’ she reported in her new memoir. 

”JOE BIDEN WON’—all caps, highlighted. ‘He fought through his cold as he is fighting for the American people,” a sheet of paper containing favorable talking points after then-President Joe Biden’s poor performance on the debate stage, according to Harris’ latest memoir, ‘107 Days.’ 

Biden’s poor debate performance against Trump in June 2024 served as the death knell to the campaign that already was coping with mounting public concern that Biden’s mental acuity had cratered and he was unable to serve a second term. Despite the abject failure of a debate performance, Biden’s campaign wanted Harris to deliver favorable assessments of the debate to the American people, according to her book. 

‘Are you kidding me?’ she said ran through her mind as she read the sheet of paper declaring Biden the winner of the night. 

She threw the paper back on the table before fielding a call from Biden’s team outlining she was expected to say more of the same as the talking points when joining media interviews. 

‘No. Don’t feed me bulls–t. Everyone saw what they saw,’ Harris continued in the book of what she thought during the call. 

The then-vice president said the disastrous debate was littered with Biden missing opportunities to attack Trump, stumbling over his words and losing his train of thought. 

‘Trump, meanwhile, was using his words like a weapon, but shooting before he aimed, spouting lies, unburdened by the truth,’ she wrote. ‘Biden, striving for accuracy, often stopped midsentence to correct himself, which left him sounding hesitant and garbled. I knew the important policy points he was struggling to convey, and I knew he knew them. He is a master of this material, but that was not coming across at all.’ 

The Biden campaign suffered a devastating gut punch when Biden delivered a bizarre line on Medicare. 

‘And then, at the end of a string of convoluted sentences in which he twice confused millions and billions, Joe lost his train of thought entirely, looked disoriented, and blurted out, ‘We finally beat Medicare,” Harris wrote in her scathing critique of the debate. 

‘Trump’s reply: ‘Well, he’s right. He did beat Medicare. He beat it to death,’’ Harris continued. 

The former vice president described that campaign staffers were tracking reactions to the debate online, with the vast majority describing Biden’s performance as ‘disaster,’ ‘train wreck’ and ’embarrassment,’ she wrote. 

Harris’ husband, attorney Doug Emhoff, faced his own outrage over Biden’s debate performance when left-wing Hollywood director Rob Reiner ‘screamed’ at him during a watch party that democracy was about to be squandered over Biden’s performance. 

‘Doug, at a watch party with Hollywood donors, was getting an earful. Rob Reiner had screamed at him: ‘We’re going to lose our f—ing democracy and it’s your fault!” Harris wrote. 

As Harris prepared to join CNN in a post-debate interview that was all but guaranteed to focus on Biden’s disastrous performance, she reflected on a joke about a cheating husband, she wrote.

‘I couldn’t help but think of the Richard Pryor joke where his wife catches him in bed with another woman. ‘You gonna believe me or your lyin’ eyes?’ he says,’ Harris wrote.

Harris said she would not tell voters ‘that their eyes had lied,’ and instead pivoted her talking points to ‘Trump’s numerous lies.’

‘Listen, people can debate on style points, but ultimately this election and who is the president of the United States has to be about substance,’ she told CNN’s Anderson Cooper in the post-debate interview. ‘Donald Trump lied over and over and over again, as he is wont to do. He would not disavow what happened on January 6. He would not give a clear answer on whether he would stand by the election results this November. He went back and forth about where he stands on one of the most critical issues of freedom in America, which is the right of women to make decisions about their own body.’ 

Biden’s office declined comment when approached by Fox News Digital Tuesday morning. 

Harris’ ‘107 Days’ hit bookshelves Tuesday and recounts the days of her truncated presidential campaign after Biden dropped out of the race July 21, 2024. 

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James Comey, the former FBI Director, was indicted on felony charges of obstruction and perjury Thursday, igniting fierce reactions across the nation and political spectrum.

The charges, announced by newly appointed U.S. Attorney Lindsey Halligan in the Eastern District of Virginia, relate to his 2020 testimony before the Senate Judiciary Committee. 

Halligan framed the indictment as a matter of accountability, declaring it ‘a breach of public trust at an extraordinary level’ and emphasizing that ‘no one is above the law.’ 

If convicted, Comey faces up to five years in prison.

The announcement sparked reaction with the fastest coming through from the president and his allies.

President Donald Trump has long demanded Comey’s prosecution since firing him in 2017 and railing against the Russia investigation he oversaw.

Trump celebrated the news with a triumphant post on his Truth Social account.

‘JUSTICE IN AMERICA! One of the worst human beings this Country has ever been exposed to is James Comey, the former Corrupt Head of the FBI. Today he was indicted by a Grand Jury on two felony counts for various illegal and unlawful acts. He has been so bad for our Country, for so long, and is now at the beginning of being held responsible for his crimes against our Nation. MAKE AMERICA GREAT AGAIN!’ the president wrote.

Attorney General Pam Bondi also issued a sharp statement on X declaring, ‘No one is above the law. The American people deserve justice after years of lies and political interference.’

FBI Director Kash Patel amplified that opinion and cast the indictment as part of a broader effort to restore trust in the bureau. 

‘Today, your FBI took another step in its promise of full accountability,’ he wrote. 

‘For far too long, corrupt leadership weaponized federal law enforcement, damaging once proud institutions and eroding public trust. Under my leadership, this FBI will confront the problem head-on. No one is above the law.’

U.S. Senator John Cornyn responded noting the gravity of Comey’s offenses.

‘While our legal system provides for the presumption of innocence, Comey’s accountability for FBI abuses during the first Trump term are long overdue,’ he said. ‘These charges are serious offenses, especially if committed by the head of our nation’s top law enforcement agency, and there must be consequences for any crimes.’

Deputy Chief of Staff Stephen Miller called it ‘a long-awaited correction to years of corruption and cover-ups,’ while economic adviser Peter Navarro said it proved ‘justice delayed is not justice denied.’

Democrats condemned the charges as politically motivated. 

Senator Tim Kaine (D-VA) denounced what he called a ‘malicious prosecution,’ reminding reporters that Trump previously fired a prosecutor who refused to bring ‘frivolous charges.’

Senator Mark Warner (D-VA), vice chair of the Senate Intelligence Committee, issued an even sharper rebuke. 

‘This kind of interference is a dangerous abuse of power,’ he warned. ‘By ousting a respected, independent prosecutor and replacing him with a partisan loyalist, Trump is undermining one of the most important U.S. Attorney’s offices in the country and eroding the rule of law itself.’

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Investors looking for exposure to the silver price and silver-mining companies should consider silver exchange-traded funds (ETFs).

Spurred by moves in the gold market, safe-haven buying as well as increasing demand from industrial sectors, in the fourth quarter of 2025 the price of silver broke through its all-time high of US$49.95, which it set in 1980, and set a new-all time high of US$58.83.

While silver has often been seen as a more approachable precious metal owing to its lower per ounce price, its performance has lagged gains seen in the gold price over the past few years. However, silver has stolen some of the spotlight in 2025 as it sees significant gains on the back of geopolitical tension and economic uncertainty from the US trade and tariff policy.

Like gold investing, investors can invest in silver in several ways that each offer their own pros and cons, along with differing costs and risks. For example, investors can purchase physical silver bars or coins, or trade silver futures.

Another way for investors to diversify their portfolio with silver is to invest in ETFs. These products work similarly to mutual funds in that they pool investor resources into an asset. However, as their name suggests, ETFs are traded on exchanges like stocks, making them more accessible to investors than mutual funds are.

While ETFs aren’t without risk, they can offer a more stable investment compared to individual stocks thanks to their diversification and the fact that they are often managed and rebalanced.

Silver ETFs come in several forms, such as ones that hold physical silver and ones that hold silver mining, royalty and exploration stocks. Investors looking to start trading silver ETFs should be aware of the options available to them to determine which silver ETF will best suit their precious metals investing needs and risk tolerance.

Here’s a brief look at 10 of the top silver ETFs by total assets. The first five ETFs offer exposure to the price of silver, while the last five provide exposure to silver-mining stocks.

Assets and prices for these silver ETFs were collected on December 1, 2025, using data from the funds’ web pages.

5 ETFs for exposure to the silver price

1. iShares Silver Trust (ARCA:SLV)

Total assets: US$26.33 billion
Unit price: US$51.21

The iShares Silver Trust provides investors with access to the silver price performance, using the London Bullion Market Association silver price as its benchmark.

As the iShares Silver Trust’s web page warns, it is not an investment company registered under the Investment Company Act of 1940, or a commodity pool under the Commodity Exchange Act. Because of this, it is not subject to the regulatory requirements that apply to mutual funds or ETFs.

This silver trust holds 508 million ounces of silver bullion.

2. Sprott Physical Silver Trust (ARCA:PSLV,TSX:PSLV)

Total assets: US$11.61 billion
Unit price: US$18.65

The Sprott Physical Silver Trust is an option for investors looking for the security of physical silver without the need to find secure storage.

The ETF is backed by 191.12 million ounces of silver held in trust in fully allocated London Good Delivery silver bars.

Additionally, the ETF is fully convertible into physical silver, should investors decide they want the precious metal on hand. However, the fund states that holders ‘must have enough units to equate to ten 1000 oz silver bars.’

3. Aberdeen Standard Physical Silver Shares ETF (ARCA:SIVR)

Total assets: US$3.71 billion
Unit price: US$53.71

The Aberdeen Standard Physical Silver Shares ETF’s investment objective is for its shares to reflect the performance of the silver price less the expenses of the trust’s operations. It has an expense ratio of 0.3 percent.

This ETF comes with the same warnings as the iShares Silver Trust.

The fund is backed with 45.51 million ounces of silver held with JPMorgan Chase Bank in London in a secured vault.

4. ProShares Ultra Silver ETF (ARCA:AGQ)

Total assets: US$1.33 billion
Unit price: US$107.32

The ProShares Ultra Silver ETF, established in 2008, was designed to offer daily investment results that correspond with twice the daily performance of the Bloomberg Silver Subindex. Because of this, the ETF is aimed at investors who are bullish on silver and able to monitor their investments on a daily basis.

The fund uses derivatives such as futures contracts to invest in silver and has an expense ratio of 0.95 percent.

5. ProShares UltraShort Silver ETF (ARCA:ZSL)

Total assets: US$73.71 million
Unit price: US$9.51

The ProShares UltraShort Silver ETF is designed to provide investors with a hedge against declines in the silver market. ProShares launched it alongside the ProShares Ultra Silver ETF in late 2008. It also has an expense ratio of 0.95 percent.

Because the fund is built around providing results at a negative two times daily performance of the Bloomberg Silver Subindex, it is meant for traders who have a high capacity for risk and who are willing to monitor their positions on a daily basis. The fund should be treated in the same way as the Ultra Silver ETF.

5 ETFs for exposure to silver-mining stocks

1. Global X Silver Miners ETF (ARCA:SIL)

Total assets: US$3.93 billion
Unit price: US$77.66

The Global X Silver Miners ETF gives investors access to a basket of silver-mining and royalty stocks. The ETF benefits from the fact that these companies can climb when the silver price is rising. It also allows investors to avoid the risks associated with individual companies and lets them add geographical diversity to their portfolios.

This ETF has an expense ratio of 0.65 percent, and its top holdings include streaming company Wheaton Precious Metals (TSX:WPM,NYSE:WPM) at a weight of 22.5 percent, Pan American Silver (TSX:PAAS) at a weight of 12.3 percent and Coeur Mining (NYSE:CDE) at 8.1 percent.

2. Amplify Junior Silver Miners ETF (ARCA:SILJ)

Total assets: US$2.97 billion
Unit price: US$26.09

The Amplify Junior Silver Miners ETF bills itself as the ‘first and only ETF to target small cap silver miners.’ The index provides a benchmark for investors to track public small-cap companies in the silver space.

The ETF has an expense ratio of 0.69 percent and its holdings span Canada, the US and the UK, with key silver companies such as Hecla Mining Company (NYSE:HL) at a weight of 11.3 percent, First Majestic Silver (TSX:AG,NYSE:AG) at 10.3 percent and Coeur Mining at 8.7 percent.

3. iShares MSCI Global Silver Miners ETF (BATS:SLVP)

Total assets: US$630 million
Unit price: US$31.59

The iShares MSCI Global Silver Miners ETF tracks an index composed of global equities of companies primarily engaged in silver exploration or metals mining.

The ETF has the lowest expense ratio of the three ETFs focused on silver stocks at 0.39 percent.

The large majority of companies in its holdings, about 69 percent, are traded on Canadian exchanges, and companies on US and Mexican exchanges combine for 27 percent.

The top three holdings for the iShares MSCI Global Silver Miners ETF are Hecla Mining at a weight of 15.5 percent, Industrias Peñoles (BMV:PE&OLES) with a weight of 11.7 percent and Fresnillo (LSE:FRES) at 10 percent.

4. Sprott Silver Miners & Physical Silver ETF (NASDAQ:SLVR)

Total assets: US$453.7 million
Unit price: US$51.31

The Sprott Silver Miners & Physical Silver includes a combination of physical silver holdings as well as equities, setting it apart from the other silver-mining ETFs on the list.

The fund launched in January 2025, making it one of the newest entries to the list. Its management fee is 0.65 percent.

This silver ETF’s second largest holding is its counterpart Sprott Physical Silver Trust, which provides investors exposure to physical silver, at a 14.3 percent weight. Its other top holdings are First Majestic Silver at 27.12 percent and Endeavour Silver (TSX:EDR,NYSE:EXK) at 10.6 percent.

5. Sprott Active Gold and Silver Miners ETF (NASDAQ:GBUG)

Total assets: US$134.42 million
Unit price: US$41.18

Established in February 2025, the Sprott Active Gold and Silver Miners ETF is designed to provide investors broad access to both gold and silver equities. Additionally, as an active fund, it will see more frequent rebalancing to increase the potential of better returns for investors.

The fund’s top holdings consist of OceanaGold (TSX:OGC,OTCQX:OCANF) weighted at 4.32 percent, G Mining Ventures (TSX:GMIN,OTCQX:GMINF) at 4.18 percent and Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX) at 4.16 percent.

Its management fee is 0.89 percent.

Securities Disclosure: I, Dean Belder, hold an investment in Sprott Active Gold and Silver Miners ETF.

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The Eastern Expansion Drill Program Identified Several Mineralized Northwest Structures Hosting Shallow Mineralization Encountered Within a 1.2 Kilometre Trend

EASTERN EXPANSION PROGRAM HIGHLIGHTS:

  • At least three mineralized northwest oriented structures have been identified within the 1.2 kilometre eastern expansion trend running parallel to the Pittsburg-Monarch fault that suggest a series of footwall fault splays as opposed to a singular east-west structure;
  • TXC25-173 cut 0.92 metres of 2,122.7 grams per tonne (g/t) silver equivalent (AgEq) (1,162 g/t silver (Ag) & 8.79 g/t gold (Au)) from 220.9 metres, and a separate zone of 1.04 metres grading 534.8 g/t AgEq (189.8 g/t Ag & 3.16 g/t Au) from 215.5 metres;
  • TXC25-178 drilled 6.4 metres of 296.6 g/t AgEq (135.7 g/t Ag & 1.47 g/t Au), including 0.46 metres of 3,853 g/t AgEq (1,771 g/t Ag & 19.06 g/t Au) from 183.8 metres in a north-south oriented structure within the M&I Conversion Area at DPB South; and

Blackrock Silver Corp. (TSXV: BRC,OTC:BKRRF) (OTCQX: BKRRF) (FSE: AHZ0) (‘Blackrock’ or the ‘Company’) announces the final results from its fully-funded eastern expansion drill program (the ‘Eastern Expansion Program’ or the ‘Program’) at its 100% owned Tonopah West project located in Nye and Esmeralda Counties, Nevada, United States (‘Tonopah West’).

The Eastern Expansion Program was a follow up to the Company’s successful Scout drilling program completed at Tonopah West in February 2025 (see March 31, 2025 news) which shows additional upside for the shallow southern portion of the Denver-Paymaster and Bermuda-Merten vein groups (‘DPB South‘) resource area (the ‘M&I Conversion Area‘) to expand the resource area 1,200 metres in an easterly direction (the ‘Eastern Expansion Zone‘).

The Company commenced the Eastern Expansion Program in July 2025 within the Eastern Expansion Zone, utilizing reverse circulation (RC) drilling with RC pre-collars to establish initial holes, which were then deepened using diamond core drilling (core tails) for more detailed geological analysis. The Program drilled a total of 6,798 metres (22,896 feet) in twenty-four drillholes, however, only 22 drillholes were completed, as two pre-collar holes were not usable for core tails. Of the 22 completed drillholes, three were core holes completed from surface.

Andrew Pollard, Blackrock’s President and CEO, stated, ‘Whereas we set out to target a single east-west mineralized structure, drilling from our Eastern Expansion Program has defined at least three distinct, parallel mineralized zones oriented northwest. These structures appear to be splays off the Pittsburgh-Monarch fault system. Each of these zones has intersected shallow, high-grade, and thick mineralization, indicating significant potential for further expansion in the area. Additionally, drilling in the M&I Conversion Area at DPB South has successfully connected previously isolated intercepts, confirming the presence of north-south trending structures and suggesting additional tonnage potential. Work on our upcoming mineral resource estimate and preliminary economic assessment is now underway and on track for a targeted completion date in February 2026. These will incorporate data from both our Northwest and Eastern Expansion drill programs.’

Table 1 summarizes the final results of the Eastern Expansion Program using a cut-off grade of 150 g/t AgEq.

Table 1: Eastern Expansion Drill Program Significant Results Using a 150 g/t AgEq Cut-off Grade

Drillhole
ID
Program Area Hole
Type
From (m) To (m) Drillhole
Interval
(m)
Ag g/t Au g/t AgEq g/t
TXC25-168 E Expansion DPB South RC/Core 298.03 299.86 1.83 73.7 0.754 156.1
Including 298.03 298.34 0.31 353.0 3.680 754.8
TXC25-171 M&I Conversion DPB South RC/Core 185.99 186.69 0.70 122.0 1.100 242.1
TXC25-171 M&I Conversion DPB South RC/Core 247.19 249.33 2.13 85.7 0.855 179.1
TXC25-173 E Expansion DPB South RC/Core 215.53 216.56 1.04 189.8 3.159 534.8
TXC25-173 E Expansion DPB South RC/Core 220.98 221.90 0.92 1,162.0 8.798 2,122.7
TXC25-178 M&I Conversion DPB South RC/Core 161.54 162.61 1.07 158.5 2.126 390.6
TXC25-178 M&I Conversion DPB South RC/Core 183.80 190.20 6.40 135.7 1.474 296.6
Including 188.37 188.82 0.46 1,771.0 19.067 3,853.0
TXC25-178 M&I Conversion DPB South RC/Core 270.36 271.43 1.07 108.9 1.439 266.0
Including 271.12 271.43 0.31 375.0 4.750 893.7
AgEq = Ag + Au/(Factor); where Factor = (Ag Price/Au Price)*(Ag Recovery/Au Recovery) or Factor=($27/$2,700)*(87%/95%)=0.009157; True thickness is 75% to 85% of drill interval; NSV=No values above cut off; Cut-off grade is 150 gpt AgEq; RC/Core = RC pre-collar with core tail; Core is core from the surface.

 

The Eastern Expansion Program encountered at least three northwest oriented structures which appear to be mineralized and offset the southern caldera margin to the northeast. The structures are parallel to the Pittsburg-Monarch fault and suggest a series of footwall fault splays associated with the main Pittsburg-Monarch fault. Figure 1 below shows the approximate location and orientation of the northwest fault system.

Drilling to date shows shallow, high-grade, and thick zones of mineralization in each of these structures and suggest increased expansion potential along this northwest structural corridor. Historically, the Pittsburg-Monarch fault was considered an ore control within the district with the thickest historically mined veins at Victor and Ohio abutting the main fault. The Company’s drilling in the Eastern Expansion Zone has returned thick vein intervals of gold and silver along the parallel structures confirming the importance of the Pittsburg-Monarch and its footwall fault splays.

Two drillholes, TXC25-171 and TXC25-178, were drilled in the M&I Conversion Area. These drillholes were directed to the west to understand several north-south structures encountered in the previous drilling. The Program was successful in capturing high-grade drill intervals from the north-south structures and shows there are multiple mineralized structures with similar orientation in the area.

Figure 1: Leapfrog model showing northwest oriented structures in the Eastern Expansion area

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/676/276546_9dcdee45e417e956_001full.jpg

Although below the cut-off grade of 150 g/t AgEq, drillholes TXC25-167, -168, -175, -176, -177 and TXC25-179 were mineralized with silver equivalent values ranging between 31 and 133 g/t AgEq. Table 2 shows the range of gold and silver values encountered along the northwest oriented structures.

Table 2: Mineralized Drillholes from the Eastern Expansion program that are below the 150 g/t AgEq cut-off

Drillhole
ID
Program Area Hole
Type
From (m) To (m) Drillhole
Interval
(m)
Ag g/t Au g/t AgEq g/t
TXC25-167 E Expansion Ohio RC/Core 368.96 372.01 3.05 133.0 0.002 133.2
TXC25-169 E Expansion DPB South RC/Core 196.90 199.95 3.05 1.2 0.480 53.6
TXC25-175 E Expansion Ohio RC/Core 277.98 279.69 1.71 14.2 0.155 31.2
TXC25-176 E Expansion Ohio Core 192.51 194.46 1.95 13.9 0.173 32.8
TXC25-177 E Expansion Ohio Core 177.09 178.31 1.22 2.5 0.467 53.5
TXC25-179 E Expansion Ohio Core 235.55 236.46 0.91 23.3 0.270 52.8
TXC25-179 E Expansion Ohio Core 262.28 263.35 1.07 16.9 0.167 35.1
AgEq = Ag + Au/(Factor); where Factor = (Ag Price/Au Price)*(Ag Recovery/Au Recovery) or Factor=($27/$27,00)*(87%/95%)=0.009157; True thickness is 75% to 85% of drill interval; NSV=No values above cut off; Cut-off grade is 150 gpt AgEq; RC/Core = RC pre-collar with core tail; Core is core from the surface.

 

Figure 2: Drillhole location map for the Eastern Expansion drillholes reported in this news release

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/676/276546_9dcdee45e417e956_002full.jpg

Below are all the drillhole intervals above the 150 g/t AgEq cut off from the program showing the upside potential of the Eastern Expansion Zone.

Table 3: Eastern Expansion Program Significant Results Using a 150 g/t AgEq Cut-off Grade (TXC25-156 to TXC25-166 released on October 27, 2025)

Drillhole
ID
Program Area Hole
Type
From (m) To (m) Drillhole Interval
(m)
Ag g/t Au g/t AgEq g/t
TXC25-158 E Expansion DPB South RC/Core 146.30 147.83 1.52 123.0 0.852 216.0
TXC25-158 E Expansion DPB South RC/Core 272.83 273.86 1.04 17.9 2.353 274.8
Including 273.56 273.86 0.30 59.8 7.970 930.1
TXC25-158 E Expansion DPB South RC/Core 340.31 341.13 0.82 56.9 0.671 130.2
TXC25-159 E Expansion DPB South RC/Core 234.18 242.93 8.75 90.3 0.943 193.3
Including 241.65 242.47 0.82 567.7 5.953 1,217.8
TXC25-160 E Expansion DPB South RC/Core 146.30 147.83 1.52 79.4 6.660 806.6
TXC25-164 E Expansion DPB South RC/Core 180.44 186.11 5.67 3.6 2.379 263.4
Including 185.01 186.11 1.10 9.2 8.670 955.9
TXC25-166 E Expansion Ohio RC/Core 160.17 160.78 0.61 114.9 1.658 296.0
TXC25-166 E Expansion Ohio RC/Core 165.20 170.23 5.03 306.8 4.062 750.3
Including 166.73 168.56 1.83 724.1 8.577 1,660.6
TXC25-168 E Expansion DPB South RC/Core 298.03 299.86 1.83 73.7 0.754 156.1
Including 298.03 298.34 0.31 353.0 3.680 754.8
TXC25-171 M&I Conversion DPB South RC/Core 185.99 186.69 0.70 122.0 1.100 242.1
TXC25-171 E Expansion DPB South RC/Core 247.19 249.33 2.13 85.7 0.855 179.1
TXC25-173 E Expansion DPB South RC/Core 215.53 216.56 1.04 189.8 3.159 534.8
TXC25-173 E Expansion DPB South RC/Core 220.98 221.90 0.92 1,162.0 8.798 2,122.7
TXC25-178 M&I Conversion DPB South RC/Core 161.54 162.61 1.07 158.5 2.126 390.6
TXC25-178 M&I Conversion DPB South RC/Core 183.80 190.20 6.40 135.7 1.474 296.6
Including 188.37 188.82 0.46 1,771.0 19.067 3,853.0
TXC25-178 M&I Conversion DPB South RC/Core 270.36 271.43 1.07 108.9 1.439 266.0
Including 271.12 271.43 0.31 375.0 4.750 893.7
AgEq = Ag + Au/(Factor); where Factor = (Ag Price/Au Price)*(Ag Recovery/Au Recovery) or Factor=($27/$2,700)*(87%/95%)=0.009157; True thickness is 75% to 85% of drill interval; NSV=No values above cut off; Cut-off grade is 150 gpt AgEq; RC/Core = RC pre-collar with core tail; Core is core from the surface.

 

Figure 3: Tonopah West expansion potential

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/676/276546_9dcdee45e417e956_003full.jpg

Figure 4: Tonopah West Drillhole Location Coordinates (based on GPS readings in the field, Datum UTM, NAD 1927, Zone 11)

Drillhole ID Area Program Type UTM_NAD27 E UTM_NAD27 N Elevation
(m)
Depth
(ft)
Depth
(m)
Azimuth Dip
TXC25-167 Ohio E Expansion RC/Core 478778.0 4213176.0 1824.5 1302.0 396.8 25 -60
TXC25-168 DPB South E Expansion RC/Core 478600.0 4213250.0 1800.0 1072.0 326.7 180 -65
TXC25-169 DPB South E Expansion RC/Core 478460.0 4213340.0 1800.0 939.0 286.2 180 -65
TXC25-170 Ohio E Expansion RC/Core 478910.0 4213200.0 1835.0 894.0 272.5 230 -70
TXC25-171 DPB South M&I Conversion RC/Core 478105.0 4213222.0 1789.0 1315.0 400.8 270 -50
TXC25-172 Ohio E Expansion RC/Core 478778.0 4213176.0 1824.5 898.5 273.9 225 -65
TXC25-173 DPB South E Expansion RC/Core 478540.0 4213310.0 1800.0 903.0 275.2 180 -75
TXC25-174 Ohio E Expansion RC/Core 479014.0 4213300.0 1822.0 921.0 280.7 40 -70
TXC25-175 Ohio E Expansion RC/Core 479046.0 4213457.0 1820.0 1232.0 375.5 40 -50
TXC25-176 Ohio E Expansion Core 478540.0 4213310.0 1800.0 1060.0 323.1 210 -75
TXC25-177 Ohio E Expansion Core 478495.0 4213405.0 1791.0 732.0 223.1 0 -90
TXC25-178 DPB South M&I Conversion RC/Core 478113.0 4213139.0 1791.0 1728.5 526.8 270 -50
TXC25-179 Ohio E Expansion Core 478460.0 4213340.0 1800.0 922.0 281.0 0 -90

 

Quality Assurance/ Quality Control

All sampling is conducted under the supervision of the Company’s project geologists, and a strict chain of custody from the project to the sample preparation facility is implemented and monitored. The RC samples are hauled from the project site to a secure and fenced facility in Tonopah, Nevada, where they are loaded on to American Assay Laboratory’s (AAL) flat-bed truck and delivered to AAL’s facility in Sparks, Nevada. A sample submittal sheet is delivered to AAL personnel who organize and process the sample intervals pursuant to the Company’s instructions.

The RC samples are lined out at the lab and logged into AAL’s system. The samples are dried, crushed to 85% passing 10 mesh (2mm) and a 250-gram sub-sample split is collected and pulverized to 200 mesh (74 micron) in a ring and puck pulverizer. Then the pulverized material is digested and analyzed for gold using fire assay fusion and an Induced Coupled Plasma (ICP) finish on a 30-gram assay split (FA-PB30-ICP). Silver is determined using five-acid digestion and ICP analysis (ICP-5AM48). Over limits for gold and silver are determined using a gravimetric finish (GRAVAU30 and GRAVAG30). Data verification of the assay and analytical results are completed to ensure accurate and verifiable results. Blackrock personnel insert a blind prep blank, lab blank or a certified reference material approximately every 15th to 20th sample.

Qualified Persons

Blackrock’s exploration activities at Tonopah West are conducted and supervised by Mr. William Howald, Executive Chairman of Blackrock. Mr. William Howald, AIPG Certified Professional Geologist #11041, is a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. He has reviewed and approved the contents of this news release.

About Blackrock Silver Corp.

Backed by gold and silver ounces in the ground, Blackrock is a junior precious metal focused exploration and development company driven to add shareholder value. Anchored by a seasoned Board of Directors, the Company is focused on its 100% controlled Nevada portfolio of properties consisting of low-sulphidation, epithermal gold and silver mineralization located along the established Northern Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.

Additional information on Blackrock Silver Corp. can be found on its website at www.blackrocksilver.com and by reviewing its profile on SEDAR at www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Statements and Information

This news release contains ‘forward-looking statements’ and ‘forward-looking information’ (collectively, ‘forward-looking statements‘) within the meaning of Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this news release relate to, among other things: the Company’s strategic plans; the anticipated objectives and results from the Company’s drill programs at Tonopah West; the timing of completion of an updated mineral resource estimate and preliminary economic assessment on Tonopah West; the Company’s de-risking initiatives at Tonopah West; estimates of mineral resource quantities and qualities; estimates of mineralization from drilling; geological information projected from sampling results; and the potential quantities and grades of the target zones.

These forward-looking statements reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results, timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; the historical basis for current estimates of potential quantities and grades of target zones; the availability of skilled labour and no labour related disruptions at any of the Company’s operations; no unplanned delays or interruptions in scheduled activities; all necessary permits, licenses and regulatory approvals for operations are received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; and the Company’s ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data; general market and industry conditions; and those factors identified under the caption ‘Risks Factors’ in the Company’s most recent Annual Information Form.

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 the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For Further Information, Contact:

Andrew Pollard
President and Chief Executive Officer
(604) 817-6044
info@blackrocksilver.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276546

News Provided by Newsfile via QuoteMedia

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North Korea showed off its apparent progress in the development of a nuclear-powered submarine. State media released photos of North Korean dictator Kim Jong Un and his daughter, a potential heir, as they inspected what appears to be a largely completed hull.

The Korean Central News Agency (KCNA), North Korea’s official state media, said Kim and his daughter visited the shipyard to examine the construction of what it describes as an 8,700-ton-class nuclear-propelled submarine, The Associated Press reported. Pyongyang has signaled that it plans to arm the submarine with nuclear weapons, the AP noted. Kim has said the development of the submarine is a crucial step toward the modernization and nuclear armament of his country’s navy.

The Christmas Day release of the photos marks the first time North Korean state media has shown an update on the nuclear-powered submarine since March. Earlier images mostly showed the lower sections of the vessel, the AP noted. The KCNA did not say when the photos released on Thursday were taken.

Moon Keun-sik, a submarine expert at Seoul’s Hanyang University, told the AP that the photos of a largely completed hull indicate that many of the core components are already in place, as submarines are typically built from the inside out. However, it was not immediately clear exactly how much progress Pyongyang had made.

‘Showing the entire vessel now seems to indicate that most of the equipment has already been installed and it is just about ready to be launched into the water,’ Moon, who also served as a submarine officer in the South Korean navy, told the AP. Moon added that North Korea’s submarine could be ready for testing at sea within months.

While at the shipyard, Kim condemned South Korea’s efforts to develop its own nuclear-powered submarine as an ‘offensive act,’ despite the fact that President Donald Trump has backed Seoul’s push toward the technology. Kim said South Korea’s efforts violate North Korea’s security and maritime sovereignty, according to the AP.

In October, during his tour of Asia aimed at securing investments, Trump said that the U.S. would share technology with South Korea that would allow it to build a nuclear-powered submarine. The president posted on Truth Social that the vessel would be built in Philadelphia.

‘South Korea will be building its nuclear-powered submarine in the Philadelphia shipyards, right here in the good ol’ U.S.A. Shipbuilding in our country will soon be making a BIG COMEBACK,’ the president wrote.

The White House underscored the point when it released a fact sheet in November which directly referenced Washington and Seoul’s efforts to ‘further our maritime and nuclear partnership.’

The Associated Press contributed to this report.

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