Aftermath Begins Drilling at the Berenguela Ag-Cu-Mn Project
FOR IMMEDIATE RELEASE December 7, 2021
(AAG2021 – NR #11)
Aftermath Begins Drilling at the Berenguela Ag-Cu-Mn Project
Vancouver, BC, December 7, 2021 – Aftermath Silver Ltd. (the “Company” or “Aftermath Silver”)
(TSX-V: AAG) (OTCQX: AAGFF) is pleased to announce that drilling has started at the Berenguela
Ag-Cu-Mn project in southern Peru.
After experiencing COVID-related delays to logistics, access, and permitting , the Company has
now commenced the 6,600 metre Phase 1 program focussed on the following key objectives:
1. Metallurgical sample collection. PQ-diameter diamond core holes are planned to collect
mineralized material in specific areas of the Berenguela deposit t o generate three
metallurgical composite s ( low, medium and high -grade). Selected holes will also be
geotechnically logged;
2. HQ-diameter diamond core holes for r esource conversion and confirmation drilling
around previous RC drill holes;
Drilling has been contracted to AK Drilling based in Lima, Peru. Drilling has commenced wit h a
single rig, a second drill rig is scheduled to be added in the New Year.
Metallurgical samples will be shipped to Australia, where an ongoing metallurgical program is
currently completing pre-concentration magnetic separation test work on low and medium grade
composites made from existing core . The metallurgical program is being conducted under the
supervision of leading processing and engineering firm Ausenco Limited.
"Having completed the necessary permitting and planning work, we can now focus on drilling. As
we move ahead and unlock value our goal will be to demonstrate that Berenguela is one of the
premier silver deposits in the Americas. I look forward to reporting on the progress as the drilling
moves forward”, stated Aftermath CEO Ralph Rushton.
Rehabilitation of the existing Limon Verde core storage facility and camp is well advan ced. The
company also completed a detail ed survey of the site including 200 of the historic drill hole
collars, and historic mine workings. Topographic surveys are also underway in the core project
area using drone photogrammetry.
Community & Stakeholder Engagement
The Company is pleased to announce that a Mr. Victor Grande, a Peruvian community relations
specialist has accepted the role as VP Business Sustainability and Community Relations.
Mr Grande is an experienced leader in managing social and environmental sustainability
programs with more than twenty years of experience in the context of oil, gas, mining and
infrastructure projects. His last role was as a senior social development specialist with the World
Bank working in Bolivia, Ecuador, Peru and Chile. He has extensive field experience in socially
sensitive environments working with Indigenous peoples in the Amazon and communities in the
Andes.
Under Mr Grande's guidance, Aftermath's community relations team has been engaging with the
local stakeholders of the Berenguela project, primarily landowners, and two agricultural
associations: Cayachira and Andamarca. The initial objective of the program is to engage the local
stakeholders and to solicit feedback from landowners and the agricultural associations.
Berenguela Acquisition Payments
The company has an option to acquire a 100-per-cent interest in Berenguela through staged cash
payments and work commitments under the terms of a binding agreement with SSR Mining
(announced in the Company's news release dated July 27, 2020).
On July 29, 2021, SSR Mining announced that the staged cash payment stream for Berenguela
was part of a portfolio of project interests and royalties sold by SSR to EMX Royalty Corp. (EMX).,
hence, o n November 23, 2021 the Company made a scheduled project payment of US$2.25 -
million to EMX as required by the July 29, 2021 sale.
Stock Option Grant
The Company also announces that it has granted 450,000 incentive stock options to consultants
of the Company at a price of $0.65 cents for a period of five years. The options are subject to
regulatory approval and are granted under the Company's stock option plan.
About Aftermath Silver Ltd.
Aftermath Silver Ltd is a leading Canadian junior exploration company focused on silver, and aims
to deliver shareholder value through the discovery, acquisition and development of quality silver
projects in stable jurisdictions. Aftermath has developed a pipeline of projec ts at various stages
of advancement. The Company's projects have been selected based on growth and development
potential.
• Berenguela Silver-Copper project. The Company has an option to acquire a 100% interest
through a binding agreement with SSR Mining Inc. The project is located in the Department
of Puno, in southern central Peru. On February 25, 2021, the Company filed a NI 43 -101,
titled “Berenguela Silver-Copper-Manganese Property Update”, available on SEDAR and on
the Company's web page.
The Company cautions that an independent Qualified Person ("QP"), as defined in National
Instrument 43 -101 ("NI 43 -101"), has not yet completed sufficient work on behalf of
Aftermath Silver to classify the estimate as a current Measured, Indicated or Inferred
Mineral Resource, and Aftermath Silver is not treating the historical estimate as a current
Mineral Resource. Aftermath Silver will need to validate previous work to produce a
mineral resource that is current for CIM purposes.
Table 1. Summary of the Historic Mineral Resource Estimate for the Berenguela Silver-Copper-
Manganese Project
Classification Tonnes
(Mt)
Silver
(g/t)
Copper
(%)
Mang-
anese (%)
Zinc
(%)
Silver
(Koz)
Copper
(Klb)
Measured 7.71 104 0.99 8.68 0.34 25,717 168,040
Indicated 28.2 80 0.73 5.16 0.30 73,009 456,465
Measured +
Indicated 35.9 85 0.79 5.91 0.30 98,725 624,505
Inferred 9.97 88 0.67 2.14 0.20 28,183 147,242
Notes on the Berenguela Historic Mineral Resource Estimate
• Details see Valor Resources news release dated 30 January 2018 to the Australian Stock
Exchange (ASX), which summarises the results presented in report titled “Technical Report and
Updated Resource Estimate on the Bereng uela Project, Department of Puno – Peru, JORC –
2012 Compliance” to Valor Resources by Mr Marcelo Batelochi, independent consultant,
MAusIMM Competent Person.
• JORC 2012 definitions were followed for the Historic Mineral Resources.
• Grades are estimated by the Ordinary Kriging interpolation method using capped composite
samples.
• Bulk density has been estimated by Nearest Neighbour method and the average value is
2.82g/cm3.
• The Historic Mineral Resources uses a copper equivalent cut o ff of 0.5%, copper equivalents
(“CuEq”) were based on the formula CuEq (%) = Cu (%) + ((Ag (g/t) / 10000) in ounces x Ag price
x silver recovery) / (Cu price x Cu recovery) + (Zn% x Zn price x Zn recovery) / (Cu price x Cu
recovery). Assuming: Ag price $16 .795/oz and Zn $3,150/t and recoveries of Ag 50%, Cu 85%
and Zn 80%. Mn grades are not considered for CuEq calculations.
• Numbers may not add/multiply due to rounding.
• Challacollo Silver-Gold project. The Company has an option to acquire 100% interest in the
Challacollo silver-gold project through a binding agreement with Mandalay Resources, see
Company news release dated June 27th, 2019. The current CIM compliant Mineral
Resource Estimate was released on December 15, 2020, the accompanying NI 43 -101
Technical Report is available on SEDAR and on the Company's web page, and is summarised
in Table 2.
Table 2. Summary of the CIM Compliant Current Mineral Resource Estimate for the Challacollo
Silver-Gold Project
Classification Material
Type Tonnes (Kt) Silver
(g/t)
Gold
(g/t)
Silver
(Koz)
Gold
(Koz)
Indicated
Open Pit 5,597 170 0.27 30,639 49
Underground 1,043 134 0.29 4,510 10
TOTAL 6,640 165 0.27 35,150 58
Inferred
Open Pit 2,360 117 0.15 8,912 11
Underground 443 157 0.26 2,232 4
TOTAL 2,803 124 0.17 11,144 15
Notes on the Challacollo Mineral Resource Estimate
• For full details on the Challacollo Mineral Resource estimate please refer to the NI 43 -101
technical report titled “Berenguela Silver-Copper-Manganese Property Update” has an
effective date of February 18, 2021 and was prepared by AMC Mining Consultants (Canada)
Ltd. and Ausenco Engineering Canada Inc. The “qualified persons” for the Berenguela Technical
Report are JM Shannon, P. Geo., MA Batelochi, MAusIMM (CP), and GS Lane, FAusIMM, with
an effective date of with an effective date of December 15, 2020, filed on the Aftermath Silver
SEDAR profile.
• CIM Definition Standards (2014) were used for reporting the Mineral Resources.
• The effective date of the estimate is 30 November 2020.
• The Qualified Person is Dinara Nussipakynova, P.Geo., of AMC Mining Consultants (Canada)
Ltd.
• Mineral Resources are constrained by an optimized pit shell at a long -term metal price of
US$20/oz Ag with recovery of 92% Ag and metal price of US$1,400/oz Au with recovery of 75%.
• Silver equivalency formula is AgEq (g/t) = Ag (g/t) + 57.065 *Au (g/t).
• The open pit mineral resources are based on a pit optimization using the following assumptions:
⎯ Plant feed mining costs of US$3.5/t and waste mining cost of $2.5/t.
⎯ Processing costs of US$17/t and General and Administration costs of $2.5/t.
⎯ Edge dilution of 7.5% and 100% mining recovery.
⎯ 45-degree slope angles
⎯ Cut-off grade is 35 g/t AgEq g/t.
• The underground mineral resources are reported within Datamine MSO stopes based on the
following assumptions:
⎯ Mining costs of US$35/t.
⎯ Processing costs of US$17/t and General and Administration costs of US$2.5/t.
⎯ Minimum width of 2.5 m
⎯ No dilution or mining recovery.
⎯ Cut-off grade is 93 AgEq g/t
• Bulk density used was 2.47 t/m3
• Drilling results up to 31 December 2016.
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• The numbers may not compute exactly due to rounding.
• Mineral Resources are depleted for historic mined out material.
• Cachinal Silver-Gold project. The Company owns a 100% interest in the Cachinal silver-gold
project. Located 2.5 hours south of Antofagasta. On September 16, 2020 the company
released a CIM compliant Mineral Resource (see Table 3) and accompanying NI 43 -101
Technical Report available on SEDAR and on the Company's web page.
Table 3. Summary of the CIM Compliant Mineral Resource Estimate for the Cachinal
Silver-Gold Project
Classification Material type Tonnes
(Mt)
Silver
(g/t)
Gold
(g/t)
Silver
(Moz)
Gold
(Koz)
Indicated
Open Pit 4.83 97 0.13 15.03 20.05
Underground 0.22 182 0.22 1.29 1.65
TOTAL 5.05 101 0.13 16.32 21.70
Inferred
Open Pit 0.17 73 0.07 0.41 0.43
Underground 0.36 180 0.19 2.07 2.18
TOTAL 0.53 145 0.15 2.48 2.61
Notes on the Cachinal Mineral Resource Estimate
• For full details on the Cachinal Mineral Resource estimate please refer to the NI 43 -101
technical report titled “Independent Technical Report for the Cachinal Silver -Gold Project,
Region II, Chile.” By Qualified Persons G. Cole, (P.Geo) of SRK Consulting (Canada) Inc and S.
Alvarado Casas, of Geoinvest SAC E.I.R.L. (Chile), dated September 11, 2020 with an effective
date of August 10, 2020, filed on the Aftermath Silver SEDAR profile.
• Cachinal mineral resources were classified according to the CIM Definiti on Standards for
Mineral Resources and Mineral Reserves (May 2014).
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic
viability.
• All figures have been rounded to reflect the relative accuracy of the estimates.
• Cut-off grade s are based on metal price assumptions of US$22.00 / ounce of silver and
US$1,550 / ounce of gold, and metallurgical recoveries of 85% for both silver and gold using
milling and cyanide leaching.
• The portion of the Mineral Resources that has been determined to be amenable to extraction
through Open Pit methods uses a cut-off’s of 30 g/t Silver equivalent.
• The open pit Mineral Resource is constrained within Lerchs-Grossman optimised pit shells that
assume mining dilution & losses of 2.5%, 50-degree overall slope angles, mining costs of $2/t
rock, general and administrative costs of $2/t rock, processing costs of US$15/t for processing
using milling and cyanide leaching.
• The portion of the Mineral Resources deemed to be amenable to extraction
through underground methods are reported at a cut -off of 150 g/t Silver
Equivalent. This assumes a mining cost of US$90/t, general and
administrative costs of $2/t and a processing cost of US$15/t for agitated
leaching.
Qualified Person
Peter Voulgaris, MAIG, MAusIMM, a consultant to the Company, is a non-independent qualified
person as defined by NI 43 -101. Mr. Voulgaris has reviewed the technical content of this news
release, and consents to the information provided in the form and context in which it appears.
ON BEHALF OF THE BOARD OF DIRECTORS
“Ralph Rushton”
Ralph Rushton
CEO and Director
604-484-7855
Neither the 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.
Cautionary Note Regarding Forward-Looking Information
Certain of the statements and information in this news release constitute “forward -looking information”
within the meaning of applicable Canadian provincial securities laws. Any statements or information that
express or involve discussions with respect to interpretation of exploration programs and drill results,
predictions, expectations, beliefs, plans, projections, objectives, assumptions or futur e events or
performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”,
“believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”,
“forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain
actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the
negative of any of these terms and similar expressions) are not statemen ts of historical fact and may be
forward-looking statements or information.
These statements involve known and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such forward‐looking statements. Although
the Company believes the expectations expressed in such forward‐looking statements are based on
reasonable assumptions, such statements are not guarantees of future performance and actual results or
developments may differ m aterially from those in the forward‐looking statements. Factors that could
cause actual results to differ materially from those in forward‐looking statements include, but are not
limited to, changes in commodities prices; changes in expected mineral produc tion performance;
unexpected increases in capital costs; exploitation and exploration results; continued availability of capital
and financing; and general economic, market or business conditions. In addition, forward‐looking
statements are subject to various risks, including but not limited to operational risk; political risk; currency
risk; capital cost inflation risk; that data is incomplete or inaccurate. The reader is referred to the
Company’s filings with the Canadian securities regulators for disclos ure regarding these and other risk
factors, accessible through Aftermath Silver’s profile at www.sedar.com.
There is no certainty that any forward‐looking statement will come to pass and investors should not place
undue reliance upon forward‐looking statements. The Company does not undertake to provide updates to
any of the forward‐looking statements in this release, except as required by law.
Cautionary Note to US Investors - Mineral Resources
This News Release has been prepared in accordance with the requirements of NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of
U.S. securities laws. NI 43 -101 is a rule developed by the Canadian Securities Administrators that
establishes standards for all public disclosure an issuer makes of scientific and technical information
concerning mineral projects. Canadian public disclosure standards, including NI 43-101, differ significantly
from the requirements of the United States Securities a nd Exchange Commission, and information
concerning mineralization, deposits, mineral reserve and resource information contained or referred to
herein may not be comparable to similar information disclosed by U.S. Company's.