Aftermath Silver Files Technical Report ON the Berenguela Silver-Copper Project, PERU
FOR IMMEDIATE RELEASE April 13, 2023
(AAG2023 – NR #07)
AFTERMATH SILVER FILES TECHNICAL REPORT ON THE BERENGUELA SILVER-COPPER PROJECT, PERU
Vancouver, BC, April 13, 2023 – Aftermath Silver Ltd. (the “Company” or “Aftermath Silver”) (TSX-V: AAG)
(OTCQB: AAGFF) (FRA: FLM1) has filed a technical report (the “Berenguela Technical Report”) on the
Berenguela Silver -Copper-Manganese Project, located in Peru (“Berenguela”) pursuant to National
Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) under the Company’s profile
on SEDAR.
The Berenguela Technical Report, titled “ Berenguela Mineral Resource Estimate NI 43 -101 Aftermath
Silver Ltd., Province of Lampa, Department of Puno, Peru ” has an effective date of March 30, 2023 and
was prepared by AMC Mining Consultants (Canada) Ltd (AMC). The Qualified Persons for the Berenguela
Technical Report are D. Nussipakynova, P. Geo. (BC & ON), W. Rogers, P.Eng. (BC), and D Kappes, PE (NV).
The Report presents a new Mineral Resource estimate for the Berenguela Silver-Copper- Manganese Project
together with recommendations for further metallurgical and engineering w ork with the objective of
completing a preliminary economic analysis during 2024 . The company is now proceeding to initiate
advanced metallurgical testwork programs on bulk drill core samples from key mineralized domains
targeted in the drill program. This testwork will encompass flowsheets for silver, copper and zinc recovery
and ultimately identify the potential manganese products including focusing on battery grade manganese
sulphate (MnSO4).
Mineral Resource Estimate
Table 1. Berenguela Ag-Cu-Mn deposit Mineral Resource as of 31 January 2023
Resource Classification Tonnage
Mt
Grade Contained Metal
Ag Mn Cu Zn Ag Mn Cu Zn
g/t % % % Moz Mt Mlb Mlb
Measured 6.152 101 8.89 0.85 0.30 20.0 0.55 115.3 41.2
Indicated 34.024 74 5.60 0.63 0.34 81.2 1.90 473.7 258.1
Measured and Indicated 40.176 78 6.10 0.67 0.34 101.2 2.45 589.0 299.3
Inferred 22.287 54 3.57 0.42 0.25 38.8 0.80 204.3 122.8
Notes:
• CIM Definition Standards (2014) were used for reporting the Mineral Resources.
• The effective date of the estimate is 31 January 2023.
• The Qualified Person is Dinara Nussipakynova, P .Geo., of AMC Mining Consultants (Canada) Ltd.
• Mineral Resources are constrained by an optimized pit shell using the assumptions in Table 2.
• No dilution or mining recovery applied.
• Silver equivalency (AgEq) formula is AgEq = Ag+ Cu%*121.905+Mn%*22.809+Zn%*41.463 based on the parameters in
Table 2.
• Cut-off grade is 80g/t AgEq.
• Bulk density used was estimated and variable. but averaged 2.30 tonnes/m3 for mineralized material and 2.25 tonnes/m3
for waste.
• Drilling results up to 13 October 2022.
• 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.
• The relative value in the Mineral Resource by metal is as follows, Ag=26% Cu=26%, Mn=44%, Zn=4%.
Source: AMC, (2023).
The Mineral Resource estimate used conceptual open pit mining constraints for reporting purposes and
is presented in Table 1. Mineral Resources are stated at a cut‐off grade of 80 g/t silver equivalent (AgEq)
which equates to a 3.55% manganese equivalent cut-off grade. The relative value in the Mineral Resource
by me tal is as follows, Ag=26%, Mn=44%, Cu=26%, Zn=4% using metal prices for Agri -MnSO4 which
generally trades at a considerable discount to battery grade manganese sulphate. The model is depleted
for historical mining activities.
The assumptions for the open pit optimization exercise to constrain the Mineral Resource and confirm
reasonable prospects for eventual economic extraction are shown in Table 2.
Table 2. Assumptions for pit optimization
Activity Items Unit Value
Mining Mining (all types) $/t material 2.25
Pit slopes degrees 45
Processing Processing ‐ Cost $/t ROM 41.0
Processing rate Mtpa 2.5
Process Recoveries ‐ Ag % 81.0
Process Recoveries ‐ Cu % 81.0
Process Recoveries ‐ Zn % 76.0
Process Recoveries ‐ Mn % 81.0
Metal Prices Ag $/oz 22.50
Cu $/lb 4.00
MnSO4 (Agri‐MnSO4) $/t 530
Zn $/lb 1.45
Other costs Admin and Support (G&A) $/t ROM 4.0
Land Freight $/t Product 30.0
Port Charges $/t Product 20.0
Marketing % of Revenue 0.50%
Royalty – Silver Standard % of Revenue 1.00%
Royalty – VDM Partners % of Cu revenue 2.00%
Other Conversion Mn:MnSO4 % 32
Source: AMC, (2023).
Qualified Person
The Mineral Resource estimate, QA/QC review and data verification was completed by Ms Dinara
Nussipakynova, P .Geo., Principal Geologist with AMC who is the QP for the purpose of NI 43‐101 for all
technical information pertaining to the current Mineral Reso urce. Aftermath’s quality assurance and
quality control program was reviewed by the QP who has also reviewed the technical content of this news
release for Berenguela and has approved its dissemination.
Michael Parker, a Fellow of the AusIMM and a non ‐independent director of Aftermath, is a
non‐independent qualified person, as defined by NI 43‐101. Mr. Parker has reviewed the technical content
of this news release and consents to the information provided in the form and context in which it appears.
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 projects at various stages of advancement. The
Company's projects have been selected based on growth and development potential.
• Berenguela Silver -Copper-Manganese P roject. The Company has an option to acquire a 100%
interest through a binding agreement with SSR Mining. The project is located in the Department of
Puno, in southern central Peru. A NI 43-101 Technical Report on the property was filed in February
2021 (available on SEDAR and the Company’s web page). The Company is currently drilli ng at
Berenguela and planning to advance the project through a pre-feasibility study.
• Challacollo Silver-Gold project. The Company recently completed the acquisition of a 100% interest
in the Challacollo silver -gold project from Mandalay Resources; see Com pany news release dated
August 11, 2022. A NI 43 -101 mineral resource was released on December 15, 2020 (available on
SEDAR and the Company’s web page). The Company is currently permitting road access in
anticipation of an upcoming drill program.
• Cachinal Silver-Gold project. The Company owns a 100% interest in the Cachinal Ag -Au project,
located 2.5 hours south of Antofagasta. On February 15, 2023, Aftermath announced it had signed
a Share Purchase Agreement an agreement to sell Cachinal to Honey Badger Si lver Inc. On
September 16, 2020, the Company released a CIM compliant Mineral Resource and accompanying
NI 43-101 Technical Report (available on SEDAR and on the Company's web page).
ON BEHALF OF THE BOARD OF DIRECTORS
“Ralph Rushton”
Ralph Rushton
CEO and Director
604-484-7855
The TSX Venture Exchange does not accept 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, ex pectations, beliefs, plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”,
“believes”, “plans”, “projects”, “estimates”, “assumes”, “inten ds”, “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 statements 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 materially 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 production performance;
unexpected increases in capital costs; exploitation and exploration results; continued availability of capital
and financing; differing results and recommendations i n the Feasibility Study; 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 disclosure 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 Canadian National
Instrument 43-101 - Standards of Disclosure for Mineral Projects (''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 and Exchange Commis sion (the "SEC"), 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. companies.