Aftermath Silver Obtains Permits for Additional Drilling at Berenguela.
FOR IMMEDIATE RELEASE May 22, 2024
(AAG2024 – NR #07)
Aftermath Silver Obtains Permits for Additional Drilling at
Berenguela.
Vancouver, BC, Aftermath Silver Ltd. (the “Company” or “Aftermath Silver”) (TSX -V: AAG) (OTCQB:
AAGFF) is pleased to announce that its wholly owned Peruvian subsidiary, Aftermath Silver Peru S.A.C,
has obtained drilling approval via the amendment of its Semi -Detailed Environmental Impact
Assessment (MEIAsd), for the further development of the Berenguela Project in Puno , Peru . This
amendment was granted on 29th April 2024 by a Directorial Resolution of the Mining Environmental
Authority of the Peruvian Ministry of Energy and Mines (Resolucion Directoral No. 0120 -2024-
MINEM/DGAAM de 29 de abril de 2024) and grants a 30-month period for drilling activities from the date
that the company informs the General Mining Authority of the Peruvian Ministry of Energy and Mines
of the commencement of works.
The MEIAsd includes 140 drillpads consisting of 115 drillpads for diamond drilling (up to 329 holes),
and 25 drillpads for reverse circulation drilling (up to 75 holes). Access agreements with surface rights
holders are in place and the drilling program can be initiated.
Ralph Rushton, CEO and Director commented, “we are very pleased to have received the approval for
additional exploration and development drill programs at Berenguela and thank the Peruvian
authorities for their support in approving our planned activities. We believe this approval allows us to
execute infill and engineering drilling through the Preliminary Economic Assessment and Pre-feasibility
phases of the project. Our technical team is currently designing a program to confirm and explore for
high-grade mineralization on the margins of the known mineralization, and to complete other
engineering drilling required to support our ongoing studies,”.
Berenguela Project: Background
• The Company has an option to acquire a 100% interest in Berenguela through a binding
agreement with SSR Mining.
• Berenguela hosts a potentially open-pittable silver-copper-manganese resource close to Santa
Lucia in Puno province, southern Peru.
• Silver, copper and manganese have crucial industrial applications in the clean energy and
battery spaces. Copper and manganese have been designated critical metals by the US
government and the European Union.
• The project is less than 6km from road, rail and power lines and 4 hours from Arequipa by
sealed road.
• Aftermath published a resource estimate in March 2023 based on over 300 core and RC holes.
• Metallurgical test work is underway adding to historic work, with the goal of producing silver
and copper metal and a commercial battery-grade or fertilizer-grade manganese product.
In March 2023, Aftermath published an updated resource estimate for Berenguela which included
manganese in addition to substantial silver and copper resources across the Measured, Indicated and
Inferred categories. Mineral Resources are stated at a cut-off grade of 80 g/t silver equivalent. The
relative value in the Mineral Resource by metal is as follows, Ag=26%, Mn=44%, Cu=26%, Zn=4%,
however the estimate used pricing for agricultural grade MnSO 4 which trades at a considerable
discount to battery grade manganese sulphate. The model is depleted for historical mining activities.
Please refer to Aftermath Technical Report "Berenguela Mineral Resource Estimate NI 43 -101
Aftermath Silver Ltd. Province of Lampa, Department of Puno, Peru", dated March 30, 2023, prepared
by AMC Consultants available here or on Aftermath's website at the link below:
https://www.aftermathsilver.com/site/assets/files/5843/722031-aftermath-berenguela-mineral-
resource-estimate.pdf
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.
• Cut-off grade is 80g/t AgEq.
• Bulk density used was estimated and variable. but averaged 2.30 tonnes/m 3 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).
Qualified person
Michael Parker, a fellow of the AusIMM and a non -independent director of Aftermath, is a non -independent
qualified person, as defined by National Instrument 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.
Dan Kappes, a Registered Professional Engineer (Mining Engineer #3223, Metallurgical Engineer #3223) in the
State of Nevada, USA, and Founder and President of Kappes, Cassiday & Associates, is the qualified person set
out in National Instrument 43 -101 (NI 43-101) responsible for overseeing the design and execution of the
metallurgical test program and has reviewed and approved the contents of this release.
About Aftermath Silver Ltd.
Aftermath Silver 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 pipel ine of projects at various stages of advancement. The company's
projects have been selected based on growth and development potential.
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,
expectations, 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”, “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 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 express ed 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 ca use 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 in
the Feasibility Study; and general economic, market or business conditions. In addition, forward-looking
statements are subject to various risks, in cluding 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 Standard s, 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 m ineral projects. Canadian public disclosure
standards, including NI 43 -101, differ significantly from the requirements of the United States Securities and
Exchange Commission (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.