Aftermath Silver Reports High Grade Silver Intercepts Step Out Returns 1,174g/t Silver Over 7.1m
FOR IMMEDIATE RELEASE May 26, 2025
(AAG2025 – NR #08)
Aftermath Silver Reports High Grade Silver Intercepts
Step Out Returns 1,174g/t Silver Over 7.1m
Vancouver, BC, May 26, 2025. Aftermath Silver Ltd. (the “Company” or “Aftermath Silver”) (TSX -V:
AAG) (OTCQX: AAGFF) is pleased to provide the latest assay results from its Phase 2 diamond drill
program at the Berenguela silver-copper-manganese deposit located in the Department of Puno in southern
Peru. Results are included for another 16 holes from the 82-hole (5,200m) program of diamond core drilling.
Assay results for the final 11 holes will be released shortly.
Highlights of the current drilling include mineralization reported in AFD129 - AFD130 & AFD135 –
AFD136, which were all drilled to the north of the limit of the current (2023) mineral resource:
• Hole AFD129 intercepted 12.35m* of 302g/t Ag, 0.66% Cu, and 10.64% Mn between 2.40m to
16.75m downhole.
• Hole AFD130 intercepted 35.55m* of 322g/t Ag, 0.58% Cu, and 6.88% Mn from surface to 42.25m,
including 7.10m @ 1174g/t Ag, 0.80% Cu, and 11.14% Mn from 24.4m downhole.
*Previous underground mining resulted in some voids
Ralph Rushton, President and CEO, commented “Our latest round of results have expanded the known
mineralization into areas outside of the previous resource model in the central north area. We also cut strong
Mn mineralization in the far eastern area of the resource where there has been little previous drilling. We'll
be incorporating the latest results into a revised mineral resource estimate which is currently underway.”
Full results are given for 16 holes in the table below and a table of collar coordinates and hole azimuths is
appended at the end of this release. Drill collar plans and cross sections are available at this link:
https://aftermathsilver.com/projects/berenguela/plans-and-sections/
Drilling was carried out at a high angle to mineralization controls and intersections are assumed to equate to
true thickness. Drill sections are available on Aftermath's website (www.aftermathsilver.com) or by clicking
here. The weighted average core recovery in the mineralized intersections was 96%. Some lower recoveries
were returned close to surface (0 to 5m) in initial drilling runs, and around some underground workings. The
geology of each hole is summarized at the end of this release.
Table 1. Assay results, holes AFD119 & AFD122 - AFD136
Hole From To Width1 (m) Ag g/t Cu % Mn % Zn % Recovery (%) Voids*
Far Eastern Ridge
AFD119 22.45 88.55 66.10 39 0.39 13.43 0.64 100 -
AFD122 17.70 27.05 9.35 11 0.27 5.24 0.38 100 -
and 53.35 66.95 13.60 10 0.26 6.97 0.54 99 -
Hole From To Width1 (m) Ag g/t Cu % Mn % Zn % Recovery (%) Voids*
and 88.15 98.40 10.25 83 0.56 3.90 0.23 100 -
AFD123 20.45 50.75 30.30 51 0.94 11.39 0.51 100 -
and 79.20 94.50 15.30 23 0.63 3.84 0.33 97 -
and
107.2
0 118.20 11.00 16 0.68 0.91 0.07 91 -
and
141.4
5 169.70 28.25 14 0.56 1.25 0.07 95 -
AFD124 14.65 28.50 12.35 40 0.56 8.45 0.60 92 1.50
and
113.0
0 133.60 20.60 21 0.44 4.98 0.14 100 -
AFD125 22.50 38.00 15.50 28 0.64 1.64 0.23 93 -
and 68.85 78.45 9.60 20 0.31 4.50 0.41 78 -
and 87.55 95.30 7.75 16 0.23 3.59 0.26 95 -
and
105.0
0 115.50 10.50 50 0.81 4.24 0.37 100 -
AFD126 22.30 44.80 22.50 47 0.62 4.65 0.43 100 -
and 52.90 60.55 7.65 34 0.78 2.48 0.10 100 -
Central North
AFD127 11.15 35.80 24.65 83 0.90 8.05 0.64 96 -
AFD128 20.25 44.25 24.00 72 0.84 6.08 0.49 100 -
AFD129 2.40 16.75 12.35 302 0.66 10.64 0.97 80 2.00
AFD130 0.00 42.25 35.55 322 0.58 6.88 0.67 85 6.70
Inc. 24.40 32.10 7.70 1174 0.80 11.14 1.25 100 -
AFD131 11.55 19.00 7.45 112 0.41 5.54 0.70 96 -
and 50.05 56.05 6.00 151 0.28 1.82 0.34 100 -
and 78.05 95.10 17.05 61 0.55 2.85 0.30 100 -
AFD132 0.00 11.90 11.90 146 0.14 1.70 0.35 100 -
and 22.05 40.15 18.10 101 0.52 7.39 1.13 100 -
AFD133 1.00 8.20 7.20 77 1.33 8.21 0.68 100 -
AFD134 1.30 5.55 4.25 40 0.70 7.46 0.74 100 -
AFD135 5.10 11.50 6.40 50 0.80 6.92 0.44 100 -
AFD136 15.30 24.10 8.80 19 0.47 2.30 0.34 97 -
*Reported intersection widths are shorter than total widths drilled where voids due to historic underground mining activity
were encountered during drilling. Voids were measured and discounted from the intersection width with no dilution of the
reported grades. In AFD124 a void of 1.50m was encountered in areas of near -surface workings resulting in an intersection
width of 12.35m. In ADF129 a void of 2.0m was encountered in areas of underground workings resulting in an intersection
width of 12.35m. In AFD130 underground working related voids totaling 6.7m were encountered resulting in an intersection
width of 35.55m. Berenguela mining: from 1913 until 1965 approximately 500,000 tons was mined from 17,700m of
underground workings and open pit operations which equates to roughly 1.2% of the 2023 M&I resource inventory. Aftermath
obtained complete plans of underground workings which were in corporated into resource modelling where practical and
appropriate and underground mining depletion subtracted from the miner al resource. All open pits have been surveyed in
detail as part of the general site layout that defines topography and surface mining depletion.
1 The drilling was carried out at a high angle to the stratigraphically controlled mineralization and intersections can be
assumed to equate approximately to true thickness.
Objectives of Drilling
Holes AFD119 and to AFD122 to AFD126 targeted the northeastern limit of the existing mineral
resource in an area known as the far eastern ridge. These holes were designed to extend and define the
margin of mineralization whilst converting current inferred resources to indicated and/or measured
categories where appropriate. Several intersections of higher -grade manganese mineralization
associated with copper were reported, including AFD123 from 20.45m to 50.75m which returned
30.30m at 0.94% Cu and 11.39% Mn.
AFD127 to AFD136 were drilled in the central north area, targeting the northern limit of the existing
mineral resource to the east of a cross-cutting fault zone. These were designed to extend and define the
margin of mineralization whilst converting inferred resources to indicated and/or measured categories
where possible. Four of the holes –AFD129, AFD130 and AFD135, AFD136 - intersected
mineralization in an area north of the limit of the current inferred mineralization representing additional
resources. This includes a high -grade intersection of 7.70m at 1174g/t Ag from 24.40m to 32.10m in
AFD130.
Geology
The host stratigraphy at Berenguela comprises folded thickly bedded, light grey limestones and
dolomitized limestones. Several large bodies of black massive, patchy, and fracture -controlled
manganese oxide replacement mineralization with associated silver, copper, and zinc enrichment, occur
in the folded limestones. Mineralization largely follows stratigraphy and is typically conserved as
eroded synform or antiform remnants, usually exposed at surface and with fold axes trending 105-120
degrees. The limesto ne is underlain by a transitional arenite unit overlying evaporites in footwall
formations. In the area covered by this release, the eastern margin of mineralization, the arenites and
evaporites were not generally encountered suggesting the limestone seque nce is thickening eastward
and downfaulted in blocks.
Historical mapping and resource modelling shows the mineralization to extend for roughly 1,300m
along strike. The recent drilling has extended the strike length to at least 1550m with a maximum width
of 400m in the central part, 250m in the western part, and 50m in the faulted section between the western
and central parts. This includes a previous 100m gap or discontinuity now closed by drilling. The
drilling was carried out at a high angle to the stratigraphically controlled mineralization and
intersections are approximately true thickness. The geology of each hole is summarized at the end of
this release.
QA/QC
Sample preparation and assaying was carried out in Peru by ALS Peru S.A (“ALS”). ALS preparation
facilities in Arequipa and assaying facilities in Lima both carry ISO/IEC 17205 accreditation. Logging
and sampling were carried out by Aftermath geological staff at the Limon Verde camp in Santa Lucia.
Samples were transported to Arequipa and delivered to ALS for preparation and subsequent assaying
of pulps in Lima.
During the preparation stage, quartz -washing was performed after each sample to prevent carry -over
contamination. Initial assaying was done using a four -acid digestion and ICP -AES multielement
analysis for 31 elements. Over limit samples (Ag > 100 g/t, Mn>8,000 ppm, Cu/Zn >10,000ppm) were
reanalysed using 4 acid-digestion and ore-grade ICP-AES analysis. Any Ag samples reporting >1,500
g/t Ag are further analysed using fire assay with gravimetric finish. Any Ag samples reporting >10,000
g/t are further analysed using concentrate assay methods.
A selection of pulps will be submitted to an umpire laboratory to perform check analyses and verify
QA/QC implemented in the project. Every batch of 20 samples submitted for assay contained 1 certified
reference material (CRM), 1 coarse blank, 1 pulp blank and 1 duplicate core sample, OR 2 CRMs, 1
coarse blank, 1 duplicate core sample. Aftermath commissioned OREAS to prepare 3 different CRMs
made from samples of Berenguela mineralization, so they are compositionally matched to the
mineralized core. In the assays performed for this news release, 133 CRMs and 67 coarse blanks were
inserted and 4 elements checked (Ag/Cu/Mn/Zn) – a total of 800 checks in total.
The CRMs generally performed well, and 15 CRM fails were observed in total, mostly in lower ranges
of Cu and Zn (2 fails in low -range Cu and 3 in low range Zn of BER -21-1). 2 low range Mn CRMs
failed. 3 fails were reported for medium-range Cu and 1 for medium-range Zn. High grade Ag, Mn and
Cu CRMS reported to specification limits. All pulp blanks and coarse blanks reported to specification
within detection limits. Sixtyseven duplicate samples were submitted and over the course of the
program >80% reported repeat assays with a difference <25% to original assay.
Drillhole recoveries in the mineralized intersections were 96%.
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.
Berenguela Project: Background
• The Company has an option to acquire a100% interest in Berenguela through a binding
agreement with SSR Mining. A final payment of US$3.5 million is remaining.
• 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. The railway is connected to the Port of Matarani
• Aftermath published a resource estimate in March 2023 based on 386 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.
About Aftermath Silver Ltd.
Aftermath Silver is a leading Canadian junior exploration company focused on the development of
critical metals projects. Aftermath is a preeminent silver development company with significant
leverage to copper and high purity battery grade manganese. The Company’s flagship asset is the
Berenguela silver, copper and manganese deposit located in Southern Peru.
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 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 exp loration 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 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 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.
Table 2. Collar locations, depths, azimuth and dips.
Summary Geology
Hole AFD -119 intersects mineralization from 22.45m to 88.55m characterized by moderate to massive
replacement of altered limestone, with 0.5m to meter scale breaks in moderate replacement where vein
hosted and disseminated MnO dominates.
Hole AFD-122 intersected 3 zones of mineralization. Upper mineralization was intersected from 17.70m to
27.05m characterized by limestone with vein hosted and disseminated MnO. The middle and lower intersect
of mineralization occur from 53.35 to 66.95m and 88.15m to 98 .40m, both characterized by alternating
layers of unaltered and altered limestone. Within unaltered limestone MnO occurs primarily as joint hosted.
Within altered limestone MnO occurs as vein hosted MnO and moderate to massive replacement.
Hole AFD-123 intersected 4 zones of mineralization. Upper mineralization occurs from 20.45m to 50.75m
characterized by moderate to massive MnO replacement and vein hosted MnO of altered limestone. The
second zone of mineralization occurs from 79.20m to 94.50m in alter ed limestone with vein hosted MnO
Section
1550E
Hole WGS84 X WGS84 Y WGS Z DEPTH
(m) AZ DIP
AFD133 331943.183 8268368.75 4234.192 23.6 0 -90
AFD134 331943.361 8268370.28 4234.238 22 7 -45
AFD135 331946.414 8268412.71 4238.849 18.8 0 -90
AFD136 331946.505 8268413.92 4238.957 24.1 7 -45
Section
1600E
Hole WGS84 X WGS84 Y WGS Z DEPTH
(m) AZ DIP
AFD127 331991.404 8268349.33 4244.067 48.5 0 -90
AFD128 331991.555 8268350.83 4244.074 67.5 7 -45
AFD129 331996.11 8268411.61 4246.778 25.4 0 -90
AFD130 331996.299 8268413.15 4246.818 56.2 7 -45
Section
1650E
Hole WGS84 X WGS84 Y WGS Z DEPTH
(m) AZ DIP
AFD131 332054.313 8268416.26 4251.681 34.3 7 -80
AFD132 332054.42 8268417.42 4251.72 79.3 7 -45
Section
2300E
Hole WGS84 X WGS84 Y WGS Z DEPTH
(m) AZ DIP
AFD119 332705.922 8268423.063 4199.261 119.7 7 -60
AFD122 332707.406 8268469.13 4191.828 112.5 7 -45
AFD123 332707.05 8268467.655 4191.96 150 187 -45
AFD124 332707.562 8268467.683 4191.891 160.6 90 -45
Section
2350E
Hole WGS84 X WGS84 Y WGS Z DEPTH
(m) AZ DIP
AFD125 332751.837 8268414.92 4187.87 171.8 187 -60
AFD126 332752.141 8268415.753 4187.794 110.6 7 -45
and minor limestone replacement. The lower zones of mineralization occur from 107.20m to 118.20m and
141.45m to 169.70m, characterized by joint hosted MnO in weakly altered limestone.
Hole AFD-124 intersected two zones of mineralization from 14.65m to 28.50m and 113.00m to 133.60m.
The upper zone of mineralization is characterized by altered limestone with moderate MnO replacement and
vein hosted MnO. The lower zone of mineralization occurs in altered limestone with disseminated MnO and
vein hosted MnO.
Hole AFD-125 intersects 4 zones of mineralization. Upper mineralization occurs from 22.50m to 30.00m
characterized by altered limestone with disseminated MnO. The lower zones of mineralization are
intersected from 68.85m to 78.45m, 87.55m to 95.30m, and 105.00m to 115. 50m, characterized by altered
limestone and weak to moderate MnO replacement and vein hosted MnO. Generally, alteration decreases
downhole, though alteration is moderate from 112.70m to 115.50m with moderate MnO replacement. Below
mineralization limestone grades into transitional breccias until end of hole at 171.10m
Hole AFD-126 intersects 2 zones of mineralization. The first zone of mineralization occurs form 22.30m to
44.80m, characterized by intercalated altered and unaltered limestone layers, where altered limestone beds
are dominated by moderate MnO carbonate replacement by MnO, and unaltered limestone beds are
dominated with vein hosted MnO and fracture infill. The second zone of mineralization occurs from 52.90m
to 60.55m characterized by altered limestone with vein hosted and disseminated MnO.
Hole AFD -127 intersects mineralization from 11.15m to 35.80m, characterized by massive MnO
replacement of altered limestone and vein hosted MnO.
Hole AFD -128 intersects mineralization from 20.25m to 44.25m, characterized by moderate MnO
replacement of altered limestone and vein hosted MnO.
Hole AFD-129 intersects mineralization from 2.40m to 16.75m, characterized by moderate to massive MnO
replacement patches and vein hosted MnO in altered limestone.
Hole AFD-130 intersects mineralization from surface to 42.25m, with a higher zone of mineralization occurs
from 24.40m to 32.10m, characterized by altered limestone with moderate replacement of altered limestone,
and disseminated and vein hosted MnO.
Hole AFD-131 intersects 3 zones of mineralization. The upper intersection occurs from 11.55m to 19.00m,
characterized by moderate replacement and disseminated MnO. The intersection includes Santa Lucia
formation from 11.55 to 12.90, a volcanic agglomerate consisting of clasts of mostly igneous origin and
reworked Ayabacas limestone clasts, which may be mineralized. This unit post-dates the mineralization and
overlies the Ayabacas formation on an unconformable contact. It occasionally occurs at depth where it has
infilled karsts within the Ayabacas limestones. In this intersection a sharp contact between the Santa Lucia
and Ayabacas occurs at 12.90m, below which the Ayabacas limestone is highly altered and moderately
replaced by MnO. The middle intersection occurs from 50.05m to 56.05m characterized by altered limestone
and vein hosted MnO. The lower zone of mineralization is intersected from 78.05m to 95.10m characterized
also by vein hosted MnO of higher intensity in altered limestone, with moderate carbonate replacement.
Hole AFD-132 intersects 2 zones of mineralization from surface to 11.90 and from 22.05m to 40.15m. The
upper zone of mineralization is hosted within mineralized Ayabacas clasts in the Santa Lucia formation from
surface to 11.20m, and underlying Ayabacas limestone from 11.20 to 11.90 with moderate carbonate
replacement by MnO. The lower zone of mineralization is characterized by moderate MnO replacement of
altered limestone, vein hosted MnO and minor disseminated MnO.
Hole AFD-133 intersects mineralization from 1.00m to 8.20m characterized by moderate MnO replacement
and vein hosted MnO in altered limestone.
Hole AFD-134 intersects mineralization from 1.30m to 5.55m characterized by moderate MnO replacement
of limestone and minor disseminated MnO.
Hole AFD-135 intersects mineralization from 5.10m to 11.50m characterized moderate MnO replacement
of limestone and minor disseminated MnO.
Hole AFD-136 intersects mineralization from 15.30m to 24.10m. The upper intersection is characterized by
altered limestone with moderate intensity vein hosted MnO. Alteration decreases downhole to a weakly
altered limestone with disseminated MnO.