Aftermath Silver's Berenguela metallurgical testwork yields high silver recoveries
FOR IMMEDIATE RELEASE October 16, 2024
(AAG2024 – NR #15)
Aftermath Silver's Berenguela metallurgical testwork yields high silver
recoveries
Vancouver, BC, Aftermath Silver Ltd. (the “Company” or “Aftermath Silver”) (TSX-V: AAG) (OTCQB: AAGFF)
is pleased to provide an update on recent metallurgical studies at the Company’s Berenguela Silver -
Copper-Manganese project in southern Peru (“Berenguela”).
The results show a recovery of 95% silver and 89% silver respectively for the 2 composites tested. The
standard leach process shows no interference from manganese or other metals. Cyanide consumption is
less than 1 kg per oz of silver recovered, indicating this is not a significant cost or technical issue. Test work
to complete the flowsheet details on Aftermath’s Berenguela project is continuing at Kappes Cassiday and
Associates' (KCA) Reno facility. Recent work has focused on silver extraction from two composite samples
RD2MINA (KCA test 100164) and RD4LOWA (KCA test 100166). Work is continuing on additional composite
samples of mineralization.
Michael Williams, Aftermath's Executive Chairman commented: " We are extremely pleased with the
metallurgical results to date, as we have demonstrated that we can potentially produce a battery grade
manganese sulphate product and the recoveries of the silver and manganese to date are high. As we move
into the next phase of our metallurgical test work, we look forward to scaling up the work. The next stage
of our metallurgical test work is advancing and includes preliminary process and sizing studies for plan t
design purposes."
The basic flowsheet involves acid leaching of the mineralization using sulfuric and sulfurous acids to
dissolve Cu, Mn, Fe, and Zn, then purifying this solution with the objective of producing silver, copper and
High Purity Manganese Sulfate Monohydrate (HPMSM). Flowsheet steps to accomplish this have been
completed, and HPMSM has been made from three ore composites which represent over 65% of the
resource. The acid leach processes dissolve less than 1% of the silver in the mineralization hence the
tailings from the acid leach process will be sent to a standard cyanide leach plant.
The current test program builds on metallurgical work carried out by KCA in 2010. Details of the historic
test flowsheets and results are summarized in Section 13 of the 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
Sixteen composite samples weighing over 6 tonnes in total were selected from Aftermath’s metallurgical
drilling program and delivered to KCA's laboratory in Reno. The composites represent the key
geometallurgical domains which cover all mineralization type s encountered and form the basis of the
current metallurgical processing campaign. Test work is being performed individually or on blends of the
samples.
Warrants
The Company is also pleased to announce that 6,535,487 of its outstanding warrants to purchase common
shares of the Company have been exercised since June 1, 2024 for cash proceeds to the Company of
C$1,795,453. The Company intends to use the net proceeds to complete geological, metallurgical and
engineering studies at the Company’s Berenguela Silver-Copper-Manganese project in southern Peru and
for general working capital purposes.
Stock Option Grant Correction
The Company wishes to clarify disclosure in its press release dated September 4, 2024 announcing the
granting of stock options (“Options“) and restricted share units ("RSUs") to purchase common shares of
the Company to certain officers, employees and consultants pursuant to the Company’s stock option plan.
The Company granted a total of 5,275,000 stock options (“Options“) -not 5,025,000 as originally stated- to
purchase common shares of the Company to certain officers, employees and consultants pursuant to the
Company’s stock option plan. Such options are ex ercisable into common shares of the Company at an
exercise price of Cdn$0.35 per common share for a period of five years from the date of grant. The stock
options are subject to regulatory approval, will vest over a period of twelve months and are granted under
the Company's stock option plan.
The Company issued restricted share units (“RSUs“) to certain directors, officers and employees of the
Company in accordance with the Company’s Restricted Share Unit Plan (“RSU Plan”). The vesting terms in
the September 4, 2024 news release should have stated that the RSUs vest 1/3 after 12 months from the
date of the grant and 1/3 annually thereafter and will fully vest on the date that is three years from the
date of grant. Once vested, each RSU represents the right to receive one common share of the Company
or the equivalent cash value thereof, at the Company’s discretion.
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 Mineral 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.
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 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.
• Challacollo Silver-Gold project. The Company owns a 100% interest in the Challacollo silver -gold
project. 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 completing environmental permitting 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 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
Neither 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
This news release contains “forward -looking information” within the meaning of applicable Canadian
securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect
to the activities, events or developments that the Company expects or anticipates will or may occur in the
future, including the completion and anticipated results of planned exploration activities, the anticipated
use of proceeds from the Private Placement and receipt of regulatory approvals with respect to the Private
Placement. Generally, but not always, forward -looking information and statements can be id entified by
the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and
phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”,
“occur” or “be achieved” or the negative connation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among
others, that the Company will use the proceeds of the Private Placement as anticipated, and that the
Company will receive regulatory approval with respect to the Private Placement. Although the assumptions
made by the Company in providing forward -looking information or making forward -looking statements
are considered reasonable by management at the time, there can be no assurance that such assumptions
will prove to be accurate.
There can be no assurance that such statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such statements. Important factors that could
cause actual results to differ materially from the Company’s plans or expectations include the risk that the
Company will not use the proceeds of the Private Placement as anticipated, that the Company will not
receive regulatory approval with respect to the Private Placement, risks relating to the actual results of
current exploration activities, availability of capital and financing, general economic, market or business
conditions, and regulatory changes.
Although the Company has attempted to identify important factors that could cause actual results to differ
materially from those contained in the forward -looking information or implied by forward -looking
information, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking information and statements will prove to be accurate, as
actual results and future events could differ materially from those anticipated, estimated or i ntended.
Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company expressly disclaims any intention or obligation to update or revise any forward -looking
statements whether as a result of new information, future events or otherwise except as otherwise
required by applicable securities legislation.