Aftermath Silver Ltd. press release
Aftermath Silver Reports More Surface High Grade Silver and Copper Results
TSXV - TSX Venture Exchange · Silver · Copper · Manganese · Zinc · Gold · Canada
Vancouver, British Columbia--(Newsfile Corp. - February 11, 2025) - Aftermath Silver Ltd. (TSXV: AAG) (OTCQX: AAGFF) (the "Company" or "Aftermath Silver") is pleased to provide 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 23 holes from the planned 60-hole (4,600m) program of diamond core drilling. Additional holes will be released pending overlimit check assays. Highlights of the current drilling include:
AFD071 intersected 23.6m @ 319g/t Ag + 2.19% Cu + 17.43% Mn from 2.6m down hole
AFD109 intersected 27.4m @ 187g/t Ag + 0.97% Cu + 5.13% Mn from surface including an intercept of 5.6m @ 410g/t Ag + 1.21% Cu + 5.81% Mn from 10.45m downhole.
AFD111 intersected 10.1m @ 273g/t Ag + 0.90% Cu + 4.11% Mn from surface
Ralph Rushton, President and CEO, commented_"We are very pleased with the second batch of results from our Phase 2 drill program. Holes AFD064 to 077 were geological investigation holes, sited to test a roughly north-south striking zone of faulting within the mineral resource. Holes 105 to 113 are resource infill holes toward the eastern side of the resource in an area known as the east-central anticline which were designed to convert inferred to measured and indicated resources. They are in line with the previous drilling in this area and will be incorporated into a revised block model."_
Full results are given for 23 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 92%. 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 summarised at the end of this release.
Table 1. Assay results, holes AFD064- AFD077 & AFD105 - AFD113
| Hole | From | To | Width1(m) | Ag g/t | Cu % | Mn % | Zn % | Recovery (%) | Voids(m)* | | Central Fault Zone Holes | | | | | | | | | | | AFD064 | 0.00 | 8.55 | 7.65 | 27 | 0.50 | 6.92 | 0.54 | 61.3 | 0.9 | | and | 21.30 | 31.90 | 10.60 | 34 | 1.12 | 1.62 | 0.11 | 87.7 | - | | AFD065 | 0.00 | 6.15 | 4.95 | 26 | 0.39 | 9.98 | 0.76 | 90.7 | 1.2 | | and | 44.40 | 54.70 | 10.30 | 17 | 0.47 | 3.89 | 0.50 | 100.0 | - | | AFD066 | 0.00 | 7.30 | 7.30 | 69 | 0.91 | 6.32 | 0.50 | 100.0 | - | | and | 19.40 | 26.10 | 6.70 | 95 | 0.78 | 11.74 | 0.89 | 100.0 | - | | and | 32.10 | 45.70 | 12.70 | 69 | 1.02 | 18.43 | 0.53 | 100.0 | 0.9 | | and | 51.10 | 63.70 | 11.60 | 44 | 0.87 | 16.34 | 0.50 | 100.0 | 1.0 | | AFD067 | 8.20 | 23.00 | 13.40 | 37 | 0.59 | 4.83 | 0.26 | 100.0 | 1.4 | | and | 45.00 | 51.90 | 6.90 | 52 | 0.90 | 10.65 | 0.48 | 100.0 | - | | AFD068 | 0.00 | 8.20 | 8.20 | 79 | 1.34 | 10.21 | 0.49 | 83.3 | - | | AFD069 | 0.00 | 8.40 | 8.40 | 76 | 1.41 | 11.96 | 0.54 | 77.4 | - | | AFD070 | 1.80 | 29.20 | 27.40 | 75 | 0.97 | 10.42 | 0.34 | 95.3 | - | | AFD071 | 8.00 | 31.60 | 23.60 | 319 | 2.19 | 17.43 | 0.51 | 68.3 | - | | AFD072 | 2.60 | 34.20 | 31.60 | 63 | 1.23 | 15.97 | 0.55 | 85.0 | | | Inc | 24.30 | 35.65 | 7.35 | 87 | 1.67 | 31.30 | 0.76 | 94.9 | - | | AFD073 | No significant mineralization | | | | | | - | | | | AFD074 | 0.00 | 9.10 | 9.10 | 101 | 0.59 | 6.30 | 0.35 | 51.7 | - | | AFD075 | 0.00 | 10.95 | 10.95 | 104 | 0.57 | 6.55 | 0.34 | 58.0 | - | | AFD076 | 0.00 | 17.80 | 17.80 | 118 | 0.15 | 1.81 | 0.11 | 87.6 | - | | AFD077 | 0.00 | 11.60 | 11.60 | 84 | 0.16 | 1.31 | 0.09 | 69.5 | - | | Eastern Central Anticline Holes | | | | | | | | | | | AFD105 | 0.00 | 9.90 | 9.90 | 128 | 1.05 | 15.07 | 0.59 | 86.1 | - | | AFD106 | 0.00 | 12.50 | 12.50 | 34 | 0.88 | 13.37 | 0.45 | 92.9 | - | | AFD107 | 0.00 | 29.40 | 26.40 | 32 | 1.03 | 9.99 | 0.34 | 76.0 | 3.0 | | AFD108 | 0.00 | 23.20 | 23.20 | 163 | 1.06 | 3.26 | 0.41 | 97.9 | - | | and | 30.70 | 72.95 | 42.25 | 66 | 0.92 | 3.68 | 0.25 | 100.0 | - | | and | 82.20 | 101.40 | 19.20 | 62 | 1.00 | 4.84 | 0.23 | 100.0 | - | | AFD109 | 0.00 | 27.35 | 27.35 | 187 | 0.97 | 5.13 | 0.60 | 100.0 | - | | Inc | 10.45 | 16.05 | 5.60 | 410 | 1.21 | 5.81 | 0.67 | 100.0 | - | | and | 63.00 | 79.55 | 16.55 | 75 | 0.33 | 1.82 | 0.19 | 100.0 | - | | AFD110 | 0.00 | 24.65 | 24.65 | 83 | 0.85 | 4.50 | 0.52 | 95.3 | - | | and | 31.45 | 62.50 | 31.05 | 56 | 0.90 | 6.30 | 0.43 | 100.0 | - | | and | 66.50 | 71.50 | 5.00 | 67 | 0.59 | 0.75 | 0.05 | 100.0 | - | | and | 85.65 | 106.50 | 20.85 | 125 | 0.66 | 3.55 | 0.27 | 96.8 | - | | AFD111 | 0.00 | 10.10 | 10.10 | 273 | 0.90 | 4.11 | 0.66 | 97.2 | - | | and | 36.85 | 57.00 | 20.15 | 139 | 0.65 | 4.18 | 0.48 | 95.2 | - | | AFD112 | 0.00 | 4.1 | 4.1 | 91 | 0.92 | 6.81 | 0.89 | 100.0 | - | | AFD113 | 0.00 | 41.00 | 41.00 | 47 | 0.50 | 3.04 | 0.32 | 99.3 | - | | | | | | | | | | | | | *_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 AFD064, voids of 0.9m were encountered in areas of near-surface workings resulting in an intersection width of 7.65m. In AFD065, a void of 1.2m was encountered in a near-surface workings resulting in an intersection width of 4.95m. In AFD066, voids of 0.9m and 1.00m were encountered in areas of underground workings resulting in intersection widths of 12.70m and 11.60m respectively. In AFD067, a void of 1.40m was encountered in a near-surface workings resulting in an intersection width of 13.40m. In AFD0107, voids 1.5m were encountered in in areas of underground workings resulting in an intersection width of 26.40m. 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 incorporated into resource modelling where practical and appropriate and underground mining depletion subtracted from the mineral resource. All open pits have been surveyed in detail as part of the general site layout that defines topography and surface mining depletion. 1The 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 AFD064 to AFD077 targeted the transition zone between Domain 1 to the west and Domain 2 to the east, a structurally complex zone with faulting parallel to section lines. Drilling was designed to aid in the structural interpretation of the area and increase indicated and/or measured resources where appropriate.
Holes AFD105 to 107 and AFD108 to AFD113 were drilled in the eastern synform and antiform (respectively) and were designed to extend and define the margin of mineralization whilst converting inferred resources to indicated and/or measured categories where appropriate.
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 limestone is underlain by a transitional arenite unit overlying evaporites in footwall formations.
Historical mapping and resource modelling shows the mineralization to extend for roughly 1,300m along strike - including a previous 100m gap or discontinuity now closed by drilling announced in this release - with a width of 200 to 400m. 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 summarised 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, 132 CRMs and 30 coarse blanks were inserted and 4 elements checked (Ag/Cu/Mn/Zn) - a total of 708 checks in total.
The CRMs generally performed well, and 11 CRM fails were observed in total, mostly in the lower ranges for Zn. No fails were reported for Ag and one for low-range Mn. Mid-range Cu CRMs reported to specification limits. High grade Cu, Mn, and Ag CRMs reported to specification limits. All pulp blanks and coarse blanks reported to specification limits. 61 duplicate samples were submitted and >80% reported repeat assays with a difference <25% to original assay.
Drillhole recoveries in the mineralized intersections were 92%.
Warrants
The Company is also pleased to announce that 1,314,000 of its outstanding warrants to purchase common shares of the Company have been exercised since January 1, 2025 for cash proceeds to the Company of C$459,765. 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.
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
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The Company has an option to acquire a 100% interest in Berenguela through a binding agreement with SSR Mining.
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Berenguela hosts a potentially open- pittable silver-copper-manganese resource close to Santa Lucia in Puno province, southern Peru.
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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.
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The project is less than 6km from road, rail and power lines and 4 hours from Arequipa by sealed road.
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Aftermath published a resource estimate in March 2023 based on over 300 core and RC holes.
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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 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 in 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 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. Holes AFD064 to AFD077, section lines 1250E, 1350E & 1400E. Holes AFD105 to AFD113, section lines 2100E to 2150E.
| Section 1250E | | | | | | | | Hole | WGS84 X | WGS84 Y | WGS Z | DEPTH (m) | AZ | DIP | | AFD076 | 331607.3441 | 8268210.085 | 4206.2111 | 29.8 | 0 | -90 | | AFD077 | 331607.2724 | 8268209.107 | 4206.155 | 30.8 | 7 | -50 | | | | | | | | | | Section 1350E | | | | | | | | Hole | WGS84 X | WGS84 Y | WGS Z | DEPTH (m) | AZ | DIP | | AFD070 | 331725.404 | 8268281.76 | 4218.5435 | 56 | 0 | -90 | | AFD071 | 331725.5294 | 8268282.542 | 4218.6346 | 60 | 7 | -60 | | AFD072 | 331725.5439 | 8268281.483 | 4218.5484 | 46 | 187 | -60 | | AFD073 | 331720.4779 | 8268241.608 | 4215.2648 | 24.6 | 0 | -90 | | AFD074 | 331715.0599 | 8268190.361 | 4210.0409 | 25.1 | 7 | -60 | | AFD075 | 331715.1359 | 8268191.357 | 4210.0868 | 23.2 | 187 | -60 | | | | | | | | | | Section 1400E | | | | | | | | Hole | WGS84 X | WGS84 Y | WGS Z | DEPTH (m) | AZ | DIP | | AFD064 | 331776.6633 | 8268285.579 | 4230.7824 | 65 | 0 | -90 | | AFD065 | 331776.6526 | 8268284.914 | 4230.7199 | 61.1 | 7 | -50 | | AFD066 | 331776.7977 | 8268286.728 | 4230.6222 | 81.9 | 187 | -60 | | AFD067 | 331771.372 | 8268234.541 | 4229.3803 | 67.8 | 0 | -90 | | AFD068 | 331764.9609 | 8268187.604 | 4220.8784 | 27.7 | 0 | -90 | | AFD069 | 331765.0514 | 8268188.669 | 4220.9433 | 28.4 | 7 | -50 | | | | | | | | | | Section 2100E | | | | | | | | Hole | WGS84 X | WGS84 Y | WGS Z | DEPTH (m) | AZ | DIP | | AFD105 | 332477.5394 | 8268091.629 | 4175.538 | 21.9 | 7 | -45 | | AFD106 | 332477.4533 | 8268091.075 | 4175.5262 | 27.75 | 0 | -90 | | AFD107 | 332477.5922 | 8268092.746 | 4175.6221 | 44 | 187 | -45 | | AFD110 | 332484.7808 | 8268266.967 | 4225.5892 | 129.2 | 7 | -75 | | AFD111 | 332484.7865 | 8268267.631 | 4225.5746 | 73.1 | 187 | -60 | | AFD112 | 332478.927 | 8268193.877 | 4200.8354 | 61 | 0 | -90 | | AFD113 | 332478.8923 | 8268192.675 | 4200.8326 | 41 | 187 | -50 | | | | | | | | | | Section 2150E | | | | | | | | Hole | WGS84 X | WGS84 Y | WGS Z | DEPTH (m) | AZ | DIP | | AFD108 | 332530.614 | 8268283.527 | 4219.7409 | 138.5 | 7 | -70 | | AFD109 | 332530.6619 | 8268283.635 | 4219.7504 | 83.9 | 187 | -60 |
Summary Geology
Hole AFD-064intercepted two zones of mineralization. The upper mineralization occurs from surface to 8.55m with patchy MnO replacement and MnO in fractures in altered intercalated silts and sedimentary breccias. A void of 0.9m in the upper zone is associated with historic mining. Lower mineralization occurs from 21.30m to 31.90m with patchy MnO replacement. Contact to footwall evaporites occurs at 59.60m.
Hole AFD-065intercepted two zones of mineralization. Upper mineralization occurs from surface to 6.15m, characterised by moderate to massive MnO replacement of altered limestone. Limestone is intercalated with tectonic breccias downhole. A void of 1.20m occurs in upper mineralization zone, associated with historic mining. Lower mineralization occurs from 44.40m to 54.70m characterised by moderate patchy MnO replacement in altered limestone. End of hole (EOH) occurs within tectonic breccia at 61.10m.
Hole AFD-066intercepts 4 zones of mineralization in limestone with minor siltstone, characterised by massive MnO replacement and fracture hosted MnO. Upper mineralization occurs from surface to 7.30m, with a 0.90m void associated with historical mining. The second zone of mineralization occurs from 19.40m to 26.10m. The third mineralization intersection occurs from 32.10m to 45.70m, with 0.90m void from historic mining. Some ferruginous alteration of limestone occurs. The lower mineralization occurs at 51.10m with a 1.00m void associated with historic mining.