Aftermath cuts shallow copper, silver at Berenguela in Peru  

Aftermath Silver (TSXV: AAG) has reported several drill holes intersecting shallow mineralization at the Berenguela silver-copper-manganese project in Peru’s Department of Puno.  

Highlights from the 14 drill results included 5.2 metres grading 70 grams silver per tonne, 5.03% copper, 13.9% manganese and 0.19% zinc starting from 58.9 metres in drill hole AFD-010 and 9.4 metres grading 424 grams silver, and 1.83% copper starting from surface in drill hole AFD-007.  

The company completed the first phase of its drill program on May 17, with 63 diamond drill holes totalling 6,170 metres. 

“The mineralization is exposed at surface which should allow us to contemplate possible open pit mining scenarios as we move forward to a preliminary economic assessment,” the company’s CEO Ralph Rushton told The Northern Miner. “However, I’d stress that without engineering studies to back us up, we can’t yet speak to potential production scenario.”  

Aftermath has the option to acquire a 100% interest in the property by 2026 from SSR Mining (TSX: SSRM; NASDAQ: SSRM; ASX: SSR) for about US$12.7 million cash and about 3.3 million company shares. 

“A key part of what led us to Berenguela in the first place is the excellent local infrastructure,” he added.  “We’re within six kilometres of a rail line to a deep water port (Matarani), and there’s power and road access and skilled local labour. The project is about half an hour drive from the community of Santa Lucia.” 

The Berenguela project covers about 65.9 sq. km. and has a historic resource, filed in 2012, of 35.9 million tonnes grading 85.46 grams silver per tonne, and 0.78% copper for 98.7 million oz. silver and 624.5 million lb. copper in the measured and indicated category. Inferred resources add 9.9 million tonnes grading 87.9 grams silver, and 0.67% copper for 28.1 million oz. silver and 147.2 million lb. copper.    

The company released the first assay results from the project on May 4, highlights of which included, 27.3 metres grading 1.75% copper and 15.9% manganese starting from surface in hole AFD-001 and 18.6 metres grading 1.76% copper and 7.9% manganese starting from 2 metres in hole AFD-009.  

Resource update 

Aftermath aims to release an updated resource estimate by the third quarter of this year and complete the project’s PEA next year.  

“Geostatistical work has already started for a new resource estimate… The project is in an important transition stage in the next 18 months between completion of the exploration work and switching to engineering and metallurgical work. We think it’s going to move forward quite rapidly once we’ve completed the new resource estimate,” Rushton said. 

As far as the work environment in Peru is concerned, the company hasn’t faced any impacts of the growing calls for nationalization of mines and stricter norms in South America, but Rushton does expect things to change in the future.  

“We are aware that future regulations may require increased taxes and/or royalties; I think we’d be naive not to assume that,” he said. “We’re comfortable in Peru right now. Our responsibility going forward is to ensure that we build capacity and support local businesses in the communities in which we operate, provide job opportunities and maintain transparency.” 

At press time in Toronto, Aftermath Silver was trading at 24.5¢, within a 52-week trading range of 21.5¢ to 72¢. The company has 136.6 million common shares outstanding.