Aftermath Silver Ltd (TSX-V:AAG, OTCQX:AAGFF) has released assay results from its Phase 2 diamond drill program at the Berenguela silver-copper-manganese project in southern Peru, showing high-grade mineralization, including significant copper values in the western portion of the deposit.
The results cover 22 holes from the planned 60-hole, 4,600-metre program.
Among the highlights, one hole intersected 9.1 meters grading 447 grams per tonne (g/t) silver, 1.85% copper, and 17.96% manganese from surface. Another returned 15.3 meters at 439 g/t silver, 1.81% copper, and 4.2% manganese from 12.8 meters downhole, within a broader intercept of 30 meters at 269 g/t silver, 1.81% copper, and 5.85% manganese.
Shares of Aftermath were up 10.4% on the news, trading in Toronto at C$0.53 by early Thursday afternoon.
Ralph Rushton, CEO of Aftermath Silver, told investors the company was “pleased” with the latest drilling results.
"The current results have enabled us to extend mineralization westward and southward and should add new resources in previously undrilled areas,” Rushton said in a statement.
“The high copper grades that accompany silver in the latest western drilling further confirm Berenguela's polymetallic nature."
The drill program aims to convert inferred resources to measured and indicated categories, test key geological structures, and step out from historic high-grade intercepts. Some holes were drilled in the southern "keel" zone, which lies beyond the current resource estimate.
Berenguela is an advanced silver-copper-manganese project located near Santa Lucia in Puno province, about four hours from Arequipa by road. The company has an option to acquire a 100% interest in the project from SSR Mining.
Aftermath Silver published a resource estimate for Berenguela in March 2023 based on over 300 core and RC drill holes. Metallurgical test work is ongoing to evaluate the production of silver and copper metal, as well as a commercial battery-grade or fertilizer-grade manganese product.