Aftermath Silver Ltd (TSX-V:AAG, OTCQX:AAGFF, FRA:FLM1) said on Wednesday it had reported strong initial assay results from its Phase 3 diamond drill program at the Berenguela silver-copper-manganese deposit in southern Peru, prompting the company to expand the scope of the campaign.
The Vancouver-based miner released results from 17 drill holes totalling 1,061.6 metres, part of an initial 45-hole, 3,000-metre program.
The company has since increased the campaign to 90 holes covering 6,000 metres, citing encouraging geological results, drill rig availability and improved access.
The Berenguela project, located in the Puno region, is wholly owned by Aftermath Silver.
Among the highlights, hole AFD152 returned 48.5 metres grading 438 grams per tonne silver, 2.22% copper and 24.9% manganese from 26.5 metres downhole. Hole AFD155 intersected 70 metres at 230 g/t silver, 1.81% copper and 10.9% manganese from surface.
Hole AFD160 returned 45.8 metres at 528 g/t silver, 1.48% copper and 15.7% manganese from surface, including a higher-grade interval of 29.5 metres at 737 g/t silver. Another hole, AFD162, returned 11.4 metres at 1,042 g/t silver, alongside 2.05% copper.
CEO Ralph Rushton said the results support the company’s strategy of targeting near-surface, high-grade mineralization that could underpin a potential starter open pit as part of future mining plans.
“These are some of the best drill intercepts we’ve seen to date,” Rushton said, noting a strong association between silver and copper mineralization.
The drilling has focused on a 225-metre strike length within the existing resource area, aiming to delineate higher-grade zones and upgrade resources ahead of a planned prefeasibility study.
Aftermath also replaced an originally planned reverse circulation program with additional diamond drilling at a similar cost, allowing for better geological and geotechnical data collection.
The company said drill recoveries averaged 95% in mineralized zones, with intersections generally interpreted to represent true thickness due to the massive nature of the mineralization.
Geologically, Berenguela hosts silver, copper and manganese mineralization within folded limestone sequences, with recent drilling extending the known strike length of the deposit to at least 1,550 metres.
Shares of Aftermath added 9.7% in early trade in Toronto on Wednesday morning at C$0.79.