Aftermath Silver Ltd (TSX-V:AAG, OTCQX:AAGFF, FRA:FLM1) earlier this week reported strong phase three drill results from its Berenguela project in Peru, as the company continues to advance both resource definition and project economics.
Chief executive Ralph Rushton said the latest drilling campaign was designed with multiple objectives, including upgrading lower-confidence resources to higher categories, collecting material for metallurgical test work, and conducting infill drilling in areas targeted for potential early mining.
He noted that the company is focused on identifying high-grade zones that could support early cash flow, stating that the aim was to define “a high grade feed that could potentially drive strong revenue in the first few years of the mine.”
Rushton indicated that results to date have met expectations, particularly in confirming the presence of high-grade mineralisation. The company has responded by expanding the drill program, with further work planned across the resource area, as well as geotechnical drilling and testing of additional exploration targets.
He added that investors can expect a steady stream of updates as drilling continues throughout the year, supported by the likelihood that rigs will remain active on site for an extended period.
One notable development from the latest results is the stronger-than-expected copper grades. Rushton said that while silver results were consistent with previous drilling, copper came in “slightly higher than we were anticipating,” potentially enhancing the project’s overall economic profile.
Alongside drilling, Aftermath Silver Ltd is advancing a pre-feasibility study for Berenguela. Rushton said that between 15 and 20 engineers are currently engaged across various aspects of the study, including infrastructure, logistics, mining, and metallurgical processing, with several consulting firms contributing.
The company is targeting completion of the pre-feasibility study by the end of the year, which Rushton said will provide the first meaningful indication of the project’s economics.
With ongoing drilling success, expanding exploration scope, and steady progress toward a key development milestone, Berenguela is shaping up as a potentially significant asset. Upcoming catalysts include continued drill results, further metallurgical insights, and the delivery of the pre-feasibility study, all of which are expected to drive investor interest over the coming months.