Berenguela Mineral Resource Estimate

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# Berenguela Mineral Resource Estimate

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# Berenguela Mineral Resource Estimate
AMC Mining Consultants (Canada) Ltd.
BC0767129
200 Granville Street, Suite 202
Vancouver BC V6C 1S4
Canada
T +1 604 669 0044
E vancouver@amcconsultants.com
W amcconsultants.com
Technical Report
Berenguela Mineral Resource Estimate NI 43-101
Aftermath Silver Ltd.
Province of Lampa, Department of Puno, Peru
In accordance with the requirements of National Instrument 43-101 “Standards of Disclosure for
Mineral Projects” of the Canadian Securities Administrators
Qualified Persons:
D Nussipakynova, P.Geo. (BC & ON)
W Rogers, P.Eng. (BC)
D Kappes, PE (NV)
AMC Project 722031
Effective date 30 March 2023
Unearth a smarter way
Berenguela Mineral Resource Estimate NI 43-101
Aftermath Silver Ltd. 722031
1 Summary
1.1 General and terms of reference
This Technical Report (Report) on the Berenguela Property (Property) has been prepared by AMC
Mining Consultants (Canada) Ltd. (AMC) of Vancouver, Canada on behalf of Aftermath Silver Ltd.
(Aftermath or the Issuer), of Vancouver, Canada. AMC had previously prepared a Technical Report
on the Property for the Issuer titled “Berenguela Silver-Copper-Manganese Property Update,
Province of Lampa, Department of Puno, Peru”. This earlier report was authored by J.M. Shannon
P.Geo., M.A. Batelochi MAusIMM (CP), and G.S. Lane FAusIMM, with an effective date of 18 February
2021 (2021 AMC Technical Report).
This Report has been produced in accordance with the Standards of Disclosure for Mineral Projects
as contained in National Instrument 43-101 (NI 43-101) and accompanying policies and documents.
NI 43-101 utilizes the definitions and categories of Mineral Resources and Mineral Reserves as set
out in the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral
Resources and Mineral Reserves 2014 (CIM 2014). The Report has been prepared for lodgment on
the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval
(SEDAR). The Issuer, Aftermath, is a Canadian junior exploration company focused on silver and is
listed as AAG.V on Tier 2 of the TSX.V exchange, and as AAGFF on the OTCQB.
1.2 Property description, location, and ownership
The Property within which the Berenguela project (Berenguela or the Project) is located, is in the
Province of Lampa in the Republic of Peru. The Province of Lampa is in the Department of Puno.
The approximate coordinates for the centre of the Property are 8,268,274 mN and 331,860 mE
(WGS 84 zone 19), or at latitude 15°39’30” S and longitude 70°34’06” W. It lies between 4,150
and 4,280 m above sea level (masl) in the Western Cordillera of southern Peru in a geographical
terrain known as the Altiplano (high plateau). Relief is moderate with relatively poorly drained
pampas and limited vegetation.
Berenguela is located six kilometres north-east of the town of Santa Lucía, on the boundary between
the communities of Cayachira to the east and Andamarca to the west. Santa Lucía has national grid
power, hospital, police station, elementary and high schools, technical institute, and a freight train
station. Arequipa (population 1 million) and Juliaca (population 276,000) are well serviced with
professional services and labour supporting the mining industry.
On 30 September 2020, Aftermath signed a definitive agreement with SSR Mining Inc. (SSRM) to
purchase 100% of the Berenguela silver-copper project through the purchase of 100% of SSRM’s
shares in the Peruvian holding company Sociedad Minera Berenguela S.A. (SOMINBESA).
On 21 October 2021, SSRM entered into an assignment agreement with EMX Royalty Corporation
(EMX) pursuant to which SSRM assigned to EMX all of its right title and interest to the deferred
consideration obligations owing by Aftermath to SSRM. On 8 December 2022, Aftermath, EMX, and
SSRM signed an agreement to amend the Acquisition Agreement to reflect the revised payment
schedule to EMX This extended the date by which Aftermath must complete a Preliminary Feasibility
Study (PFS) and file the related technical reports before 23 November 2025.
The Property consists of 17 mining concessions held by SOMINBESA and four claims made by
Aftermath Silver Peru S.A.C. (Aftermath Peru), which are pending as recorded by The Institute of
Geology, Mining and Metallurgy (INGEMMET). The SOMINBESA's concessions have an area of
7,357 hectares (ha) and Aftermath's claims have an area of 2,800 ha. The concessions have a
30-year expiry date meaning that they do not expire until between 2039 and 2053 depending on
when granted.
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Berenguela Mineral Resource Estimate NI 43-101
Aftermath Silver Ltd. 722031
The climate is variable. The winter months of May, June, July, and August are frigid with intense
frosts. During the spring months of September, October, and November the weather is cold and
temperate. The weather is rainy, tinged with snowfall and hailstorms during the months of
December, January, February, and March and sometime into April. Both exploration and any future
mining activities can be conducted year-round, and weather imposes no restrictions on operations.
The mining concessions are sufficiently large enough, at over 7,595.2 ha, to accommodate a
processing plant, tails management facility, and other infrastructure required to operate a mine.
Land would need to be procured for such activities, but currently for exploration purposes land
access agreements have been reached with local landowners. Appropriate water sources will be
evaluated during studies including access to existing surface water sources.
1.3 History
Berenguela has a long history of mineral exploration and production. Through the first half of the
20th century, Lampa Mining Company Limited (Lampa Mining) was the main player and directly
shipped or operated a plant until cessation of operations in 1965. During the period from 1913 until
the cessation of operations, records show that approximately 500,000 tons was mined, and
3.24 million ounces of silver and 3,946 tons of copper produced.
After some options agreements with the American Smelting & Refining Co. (ASARCO), Cerro de
Pasco, and Charter Consolidated Limited (Charter), Lampa Mining lost ownership of the Property in
1972 and it reverted to the state. Ownership passed to Minero Perú S.A. (Minero Perú), a
state-owned company. In 1995 a policy of privatization was adopted by the Peruvian ministry
responsible for Minero Perú, with the result that the Property was offered for sale. Kappes, Cassiday
& Associates (KCA) purchased the Property in 1995 by competitive bid and formed a private
Peruvian company, SOMINBESA to manage the project. Following acquisition of the Property, KCA
conducted a surface bulk-sampling program between 1995 and 1997, collecting two bulk samples
for hydrometallurgical testwork.
In March of 2004, Silver Standard Resources Inc. (Silver Standard), now named SSRM, entered into
an option agreement with SOMINBESA to purchase 100% of the silver resources contained in the
Berenguela Project. Between 2004 and 2005 Silver Standard completed the required exploration
commitments, by undertaking 222 reverse circulation (RC) drill and a Mineral Resource estimate
reported under NI 43-101.
In January 2006 Silver Standard signed a share purchase agreement to acquire 100% of
SOMINBESA for aggregate payments of US$2 million (M) in cash and US$8M in shares of Silver
Standard, with KCA retaining a 2% net smelter return (NSR) on copper production, capped at
US$3M.
Silver Standard completed drill programs in 2010 and 2015, and in February 2017 announced it had
entered into a definitive agreement to sell 100% of SOMINBESA to Valor Resources Limited (Valor),
an Australian listed company. Between 2017 and 2018, Valor completed geochemical surveys, an
RC drilling program of 67 holes, and completed a JORC (2012) Mineral Resource estimate and a
scoping study.
In January 2019 Valor signed a joint venture option agreement with Kennecott Exploration
Company, and on their behalf had Rio Tinto Mining and Exploration (Rio Tinto) complete four
diamond drillholes (DD) for 1,427 metres (m), collect 707 geochemical samples, and relog 15
historical drillholes. In January 2020 Rio Tinto elected to not continue with the option agreement.
In March 2020, Valor was unable to meet required cash payments and ownership of SOMINBESA
transferred back to SSRM.
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Berenguela Mineral Resource Estimate NI 43-101
Aftermath Silver Ltd. 722031
There have been numerous historical estimates, but the Qualified Person (QP) has not done
sufficient work to classify the historical estimates as current Mineral Resources and the Issuer is not
treating the historical estimates as current Mineral Resources.
1.4 Geology and mineralization
The Property is located near Santa Lucía in the Department of Puno in the Western Cordillera of the
Andean Mountain range in southern Peru. The regional geology of Puno is dominated by deformed
Paleozoic and Mesozoic sedimentary strata overlain by volcanic and sedimentary rocks of Cenozoic
to Quaternary age. The Berenguela mineralization lies within the Mesozoic sequence.
During the Jurassic and Cretaceous Periods, extension and subsidence east of the early Andean
volcanic arc led to the development of a back-arc basin known as the Western Peru Back Arc Basin
(WPBAB) with associated clastic and carbonate rocks along the length of the Western Cordillera
Within the WPBAB, the mid-Cretaceous Ayabacas Formation (AYA) was formed as a result of the
submarine collapse of a Cretaceous carbonate platform (Odonne et al., 2010). The Ayabacas
Formation hosts the Berenguela mineralization and consists of a strongly deformed, highly chaotic,
and slumped resedimented unit which can be described as a megabreccia or olistostrome (Sempere
et al., 2000) which occurs over a 60,000 square kilometres (km2) area and has thicknesses up to
500 m.
The Cusco-Lagunillas-Laraqueri-Abaroa structural corridor (CECLLA corridor) is a large dextral
wrench system 40-80 kilometres (km) in width and is one of the main structural components in
South Peru. Berenguela is situated in the north-east (NE) flank of the system which hosts a variety
of tectonic, magmatic, and sedimentary features. The CECLLA was active from at least the late
Jurassic and normal faulting is currently active forming hemi-grabens such as Lake Lagunillas.
The central core of the Property, and the location of known mineralization, is dominated by
carbonates of the Ayabacas Formation. These comprise folded, thickly bedded, light grey and
dolomitized limestones juxtaposed in blocks ranging from 10 to >200 m in size, often with an intra-
block matrix of refluidized clastic rocks and sedimentary breccias interpreted to originate from the
Murco Formation. The underlying Huambo is 5 to 20 m thick, in conformable or brecciated contact
with the Ayabacas, and did not re-fluidize to the same degree as the upper units of the Murco
Formation. The Huambo-Murco contact is usually faulted or brecciated and interpreted to be the
primary slumping (detachment) plane in the area.
The gravitational slumping, subsequent compressive tectonism and ultimately wrench / extensional
faulting created the structural architecture for the emplacement of the Berenguela mineralization.
The core area of mineralization forms a prominent whaleback 1,400 m in length striking
approximately east-west. All significant mineralization consists of massive, patchy, and
fracture-controlled manganese replacement with associated silver, copper, and zinc hosted within
the folded Ayabacas Formation. Mineralization is prominent in fold axes where axial plane joints and
bounding faults have aided the ingress of fl

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