- Berenguela Silver-Copper-Manganese Property Update

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# - Berenguela Silver-Copper-Manganese Property Update

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# - Berenguela Silver-Copper-Manganese Property Update
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 Silver-Copper-Manganese Property Update
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:
JM Shannon, P.Geo. (ON & BC)
MA Batelochi, MAusIMM (CP)
GS Lane, FAusIMM
AMC Project 720048
Effective date 18 February 2021
Unearth a smarter way
Berenguela Silver-Copper-Manganese Property Update
Aftermath Silver Ltd. 720048
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. This report is an initial report for the Issuer who
has completed the initial closing of a transaction to SSR Mining (SSRM). Final closing of the
transaction is expected to take place on or before 24 November 2026.
There is an earlier NI 43-101 Technical Report on the Property titled “Technical Report on the
Berenguela Property, South Central Peru”, prepared for Silver Standard Resources Inc. authored by
James A. McCrea, P.Geo., and with a signing date of 26 October 2005. This report has been prepared
by AMC in accordance with the requirements of National Instrument 43-101 (NI 43-101) “Standards
of Disclosure for Mineral Projects” and the Canadian Securities Administrators (CSA) for lodgement
on CSA’s System for Electronic Document Analysis and Retrieval (SEDAR). The Issuer 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, ownership, and location
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 located 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 a 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). Exploration can be performed year-round
as can any future mining activities.
Berenguela is located six kilometres north-east of the town of Santa Lucía, on the boundary between
two communities, Cayachira to the east and Andamarca to the west.
The transaction with SSRM is to purchase 100% of the Property through the purchase of SSRM’s
shares in the Peruvian holding company Sociedad Minera Berenguela S.A. (SOMINBESA). The
amended terms of the acquisition include certain staged payments, the completion of a Preliminary
Feasibility Study (PFS) and filing on SEDAR of a NI 43-101 Technical Report summarizing the PFS,
and the granting of a sliding scale net smelter return (NSR) royalty to SSRM.
There is a total of 17 mining concessions held by SOMINBESA, as recorded on the Public Registry
which have a total area of 7,357 ha.
Access to the Property can be made all year round from Juliaca driving SW on highway 34A for
about 65 km via Santa Lucía. This trip takes between 45 min to 1 hour. Alternatively, the Property
can be reached from Arequipa on highway 34A for about 120 km to Santa Lucía, a trip of about
3 hours.
1.3 History
Berenguela has a long history of exploration and production dating back to Colonial times. Through
the first half of the 20th century, Lampa Mining was the main player and directly shipped or operated
a plant until cessation of operations in 1965. During that 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.
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After some options agreements with ASARCO, Cerro de Pasco, and Charter Consolidated, Lampa
Mining lost ownership of the Property in 1972 and it reverted to the state. Ownership passed to
Minero Peru, a state-owned company. In 1995 a policy of privatization was adopted by the Peruvian
ministry responsible for Minero Peru, 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 (Silver Standard), now 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$2M in cash and US$8M in shares of Silver Standard,
with KCA retaining a 2% net NSR on copper production, capped at US$3M.
Silver Standard completed drill programs in 2010 and again in 2015, and in February 2017
announced that 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, later assigned to Rio Tinto Mining and Exploration (Rio Tinto). In 2019 Rio Tinto
completed four diamond drillholes for 1,427 m, collected 707 geochemical samples, and relogged
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 SSRM commenced transfer
of the ownership of SOMINBESA back to SSRM.
On 1 October 2020 Aftermath announced it had signed an acquisition agreement with SSRM to
purchase 100% of the Berenguela silver-copper through the purchase of 100% of the shares in
SOMINBESA.
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 in the Santa Lucía district, in the Western Cordillera, also known as the
Cordillera Occidental, on the western edge of the Andean mountain range. The major tectonic event,
the Andino Orogeny, occurred in the Late Cretaceous, continuing into the Early Tertiary, uplifting,
and folding pre-Tertiary sedimentary sequences. The Western Cordillera has been formed as a result
of convergence, or collisional plate tectonics which has been occurring since the early Mesozoic;
whereby the oceanic crust of the Nazca plate is being subducted beneath the South American plate.
Extension and subsidence east of the early Andean volcanic arc led to the development of a back-arc
basin along the length of the Western Cordillera during the Jurassic. Since then, multiple episodes
of sedimentary rock formation and subsequent exhumation and recycling have occurred.
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Uplift of fault bound blocks of Jurassic sediments, followed by erosion with the onlap of Cretaceous
sequence occurred in the area of the Property. These include the Lower Cretaceous arenites of the
Angostura Formation, also referred to as the Huancané Formation, and the carbonates of the
Mid-Cretaceous Ayavacas Formation which host the Berenguela mineralization.
The stratigraphy of the central core of the Property, and the location of the known mineralization,
is dominated by the lower Ayavacas Formation, where it forms a prominent whale-back ridge that
stands above the lower lying pampa. The Ayavacas Formation comprises folded thickly bedded, light
grey limestones and dolomitized limestones. Several WNW-trending bodies of black massive,
patchy, and fracture-controlled manganese oxide replacement mineralization is emplaced in the
folded limestones. Interfingered with the carbonates are thin-bedded claystones and sandstones
that generally are reddish in colour; a transitional unit called the Murco Formation. Crystalline
gypsum lenses are located with red mudstone along the entire length of the known mineralization.
Conformably underlying the Ayavacas Formation is the Mid-Cretaceous Huancané Formation,
consisting of reddish and locally green arenites and evaporites. This formation does not outcrop in
the central project area but has been recognized in drill core below the mineralization.
Within the Property, the Ayavacas limestones are strongly folded as a result of a compression event
during the Andean Orogeny. The anticlines and synclines have axial planes of trending 105°-120°
(WNW-ESE) and appear to be mostly open folds on the basis of the inter-limb angles, although
isoclinal folds may also occur locally.
While weathering has resulted in a near surface supergene layer, below, the hypogene sequence
appears to be characterized by low temperature hydrothermal facies.
The limestones of the Ayavacas Formation at the deposit have been dolomitized to some extent,
and then replaced to varying degrees by manganese. Manganese occurs as massive replacements,
forming solid manganese mineralization or as manganese oxide fracture infill in carbonate.
The main manganese minerals are psilomelane and pyrolusite. In addition, a number of manganese
minerals containing significant amounts of copper and zinc. Studies on the deportment of silver
suggested that silver occurs as disseminated silver sulphide – acanthite / argentite as well as some
minor unidentified silver sulphosalt species mostly in the manganese matrix. The copper
mineralization occurs both in association with manganese (pyrochroite and lampadite) and
independently, as very fine sulphides such as chalcocite in transitional minerali zed material.
There have been several contrasting genetic models advanced for the Berenguela Ag-Cu-Mn deposit.
Based on the latest information, the deposit model favoured by Aftermath is that Berenguela is a
low sulphidation style base and silver bearing, lithology-controlled, carbonate replacement deposit
(CRD).
1.5 Exploration
While no exploration has been carried out by the Issuer, exploration has been carried out over the
years, though the majority of the activity has been drilling. Geological mapping at various scales
has been carried out, but predominantly at deposit scale by Silver Standard.
A number of geophysical methods have been run consisting of gravity, magnetics, Induced
Polarization (IP), and Magneto-Tellurics by Silver Standard and a detailed magnetic survey by Rio
Tinto. Other than the IP, surveys were directed at the deposit.
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Geochemical sampling has predominantly consiste

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