Aftermath buys Chile silver project, plans drilling next year
TSX-V-listed Aftermath Silver has entered into a binding agreement to buy the Challacollo silver/gold project, in Chile, from fellow-listed Mandalay Resources and hopes to start drilling in the first quarter of next year.
Challacollo is a low-sulphidation epithermal deposit, which hosts an historic mineral resource of 30-million silver indicated ounces and a 6.9-million silver inferred ounces, with gold credits.
Previous drilling concentrated on the principal vein (Lolón vein) to a depth of about 200 m below the surface and Aftermath said it would focus its initial exploration efforts on parallel vein systems, not included in the historic mineral resource.
"The acquisition of the high-grade Challacollo silver project provides a platform for Aftermath to become a significant silver-dominant exploration and development company,” said Aftermath president and CEO Ralph Rushton.
Chairperson Michael Williams added that, with the capital in hand to advance the project, he believed that the market conditions were “ideal for the launch of a new silver company.
Under the terms of the agreement, Aftermath will pay C$2-million in three cash instalments before December 2020, followed by C$5.5-million before the end of April 2021, in shares of up to C$2.75-million and the balance in cash.
Mandalay would also retain a 3% net smelter return royalty on production, up to C$3-million.
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