Shares in Aftermath Silver Ltd (CVE:AAG) (OTCQB:AAGFF) nudged higher on Wednesday as the group reported a CIM (Canada) compliant resource estimate for its Cachinal silver-gold project in Chile, showing 16.32 million ounces of silver in the higher confidence indicated category.
Of those, 15.03 million ounces were in an open pit and 1.29 million ounces were underground.
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Meanwhile, indicated gold ounces came in at 21,700 ounces, using a cut-off grade of 0.13 grams per ton (g/t), while the silver ounces had a cut-off of 101 g/t. Put simply, this means any material that was below these grades was not included in the resource.
Total inferred (lower confidence) ounces from both open pit and underground were 2.48 million silver ounces and 2,610 gold ounces.
Cut-off grades were based on metal prices of US$22 per ounce of silver and US$1,550 per ounce of gold, and metallurgical recoveries of 85% for both silver and gold using milling and cyanide leaching.
"We're pleased to be able to release this current resource for Cachinal. We were fortunate to have been able to work with Chilean based independent QP, Sergio Alvarado Casas, who was able to conduct the site visit as Chilean COVID19 restrictions have eased in some areas," said Ralph Rushton, the CEO of Aftermath.
"As soon we're able to, the company will commence field work on both the Cachinal and Challacollo projects. Planning for this is well advanced."
The firm also noted it had filed an amended and restated NI 43 101 technical report entitled "Amended Independent Technical Report for the Cachinal Silver-Gold Project, Region II, Chile" with an effective date of September 11 this year with SEDAR.
The Cachinal silver-gold project lies in Chile's Antofagasta Region (Region II) about 40km east of the Pan American Highway.
Aftermath Silver currently owns 80% via its Chilean holding company Minera Cachinal SA and has a binding agreement with SSR Mining to acquire the remaining 20%.
The current resources are shown to a depth of around 150 metres (m) below surface and provide sufficient evidence to interpret the presence of high-grade shoots within the vein system extending below the base of the optimized pit shells.
Shares in Aftermath added 2.4% to C$0.86 each in Toronto.
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