Aftermath Silver (TSXV: AAG) announced that it has reached an agreement to acquire from SSR Mining its 20% interest in the Cachinal silver-gold project in Chile.
To go ahead with the deal, Aftermath has to pay SSR Mining C$700,000. On completion of the transaction, the buyer will own 99.9% of the shares of Minera Cachinal SA, which owns Cachinal. One share will remain held by a Chilean national as per Chilean business law requirements.
Aftermath is planning to complete an updated NI 43-101 technical report once covid-19 travel restrictions are lifted in Chile
“With full ownership of the project, we will concentrate on delivering solid exploration results for our shareholders as soon as the covid restrictions allow,” Ralph Rushton, president of Aftermath Silver, said in a media statement.
The Cachinal silver-gold project is located in Chile’s Antofagasta region, in a nearly flat plain at an elevation of around 2,700 metres above sea level, 16 kilometres north of Austral Gold’s Guanaco gold-silver mine.
According to Aftermath, the property hosts a low-sulphidation epithermal deposit. Shallow drilling has defined the current mineral resources principally to a depth of 150 metres below surface, which provides sufficient evidence to interpret the presence of high-grade shoots within the vein system extending below the base of a potential open pit.
