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Aftermath Silver Announces Execution of Definitive Agreement to Purchase the Advanced Cachinal Silver - Gold Project, Chile
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2018) - Aftermath Silver Ltd. (TSXV: ...
About this update from Aftermath Silver Ltd.
[{"type":"text","content":"Aftermath Silver Announces Execution of Definitive Agreement to Purchase the Advanced Cachinal Silver – Gold Project, ChileVancouver, British Columbia--(Newsfile Corp. - June 25, 2018) - Aftermath Silver Ltd. (TSXV: AAG.H) (\"Aftermath\" or the \"Company\") is pleased to announce it has entered into a definitive agreement (the \"Agreement\") with Apogee Opportunities Inc. (\"Apogee\") to purchase their holding in the Cachinal De La Sierra Silver-Gold Project (\"Cachinal\" or the \"Project\") through the purchase of Apogee's shares in the Chilean holding company Minera Cachinal S.A., representing 80% ownership. Cachinal, is a low sulphidation epithermal deposit which currently hosts 18.4M Indicated and 3M Inferred ounces of Silver. Shallow drilling has defined the current mineral resources principally to a depth of 150 m below surface and provides sufficient evidence to interpret the presence of high grade shoots within the vein system extending below the potential base of an open pit. This will be the focus of the Company's efforts to significantly expand the silver-gold mineralisation. Cachinal is the only asset held by Minera Cachinal S.A.Material Terms of the AcquisitionThe Company will pay Apogee $1,500,000 cash and assume certain debts for its 80% interest in Minera Cachinal. The remaining 20% is held by SSR Mining, formerly Silver Standard Resources.The closing of the Acquisition is subject to a number of conditions precedent which are normal for transactions such as this, including necessary shareholder approvals to the Acquisition, and exchange approvals.Overview of the Cachinal Silver-Gold ProjectThe 2018 Mineral Resource Estimate, Cachinal Ag-Au Deposit (see notes below for details) Resource ClassificationQuantity (Mt)GradeContained MetalSilver (g/t)Gold (g/t)Zinc (%)Silver (Moz)Gold (Koz)Zinc (Mlbs)Indicated  Open Pit5.50990.130.2117.4923.0025.97  Underground0.151880.210.520.921.021.75TOTAL5.661010.130.2218.4124.0327.72Inferred  Open Pit0.45610.070.130.881.011.26  Underground0.371800.190.342.142.252.77TOTAL0.821150.120.223.023.264.03 The Cachinal Silver-Gold Project is located in Chile's Antofagasta Region (Region II), 175 km southeast of Antofagasta. The project is located about 40 km east of the Pan American Highway, in a nearly flat plain at an elevation of around 2,700 m above sea l...