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Aftermath Silver acquires final 20% stake in Cachinal silver-gold project

The Cachinal project is located in Chile's Antofagasta region about 40 kilometres (km) east of the Pan American Highway and 16km north of Austral Gold's Guanaco gold-silver mine

Aftermath Silver - Aftermath Silver acquires final 20% stake in Cachinal silver project
Aftermath has acquired the remaining 20% stake for a total of C$700,000

Aftermath Silver Ltd (CVE:AAG) (OTCQB:AAGFF) revealed it has agreed to acquire the final 20% interest in the Cachinal silver project in Chile from SSR Mining Inc for C$700,000.

The company said it paid C$49,999 in cash on the effective date of the transaction, May 25, with C$50,000 to be paid on the first anniversary of the effective date and two more payments of C$600,000 on the second and third anniversaries respectively.

READ: Aftermath Silver completes acquisition of 80% stake in Cachinal silver-gold project after early debenture retirement

The Cachinal project is located in Chile's Antofagasta region about 40 kilometers (km) east of the Pan American Highway and 16km north of Austral Gold's Guanaco gold-silver mine.

Aftermath also announced that it has received proceeds of C$262,050 since the beginning of April relating to the recent exercise of 2,183,750 warrants, which were exercisable at C$0.12.

In a statement, Aftermath president Ralph Rushton said: "I am happy to report that Aftermath Silver will, after the completion of customary corporate and securities registration requirements in Chile, be the owner of 100% of the Cachinal silver project in Chile. I would like to thank SSR Mining for their patience as we completed the paperwork for their 20% of Minera Cachinal. With full ownership of the project, we will concentrate on delivering solid exploration results for our shareholders as soon as the [coronavirus] restrictions allow."

Aftermath is focused on acquiring, exploring, and developing mineral properties, with an emphasis on silver in Chile, as well as growing through the discovery and acquisition of quality projects in stable jurisdictions.

Contact the author at [email protected]

Follow him on Twitter @Cal_Proac

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Price: 0.68 CAD

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