Aftermath Silver Outlines Drill Plan for Challacollo Silver-Gold Project, Chile

Rhea-AI Summary

Aftermath Silver (OTCQX: AAGFF) has announced its drilling plans for the Challacollo Silver-Gold Project in northern Chile. The company plans to execute a 7-10 hole diamond core program in Q4 2025, targeting up to 2,000m total drilling. The program aims to expand the existing mineral resource, which currently includes Indicated resources of 35,150 Koz silver and 58 Koz gold, and Inferred resources of 11,144 Koz silver and 15 Koz gold.

The drilling program will focus on four main areas: Lolón North, Lucy North, Palermo North, and the Millsite vein. The project is strategically located 130 km southeast of Iquique, with access to infrastructure including high voltage power transmission lines and water rights.

[ "Project contains substantial silver-gold resource with 35,150 Koz silver Indicated", "Strategic location with access to infrastructure and water rights", "Gold and base metal grades increase at depth, suggesting exploration upside", "Multiple unexplored targets identified for resource expansion" ]

Positive

• None.

Negative

• Previous drilling limited to 200m depth
• Northern sector partially covered by colluvial deposits, limiting surface exploration

Vancouver, British Columbia--(Newsfile Corp. - September 23, 2025) - Aftermath Silver Ltd. (TSXV: AAG) (OTCQX: AAGFF) (the "Company" or "Aftermath Silver") is pleased to provide an outline of planned drilling for the Challacollo Ag-Au project in Region 1 of northern Chile. Challacollo is a highly prospective low-sulphidation epithermal Ag-Au vein deposit containing a substantial silver resource (see Table 1 below).

Aftermath is planning an initial 7 to 10-hole diamond core program for Q4 2025 (up to 2,000m total drilling). Previous drilling concentrated on the principal vein (Lolón Vein) to a depth of about 200 m below surface. The oxidation level at Challacollo bottoms at approximately 200 m below surface. The down-dip extent of the mineralized structures remains unknown. Gold and base metal grades are generally observed to increase at depth.

Ralph Rushton, President and CEO of Aftermath said: "We're excited to kick off our exploration at the Challacollo silver-gold project, which gives Aftermath further silver exposure in addition to our flagship Berenguela Project in Peru. Our objective at Challacollo is to expand and increase the mineral resource and this is the first step toward that goal. I look forward to reporting on the results of the drilling toward the end of this year."

Planned Drilling

The main objective of the planned program is to investigate the potential to a) expand the existing resource at Challacollo by extending some of known veins down dip and along strike, b) initial drill testing of previously known but untested veins and suspected new veins on Aftermath's land package, and c) twin some previous RC holes to obtain supplementary geological and metallurgical information. Specifically:

• Lolón North: The northern sector of the Lolón vein is still unexplored and is partially covered by colluvial deposits. In the northern sector, which corresponds to the last vein outcrops, silver mineralization may continue to depth. Drilling is targeted to cut the main vein at a vertical depth of 60 meters:

• Lucy North: silver-bearing veins identified to the west of the main Lolón vein. Drilling will also target disseminated silver in the host rock. The structures have a similar orientation to the Lolón vein and are located north of the Lucy vein:

• Palermo North: a replacement breccia with galena and significant silver values located to the north of the Palermo North vein projection:

• Millsite vein: Testing for a structurally downthrown vein offset to the east of Lolón. Interpretation suggests the mineralized ​​should be encountered below 250 meters.

About Challacollo

Challacollo is located in Region I in Northern Chile, 130 km southeast of the major port city of Iquique and 50 km south of the town of Pica. The project is approximately 30 km east of the Pan American Highway, via Teck Resources' Quebrada Blanca Copper Mine access road. The project is 139 km southeast of the major Pacific port city of Iquique. High voltage power transmission lines are located 15-30 km from the property, in part to service nearby mines of Collahuasi and Quebrada Blanca. The Project includes water rights.

Table 1. Summary of the Mineral Resource Estimate for the Challacollo Silver-Gold Project

Classification	Material Type	Tonnes(Kt)	Silver (g/t)	Gold (g/t)	Silver (Koz)	Gold (Koz)
Indicated	Open Pit	5,597	170	0.27	30,639	49
	Underground	1,043	134	0.29	4,510	10
	TOTAL	6,640	165	0.27	35,150	58
Inferred	Open Pit	2,360	117	0.15	8,912	11
	Underground	443	157	0.26	2,232	4
	TOTAL	2,803	124	0.17	11,144	15

 

Source: NI 43-101 technical report for the Challacollo Mineral Resource Estimate prepared by AMC Mining Consultants (Canada) Ltd, announced on December 15, 2020, titled "Aftermath Silver Announces Mineral Resource Estimate for Challacollo Silver-Gold Project, Chile, linked here:

https://aftermathsilver.com/site/assets/files/5659/techreport_challacollo_resource_estimate.pdf

Notes on the Challacollo Mineral Resource Estimate

• CIM Definition Standards (2014) were used for reporting the Mineral Resources.
• The effective date of the estimate is 30 November 2020.
• The Qualified Person is Dinara Nussipakynova, P.Geo., of AMC Mining Consultants (Canada) Ltd.
• Mineral Resources are constrained by an optimized pit shell at a long-term metal price of US$20/oz Ag with recovery of 92% Ag and metal price of US$1,400/oz Au with recovery of 75%.
• Silver equivalency formula is AgEq (g/t) = Ag (g/t) + 57.065 *Au (g/t).
• The open pit mineral resources are based on a pit optimization using the following assumptions:
  — Plant feed mining costs of US$3.5/t and waste mining cost of $2.5/t.
  — Processing costs of US$17/t and General and Administration costs of $2.5/t.
  — Edge dilution of 7.5% and 100% mining recovery.
  — 45-degree slope angles.
  — Cut-off grade is 35 g/t AgEq g/t.
• The underground mineral resources are reported within Datamine MSO stopes based on the following assumptions:
  — Mining costs of US$35/t.
  — Processing costs of US$17/t and General and Administration costs of US$2.5/t.
  — Minimum width of 2.5 m.
  — No dilution or mining recovery.
  — Cut-off grade is 93 AgEq g/t.
• Bulk density used was 2.47 t/m³.
• Drilling results up to 31 December 2016.
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• The numbers may not compute exactly due to rounding.
• Mineral Resources are depleted for historic mined out material.

Qualified person

Michael Parker, a fellow of the AusIMM and a non-independent director of Aftermath, is a non-independent qualified person, as defined by National Instrument 43-101. Mr. Parker has reviewed the technical content of this news release and has approved the technical information provided in this news release and the form and context in which it appears.

About Aftermath Silver Ltd

Aftermath Silver Ltd is a Canadian junior exploration company focused on silver and critical metals, and aims to deliver shareholder value through the discovery, acquisition and development of quality mineral projects in stable jurisdictions. Aftermath has developed a pipeline of projects at various stages of advancement. The Companies projects have been selected based on growth and development potential.

Berenguela Silver-Copper-Manganese Project. The Company has an option to acquire a 100% interest in Berenguela. The project is located in the Department of Puno, in southern central Peru. The company recently completed its second round of drilling at Berenguela and is planning to advance the project through engineering studies. PEA level engineering is currently underway.

Challacollo Silver-Gold Project. The Company owns a 100% interest in the Challacollo epithermal silver-gold project through a binding agreement with Mandalay Resources, see Company news release dated June 27th, 201. The company will aggressively seek to grow the mineral resource.

About Aftermath Silver Ltd.

Aftermath Silver Ltd. is a leading Canadian junior exploration company focused on silver, and aims to deliver shareholder value through the discovery, acquisition and development of quality silver projects in stable jurisdictions. Aftermath has developed a pipeline of projects at various stages of advancement. The Company's projects have been selected based on growth and development potential.

ON BEHALF OF THE BOARD OF DIRECTORS

"Ralph Rushton"
Ralph Rushton
CEO and Director
604-484-7855

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

Certain of the statements and information in this news release constitute "forward-looking information" within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to interpretation of exploration programs and drill results, predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking statements. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward‐looking statements. Factors that could cause actual results to differ materially from those in forward‐looking statements include, but are not limited to, changes in commodities prices; changes in expected mineral production performance; unexpected increases in capital costs; exploitation and exploration results; continued availability of capital and financing; differing results and recommendations in the Feasibility Study; and general economic, market or business conditions. In addition, forward‐looking statements are subject to various risks, including but not limited to operational risk; political risk; currency risk; capital cost inflation risk; that data is incomplete or inaccurate. The reader is referred to the Company's filings with the Canadian securities regulators for disclosure regarding these and other risk factors, accessible through Aftermath Silver's profile at www.sedarplus.ca.

There is no certainty that any forward‐looking statement will come to pass, and investors should not place undue reliance upon forward‐looking statements. The Company does not undertake to provide updates to any of the forward‐looking statements in this release, except as required by law.

Cautionary Note to US Investors - Mineral Resources

This News Release has been prepared in accordance with the requirements of Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (''NI 43-101'') and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards, which differ from the requirements of U.S. securities laws. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian public disclosure standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"), and information concerning mineralization, deposits, mineral reserve and resource information contained or referred to herein may not be comparable to similar information disclosed by U.S. companies.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/267507

FAQ

What are Aftermath Silver's (AAGFF) drilling plans for Challacollo in Q4 2025?

Aftermath Silver plans to conduct a 7-10 hole diamond core drilling program totaling up to 2,000m at the Challacollo project, targeting resource expansion and testing of new veins.

What is the current mineral resource at Aftermath Silver's Challacollo project?

The project has Indicated resources of 35,150 Koz silver and 58 Koz gold, plus Inferred resources of 11,144 Koz silver and 15 Koz gold.

Where is Aftermath Silver's (AAGFF) Challacollo project located?

The Challacollo project is located in Region I in Northern Chile, 130 km southeast of Iquique and 50 km south of Pica, with access to infrastructure and water rights.

What are the main drilling targets at Challacollo?

The main drilling targets include Lolón North, Lucy North, Palermo North, and the Millsite vein, aiming to expand existing resources and test new vein structures.

What is the silver recovery rate expected at Challacollo?

According to the resource estimate parameters, the project assumes a 92% silver recovery rate and 75% gold recovery rate.