Berenguela is a silver-copper project located in the Altiplano of southeastern Peru. Mineralization occurs as epithermal polymetallic carbonate-replacement style deposit being advanced by Aftermath Silver (TSX-V:AAG). EMX holds a sliding 1.0-1.25% NSR on the Berenguela project, and is receiving staged pre-production payments and other considerations per a definitive acquisition agreement, originally executed with SSR Mining, to acquire 100% interest in the project.

Berenguela hosts historical JORC Mineral Resources as summarized in the table below.* Berenguela has seen small scale historical production from a number of surface pits and underground workings from 1906 until 1958, and benefits from excellent infrastructure with water resources, grid power, potable water supply, and skilled labor in the local communities. 

Berenguela Historical Mineral Resources
CategoryTonnes (kt)GradeMetal
Ag (g/t)Cu (%)Zn (%)Ag (koz)Cu (kt)Zn (kt)
Measured            7,710         104     0.99    0.34    25,700         76        26
Indicated           28,200           80     0.73    0.30    73,000      207        85
M+I          35,910           85     0.79    0.31    98,725      283      111
Inferred            9,970           88     0.67    0.20    28,200         67        20

Since optioning the project in 2020, Aftermath completed an updated NI 43-101 technical report (which did not update the historical resources) titled “Berenguela Silver-Copper-Manganese Property Update” with an effective date of February 18, 2021. The report was prepared by AMC Mining Consultants (Canada) Ltd. and Ausenco Engineering Canada Inc. The “Qualified Persons” for the Berenguela Technical Report are JM Shannon, P. Geo., MA Batelochi, MAusIMM (CP), and GS Lane, FAusIMM.

Aftermath is conducting resource confirmation/expansion and metallurgical characterization drilling on the project, with an updated Mineral Resource expected later in 2022.


* The historical resources are from the Valor Resources Ltd’s technical report titled “2018 JORC Report and Resource Estimate on the Berenguela Copper-Silver Project, Department of Puno, Peru, January 9, 2018”. The Competent Person was Marcelo Batelochi, Chartered Member of AusIMM. Basic assumptions for the historical estimate include: a) grade shell constrained Ordinary Krige block model and b)  reporting cutoff of 0.5% CuEq. Copper equivalent (CuEq) calculated with Cu price of US$7202/tonne and recovery of 85%, Ag price of US$17.23/oz and recovery of 50%, and Zn price of US$3,377/tonne and recovery of 80%. The historical estimate should not be relied on until verified by a Qualified Person.

The Berenguela historical Mineral Resources are relevant in that they provide context for the quantities and grades of mineralization as currently known to EMX. There are no more recent estimates or data available to EMX, unless otherwise noted. A Qualified Person has not done sufficient work to classify the historical estimates as current Mineral Resources and EMX is not treating the historical estimates as current Mineral Resources. Compilation, review, and verification of geological, engineering, metallurgical, and other relevant data, as well as independent field assessment and sampling will be needed to establish the historical estimates as current Mineral Resources.

Contained metal does not take into account recovery losses. The historical Mineral Resources reflect the most recent publicly disclosed figures for Berenguela. Rows and columns may not add up due to rounding.



Massive bounded byy manganese oxide fracture infill in carbonate. Click to Enlarge
View of main open pit at Berenguela. Click to Enlarge