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February 14, 2023

Aya Gold & Silver Confirms Discovery of Parallel Zones and Extends High-Grade Mineralization at Boumadine

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MONTREAL, Quebec, February 14, 2023 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the “Corporation”) is pleased to announce new high-grade exploration drill results, which confirm the extension of mineralization by 20% south of the main mineralized trend and confirm the discovery of several parallel structures at Boumadine, in the Kingdom of Morocco.

Key Highlights[1]

  • Definition of new mineralization and extension of the South Zone. The main mineralized trend, which now extends over 3.2 kilometres (“km”), is open at both ends along strike and at depth.
    • BOU-DD22-080 intercepted 2,715 g/t silver equivalent (“AgEq”) over 1.40m (2.86 g/t Au, 1,717 g/t Ag, 9.6% Zn, 3.5% Pb and 0.7% Cu)
    • BOU-DD22-041 intercepted 609 g/t AgEq over 3.6m (4.02 g/t Au, 101 g/t Ag, 0.5% Zn, 2.5% Pb and 0.2% Cu) and 664 g/t AgEq over 1.70m (5.08 g/t Au, 106 g/t Ag, 0.8% Zn, 0.5% Pb and 0.2% Cu)
    • BOU-DD22-053 intercepted 736 g/t AgEq over 2.2m (6.24 g/t Au, 41 g/t Ag, 1.4% Zn, 1.0% Pb and 0.02% Cu)
    • BOU-DD22-050 intercepted 276 g/t AgEq over 9.5m (1.11 g/t Au, 94 g/t Ag, 1.0% Zn, 0.4% Pb and 0.1% Cu) including 3.9m at 431 g/t AgEq
    • BOU-DD22-077 intercepted 385 grams per tonne (“g/t”) AgEq over 6.6 metres (“m”) (3.22 g/t Au, 26 g/t Ag, 0.7% Zn, 0.5% Pb and 0.03% Cu) including 1.2m at 1,037 g/t AgEq
  • 18,335m of drilling completed as of December 31, 2022, for a total of 86 diamond drill holes (“DDH”)
  • Extension of the main mineralized trend to the south, extending mineralization to over 3.2 km of strike length, and remaining open in all directions
  • Confirmation of a satellite mineralization body at Tizi, and discovery of new parallel structures along the main trend
  • Currently, three rigs are drilling at Boumadine as part of the 36,000m program planned for 2023

"We are excited with these drill results at Boumadine, which extend mineralization by 20% to over 3.2 kilometres and confirm the existence of parallel zones that significantly increase the potential to add high-grade ounces,” said Benoit La Salle, President & CEO. “The 2023 drill exploration program has nearly doubled in size over last year’s program, with the objective of extending the main mineralized trend to the south and delineating the known mineralization to deliver a resource statement over the next 12 months.”

Table 1 – Significant Intercepts from 2022 Boumadine Drill Exploration Program (core lengths)

DDH No. Section From

(m)

To

(m)

Au

(g/t)

Ag

(g/t)

Length*

(m)

Cu

(%)

Pb

(%)

Zn

(%)

Mo

(g/t)

Ag Eq**

(g/t)

BOU-DD22-040 Central North 66.0 68.0 3.77 88 2.0 0.0 1.7 10.1 30 1,045
BOU-DD22-040 Central North 185.2 185.9 6.58 361 0.7 0.9 0.7 1.0 7 1,172
BOU-DD22-041 Central North 208.7 212.3 4.02 101 3.6 0.2 2.5 0.5 2 609
BOU-DD22-041 Central North 224.2 225.9 5.08 106 1.7 0.2 0.5 0.8 5 664
BOU-DD22-045 North 62.7 65.7 0.92 111 3.0 0.0 0.1 0.4 13 226
BOU-DD22-047 North 176.0 177.1 1.61 350 1.1 0.3 2.5 1.3 3 689
BOU-DD22-049 North 38.5 41.7 0.54 117 3.2 0.0 0.4 0.2 9 192
BOU-DD22-050 North 104.5 114.0 1.11 94 9.5 0.1 0.4 1.0 10 276
Including 105.6 109.5 2.16 191 3.9 0.1 0.2 0.3 10 431
BOU-DD22-053 Tizi North 51.8 54.0 6.24 41 2.2 0.0 1.0 1.4 3 736
Including 51.8 52.4 19.99 67 0.6 0.0 1.7 2.2 4 2,115
BOU-DD22-054 Tizi North 52.8 56.1 0.43 67 3.3 0.0 0.5 1.2 3 188
BOU-DD22-062 North 154.5 155.8 2.45 39 1.3 0.1 0.6 0.6 21 329
BOU-DD22-077 South 5 521.0 527.6 3.22 26 6.6 0.0 0.5 0.7 17 385
Including 523.4 524.6 8.73 62 1.2 0.0 0.6 2.5 44 1,037
BOU-DD22-078 Central 1 304.6 310.3 0.83 29 5.7 0.0 0.9 1.7 9 231
Including 304.6 306.5 1.29 62 1.9 0.1 2.3 4.3 8 499
BOU-DD22-080 Central-South 202.9 210.0 0.85 420 7.1 0.2 0.8 2.9 105 707
Including 208.6 210.0 2.86 1717 1.4 0.7 3.5 9.6 28 2,715
BOU-DD22-082 Central-South 322.9 324.6 1.62 36 1.7 0.1 0.7 0.8 7 261
BOU-DD22-083 Central-South 159.6 169.6 0.58 21 10.0 0.0 0.5 0.8 12 142

*     True width remains undetermined at this stage; all values are uncut.

**   Ag equivalent is based on a 100% recovery with the following ratio: 1 g/t Au: 93.4 g/t Ag; 1% Cu:130.4 Ag; 1% Pb: 31.8 Ag; 1% Zn: 54.1 Ag.

Figure 1 – Surface Plan of Boumadine Property with Magnetic Data (Residual Total Field) and 2022 Drill Holes

2022 Exploration Results and 2023 Drilling Programs

The 2022 drill exploration program at Boumadine completed 86 DDH for a total of 18,335m (Appendix 2). The drilling was completed on five targets: Central, South, Imariren, Tizi and the Southwest Zones (Figure 1).

All of the 2022 drilling results have been received except for hole BOU-DD22-086 (Table 1 and Appendix 1). Figures 5 to 8 present each of the sections drilled along the main trend, its significant results, and geological interpretation.

Results from the second phase of drilling along the main trend, both north (BOU-DD22-041and BOU-DD22-050) and south (BOU-DD22-077), extend the known mineralization to over 3.2 km strike length which remains open in all directions. Drilling to date also confirms discovery of parallel structures as shown by significant intersects, including BOU-DD22-078 and BOU-DD22-083. A mineralized satellite zone was also confirmed at Tizi.

The mineralization consists generally of 1m to 4m widths (locally reaching over 10m width) N340- oriented massive sulfide lenses/veins sharply dipping eastward (> 70°). The massive sulphide veins (>80%) are composed mainly of pyrite, with variable proportions of sphalerite, galena, and chalcopyrite.

In 2023, Aya intends to complete a 36,000m drill program, of which 21,000m will be allocated to delineation drilling along the main trend with the aim of building a resource (Figure 2). The remaining 15,000m will target new zones as well as extensions of the main trend along strike and at depth. The new 3D interpretation and model of the VTEM survey (Figure 3) will allow the Corporation to clearly follow the conductive anomaly, in addition to directly helping the exploration and the delineation programs.

Figure 2 – Surface Plan of Boumadine Property with VTEM Data (Slice 75m), 2022 Drill Holes and Planned Drill Holes for 2023 Drill Program

 

 Figure 3 – Interpreted 3D Conductor (Main Trend) from VTEM Data

Figure 4 – Section North of Boumadine’s Main Trend with BOU-DD22-049 and BOU-DD22-050

 

 Figure 5 – Section Central-North of Boumadine’s Main Trend with BOU-DD22-040 and BOU-DD22-041

Figure 6 – Section Central-South of Boumadine’s Main Trend with BOU-DD22-080 and BOU-DD22-082

  

Figure 7 – Section South 5 of Boumadine’s Main Trend with BOU-DD22-077

 

Next Steps

The 36,000m drilling program is expected to be completed by mid 2023. The relogging and resampling of historic drill holes is ongoing for expected completion this year. Aya expects to use both data in estimating an NI 43-101-compliant resource update within the next 12 months. In addition, detailed surface mapping of the area is ongoing and is expected to be completed in the first half of this year.

Technical Information

Aya has implemented a quality control program to comply with best practices in sampling and analysis of drill core. Drill core samples were transported in sealed bags for analysis at Afrilab laboratory in Marrakech. Standards of different grades and blanks were inserted every 20 samples in addition to the standards, blanks and pulp duplicate inserted by Afrilab.

Qualified Person

The scientific and technical information contained in this press release have been reviewed by David Lalonde, B. Sc, Head of Exploration, Qualified Person, for accuracy and compliance with National Instrument 43-101.

About Aya Gold & Silver Inc.

Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom of Morocco.

The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and is exploring its properties along the prospective South-Atlas Fault, several of which have hosted past-producing mines and historical resources. Aya’s Moroccan mining assets are complemented by its Tijirit Gold Project in Mauritania, which is being advanced to feasibility.

Aya’s management team maximizes shareholder value by anchoring sustainability at the heart of its production, resource, governance, and financial growth plans.

For additional information, please visit Aya’s website at www.ayagoldsilver.com or contact:

Benoit La Salle, FCPA

President & CEO

benoit.lasalle@ayagoldsilver.com

Alex Ball

VP, Corporate Development & IR

alex.ball@ayagoldsilver.com

 

Forward-Looking Statements

This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”), which reflects management's expectations regarding Aya’s future growth and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as “ promising”, “extend”, “confirm”, “belief”, “potential”, “confident”, “could”, “opportunity”, “support”, “suggest”, “expected”, “probably”, and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, have been used to identify such forward-looking information.  Specific forward-looking statements in this press release include, but are not limited to, statements and information with respect to the exploration and development potential of Zgounder and the conversion of Inferred Mineral Resources into Measured and Indicated Mineral Resources, future opportunities for enhancing development at Zgounder, and timing for the release of the Company's disclosure in connection with the foregoing. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Aya cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions, and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the closing and timing of financing, the ability to obtain any requisite governmental approvals, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), silver price, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Aya cautions you not to place undue reliance upon any such forward-looking statements.

The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of silver and other key inputs, changes in mine plans (including, but not limited to, throughput and recoveries being affected by metallurgical characteristics) and other factors, such as project execution delays, many of which are beyond the control of Aya, as well as other risks and uncertainties which are more fully described in Aya's 2021 Annual Information Form dated June 16, 2022, and in other filings of Aya with securities and regulatory authorities which are available on SEDAR at www.sedar.com. Furthermore, Aya’s corporate update of May 28, 2020 regarding the materiality of its assets as well as to studies regarding non-material assets remains applicable as at the date hereof. Aya does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references to Aya include its subsidiaries unless the context requires otherwise.

Appendix 1 – Full Drill Results from Boumadine (core lengths)

DDH No. Section From
(m)
To
(m)
Au
(g/t)
Ag
(g/t)
Length*
(m)
Cu
(%)
Pb
(%)
Zn
(%)
Mo
(g/t)
 Ag Eq**
(g/t)
BOU-DD22-039 Central 163.9 164.9 0.42 12 1.0 0.0 0.1 0.2 2 64
BOU-DD22-039 Central 170.8 171.3 1.58 89 0.5 0.0 0.8 2.3 4 391
BOU-DD22-039 Central 306.0 306.7 0.93 109 0.7 0.1 1.1 1.3 15 307
BOU-DD22-039 Central 345.4 346.5 0.32 55 1.1 0.0 1.1 1.1 14 185
BOU-DD22-039 Central 443.1 443.8 0.60 35 0.7 0.0 1.0 1.1 8 181
BOU-DD22-040 Central North 25.5 26.0 0.69 41 0.5 0.0 0.2 0.3 33 128
BOU-DD22-040 Central North 44.0 45.0 0.40 15 1.0 0.0 0.1 0.2 4 66
BOU-DD22-040 Central North 66.0 68.0 3.77 88 2.0 0.0 1.7 10.1 30 1045
BOU-DD22-040 Central North 93.4 94.6 0.52 21 1.2 0.0 0.7 3.5 3 287
BOU-DD22-040 Central North 96.8 97.3 0.70 86 0.5 0.0 3.9 6.3 5 617
BOU-DD22-040 Central North 103.7 104.4 0.88 64 0.7 0.0 0.9 1.3 65 248
BOU-DD22-040 Central North 109.1 110.1 0.38 15 1.0 0.0 0.4 0.3 8 80
BOU-DD22-040 Central North 131.9 132.7 0.21 44 0.8 0.0 1.3 4.0 9 322
BOU-DD22-040 Central North 136.7 137.8 1.77 72 1.1 0.0 3.1 8.3 27 791
BOU-DD22-040 Central North 143.2 143.7 0.23 67 0.5 0.0 0.9 4.3 1 351
BOU-DD22-040 Central North 179.2 180.3 0.36 16 1.1 0.0 0.4 0.4 3 83
BOU-DD22-040 Central North 182.3 183.3 0.31 16 1.0 0.0 0.1 0.1 4 58
BOU-DD22-040 Central North 185.2 185.9 6.58 361 0.7 0.9 0.7 1.0 7 1172
BOU-DD22-041 Central North 42.0 42.5 0.91 154 0.5 0.0 4.9 0.6 20 431
BOU-DD22-041 Central North 70.8 71.6 0.56 41 0.8 0.0 1.0 1.7 167 225
BOU-DD22-041 Central North 73.8 74.3 0.22 52 0.5 0.0 1.8 1.8 17 232
BOU-DD22-041 Central North 87.2 88.9 0.41 61 1.7 0.0 0.7 1.9 43 227
BOU-DD22-041 Central North 93.0 95.1 0.27 70 2.1 0.0 2.7 3.3 12 359
BOU-DD22-041 Central North 104.7 107.5 0.70 8 2.8 0.0 0.1 0.1 3 84
BOU-DD22-041 Central North 110.8 111.3 0.73 59 0.5 0.0 1.2 2.7 6 314
BOU-DD22-041 Central North 113.3 114.4 0.46 4 1.1 0.0 0.0 0.2 1 57
BOU-DD22-041 Central North 171.0 172.0 0.30 16 1.0 0.0 0.7 1.7 28 159
BOU-DD22-041 Central North 183.8 184.3 0.02 72 0.5 0.0 8.3 0.5 2 366
BOU-DD22-041 Central North 205.5 206.0 0.11 67 0.5 0.0 0.4 0.7 2 131
BOU-DD22-041 Central North 208.7 212.3 4.02 101 3.6 0.2 2.5 0.5 2 609
BOU-DD22-041 Central North 224.2 225.9 5.08 106 1.7 0.2 0.5 0.8 5 664
BOU-DD22-041 Central North 232.5 233.0 1.90 83 0.5 0.3 0.3 0.3 9 320
BOU-DD22-042 NSR 0.0 153.2 0.00 0 153.2 0.0 0.0 0.0 0 0
BOU-DD22-043 NSR 0.0 150.0 0.00 0 150.0 0.0 0.0 0.0 0 0
BOU-DD22-044 North 1.5 2.7 0.42 8 1.2 0.0 0.1 0.0 2 51
BOU-DD22-044 North 9.2 10.2 0.14 40 1.0 0.0 0.4 0.0 15 69
BOU-DD22-044 North 14.1 15.1 0.26 40 1.0 0.0 0.1 0.0 6 70
BOU-DD22-044 North 18.1 26.7 0.29 42 8.6 0.0 0.1 0.1 5 78
Including 20.1 21.1 1.31 41 1.0 0.0 0.1 0.0 10 169
BOU-DD22-045 North 41.0 41.8 0.61 47 0.8 0.0 0.7 1.6 5 214
BOU-DD22-045 North 60.3 61.5 0.10 40 1.2 0.0 0.4 0.8 7 109
BOU-DD22-045 North 62.7 65.7 0.92 111 3.0 0.0 0.1 0.4 13 226
BOU-DD22-046 North 110.2 111.0 0.41 32 0.8 0.0 0.1 0.2 4 84
BOU-DD22-046 North 113.0 114.2 0.38 59 1.2 0.0 0.5 0.6 4 145
BOU-DD22-047 North 176.0 177.1 1.61 350 1.1 0.3 2.5 1.3 3 689
BOU-DD22-047 North 184.6 185.3 0.02 88 0.7 0.0 0.8 2.7 7 260
BOU-DD22-048 North 10.9 11.9 1.31 8 1.0 0.0 0.4 0.0 5 144
BOU-DD22-048 North 17.8 19.1 0.95 64 1.3 0.0 0.5 0.0 4 173
BOU-DD22-049 North 6.8 8.6 0.52 26 1.8 0.0 0.2 0.0 12 83
BOU-DD22-049 North 12.2 13.1 2.00 77 0.9 0.0 0.1 0.0 55 273
BOU-DD22-049 North 21.5 22.7 0.57 4 1.2 0.0 0.0 0.0 10 62
BOU-DD22-049 North 23.8 27.5 0.29 34 3.7 0.0 0.3 0.1 7 77
BOU-DD22-049 North 28.3 28.9 0.42 8 0.6 0.0 0.1 0.0 2 54
BOU-DD22-049 North 38.5 41.7 0.54 117 3.2 0.0 0.4 0.2 9 192
BOU-DD22-049 North 42.6 43.6 0.12 35 1.0 0.0 0.1 0.1 3 55
BOU-DD22-049 North 50.7 51.5 1.58 11 0.8 0.0 0.1 0.1 11 165
BOU-DD22-050 North 2.6 5.0 0.99 12 2.4 0.0 0.4 0.0 18 120
BOU-DD22-050 North 7.0 9.0 0.42 12 2.0 0.0 0.1 0.0 11 56
BOU-DD22-050 North 70.5 71.0 1.50 87 0.5 0.0 0.5 5.5 19 546
BOU-DD22-050 North 104.5 114.0 1.11 94 9.5 0.1 0.4 1.0 10 276
Including 105.6 109.5 2.16 191 3.9 0.1 0.2 0.3 10 431
BOU-DD22-050 North 121.8 122.9 0.50 16 1.1 0.0 0.3 0.6 77 110
BOU-DD22-050 North 133.9 135.5 0.32 24 1.6 0.0 0.4 0.1 11 77
BOU-DD22-051 Tizi South 24.4 26.0 1.13 16 1.6 0.0 0.1 0.0 259 144
BOU-DD22-051 Tizi South 47.6 48.4 0.35 16 0.8 0.0 0.2 0.2 7 67
BOU-DD22-052 Tizi South 107.0 107.8 0.68 8 0.8 0.0 0.0 0.1 3 79
BOU-DD22-053 Tizi North 37.2 38.3 0.48 40 1.1 0.0 0.4 0.5 1 127
BOU-DD22-053 Tizi North 51.8 54.0 6.24 41 2.2 0.0 1.0 1.4 3 736
Including 51.8 52.4 19.99 67 0.6 0.0 1.7 2.2 4 2115
BOU-DD22-054 Tizi North 52.8 56.1 0.43 67 3.3 0.0 0.5 1.2 3 188
BOU-DD22-054 Tizi North 78.8 79.8 0.85 12 1.0 0.0 0.3 0.3 3 115
BOU-DD22-054 Tizi North 89.9 103.9 0.38 47 14.0 0.0 1.4 2.5 8 264
BOU-DD22-055 NSR 0.0 103.5 0.00 0 103.5 0.0 0.0 0.0 0 0
BOU-DD22-056 NSR 0.0 150.9 0.00 0 150.9 0.0 0.0 0.0 0 0
BOU-DD22-057 Imariren 2 29.4 30.5 1.04 17 1.1 0.0 0.6 0.7 3 170
BOU-DD22-058 Imariren 3 30.0 31.0 0.96 16 1.0 0.0 0.4 1.4 4 195
BOU-DD22-058 Imariren 3 32.0 32.5 0.32 32 0.5 0.0 0.5 2.5 6 214
BOU-DD22-058 Imariren 3 47.8 48.5 1.18 22 0.7 0.0 0.5 8.9 2 630
BOU-DD22-059 NSR 0.0 134.6 0.00 0 134.6 0.0 0.0 0.0 0 0
BOU-DD22-060 NSR 0.0 101.3 0.00 0 101.3 0.0 0.0 0.0 0 0
BOU-DD22-061 Imariren 4 81.2 82.2 1.08 8 1.0 0.0 0.3 0.9 7 172
BOU-DD22-062 North 55.5 56.2 0.26 40 0.7 0.0 0.2 0.2 11 80
BOU-DD22-062 North 59.6 65.0 0.40 32 5.4 0.0 0.2 2.0 13 187
BOU-DD22-062 North 154.5 155.8 2.45 39 1.3 0.1 0.6 0.6 21 329
BOU-DD22-062 North 196.3 197.0 1.00 29 0.7 0.1 0.5 1.4 24 232
BOU-DD22-063 NSR 0.0 179.1 0.00 0 179.1 0.0 0.0 0.0 0 0
BOU-DD22-064 NSR 0.0 152.7 0.00 0 152.7 0.0 0.0 0.0 0 0
BOU-DD22-065 NSR 0.0 154.9 0.00 0 154.9 0.0 0.0 0.0 0 0
BOU-DD22-066 NSR 0.0 152.3 0.00 0 152.3 0.0 0.0 0.0 0 0
BOU-DD22-067 NSR 0.0 224.9 0.00 0 224.9 0.0 0.0 0.0 0 0
BOU-DD22-068 NSR 0.0 100.0 0.00 0 100.0 0.0 0.0 0.0 0 0
BOU-DD22-069 South-Ouest 129.9 130.5 0.02 218 0.6 0.3 13.6 15.5 0 1529
BOU-DD22-070 NSR 0.0 100.7 0.00 0 100.7 0.0 0.0 0.0 0 0
BOU-DD22-071 NSR 0.0 194.8 0.00 0 194.8 0.0 0.0 0.0 0 0
BOU-DD22-072 NSR 0.0 162.8 0.00 0 162.8 0.0 0.0 0.0 0 0
BOU-DD22-073 NSR 0.0 152.1 0.00 0 152.1 0.0 0.0 0.0 0 0
BOU-DD22-074 NSR 0.0 156.9 0.00 0 156.9 0.0 0.0 0.0 0 0
BOU-DD22-075 NSR 0.0 155.3 0.00 0 155.3 0.0 0.0 0.0 0 0
BOU-DD22-076 South 5 301.8 302.6 0.64 16 0.8 0.1 0.1 0.0 27 89
BOU-DD22-077 South 5 355.1 355.9 0.49 1 0.8 0.0 0.0 0.0 7 49
BOU-DD22-077 South 5 357.2 358.3 0.62 7 1.1 0.0 0.0 0.0 12 69
BOU-DD22-077 South 5 384.6 387.1 0.58 22 2.5 0.0 0.3 0.3 11 104
BOU-DD22-077 South 5 475.5 476.5 0.02 64 1.0 0.1 0.0 0.1 8 85
BOU-DD22-077 South 5 521.0 527.6 3.22 26 6.6 0.0 0.5 0.7 17 385
Including 523.4 524.6 8.73 62 1.2 0.0 0.6 2.5 44 1037
BOU-DD22-078 Central 1 102.1 102.8 0.30 49 0.7 0.1 0.6 6.1 4 438
BOU-DD22-078 Central 1 105.7 106.9 0.32 20 1.2 0.0 0.5 0.6 5 96
BOU-DD22-078 Central 1 131.3 131.9 0.54 24 0.6 0.0 0.1 0.1 5 86
BOU-DD22-078 Central 1 304.6 310.3 0.83 29 5.7 0.0 0.9 1.7 9 231
Including 304.6 306.5 1.29 62 1.9 0.1 2.3 4.3 8 499
BOU-DD22-078 Central 1 342.2 343.0 1.11 9 0.8 0.0 0.8 1.0 8 191
BOU-DD22-078 Central 1 770.8 772.6 0.47 6 1.8 0.0 0.2 0.0 12 61
BOU-DD22-078 Central 1 773.3 776.2 0.53 13 2.9 0.0 0.3 0.1 12 82
BOU-DD22-078 Central 1 803.0 803.8 0.34 13 0.8 0.0 0.8 1.7 11 166
BOU-DD22-079 Central-South 131.8 133.2 0.80 42 1.4 0.0 0.2 2.5 10 262
BOU-DD22-079 Central-South 135.6 136.1 0.93 60 0.5 0.0 1.8 1.5 10 287
BOU-DD22-080 Central-South 202.9 210.0 0.85 420 7.1 0.2 0.8 2.9 105 707
Including 208.6 210.0 2.86 1717 1.4 0.7 3.5 9.6 28 2715
BOU-DD22-080 Central-South 215.1 215.6 1.47 52 0.5 0.0 1.2 2.6 12 367
BOU-DD22-081 Central-South 63.1 63.6 0.92 12 0.5 0.0 0.2 0.6 16 140
BOU-DD22-081 Central-South 255.4 256.3 0.67 20 0.9 0.0 0.3 0.8 205 155
BOU-DD22-081 Central-South 264.5 265.2 1.02 27 0.7 0.0 0.3 0.6 18 168
BOU-DD22-082 Central-South 111.3 114.7 0.40 25 3.4 0.0 0.2 0.9 10 124
BOU-DD22-082 Central-South 209.2 209.7 0.36 17 0.5 0.0 0.2 0.5 5 86
BOU-DD22-082 Central-South 212.2 212.7 0.28 21 0.5 0.1 0.2 0.4 1 83
BOU-DD22-082 Central-South 217.0 217.5 0.35 12 0.5 0.0 0.2 0.3 2 66
BOU-DD22-082 Central-South 305.4 307.1 0.78 11 1.7 0.0 0.1 0.2 29 101
BOU-DD22-082 Central-South 316.0 317.0 1.17 20 1.0 0.1 0.3 0.4 5 171
BOU-DD22-082 Central-South 322.9 324.6 1.62 36 1.7 0.1 0.7 0.8 7 261
BOU-DD22-082 Central-South 339.0 340.1 1.45 24 1.1 0.0 0.2 0.1 4 168
BOU-DD22-082 Central-South 361.4 361.9 0.27 24 0.5 0.0 0.5 0.7 9 106
BOU-DD22-082 Central-South 410.5 411.1 0.43 32 0.6 0.4 0.7 3.1 11 312
BOU-DD22-082 Central-South 419.1 419.7 0.40 25 0.6 0.1 1.0 2.5 6 235
BOU-DD22-082 Central-South 455.5 456.0 0.72 17 0.5 0.0 0.2 0.5 15 124
BOU-DD22-083 Central-South 159.6 169.6 0.58 21 10.0 0.0 0.5 0.8 12 142
BOU-DD22-084 Central-South 197.8 198.6 1.63 44 0.8 0.1 1.8 2.3 5 393
BOU-DD22-084 Central-South 206.5 208.0 0.76 34 1.5 0.0 1.9 0.9 8 217
BOU-DD22-084 Central-South 209.3 210.0 0.62 16 0.7 0.0 0.5 0.8 9 132
BOU-DD22-084 Central-South 272.1 272.9 0.60 107 0.8 0.0 0.4 0.1 10 185
BOU-DD22-084 Central-South 277.6 278.2 0.32 20 0.6 0.1 0.1 0.3 11 77
BOU-DD22-085 NSR 0.0 154.5 0.00 0 154.5 0.0 0.0 0.0 0 0

 

*     True width remains undetermined at this stage; all values are uncut.

**   Ag equivalent is based on a 100% recovery with the following ratio; 1 g/t Au: 93.4 g/t Ag; 1% Cu: 130.4 Ag; 1% Pb: 31.8 Ag;                        1% Zn: 54.1 Ag.

Appendix 2 – Drillhole Coordinates of 2022 Boumadine Exploration Program

 

DDH No. Easting Northing Elevation Azimuth Dip Length
(m)
BOU-DD22-040 316978 3477062 1231 250 -50 198
BOU-DD22-041 317027 3477079 1248 250 -50 252
BOU-DD22-042 316523 3477108 1234 250 -50 153
BOU-DD22-043 316571 3477125 1241 250 -50 150
BOU-DD22-044 316605 3477138 1240 250 -50 150
BOU-DD22-045 316639 3477150 1235 250 -50 150
BOU-DD22-046 316682 3477165 1235 250 -50 150
BOU-DD22-047 316721 3477180 1238 250 -50 196
BOU-DD22-048 316765 3477198 1248 250 -50 151
BOU-DD22-049 316804 3477211 1247 250 -50 147
BOU-DD22-050 316840 3477223 1235 250 -50 302
BOU-DD22-051 315485 3476713 1251 270 -50 77
BOU-DD22-052 315525 3476711 1247 270 -50 145
BOU-DD22-053 315363 3477107 1273 270 -50 100
BOU-DD22-054 315401 3477109 1265 270 -50 157
BOU-DD22-055 315563 3477571 1279 90 -50 104
BOU-DD22-056 315523 3477570 1269 90 -50 151
BOU-DD22-057 315626 3477841 1263 90 -50 78
BOU-DD22-058 315639 3477898 1276 90 -50 75
BOU-DD22-059 315607 3477898 1266 90 -50 135
BOU-DD22-060 315656 3477952 1281 90 -50 101
BOU-DD22-061 315619 3477955 1277 90 -50 152
BOU-DD22-062 316899 3477244 1218 250 -50 206
BOU-DD22-063 316966 3477266 1209 250 -50 179
BOU-DD22-064 317042 3477318 1204 250 -50 153
BOU-DD22-065 317115 3477322 1202 250 -50 155
BOU-DD22-066 317199 3477349 1199 250 -50 152
BOU-DD22-067 317292 3477422 1196 250 -50 225
BOU-DD22-068 316315 3474936 1296 315 -50 100
BOU-DD22-069 316346 3474904 1297 315 -50 154
BOU-DD22-070 316300 3475037 1285 135 -50 101
BOU-DD22-071 316272 3475061 1278 135 -50 195
BOU-DD22-072 317292 3474451 1293 70 -50 163
BOU-DD22-073 317259 3474442 1287 70 -50 152
BOU-DD22-074 317218 3474427 1280 70 -50 157
BOU-DD22-075 317188 3474414 1275 70 -50 155
BOU-DD22-076 317153 3474402 1271 70 -50 320
BOU-DD22-077 317116 3474387 1269 70 -50 582
BOU-DD22-078 317637 3476634 1201 250 -50 827
BOU-DD22-079 317091 3475590 1260 250 -50 159
BOU-DD22-080 317147 3475611 1256 250 -50 237
BOU-DD22-081 317202 3475631 1252 250 -50 383
BOU-DD22-082 317258 3475651 1250 250 -50 601
BOU-DD22-083 317318 3475673 1252 250 -50 218
BOU-DD22-084 317368 3475690 1239 250 -50 298
BOU-DD22-085 317427 3475712 1238 250 -50 155
BOU-DD22-086 317038 3475570 1266 250 -50 707

[1] All intersections are in core lengths; Ag equivalent is based on a 100% recovery with the following ratios calculated with September 7, 2022, prices: 1g/t Au: 93.4 g/t Ag; 1% Cu: 130.4 g/t Ag; 1% Pb: 31.8 g/t Ag; 1% Zn: 54.1 g/t Ag