TSX: AYA.TO
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February 28, 2023

Aya Gold & Silver Extends High-Grade Silver Mineralization at Depth at Zgounder

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Montreal, Quebec, February 28, 2023 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the “Corporation”) is pleased to announce additional drill results, confirming the extension of high-grade silver mineralization at the Zgounder Silver Mine in the Kingdom of Morocco.

 

Key Highlights (all intersections are in core lengths)

  • Diamond drill hole DZG-SF-22-176 intercepted 4,980 grams per tonne (“g/t”) silver (“Ag”) over 7.5 meters (“m”), including 9,234 g/t Ag over 4.0m.
  • At the central zone just below the 2,000m (“m”) level confirming the high-grade zone from the December 21, 2022 update,
  • hole TD28-22-2000-401 intercepted 2,035 g/t Ag over 10.8m including
    • 3,502 g/t Ag over 6.0m
  • hole TD28-22-2000-403 intercepted 1,081 g/t Ag over 13.2m including
    • 5,275 g/t Ag over 2.4m
  • At the central zone just above the 1,950m level,
    • hole TD28-22-1950-416 intercepted 3,998 g/t Ag over 6.0m
  • From surface in the central area, hole ZG-DCD-22-07 intersected 846 g/t Ag over 9.5m, confirming high-grade mineralization at depth toward the contact with the granite.
  • Launch of the deeper drilling campaign at Zgounder deposit with two rigs at surface and one rig underground

 

“Today’s drilling results grow the mineralized footprint of the Zgounder deposit with intercepts such as ZG-DCD-22-07 continuing to deliver high-grade intersections outside of the current resource envelope,” said Benoit La Salle, President & CEO. “ We are encouraged by these results, which together with previous surface intercepts ZG-DCD-22-06 and ZG-22-64, expand the down-plunge potential of the mineralized system toward the granite.”

Included in this release are results for 92 holes, which include 3 surface diamond drill hole (“DDH”), 20 underground DDH, 38 T28 and 31 YAK (T28 & YAK: percussion drilling using an air-compressed hammer) holes.  For a full summary of today’s results, refer to Appendix 1.

 

Table 1 – Significant Intercepts from Drilling at Zgounder (core lengths)

DDH No.

From

To

Ag

Length (m)*

Ag x width

(g/t)

Surface DDH

ZG-DCD-22-07

196.0

205.5

846

9.5

8,041

Underground DDH

DZG-SF-22-176

16.0

23.5

4980

7.5

37,348

including

16.5

20.5

9234

4.0

36,936

Underground T28

TD28-22-1950-413

7.2

16.8

776

9.6

7,445

TD28-22-1950-416

15.6

21.6

3998

6.0

23,986

TD28-22-1950-417

4.8

19.2

600

14.4

8,634

including

4.8

9.6

1551

4.8

7,444

TD28-22-2000-401

13.2

24.0

2035

10.8

21,976

including

14.4

20.4

3502

6.0

21,014

TD28-22-2000-403

13.2

26.4

1081

13.2

14,264

including

16.8

19.2

5275

2.4

12,659

TD28-22-2075-384

18.0

21.6

1961

3.6

7,061

Underground YACK

YAKD-22-1950-137

18.0

30.0

462

12.0

5,545

YAKD-22-1950-141

16.8

24.0

727

7.2

5,235

YAKD-22-1950-142

0.0

7.2

3061

7.2

22,036

YAKD-22-1950-142

26.4

50.4

479

24.0

11,491

YAKD-22-1950-144

37.2

50.4

1286

13.2

16,980

YAKD-22-1950-146

0.0

7.2

2630

7.2

18,935

including

4.8

6.0

14416

1.2

17,299

YAKD-22-1950-147

0.0

4.8

2343

4.8

11,245

YAKD-23-2030-160

44.4

50.4

884

6.0

5,302

1 Holes were drilled at various angles; true widths are not known at this time.
2 All assay results are above the cut-off grade of 75 g/t Ag.

 

 Figure 1: Location of DDH Results at Zgounder


Quality Assurance

For core drilling, all individual samples represent approximately one meter in length of core, which is halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and assaying to African Laboratory for Mining and Environment (“Afrilab”) in Marrakech, Morocco. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by atomic absorption spectroscopy (“AAS”). Samples grading above 200 g/t Ag are reanalyzed using fire assaying.

For definition drilling using T28 drilling equipment, all individual samples represent 1.2m in length. Samples are assayed at either the Zgounder Mine laboratory or at Afrilab. At Afrilab, all samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by AAS. Samples grading above 200 g/t Ag are reanalyzed using fire assaying. At ZMSM, all samples are analyzed for silver only using Aqua regia and finished by AAS. Rigorous quality controls (QaQc) are applied at both locations.

David Lalonde, B.Sc. P. Geo, Head of Exploration, is Aya Gold & Silver’s Qualified Person and has reviewed this press release 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 has been focused on maximising shareholder value by anchoring sustainability at the heart of its operations, governance, and financial growth plans.

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

Or contact

Benoit La Salle, FCPA, MBA
President & CEO
enoit.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 “confirm”,  “de-risk”, “expect”, “demonstrate”, “continuity”, “potential”, “continue”, “expand”, “seems”, 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, the conversion of Inferred Mineral Resources into Measured and Indicated Mineral Resources and future opportunities for enhancing development at Zgounder. 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 ability to obtain any requisite governmental approvals, the presence of artisanal miners, obtaining regulatory permits for on site work, importing goods and machinery and employment permits, the accuracy of Mineral Reserve and Mineral Resource Estimates (including, but not limited to, ore tonnage and ore grade estimates), the price of silver, the price of gold, 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 gold 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. 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 - Mineral Intercepts from Drilling at Zgounder (core lengths)

DDH No.

From

To

Ag

Length (m)*

Ag x

 width

(g/t)

Surface DDH

ZG-22-68

226.5

228.5

1014

2.0

2,028

ZG-22-69

96.5

97.5

1104

1.0

1,104

ZG-22-69

100.5

104.0

183

3.5

640

ZG-DCD-22-07

196.0

205.5

846

9.5

8,041

ZG-DCD-22-07

250.5

253.5

301

3.0

903

ZG-DCD-22-07

270.5

276.0

384

5.5

2,114

Underground DDH

DZG-SF-22-123

3.0

4.0

76

1.0

76

DZG-SF-22-123

3.0

5.0

80

2.0

159

DZG-SF-22-125

31.5

36.0

229

4.5

1,032

DZG-SF-22-125

44.5

46.0

96

1.5

144

DZG-SF-22-125

49.0

53.5

325

4.5

1,461

DZG-SF-22-138

131.0

132.5

434

1.5

651

DZG-SF-22-138

137.0

138.5

144

1.5

216

DZG-SF-22-139

4.5

6.0

80

1.5

120

DZG-SF-22-139

7.5

9.0

143

1.5

214

DZG-SF-22-139

132.5

134.5

515

2.0

1,029

DZG-SF-22-141

3.5

4.5

732

1.0

732

DZG-SF-22-141

68.5

70.0

119

1.5

179

DZG-SF-22-141

77.5

80.5

258

3.0

773

DZG-SF-22-143

51.5

52.0

110

0.5

55

DZG-SF-22-143

54.0

55.5

126

1.5

189

DZG-SF-22-144

11.5

21.5

390

10.0

3,897

including

17.0

19.5

976

2.5

2,441

DZG-SF-22-144

64.0

68.5

2192

4.5

9,864

DZG-SF-22-145

17.5

20.0

483

2.5

1,207

DZG-SF-22-145

27.5

29.0

100

1.5

151

DZG-SF-22-145

64.5

74.0

393

9.5

3,734

including

64.5

67.0

978

2.5

2,444

DZG-SF-22-146

75.0

76.0

110

1.0

110

DZG-SF-22-147

37.5

39.0

92

1.5

137

DZG-SF-22-148

13.0

14.0

206

1.0

206

DZG-SF-22-148

20.5

22.5

407

2.0

814

DZG-SF-22-148

63.0

63.5

143

0.5

72

DZG-SF-22-149

18.0

19.0

1319

1.0

1,319

DZG-SF-22-149

21.0

22.0

83

1.0

83

DZG-SF-22-149

29.5

30.5

126

1.0

126

DZG-SF-22-149

55.0

56.5

104

1.5

156

DZG-SF-22-149

61.5

63.0

167

1.5

250

DZG-SF-22-151

128.0

129.5

266

1.5

398

DZG-SF-22-168

18.0

20.5

972

2.5

2,429

DZG-SF-22-173

17.0

17.5

122

0.5

61

DZG-SF-22-173

58.5

60.0

486

1.5

729

DZG-SF-22-173

87.0

88.5

230

1.5

345

DZG-SF-22-176

16.0

23.5

4980

7.5

37,348

including

16.5

20.5

9234

4.0

36,936

DZG-SF-22-176

53.0

54.5

271

1.5

406

DZG-SF-22-179

63.0

64.5

414

1.5

621

DZG-SF-22-183

0.5

5.5

964

5.0

4,819

including

3.0

4.5

2790

1.5

4,185

DZG-SF-22-184

12.0

13.5

718

1.5

1,077

DZG-SF-22-184

17.5

20.5

218

3.0

653

DZG-SF-22-184

29.5

30.0

346

0.5

173

DZG-SF-22-184

51.0

51.5

164

0.5

82

DZG-SF-22-184

66.0

66.5

564

0.5

282

DZG-SF-22-184

72.0

74.0

576

2.0

1,152

Underground T28

TD28-22-1950-409

13.2

18.0

385

4.8

1,846

TD28-22-1950-410

8.4

13.2

103

4.8

492

TD28-22-1950-412

1.2

2.4

87

1.2

104

TD28-22-1950-413

7.2

16.8

776

9.6

7,445

including

12.0

14.4

1906

2.4

4,574

TD28-22-1950-414

6.0

7.2

236

1.2

283

TD28-22-1950-414

10.8

12.0

90

1.2

108

TD28-22-1950-415

2.4

4.8

132

2.4

316

TD28-22-1950-416

2.4

3.6

1226

1.2

1,471

TD28-22-1950-416

15.6

21.6

3998

6.0

23,986

TD28-22-1950-417

4.8

19.2

600

14.4

8,634

including

4.8

9.6

1551

4.8

7,444

TD28-22-1950-424

18.0

19.2

475

1.2

570

TD28-22-1950-426

13.2

14.4

151

1.2

181

TD28-22-2000-398

9.6

13.2

493

3.6

1,774

TD28-22-2000-399

9.6

14.4

98

4.8

471

TD28-22-2000-401

2.4

3.6

80

1.2

96

TD28-22-2000-401

13.2

24.0

2035

10.8

21,976

including

14.4

20.4

3502

6.0

21,014

TD28-22-2000-403

13.2

26.4

1081

13.2

14,264

including

16.8

19.2

5275

2.4

12,659

TD28-22-2000-405

20.4

21.6

88

1.2

105

TD28-22-2000-406

20.4

26.4

295

6.0

1,772

TD28-22-2000-407

7.2

8.4

148

1.2

178

TD28-22-2000-408

9.6

18.0

220

8.4

1,850

TD28-22-2075-374

0.0

2.4

216

2.4

517

TD28-22-2075-384

18.0

21.6

1961

3.6

7,061

TD28-22-2075-428

7.2

8.4

242

1.2

290

TD28-22-2075-429

0.0

1.2

167

1.2

200

TD28-22-2075-431

9.6

12.0

180

2.4

431

TD28-22-2075-434

0.0

21.6

217

21.6

4,676

TD28-22-2075-435

8.4

9.6

143

1.2

171

TD28-22-2075-438

9.6

10.8

242

1.2

290

TD28-22-2075-444

19.2

25.2

107

6.0

640

TD28-22-2075-448

3.6

4.8

1249

1.2

1,499

TD28-22-2075-448

6.0

7.2

93

1.2

112

TD28-22-2075-448

16.8

19.2

137

2.4

328

TD28-22-2075-449

2.4

3.6

485

1.2

582

TD28-23-1975-458

0.0

1.2

655

1.2

785

TD28-23-1975-459

7.2

9.6

628

2.4

1,506

TD28-23-1975-459

20.4

22.8

101

2.4

242

TD28-23-1975-480

19.2

22.8

203

3.6

730

TD28-23-1975-481

0.0

10.8

256

10.8

2,770

TD28-23-2075-463

3.6

6.0

273

2.4

,655

TD28-23-2075-465

22.8

24.0

107

1.2

128

TD28-23-2075-468

1.2

4.8

485

3.6

1,746

TD28-23-2075-469

0.0

3.6

275

3.6

989

TD28-23-2125-478

0.0

1.2

87

1.2

104

Underground YACK

YAKD-22-1950-102

32.4

34.8

216

2.4

519

YAKD-22-1950-102

48.0

50.4

344

2.4

826

YAKD-22-1950-104

38.4

40.8

340

2.4

816

YAKD-22-1950-108

0.0

2.4

157

2.4

376

YAKD-22-1950-108

26.4

27.6

175

1.2

210

YAKD-22-1950-109

0.0

2.4

170

2.4

409

YAKD-22-1950-111

14.4

15.6

240

1.2

287

YAKD-22-1950-114

22.8

24.0

108

1.2

130

YAKD-22-1950-114

28.8

30.0

102

1.2

123

YAKD-22-1950-116

10.8

13.2

464

2.4

1,114

YAKD-22-1950-120

13.2

14.4

134

1.2

161

YAKD-22-1950-130

6.0

7.2

90

1.2

108

YAKD-22-1950-132

19.2

24.0

136

4.8

651

YAKD-22-1950-133

25.2

26.4

93

1.2

112

YAKD-22-1950-133

46.8

48.0

170

1.2

204

YAKD-22-1950-135

18.0

19.2

1822

1.2

2,186

YAKD-22-1950-136

16.8

19.2

784

2.4

1,882

YAKD-22-1950-136

21.6

22.8

107

1.2

128

YAKD-22-1950-136

43.2

46.8

96

3.6

346

YAKD-22-1950-137

18.0

30.0

462

12.0

5,545

YAKD-22-1950-137

40.8

45.6

351

4.8

1,682

YAKD-22-1950-139

9.6

12.0

207

2.4

496

YAKD-22-1950-140

19.2

21.6

82

2.4

196

YAKD-22-1950-140

26.4

27.6

76

1.2

91

YAKD-22-1950-140

38.4

42.0

412

3.6

1,483

YAKD-22-1950-141

16.8

24.0

727

7.2

5,235

including

16.8

20.4

1361

3.6

4,898

YAKD-22-1950-141

25.2

26.4

112

1.2

134

YAKD-22-1950-142

0.0

7.2

3061

7.2

22,036

YAKD-22-1950-142

19.2

21.6

194

2.4

466

YAKD-22-1950-142

26.4

50.4

479

24.0

11,491

YAKD-22-1950-144

18.0

19.2

83

1.2

99

YAKD-22-1950-144

37.2

50.4

1286

13.2

16,980

YAKD-22-1950-146

0.0

7.2

2630

7.2

18,935

including

4.8

6.0

14416

1.2

17,299

YAKD-22-1950-146

25.2

28.8

263

3.6

947

YAKD-22-1950-147

0.0

4.8

2343

4.8

11,245

YAKD-22-1950-147

27.6

31.2

159

3.6

571

YAKD-22-1950-147

50.4

51.6

593

1.2

711

YAKD-22-1950-148

0.0

4.8

377

4.8

1,808

YAKD-22-1950-148

26.4

27.6

177

1.2

212

YAKD-22-1950-148

42.0

43.2

84

1.2

101

YAKD-22-1950-148

51.6

54.0

1627

2.4

3,904

YAKD-23-1975-154

2.4

3.6

77

1.2

92

YAKD-23-1975-154

28.8

33.6

132

4.8

634

YAKD-23-1975-155

14.4

20.4

366

6.0

2,196

YAKD-23-1975-155

26.4

27.6

1286

1.2

1,543

YAKD-23-1975-155

31.2

32.4

149

1.2

179

YAKD-23-2000-163

4.8

10.8

797

6.0

4,783

YAKD-23-2000-164

6.0

7.2

76

1.2

91

YAKD-23-2000-164

9.6

14.4

241

4.8

1,156

YAKD-23-2030-156

2.4

6.0

740

3.6

2,664

YAKD-23-2030-156

12.0

13.2

81

1.2

97

YAKD-23-2030-156

27.6

28.8

88

1.2

105

YAKD-23-2030-156

32.4

33.6

442

1.2

530

YAKD-23-2030-156

45.6

46.8

234

1.2

281

YAKD-23-2030-157

7.2

8.4

108

1.2

130

YAKD-23-2030-157

10.8

12.0

106

1.2

128

YAKD-23-2030-157

13.2

18.0

494

4.8

2,372

YAKD-23-2030-157

37.2

38.4

361

1.2

433

YAKD-23-2030-158

8.4

13.2

472

4.8

2,263

YAKD-23-2030-158

21.6

25.2

115

3.6

413

YAKD-23-2030-158

38.4

40.8

241

2.4

578

YAKD-23-2030-159

19.2

22.8

477

3.6

1,716

YAKD-23-2030-159

26.4

28.8

131

2.4

314

YAKD-23-2030-159

39.6

43.2

112

3.6

405

YAKD-23-2030-160

10.8

12.0

130

1.2

156

YAKD-23-2030-160

44.4

50.4

884

6.0

5,302

1 Holes were drilled at various angles, true widths are not known at this time.
2 All assay results are above the cut-off grade of 75 g/t Ag.