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January 28, 2022

Aya Gold & Silver Further Extends Zgounder Mineralisation East and at Depth to Granite - Filing of NI 43-101 Technical Report on Zgounder

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Montreal, Quebec, January 28, 2022 - Aya Gold & Silver Inc. (TSX: AYA) (“Aya” or the “Corporation”) is pleased to report high-grade silver results from the 2021 drill exploration program at the Zgounder Silver Mine in the Kingdom of Morocco.

 

Key Highlights (all intersections are in core lengths)

Extension of the mineralisation between the 2,125 and 2,130 levels with T28-21-2125-405 and T28-21-2125-411:

  • At the 2,130m level, T28-21-2125-411 intercepted 1,225  g/t Ag over 4.8m including
    • 3,280 g/t Ag over 1.2m
  • At the 2,125 meters (“m”) level, T28-21-2125-405 intercepted 4,579 grams per tonne (“g/t”) silver (“Ag”) over 3.6m including
    • 12,532 g/t Ag over 1.2m
  • Near-surface continuity below current mine galleries with T28-21-1988-275, which intercepted 1,564 g/t Ag over 3.6m including
    • 4,040 g/t Ag over 1.2m 
  • Expansion of eastern strike with ZG-21-60, which intercepted 3,551 g/t Ag over 1.5m including
    • 1,214 g/t Ag over 4.0m
  • Five holes were drilled at depth to the granite contact. All five holes were mineralized, with ZG-21-62 intersecting 663 g/t Ag over 8.5m including
    • 3,060 g/t Ag over 1.0m
    • 1,274 g/t Ag over 1.0m
  • This is in addition to 1,670 g/t Ag over 3.0m including 9,005 g/t Ag over 0.5m and 1,041 g/t Ag over 2.0m including 3,186 g/t Ag over 0.5m
  • Validation of the vertical continuity by ZG-SF-21-97 which generated 2,405 g/t Ag over 2m including
    • 279 g/t Ag over 6.5m

“Today’s drill results from the 2021 diamond drill program further extend near-mine mineralisation on strike and down dip, in addition to confirming robust grades and thicknesses within the existing mineral resources. Notably, all of the drill holes completed to the granite contact hit significant high-grade intercepts, which will grow our resource further. The upcoming maiden reserve estimate, combined with the launch of the 2022 drill exploration program, are significant milestones towards our Zgounder Mine expansion,” said Benoit La Salle, President & CEO.

Included in this release are results for 56 diamond drill holes (“DDH”), which include 11 DDH from surface and 45 underground holes including 24 electric percussion holes. For a full summary of today’s results from the 2021 drill program, refer to Appendix 1 for surface results and Appendix 2 for underground results.

 

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

Hole No.

From (m)

To (m)

Length1 (m)

Ag2 (g/t)

Surface

ZG-21-60

19.50

25.50

6.00

 136

70.50

72.00

1.50

 3,551

157.50

161.50

4.00

 1,214

ZG-21-62

151.50

154.50

3.00

 1,670

 

 Including

 0.50 

 9,005

159.00

161.00

2.00

 1,041

 

 Including

 0.50 

 3,186

308.50

310.00

1.50

 84

356.00

358.50

2.50

 365

361.00

362.50

1.50

 87

365.00

368.50

3.50

 107

374.50

383.00

8.50

 663

 

 Including

 1.00 

 3,060

 

 Including

 1.00 

 1,274

387.50

391.50

4.00

 378 

Underground

ZG-SF-21-86

2.00

3.00

1.00

 680

13.50

14.50

1.00

 839

20.00

21.00

1.00

 76

42.00

45.50

3.50

 1,171

74.00

75.50

1.50

 128

ZG-SF-21-89

12.00

14.00

2.00

 838

36.00

37.50

1.50

 76

110.00

114.50

4.50

 229

117.00

120.00

3.00

 334

196.50

198.00

1.50

 144

217.50

219.50

2.00

 923

287.50

288.50

1.00

 2,295

ZG-SF-21-91

73.00

74.00

1.00

 2,493

81.50

82.50

1.00

 148

ZG-SF-21-95

10.50

11.50

1.00

 504

77.00

79.00

2.00

 1,332

ZG-SF-21-97

33.00

35.00

2.00

 2,405

46.50

53.00

6.50

 279

ZG-SF-21-103

11.50

13.50

2.00

 1,478

39.00

40.50

1.50

 200

ZG-SF-21-109

4.50

9.00

4.50

 214

15.00

19.00

4.00

 1,466

 

 Including

 0.50

 5,001

 

 including

 1.00

 1,664

T28-21-2125-405

20.40

24.00

3.60

 4,579

 

 including

 1.20

 12,532

T28-21-2125-411

0.00

4.80

4.80

 1,225

 

 Including

 1.20

 3,280

19.20

20.40

1.20

 208

T28-21-2125-424bis

1.20

2.40

1.20

 94

6.00

9.60

3.60

 1,156

 

 Including

 1.20

 2,971

T28-21-1988-275

3.60

7.20

3.60

 1,564

 

 Including

 1.20

 4,040

18.00

19.20

1.20

 315

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 from Surface and Underground Drilling as per Appendixes 1 & 2

 

Filing of NI 43-101 Report

The Corporation has also filed on SEDAR an independent technical report prepared in accordance with National Instrument 43-101 for the Zgounder Silver Mine. There are no differences between the technical report and the information disclosed in the December 14, 2021 news release. In addition to SEDAR, the report can be found on the Corporation’s website (www.ayagoldsilver.com).

 

Quality Assurance

For core drilling, all individual samples represent approximately one meter in length of core, which is halved (1.2m length for T28 percussion samples). 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 in Marrakech, Morocco. All samples are analysed 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 reanalysed using fire assaying.

Marc-Antoine Audet, Ph.D. P. Geo, Geological Consultant, 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 FCA
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 “confirm”, “continuity”, “potential”, “continue”, “expand”, “potential”, “plans”, “expects”, “believe”, “intend”, 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 2020 Annual Information Form dated March 31, 2021, 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 Surface Drilling at Zgounder (core lengths)

Hole No.

From

 (m)

To

 (m)

Length1

 (m)

Ag2

 (g/t)

ZG-21-60

19.50

25.50

6.00

 136

70.50

72.00

1.50

 3,551

157.50

161.50

4.00

 1,214

ZG-21-62

151.50

154.50

3.00

 1,670

 

including

 0.50

 9,005

159.00

161.00

2.00

 1,041

 

including

 0.50

 3,186

308.50

310.00

1.50

 84

356.00

358.50

2.50

 365

361.00

362.50

1.50

 87

365.00

368.50

3.50

 107

374.50

383.00

8.50

 663

 

including

 1.00

 3,060

 

including

 1.00

 1,274

387.50

391.50

4.00

 378

ZG-21-63

40.00

41.00

1.00

 562

ZG-21-66

9.00

10.50

1.50

 108

16.50

19.50

3.00

 170

ZG-21-67

6.00

7.50

1.50

 76

34.50

36.00

1.50

 116

43.50

45.00

1.50

 516

ZG-21-68

20.50

22.00

1.50

 85

29.50

33.00

3.50

 180

141.00

144.00

3.00

 162

254.00

257.00

3.00

 235

324.50

328.00

3.50

 817

ZG-21-70

3.00

6.00

3.00

 80

24.00

27.00

3.00

 48

ZG-21-73

1.00

2.50

1.50

 166

ZG-21-74

1.50

3.00

1.50

 936

37.50

39.00

1.50

 88

59.50

62.50

3.00

 82

351.00

352.50

1.50

 100

403.50

409.50

6.00

 142

441.50

442.00

0.50

 361

446.00

448.00

2.00

 965

501.00

508.50

7.50

 91

513.00

513.50

0.50

 80

518.00

525.50

7.50

 87

ZG-21-76

82.00

83.00

1.00

 440

86.00

87.50

1.50

 216

108.00

109.00

1.00

 168

ZG-21-79

12.00

16.50

4.50

 156

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.

 

Appendix 2 - Mineral Intercepts from Underground Drilling at Zgounder (core lengths)

Hole No.

From

 (m)

To

 (m)

Length1

 (m)

Ag2

 (g/t)

ZG-SF-21-79

37.00

38.00

1.00

 181 

47.50

48.00

0.50

 116

55.00

56.50

1.50

 220

59.50

61.50

2.00

 155

ZG-SF-21-80

 

16.50

18.00

1.50

 120

46.00

47.50

1.50

 281

168.50

172.50

4.00

 591

ZG-SF-21-81

21.50

23.00

1.50

 160

ZG-SF-21-82

50.00

52.50

2.50

 388

ZG-SF-21-84

28.00

30.50

2.50

 666

ZG-SF-21-86

 

2.00

3.00

1.00

 680

13.50

14.50

1.00

 839

20.00

21.00

1.00

 76

42.00

45.50

3.50

 1,171

74.00

75.50

1.50

 128

ZG-SF-21-89

 

12.00

14.00

2.00

 838

36.00

37.50

1.50

 76

110.00

114.50

4.50

 229

117.00

120.00

3.00

 334

196.50

198.00

1.50

 144

217.50

219.50

2.00

 923

287.50

288.50

1.00

 2,295

ZG-SF-21-91

 

73.00

74.00

1.00

 2,493

81.50

82.50

1.00

 148

ZG-SF-21-93

 

21.00

22.50

1.50

 80

30.00

31.00

1.00

 76

42.00

44.00

2.00

 90

55.50

56.00

0.50

 160

60.00

60.50

0.50

 76

ZG-SF-21-94

 

20.50

21.00

0.50

 484

28.00

30.00

2.00

 105

47.50

50.50

3.00

 929

ZG-SF-21-95

 

10.50

11.50

1.00

 504

77.00

79.00

2.00

 1,332

ZG-SF-21-96bis

 

36.00

45.00

9.00

 411

48.00

54.00

6.00

 159

ZG-SF-21-97

 

33.00

35.00

2.00

 2,405

46.50

53.00

6.50

 279

ZG-SF-21-99

 

54.00

55.50

1.50

 80

70.50

73.50

3.00

 332

79.50

85.50

6.00

 160

ZG-SF-21-101

50.00

51.00

1.00

 316

81.00

86.00

5.00

 318

90.50

92.00

1.50

 124

ZG-SF-21-102

42.00

42.50

0.50

 152

68.00

69.00

1.00

 376

ZG-SF-21-103

11.50

13.50

2.00

 1,478

39.00

40.50

1.50

 200

ZG-SF-21-104

61.00

62.50

1.50

 80

ZG-SF-21-105

14.00

15.50

1.50

 96

44.00

45.50

1.50

 145

53.00

54.50

1.50

 128

61.50

64.50

3.00

 96

ZG-SF-21-106

25.50

28.00

2.50

 611

ZG-SF-21-109

4.50

9.00

4.50

 214

15.00

19.00

4.00

 1,466

 

including

 0.50 

 5,001

 

including

 1.00 

 1,664

T28-21-2125-405

20.40

24.00

3.60

 4,579

 

including

 1.20 

 12,532

T28-21-2125-405bis

2.40

3.60

1.20

 120

25.20

26.40

1.20

 160

T28-21-2125-411

0.00

4.80

4.80

 1,225

 

including

 1.20 

 3,280

19.20

20.40

1.20

 208

T28-21-2125-410

1.20

2.40

1.20

 212

10.80

12.00

1.20

 236

24.00

25.20

1.20

 257

T28-21-2125-424bis

1.20

2.40

1.20

 94

6.00

9.60

3.60

 1,156

 

including

 1.20

 2,971

T28-21-2125-424

0.00

2.40

2.40

 99

6.00

12.00

6.00

 585

T28-21-2125-417

19.20

20.40

1.20

 104

T28-21-2125-413

13.20

14.40

1.20

 164

T28-21-2125-422bis

3.60

4.80

1.20

 264

T28-21-2125-422

2.40

4.80

2.40

 372

T28-21-2125-427

3.60

4.80

1.20

 76

T28-21-2125-426

14.40

15.60

1.20

 76

T28-21-2125-428

9.60

10.80

1.20

 700

13.20

16.80

3.60

 361

T28-21-2000-302

2.40

4.80

2.40

 794

16.80

18.00

1.20

 84

T28-21-21975-364bis

14.40

15.60

1.20

 128

T28-21-1975-372bis

2.40

3.60

1.20

 404

T28-21-1975-372

4.80

6.00

1.20

 164

14.40

15.60

1.20

 84

T28-21-1988-376

0.00

3.60

3.60

 148

T28-21-1975-382bis

6.00

7.20

1.20

 192

T28-21-1975-366

12.00

15.60

3.60

 208

25.20

26.40

1.20

 320

T28-21-2000-363

9.60

10.80

1.20

 136

T28-21-1975-379bis

12.00

13.20

1.20

 87

T28-21-1988-275

3.60

7.20

3.60

 1,564

 

including

 1.20 

 4,040

18.00

19.20

1.20

 315

T28-21-1988-275bis

3.60

6.00

2.40

 485

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.