Boumadine (Au, Ag, Pb, Cu, Zn)

About

The Boumadine historic mine and polymetallic deposit is located in the region of Drâa-Tafilalet, in the Anti-Atlas mountains, about 240 km from Ouarzazate in western Morocco.

Highlights

Ownership: Aya 85%-ONHYM 15% joint venture
Mining and exploration permits comprising 32 km²
Completion of heliborne VTEM™ terrain, magnetic and radiometric geophysical surveys over the property

Preliminary data suggest strong alteration system and / or intrusive beneath

Upcoming 2022 Program

Ongoing 7,500m drill program
Oxidative met test work to evaluate gold recovery
Mapping and grab sampling to start in June

Previously mined as both open pit and underground between ~1950s-1992
Historical resource estimated in 1998 (non NI 43-101 compliant)

History

1400-1600

Artisanal mining of upper section

1956-1989

Exploration work by the BRPM (now ONHYM)

1988

Historical mineral resources

1989-1992

UG production: 261,485t
@3.8% Zn. 1.5% Pb,
200 g/t Ag & 3.50 g/t Au

2013

Acquisition of 85%
of Boumadine

2015

Completion of
an access road

2017

Lixiviation tests
Drone surface survey

2018

6,900m DD
program

2019

PEA &
NI 43-101

2022

Heliborne geophysical survey &
7,500m drill program

Technical Reports

Technical report

Mining Installations

The mining installations were probably dismantled shortly after the mine closed in 1992, and some are still visible at the mine site. Two dry stacked tailings, which are exposed on the site, hold some 240,000t of residues generated by underground mining of the Boumadine deposit from 1988 to 1992.
Surface and underground mine workings remain including at least 6 excavated shafts (638m) and 6,036m of underground adits, raises and stopes distributed in 5 main areas: Central Zone, Northern Zone, Southern Zone, Tizi Zone and Imariren Zone. Numerous pits and trenches are visible throughout the property ranging from a few square meters to over 1,000m² in area.

Geology

The Boumadine polymetallic deposit (Au, Ag Zn, Pb, Ge,) is located within the Ougnat Proterozoic window (“boutonnière”) in western Morocco. The Ougnat basement is composed of folded and schistose metasedimentary rocks cut by late granodioritic plutons. It is unconformably overlain by Late Proterozoic volcanosedimentary sequences (PIII). The basal sequence is made of ignimbrite sheets, vitroclastic tuffs, and intercalations of andesite flows forming the Tamerzaga-Timrachine Formation (TTF) (Figure 2). The top ignimbrite sheet is strongly silicified. The TTF is invaded by swarms of gabbroic to andesitic dykes, principally oriented-N160°E, followed by injections of rhyolitic intrusions and dykes. The Boumadine deposit is contained within the TTF which is covered by shallow lacustrine sedimentary and minor volcanic rocks (Isilf-Ouinou-Oufrouh formation; IOF).

Mineralization

The polymetallic mineralization at Boumadine extends at least for 4 km on the surface. The mineralized zones consist of 1m to 4m-wide N160°E-oriented lenses/veins dipping sharply (> 70°) to depths of 350 m and spatially associated with the TTF. The veins contain massive pyrite, sphalerite, arsenopyrite, and galena with subordinate amounts of chalcopyrite, cassiterite, silver-rich sulfosalts, stannite, enargite, bismuthinite, native silver, tin, copper and bismuth. The upper 40m are affected by supergene alteration (Fe-hydroxyde-rich), that were near completely mined by artisanal workers. The felsic volcanic hosts display a silicic-argillic alteration halo, 40-100 m wide, that overprints the pervasive propylitised rocks and confers a bleached aspect to the halo. This alteration zone contains an assemblage of quartz-sericite-pyrite with pyrite decreasing away from the veins. The Boumadine deposit is interpreted as high- sulphidation epithermal silver-gold base metal deposit, with the potential of discovering Cu±Au porphyry-type mineralization at depth.

Qualified Person

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

Grab sample locations with Au values in ppm

History

2019

Aya validates that historical mineralized panels are still in place and extends mineralization at depth -Discovers germanium 497 g/t over 1.5m in core samples -Finds gold at surface 48 g/t over 2m.

Positive NI 43-101 PEA results: Pre-tax IRR of 56% with an NPV of US$574.8 Million; And after-tax(*) IRR of 53% with an NPV of US$497.6 Million (NPV discounted at 6.5%).

Filing of technical reports on positive PEA

2018

Aya announces diamond drilling program to test historical intersections in three sectors.

Aya intersects 28m at 4.91g/t Au, 140 g/t Ag, 0.18 Cu, 0.41% Pb and 1.70% Zn at shallow depth of 153m including 6m at 11.02g/t Au, 219 g/t Ag, 0.39% Cu, 0.12% Pb and 0.55% Zn at 175m.

Metallurgy issues resolved, with 96.37% gold recovery achieved.

2017

Aya retains GoldMinds Geoservices Inc. to prepare a PEA on Boumadine by year-end 2017.

Pressure roasting and lixiviation tests conducted in China by CINF.

Topography surface survey carried out using drone

2016

Surface sampling, data compilation and initial preparations for a base camp

2015

Finalization of a US$6M loan with the European Bank for Reconstruction and Development

Realisation of an access road to the Boumadine site

2013

Acquisition of the Boumadine Polymetallic Mine
Joint venture between Maya Gold and Silver Inc (85%) and ONHYM (15%) to explore and develop Boumadine

Filing of NI 43-101 report on historical resources at Boumadine