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Zgounder (Ag)

About Zgounder

Located in the central Anti-Atlas mountains, Zgounder is the second most-important silver mine in Morocco after the Imiter Mine. Commercial production was reached in January 2019. A 2,700-tpd expansion feasibility study was delivered in February 2022 that, supported by a high-grade reserve estimate, confirmed strong economics for quadrupling post-expansion production to 6.8 million oz Ag.



  • 2022 silver production: 1.65 -1.88 million oz
  • Type of mine: underground
  • Current mining method: cut and fill
  • Processing method: flotation (500 tpd) – cyanidation (200 tpd)
  • Expansion to 2,700 tpd underway for expected completion in 2024
  • Ownership: 100%
  • 2022 mineral reserves: 8,590,000t at 257 g/t Ag for 70,876,000 oz
  • M&I mineral resources: 9,765,000t at 306 g/t Ag for 96,057,000 oz (December 13, 2021)
  • Inferred mineral resources: 542,000t at 367 g/t Ag for 6,395,000 oz (December 13, 2021)
  • 2022 exploration: 22,500m drilling (mine permit) and 7,500m (regional permits)
  • Geotech VTEM™ heliborne terrain, magnetic and radiometric geophysical survey conducted over Zgounder Regional permits



900 - 1200

First explored and mined

1982 - 1990

SOMIL-owned UG mine at 75,000t/yr

1990 - 1997

Exploration by the BRPM


PFS to re-open Zgounder Mine


Acquisition of Zgounder


Creation of Zgounder Millennium Silver Mining


First silver pour:
200-tpd mill capacity

2015 - 2017

4,820m of T28 drilling &
13,140m of DD surface drilling


PEA & NI 43-101


Flotation plant:
commercial production


Flowsheet reconfiguration


2,700 tpd expansion
feasibility study


The mine is located approximately 260 kilometers east of Agadir, within the Proterozoic Siroua Massif of the Anti-Atlas range.


The Zgounder Mine is accessible from Agadir on well-maintained paved highways (N10 and P1706) that run east for 205 kilometers to Taliouine in the Taroudant province. The bulk of the remaining 61 kilometers to the mine are traveled on a well-paved road to the village of Askaoun. The last five-kilometer stretch to the mine is travelled on a dirt road.

Surface area

The mining permit covers 16 km², and the 7 exploration permits cover 96 km².

Operating Highlights

2022 2021 2020 2019 2018
Ore processed (tons) 254,976 224,515 128,923 100,667 39,763
Average grade (g/t Ag) 265 269 255 217.6 278.5
Silver ingots produced (oz) 855,351 692,392 439,448 286,294 258,469
Silver concentrate produced (oz) 1,025,356 908,254 286,871 166,122
Total silver produced (oz) 1,880,707 1,600,646 726,319 452,416 258,469


According to Marcoux @ al., 2005, “The Zgounder mineralisation is hosted within a Proterozoic volcanosedimentary series. Disseminated mineralization is dominated by mercuriferous native silver (2 to 30 wt.% Hg), with few silver sulfosalts (acanthite, pearceite), arsenopyrite and base-metal sulfides (Fe, Pd, Zn and Cu). Similarities are obvious with the neighbouring silver deposit of Imiter (Managem, located 350km East) and lead to consider Zgounder as another example of Neoproterozoic epithermal deposit in the Anti-Atlas of Morocco, a region that appears more and more as a silver metallogenic province”.

The paragenetic sequence shows two successive stages: an early Fe–As stage, followed by an Ag-bearing polymetallic (Zn–Pb–Cu–Hg) stage.
Paragenetic sequence and mineral intergrowth suggest that the two mineralisation styles belong to a single hydrothermal event. Native silver is by far the most common silver mineral. It is not pure silver, but a Ag–Hg amalgam. Acanthite (Ag2S) is the main silver sulfide but less abundant, also present are tennantite and tetrahedrite.


For 2022, an initial $6.4 million exploration budget has been assigned to Zgounder for a 30,000m drill program. A total of 22,500m will build on the 2021 successful near-mine drill program and has been designed to expand existing resources at depth and test strike extensions to the east. In Q3-2022, 7,500m of RC and diamond drilling began on the Zgounder Regional permits to follow up the targets identified by the airborne geophysics and mapping programs.

Zgounder 2022 Initial Drill Program

Qualified Persons

The Zgounder Expansion Feasibility Study is based on a technical report entitled “NI43-101 TECHNICAL REPORT – FEASIBILITY STUDY ZGOUNDER EXPANSION PROJECT”, originally dated March 31, 2022, and amended on June 16, 2022 with an effective date of December 13, 2021 (“The Zgounder Report”) which was prepared under the supervision of Daniel M. Gagnon, DRA, with the participation of William Stone, Antoine Yassa, Jarita Barry, Fred Brown, Eugene Puritch, Daniel Morrison, André-François Gravel, Claude Bisaillon, Julie Gravel, Kathy Kalenchuk, Hugo Della Sbarba, Philippe Rio Roberge, Richard Barbeau & Stephen Coates, all “Qualified Persons” for the purpose of the Zgounder Report.
Scientific and technical information contained on this page have been reviewed and approved by Marc-Antoine Audet, Ph.D. P. Geo, Geological Consultant and a QP as defined under NI 43-101.