Aya Gold estimates 214,700 oz gold M+I at Eleonore Zone, Mauritania

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Aya Gold & Silver Inc. [AYA-TSX; MYAGF-OTC] closed its previously announced acquisition of Algold Resources Ltd. and has released an updated mineral resources estimate for the Tijirit gold project in Mauritania. All amounts are in U.S. dollars unless indicated otherwise.

Transaction highlights

Following the close of the Algold acquisition, Aya controls 100% of Algold and is the 75% owner-operator of Tijirit, with the remaining 15% owned by the government of Mauritania and 10% by Wafa Mining & Petroleum. Aya paid a total consideration of CDN$15.2-million, which includes an issuance of 2,821,253 Aya shares and payment of CDN$2.6-million in cash.

Aya gains a high-grade gold resource project and a 26-year mine permit covering more than 150 km2 in a pro-mining jurisdiction that it knows well. Aya appointed Thierry Vergnol as president and general manager for Tirex SA, Aya’s local subsidiary, and Patrick Perez, as project director for Tijirit. Aya has launched a feasibility study (FS) to assess the potential for developing Tijirit. Algold shares have been delisted from the TSX Venture Exchange.

As of May 12, 2021, Measured and indicated (M&I) mineral resources for the Eleonore Zone increased by 127% to 214,700 ounces of gold compared with 94,200 oz of Indicated oz in March, 2018. The Eleonore deposit remains open along strike and at depth.

M&I mineral resources for the Lily/Sophie zones totalled 77,900 oz, relatively unchanged from 75,200 oz in 2018. Lily/Sophie zones remain open along strike and at depth.

“With the acquisition of Algold now complete, we can focus on our Tijirit exploration and development efforts to immediately deliver value for shareholders. We have already increased M&I resources at Eleonore by 127%, and our team is mobilized to deliver a feasibility study within the next 12 months. We have several drill-ready targets generated by the first mineral resource since 2018. We look forward to leveraging our technical expertise and financial strength to unlock value for all stakeholders,” said Benoit La Salle, president and CEO.

“The Tijirit project has terrific potential and offers all the necessary conditions to create meaningful stakeholder value for the people in Mauritania in addition to benefiting further from the positive in-country foreign investment climate. We look forward to deepening our relations and local impact as we move Tijirit to the feasibility stage and beyond,” said Thierry Vergnol, president and general manager of Tirex SA.


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