Aya Gold & Silver drills 2,715 g/t AgEq over 1.40 metres at Boumadine, Morocco; shares up

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Aya Gold & Silver Inc. [AYA-TSX; AYASF-OTCQX] reported new high-grade exploration drill results, which confirm the extension of mineralization by 20% south of the main mineralized trend and confirm the discovery of several parallel structures at Boumadine, in the Kingdom of Morocco.

Key highlights: Definition of new mineralization and extension of the South Zone. The main mineralized trend, which now extends over 3.2 km, is open at both ends along strike and at depth.

BOU-DD22-080 intercepted 2,715 g/t silver equivalent (AgEq) over 1.40 metres (2.86 g/t gold, 1,717 g/t silver, 9.6% zinc, 3.5% lead and 0.7% copper).

BOU-DD22-041 intercepted 609 g/t AgEq over 3.6 metres (4.02 g/t Au, 101 g/t Ag, 0.5% Zn, 2.5% Pb and 0.2% Cu) and 664 g/t AgEq over 1.70 metres (5.08 g/t Au, 106 g/t Ag, 0.8% Zn, 0.5% Pb and 0.2% Cu).

BOU-DD22-053 intercepted 736 g/t AgEq over 2.2 metres (6.24 g/t Au, 41 g/t Ag, 1.4% Zn, 1.0% Pb and 0.02% Cu).

BOU-DD22-050 intercepted 276 g/t AgEq over 9.5 metres (1.11 g/t Au, 94 g/t Ag, 1.0% Zn, 0.4% Pb and 0.1% Cu) including 3.9 metres at 431 g/t AgEq.

BOU-DD22-077 intercepted 385 g/t AgEq over 6.6 metres (3.22 g/t Au, 26 g/t Ag, 0.7% Zn, 0.5% Pb and 0.03% Cu), including 1.2 metres at 1,037 g/t AgEq.

18,335 metres of drilling completed as of December 31, 2022, for a total of 86 diamond drill holes (DDH).

Extension of the main mineralized trend to the south, extending mineralization to over 3.2 km of strike length, and remaining open in all directions.

Confirmation of a satellite mineralization body at Tizi, and discovery of new parallel structures along the main trend. Currently, three rigs are drilling at Boumadine as part of the 36,000-metre program planned for 2023.

“We are excited with these drill results at Boumadine, which extend mineralization by 20% to over 3.2 km and confirm the existence of parallel zones that significantly increase the potential to add high-grade ounces,” said Benoit La Salle, President and CEO. “The 2023 drill exploration program has nearly doubled in size over last year’s program, with the objective of extending the main mineralized trend to the south and delineating the known mineralization to deliver a resource statement over the next 12 months.”

The 2022 drill exploration program at Boumadine completed 86 DDHs for a total of 18,335 metres. The drilling was completed on five targets: Central, South, Imariren, Tizi and the Southwest Zones. All of the 2022 drilling results have been received except for hole BOU-DD22-086.

Results from the second phase of drilling along the main trend, both north (BOU-DD22-041and BOU-DD22-050) and south (BOU-DD22-077), extend the known mineralization to over 3.2 km strike length which remains open in all directions. Drilling to date also confirms discovery of parallel structures as shown by significant intersects, including BOU-DD22-078 and BOU-DD22-083. A mineralized satellite zone was also confirmed at Tizi.

In 2023, Aya intends to complete a 36,000-metre drill program, of which 21,000 metres will be allocated to delineation drilling along the main trend with the aim of building a resource. The remaining 15,000 metres will target new zones as well as extensions of the main trend along strike and at depth. The new 3D interpretation and model of the VTEM survey will allow the Corporation to clearly follow the conductive anomaly, in addition to directly helping the exploration and the delineation programs.

The 36,000-metre drilling program is expected to be completed by mid-2023. The relogging and resampling of historic drill holes is ongoing for expected completion this year. Aya expects to use both data in estimating an NI 43-101-compliant resource update within the next 12 months. In addition, detailed surface mapping of the area is ongoing and is expected to be completed in the first half of this year.

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.

In early trading February 14, shares of Aya Gold & Silver gained $0.14 to $7.53.

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