Aya Gold & Silver Acquires Historical Tirzzit Copper Mine Adds Seven Prospective Copper-Silver Permits in Tirzzit District Near Zgounder
PRESS RELEASE
Aya Gold & Silver Acquires Historical Tirzzit Copper Mine
Adds Seven Prospective Copper-Silver Permits in Tirzzit District Near
Zgounder
Montreal, Quebec, June 29, 2023 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF ) (“Aya” or the
“Corporation”) is pleased to announce it has acquired the Tirzzit Project (“Tirzzit”), a collection of seven
permits located 25 kilometers from the Zgounder Silver Mine in the Kingdom of Morocco . This
acquisition adds a historical mine with a significant amount of proprietary data as well as a prolific land
package with tremendous potential.
Transaction Highlights
On close of the Tirzzit acquisition,
• Aya will control 100% of Tirzzit in Morocco
• Aya is paying a total consideration of approximately US$4.9 million1 including US$800,000 in cash
as well as 622,728 Aya shares
• Aya acquires the following:
o Seven permits, comprising five exploration permits and two mining licenses, one of which
hosts a high-grade historical copper (“Cu”) mine
o Historical data including drill results and geophysics, which Aya will use to launch fieldwork
to enhance its understanding of Tirzzit
o A property totaling 67.7 square kilometers (“km”)
The transaction remains subject to final TSX approval and regulatory approval in the Kingdom of
Morocco. The Aya shares issued pursuant to the transaction are subject to 4 -month statutory hold
period, in accordance with applicable Canadian securities law.
Tirzzit Potential
• Historical copper mine offering near -surface silver and copper mineralization potential, with
historical drilling intercepts of up to 3.5% Cu
• Mineralization of historical deposit remains open in three directions
• No systematic exploration program using modern methods
• Easy road access and proximity to infrastructure
“The acquisition of Tirzzit fits with our objective of expanding our mineralized footprint in Morocco, and
accretively growing our resource base. It also provides long -term exposure to a new potential mining
district within trucking distance of Zgounder. Very little exploration has been carried out to date on the
new permits, offering our team a n opportunity to quickly unlock value for all stakeholders. We look
forward to launching a n exploration program and maximizing value in the near term ,” said Benoit La
Salle, President & CEO.
1 Total value estimated using a share price of CAD$8.666/share and an exchange rate USD/CAD: 1.3162
Next Steps
Aya will adopt a systematic approach to its exploration of Tirzzit, starting with a deeper analysis of
historical data, including drilling data , and by launching a fieldwork program on the propert ies before
year-end 2023. Depending on the results, a first drill program is envisaged in 2024.
Mineralization
The Tirzzit deposit lies within the western segment of the Tazoult inlier. The geology of the propert ies
is composed by Precambrian and Infra-Cambrian formations, so-called “Série de Base” overlain by
dolomites and limestones. The copper mineralization is mainly hosted within calcareous siltstones and
sandstones to sandy dolomites in the upper portion of the “Série de Base” Formation.
Figure 1: Location of Tirzzit Permits and Geological Context
Access
The Tirzzit properties are located some 225 km from Agadir on well-maintained paved highways, N10
and P1706, that run east for 205 km to Taliouine in the Taroudant province. Most of the remaining 12
km to the property are traveled on a paved road to the village of Tassousfi. The seven permits are
located almost contiguously, within 25 km of Zgounder.
Qualified Person
The technical disclosure in this news release has been approved by David Lalonde , BSc, Head of
Exploration, and a Qualified Personas defined in National Instrument 43 -101. He has not verified the
data disclosed, including sampling, analytical and test data, underlying the technical information in this
news release since such data is historical and the original drill core is not available.
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 maximises shareholder value by anchoring sustainability at the heart of its
production, resource, governance, and financial growth plans.
For additional information, please visit Aya’s website at www.ayagoldsilver.com.
Or contact
Benoit La Salle, FCPA MBA
President & CEO
Alex Ball
VP, Corporate Development & IR
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 man agement'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 “plans”, “expects”, “does not expect”, “deliver”, “plan”, “scheduled”,
“trends”, “indications”, “potential”, “estimates”, “predicts”, “anticipate”, “to establish”, “does not
anticipate”, “believe”, “intend”, “ability to” 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 and the conversion of Inferred Mineral Resources
into Measured and Indicated Mineral Resources, future opportunities for enhancing development at
Zgounder, and timing for the release of the Company's disclosure in connection with the foregoing.
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 closing and timing of
financing, 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 2022 Annual Information Form dated March 31, 2023, 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 d ocument 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
Figure 2– Tirzzit underground galleries
Figure 3 – Copper showing (malachite) outcrop at Tirzzit