Aya Gold & Silver Announces High-Grade Silver Drilling Results at Zgounder and Updates on Zgounder Regional Drilling Program
PRESS RELEASE
.
Aya Gold & Silver Announces High-Grade Silver Drilling Results at Zgounder and
Updates on Zgounder Regional Drilling Program
Montreal, Quebec, May 30, 2023 - Aya Gold & Silver Inc. (TSX: AYA ; OTCQX: AYASF ) (“A ya” or the
“Corporation”) is pleased to announce additional drill results, confirming high-grade silver mineralization
at the Zgounder Silver Mine and to provide an update on the Zgounder Regional exploration campaign in
the Kingdom of Morocco.
Key Highlights (all intersections are in core lengths)
o Diamond drill hole (“DDH”) DZG-SF-22-156 intercepted 1,332 grams per tonne (“g/t”) silver (“Ag”)
over 5.0 meters (“m”), and 1,158 g/t Ag over 4.5m, while DZG-SF-22-164 intersected 918 g/t Ag
over 9.0m.
o In the open-pit area , reverse circulation (“RC”) drill hole ZG-RC-23-2260-70 intercepted
1,611 g/t Ag over 27m including 4,771 g/t Ag over 5.0m and ZG-RC-23-2260-99 intercepted
795 g/t Ag over 14.0m including 4,734 g/t Ag over 2.0m.
o At the central zone from the 2,000m level
o hole TD28-23-2000-591 intercepted 645 g/t Ag over 12.0m including
▪ 2,127 g/t Ag over 2.4m
o hole TD28-23-2000-403 intercepted 815 g/t Ag over 10.8m including
▪ 2,596 g/t Ag over 2.4m
o At the central zone from the 1,975m level,
o hole TD28-23-1975-536 intercepted 1,209 g/t Ag over 10.8m including
▪ 2,482 g/t Ag over 4.8m
o hole TD28-23-1975-572 intercepted 712 g/t Ag over 10.8m including
▪ 1,171 g/t Ag over 6.0m
o From surface in the eastern area, hole ZG-23-02 intercepted 1,753 g/t Ag over 6.5m, and hole ZG-
23-07 in the western limit of the central area intercepted 3,460 g/t Ag over 2.0m.
o From the Zgounder Regional campaign, hole ZGW-22-06 intercepted 1.22% zinc (“ Zn”) over
85.5m including 1.91% Zn over 5.0m and hole AM-22-001 intercepted 0.93% copper (“Cu”) over
6.0m including 1.27% Cu over 3.0m.
“Today’s drilling results grow the mineralized footprint of the Zgounder deposit with intercepts such as
ZG-23-02 continuing to deliver high-grade intersections outside of the current resource envelope,” said
Benoit La Salle, President & CEO . “Hole ZG-RC-23-2260-70, which is the f ifth-highest drill intercept on a
grade-thickness basis, particularly demonstrates the continuity of the deposit. Further, preliminary results
from the Zgounder Regional program, although anomalous, confirm the potential for the discovery of
satellite deposits for the Zgounder Mine.”
Included in this release are results for 278 holes, which include 40 surface DDH, 23 underground DDH, 63
RC drill holes from pit definition drilling, 126 T28 and 26 YAK (T28 & YAK: percussion drilling using an air-
compressed hammer) holes. For a full summary of today’s results, refer to Appendix 1 and 2.
Table 1 – Significant Intercepts from Drilling at Zgounder (core lengths)
DDH No. From To Ag Length
(m)*
Ag x
width (g/t)
Surface DDH
ZG-23-02 38.0 44.5 1,753 6.5 11,392
including 41.5 43.5 5,057 2.0 10,113
ZG-23-07 85.0 87.0 3,460 2.0 6,920
Surface RC
ZG-RC-23-2260-70 22.0 49.0 1,611 27.0 43,508
including 29.0 34.0 4,771 5.0 23,853
including 39.0 42.0 4,217 3.0 12,652
ZG-RC-23-2260-99 3.0 17.0 795 14.0 11,126
including 8.0 10.0 4,734 2.0 9,468
Underground DDH
DZG-SF-22-156 17.0 22.0 1,332 5.0 6,660
DZG-SF-22-156 67.0 71.5 1,158 4.5 5,210
DZG-SF-22-164 49.5 58.5 918 9.0 8,264
including 52.5 55.5 2,021 3.0 6,063
Underground T28
TD28-23-1975-536 2.4 13.2 1,209 10.8 13,055
including 2.4 7.2 2,482 4.8 11,911
TD28-23-1975-572 2.4 13.2 712 10.8 7,687
including 2.4 8.4 1,171 6.0 7,025
TD28-23-1975-573 6.0 15.6 756 9.6 7,261
including 7.2 9.6 2,601 2.4 6,242
TD28-23-1975-574 4.8 9.6 1,358 4.8 6,517
including 7.2 9.6 2,598 2.4 6,235
TD28-23-1975-576 2.4 8.4 875 6.0 5,251
TD28-23-2000-591 0.0 12.0 645 12.0 7,740
including 3.6 6.0 2,127 2.4 5,104
TD28-23-2000-593 0.0 10.8 815 10.8 8,797
including 3.6 6.0 2,596 2.4 6,230
Underground YAK
YAKD-23-1950-175 7.2 18.0 1,168 10.8 12,618
YAKD-23-2100-184 18.0 20.4 2,507 2.4 6,018
YAKD-23-2100-188 14.4 21.6 896 7.2 6,453
YAKD-23-2100-190 14.4 19.2 1 231 4.8 5,906
1 Holes were drilled at various angles; true widths are not known at this time.
2 All assay results are above the cut-off grade of 75 g/t Ag.
Figure 1: Location of DDH Results at Zgounder
Zgounder Regional Update
At end of April 2023, a total of 6,914m in 33 drill holes had been drilled on Zgounder Regional permits
(Appendix 2) focusing on the Zgounder Far West, Tala and Izza areas. For the location of the drill holes,
refer to Figure 2 and Appendix 3. Most drill intercepts returned anomalous results, especially in Zn and
Cu, as well as some anomalous silver intercepts (Table 2 and Appendix 2). As the campaign progresses,
new areas will be drill tested in addition to the anomalous zones.
Figure 2: Location of DDH Results at Zgounder Regional
Table 2 – Significant Intercepts from Drilling at Zgounder Regional (core lengths)
DDH No. From
(m)
To
(m)
Au
(g/t)
Ag
(g/t)
Length
(m)*
Cu
(%)
Pb
(%)
Zn
(%)
Ag
Eq**
(g/t)
AgEq
x
width
TALA
AM-22-001 113.5 115.0 0.03 8 1.5 0.36 0.11 0.14 68 103
AM-22-001 116.5 122.5 0.03 18 6.0 0.93 0.10 0.33 163 979
including 117.0 120.0 0.03 23 3.0 1.27 0.09 0.23 205 616
AM-22-001 135.5 137.0 0.03 13 1.5 0.46 0.01 0.10 81 122
AM-22-002 183.0 184.0 0.03 8 1.0 0.01 0.94 1.52 124 124
AM-22-002 250.5 253.0 0.03 4 2.5 0.01 0.11 0.92 61 152
AM-22-002 260.0 261.0 0.03 24 1.0 1.17 0.02 0.05 182 182
AM-22-003 33.0 34.0 0.03 8 1.0 0.03 0.30 1.82 122 122
AM-22-003 35.5 37.0 0.03 20 1.5 0.84 0.14 0.56 166 250
AM-22-003 42.0 43.0 0.03 16 1.0 0.66 0.08 0.27 122 122
AM-22-006 103.5 106.5 0.03 8 3.0 0.39 0.12 0.48 90 270
AM-22-021 8.5 10.0 0.03 76 1.5 0.01 0.01 0.01 80 121
AM-22-021 166.0 171.5 0.03 5 5.5 0.08 0.12 1.24 89 488
AM-23-017 142.0 144.0 0.04 8 2.0 0.66 0.01 0.02 99 198
AM-23-020 51.0 53.0 0.03 5 2.0 0.13 0.10 1.05 83 167
IZZA
AK-23-001 69.0 70.5 0.03 4 1.5 0.64 0.01 0.01 90 136
AK-23-001 81.0 82.0 0.03 5 1.0 0.76 0.01 0.01 107 107
AK-23-002 49.0 50.0 0.03 9 1.0 1.21 0.01 0.02 171 171
AK-23-003 118.5 120.0 0.03 4 1.5 0.49 0.01 0.01 71 106
ZGOUNDER FAR WEST
ZGW-22-01 8.5 19.0 5 10.5 0.02 0.13 1.00 66 693
ZGW-22-01 21.0 22.5 4 1.5 0.08 0.11 0.93 68 102
ZGW-22-01 30.5 35.0 6 4.5 0.02 0.20 1.33 87 393
ZGW-22-01 43.5 58.0 5 14.5 0.17 0.12 0.92 80 1,164
including 51.0 52.0 49 1.0 1.89 0.06 0.71 336 336
ZGW-22-01 104.0 110.5 2 6.5 0.02 0.11 0.99 62 405
ZGW-22-01 129.5 134.0 5 4.5 0.28 0.03 0.42 65 294
ZGW-22-01 153.5 155.0 4 1.5 0.48 0.01 0.03 69 103
ZGW-22-02 73.5 75.0 1 1.5 0.24 0.07 0.67 71 106
ZGW-22-02 104.5 112.0 3 7.5 0.19 0.08 0.57 61 459
ZGW-22-02 137.5 139.0 4 1.5 0.04 0.05 3.00 173 260
ZGW-22-03 53.0 57.0 3 4.0 0.01 0.01 0.94 56 224
ZGW-22-03 80.5 82.5 6 2.0 0.02 0.03 0.84 55 110
ZGW-22-03 101.5 102.5 5 1.0 0.07 0.03 1.66 104 104
ZGW-22-03 122.0 127.5 22 5.5 0.04 0.19 0.47 59 326
ZGW-22-03 134.0 137.0 8 3.0 0.03 0.16 0.99 71 212
ZGW-22-03 149.0 151.0 4 2.0 0.02 0.22 0.88 61 121
ZGW-22-03 153.5 157.5 16 4.0 0.03 0.44 1.37 108 432
ZGW-22-03 163.0 179.0 6 16.0 0.07 0.14 0.87 67 1,066
ZGW-22-03 187.5 201.0 5 13.5 0.04 0.16 0.99 70 941
ZGW-22-03 209.0 216.0 12 7.0 0.40 0.11 0.84 113 790
ZGW-22-03 303.0 305.0 12 2.0 0.08 0.12 1.61 113 225
ZGW-22-04 116.5 119.5 6 3.0 0.34 0.01 0.22 62 185
ZGW-22-04 197.5 203.5 36 6.0 0.02 0.19 0.94 96 577
including 201.5 203.5 66 2.0 0.03 0.10 1.32 144 287
ZGW-22-04 207.5 208.5 8 1.0 0.03 0.08 2.06 126 126
ZGW-22-04 224.5 253.5 9 29.0 0.33 0.11 0.85 102 2,945
including 238.0 241.0 43 3.0 2.54 0.06 0.44 399 1,197
ZGW-22-06 0.0 17.5 4 17.5 0.07 0.10 0.86 64 1,114
ZGW-22-06 20.5 52.5 5 32.0 0.07 0.09 1.13 78 2,506
including 40.5 46.5 5 6.0 0.09 0.12 1.68 111 668
ZGW-22-06 65.5 94.0 8 28.5 0.04 0.12 0.97 69 1,973
including 79.0 81.0 14 2.0 0.04 0.29 1.60 115 230
ZGW-22-06 97.0 182.5 12 85.5 0.06 0.21 1.22 92 7,908
including 116.0 127.0 12 11.0 0.09 0.39 1.77 132 1,447
including 160.0 165.0 15 5.0 0.09 0.31 1.91 139 693
ZGW-22-06 230.0 266.5 6 36.5 0.03 0.12 1.06 71 2,575
ZGW-22-06 284.5 288.0 14 3.5 0.03 0.14 1.25 89 311
ZG-22-76 37.0 42.0 7 5.0 0.04 0.06 0.78 56 281
¹ Holes were drilled at various angles; true widths are not known at this time.
2 Ag equivalent is based on a 100% recovery with the following ratio: 1 g/t Au: 93.4 g/t Ag; 1% Cu:130.4 Ag; 1% Pb: 31.8 Ag;
1% Zn: 54.1 Ag.
Quality Assurance
For core drilling, all individual samples represent approximately one met er in length of core, which is
halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and
assaying to African Laboratory for Mining and Environment (“Afrilab”) in Marrakech , Morocco. All
samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by atomic
absorption spectroscopy (“AAS”). Samples grading above 200 g/t Ag are reanalyzed using fire assaying.
For definition drilling using T28 dri lling equipment, all individual sample s represent 1.2m in length.
Samples are assayed at either the Zgounder Mine laboratory or at Afrilab. At Afrilab, all samples are
analyzed for silver, copper, iron, lead, and zinc using Aqua regia and finished by AAS. Samples grading
above 200 g/t Ag are reanalyzed using fire assaying. At ZMSM, all samples are analyzed for silver only
using Aqua regia and finished by AAS. Rigorous quality controls (QaQc) are applied at both locations.
David Lalonde, B.Sc. P. Geo, Head of Exploration, is Aya Gold & Silver’s Qualified Person and has reviewed
this press release for accuracy and compliance with National Instrument 43-101.
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 has been focused on maximising shareholder value by anchoring sustainability
at the heart of its operations, 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 management ’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 ot her opportunities.
Wherever possible, words such as “grow”, “deliver”, “potential”, “confirm”, “de-risk”, “expect”,
“demonstrate”, “continuity”, “potential”, “continue”, “expand”, “seems”, 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 , the conversion of
Inferred Mineral Resources into Measured and Indicated Mineral Resources and future opportunities for
enhancing development at Zgounder. 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 futu re developments that management believe to be
reasonable and relevant but that may prove to be incorrect. These assumptions include, among other
things, 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 avail able on SEDAR at www.sedar.com. Aya does not
undertake any obligation to update forwa rd-looking statements should assumptions related to these
plans, estimates, projections, beliefs, and opinions change. Nothing in this document should be
construed as either an offer to sell or a solicitation to buy or sell Aya securities. All references t o Aya
include its subsidiaries unless the context requires otherwise.
Appendix 1 - Mineral Intercepts from Drilling at Zgounder (core lengths)
DDH No. From To Ag Length
(m)*
Ag x
width (g/t)
Surface DDH
ZG-23-02 38.0 44.5 1,753 6.5 11,392
including 41.5 43.5 5,057 2.0 10,113
ZG-23-02 75.0 76.5 150 1.5 225
ZG-23-05 67.5 70.5 117 3.0 350
ZG-23-07 85.0 87.0 3,460 2.0 6,920
ZG-23-08 3.0 5.5 590 2.5 1,474
ZG-23-08 10.0 11.5 120 1.5 180
ZG-23-08 16.0 19.0 213 3.0 639
ZG-23-08 93.5 95.0 87 1.5 131
Surface RC
ZG-RC-23-2260-118 26.0 27.0 220 1.0 220
ZG-RC-23-2260-119 5.0 6.0 82 1.0 82
ZG-RC-23-2260-69 11.0 13.0 342 2.0 684
ZG-RC-23-2260-69 17.0 22.0 110 5.0 552
ZG-RC-23-2260-70 22.0 49.0 1,611 27.0 43,508
including 29.0 34.0 4,771 5.0 23,853
including 39.0 42.0 4,217 3.0 12,652
ZG-RC-23-2260-86 20.0 22.0 101 2.0 202
ZG-RC-23-2260-86 26.0 29.0 85 3.0 254
ZG-RC-23-2260-86 32.0 33.0 156 1.0 156
ZG-RC-23-2260-86 35.0 36.0 124 1.0 124
ZG-RC-23-2260-98 0.0 7.0 327 7.0 2,292
ZG-RC-23-2260-99 3.0 17.0 795 14.0 11,126
including 8.0 10.0 4,734 2.0 9,468
ZG-RC-23-2260-99 27.0 29.0 137 2.0 274
Underground DDH
DZG-SF-22-156 17.0 22.0 1,332 5.0 6,660
DZG-SF-22-156 60.0 60.5 138 0.5 69
DZG-SF-22-156 67.0 71.5 1,158 4.5 5,210
DZG-SF-22-163 89.0 92.0 165 3.0 494
DZG-SF-22-164 13.5 15.5 157 2.0 315
DZG-SF-22-164 27.0 28.0 79 1.0 79
DZG-SF-22-164 32.0 36.0 249 4.0 996
DZG-SF-22-164 49.5 58.5 918 9.0 8264
including 52.5 55.5 2,021 3.0 6,063
DZG-SF-22-167 54.0 55.0 99 1.0 99
DZG-SF-22-167 105.0 106.5 2,320 1.5 3,480
DZG-SF-22-167 108.0 109.5 100 1.5 150
DZG-SF-22-170 16.5 18.0 808 1.5 1,212
DZG-SF-22-170 43.5 49.5 615 6.0 3,688
DZG-SF-23-196 26.0 28.0 195 2.0 390
DZG-SF-23-196 36.0 37.0 88 1.0 88
DZG-SF-23-196 38.0 40.0 111 2.0 223
DZG-SF-23-196 50.0 51.0 144 1.0 144
DZG-SF-23-196 56.0 58.0 113 2.0 226
DZG-SF-23-203 88.0 88.5 77 0.5 39