Aya Gold & Silver Announces Robust Mineral Resource Estimate at Boumadine
PRESS RELEASE
Aya Gold & Silver Announces Robust Mineral Resource Estimate at Boumadine
Montreal, Quebec, April 16, 2024 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF ) (“Aya” or th e
“Corporation”) is pleased to announce a Mineral Resource Estimate (“MRE”) prepared in accordance
with National Instrument 43 -101 – Standards of Disclosure for Mineral Projects (“NI 43 -101”) at its
Boumadine Project in the Kingdom of Morocco. The MRE contains an Inferred Mineral Resource of 23.6
million tonnes (“Mt”) at 85 grams per tonne (“g/t”) silver (“Ag”), 2.62 g/t gold (“Au”), 2.32% zinc (“Zn”)
and 0.84% lead (“Pb”) containing an estimated 64.7 million ounces (“Moz”) of Ag, 1.98 Moz of Au, 546
thousand tonnes (“kt”) of Zn and 198 kt of Pb and an Indicated Mineral Resource of 2.0Mt at 113 g/t Ag,
2.51 g/t Au, 4.32% Zn and 1.07% Pb containing an estimated 7.4 Moz of Ag, 165 koz of Au, 88 kt of Zn
and 22 kt of Pb.
Highlights
• Indicated Mineral Resources of 2 .0Mt at 113 g/t Ag, 2.51 g/t Au, 4.32% Zn and 1. 07% Pb
containing an estimated 7.4 Moz of Ag, 165 koz of Au, 88 kt of Zn and 22 kt of Pb.
• Inferred Mineral Resources of 23.6 Mt at 85g/t Ag, 2.62 g/t Au, 2.3 2% Zn and 0.8 4% Pb
containing an estimated 64.7 Moz of Ag, 1.98 Moz of Au, 546 kt of Zn and 198 kt of Pb.
• 41% of the Inferred Mineral Resource is pit-constrained and reported above a cut-off net smelter
royalty (“NSR”) value of $95/t, and 59% deemed for underground development NSR cut-off value
of US$125/t.
• Additional Mineral Resource potential exists to expand the deposit in all directions for future
Mineral Resource estimation. Less than 10% of the Boumadine land package has been drilled,
and new targets are being generated by the ongoing geophysical airborne survey.
“We are thrilled to announce a Mineral Resource update at Boumadine, which represents a significant
milestone for the Corporation,” said Benoit La Salle, President & CEO. “In under two years, we have
delivered 72 Moz of silver and 2.1 Moz of Au or 352 Moz AgEq at 427 g/t AgEq in all classifications
from a mineralized footprint that continues to grow and remains open in all directions. This result
implies presence of 4.1 Moz AuEq at 5 g/t AuEq. Additionally, drilling has focused solely on the mining
permit, a small portion of the overall mineralized footprint. We will continue to consolidate the area
and aggressively drill the extensions of the main trend with a view to growing the Mineral Resource.
I am extremely please d with the improveme nt of t he most important metric, silver oz per share
(AgEq/share), which has increased from 0.12 AgEq per share in April 2020 to 3.5 AgEq per share
following this Mineral Resource Estimate. This Mineral Resource Estimate clearly demonstrates that
Boumadine has the potential to become a generational asset.”
Boumadine Mineral Resource
The MRE has an effective date of April 15, 2024, and incorporates drilling from 2018 until December 7,
2023, with the addition of 4 later drill hole s with results received in early 2024 . The MRE database
consists of 336 surface diamond drill holes totalling 96,301m.
Historical mining was not depleted from the MRE since the exact position and physical extent could not
be measured accurately . From the historical production reports , approximately 261 kt of mineralized
material were extracted and processed (approximately 1% of the current MRE), therefore it is considered
not material. Historical tailings were excluded from the MRE since the bulk density, volumes and grades
were not properly evaluated at this phase. Molybdenum was excluded both from the cut-off and AgEq /
AuEq calculation since the process recoveries were not evaluated at this stage.
Table 1 –Boumadine MRE, as of April 15, 2024 (1-12)
Cutoff Tonnes
Average Grade Contained Metal
Ag Au Cu Pb Zn AgEq AuEq Ag Au Cu Pb Zn AgEq AuEq
NSR
US$/t (kt) (g/t) (g/t) (%) (%) (%) (g/t) (g/t) (koz) (koz) (kt) (kt) (kt) (koz) (koz)
Pit-
constrained
Indicated
95 995 145 2.71 0.17 1.58 5.92 634 7.40 4,647 87 2 16 59 20,299 237
Pit-
constrained
Inferred
95 8,474 103 2.97 0.10 0.79 2.54 475 5.54 28,087 808 8 67 215 129,478 1,510
Out-of-pit
Indicated 125 1,046 82 2.33 0.11 0.58 2.79 402 4.69 2,751 78 1 6 29 13,533 158
Out-of-pit
Inferred 125 15,096 76 2.42 0.07 0.87 2.19 389 4.53 36,653 1,175 11 131 330 188,663 2,198
Total
Indicated 95/125 2,042 113 2.51 0.14 1.07 4.32 515 6.01 7,398 165 3 22 88 33,832 395
Total
Inferred 95/125 23,569 85 2.62 0.08 0.84 2.32 420 4.89 64,740 1,983 19 198 546 318,141 3,708
1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of
Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio -political,
marketing, or other relevant issues. There is no certainty that Mineral Resources will be converted to Mineral Reserves.
2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral
Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred
Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
3. The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining,
Metallurgy and Petroleum (the “CIM”) Standards on Mineral Resources and Mineral Reserves Definitions (2014) and
Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the
CIM Council, as may be amended from time to time.
4. A silver price of US$21/oz with a process recovery of 89%, a gold price of US$1,900/oz with a process recovery of
85%, a zinc price of US$1.20/lb with a process recovery of 72%, a lead price of US$1.00/lb with a process recovery of
85%, and a copper price of US$4.00/lb with a process recovery of 75% were used in establishing the MRE.
5. AgEq = Ag(g/t) + (Au(g/t) *Au price/oz*Au recovery)/(Ag price/oz*Ag recovery) + Zn(%)*Zn price/lb* Zn recovery/(Ag
price/oz*Ag recovery)*685.7147973 + Pb(%)*Pb price/lb* Pb recovery/(Ag price/oz*Ag recovery)*685.7147973 +
Cu(%)*Cu price/lb* Cu recovery/(Ag price/oz*Ag recovery)*685.7147973
6. AuEq = Au(g/t) + (Ag(g/t) *Ag price/oz*Ag recovery)/(Au price/oz*Au recovery) + Zn(%)*Zn price/lb* Zn recovery/(Au
price/oz*Au recovery)*685.7147973 + Pb(%)*Pb price/lb* Pb recovery/(Au price/oz*Au recovery)*685.7147973 +
Cu(%)*Cu price/lb* Cu recovery/(Au price/oz*Au recovery)*685.7147973.
7. The constraining pit optimization parameters were US$ 3/t for mineralized material mining. US$2/t for waste mining
US$89/t for processing and US$6/t for G&A totalling US$95/t for a cut-off and 50-degree pit slopes.
8. The out-of-pit parameters used a US$30/t mining cost, US$89/t processing cost and US$6/t G&A totalling US$125/t
for a cut-off The out-of-pit Mineral Resource grade blocks were quantified above the US$125 NSR cut-off, below the
constraining pit shell and within the constraining mineralized wireframes. Out –of-pit Mineral Resources exhibit
continuity and reasonable potential for extraction by the long hole underground mining method.
9. Individual calculations in tables and totals may not sum due to rounding of original numbers.
10. Grade capping of 800 g/t Ag, 30 g/t Au, 28% Zn, 10% Pb and 1.4% Cu was applied to composites before grade
estimation.
11. Bulk density was evaluated separately for each individual vein with values ranging from 3.20 to 4.00 t/m3 determined
from drill core samples and used for the MRE. For oxidized and transitional material, a bulk density of 2.65 t/m3 was
used.
12. 1.0 m composites were used during grade estimation.
Table 2 – Cut-Off Sensitivity MRE (1-12)
Indicated Out-of-Pit Resources
Cutoff Tonnes Ag Ag Au Au Cu Pb Zn AgEq AgEq AuEq AuEq
NSR US$/t (kt) (g/t) (koz) (g/t) (koz) (%) (%) (%) (g/t) (koz) (g/t) (koz)
145 895 88 2,529 2.48 71 0.12 0.59 2.98 428 12,307 4.99 144
140 930 86 2,585 2.44 73 0.12 0.59 2.94 422 12,609 4.92 147
135 962 85 2,636 2.41 75 0.12 0.59 2.90 416 12,872 4.85 150
130 997 84 2,690 2.37 76 0.12 0.59 2.86 410 13,153 4.78 153
125 1,046 82 2,751 2.33 78 0.11 0.58 2.79 402 13,533 4.69 158
120 1,110 79 2,815 2.28 81 0.11 0.58 2.72 392 13,999 4.57 163
115 1,202 75 2,888 2.22 86 0.11 0.58 2.62 379 14,649 4.42 171
110 1,250 73 2,944 2.18 88 0.10 0.58 2.58 373 14,983 4.34 175
105 1,288 72 2,988 2.15 89 0.10 0.58 2.56 368 15,236 4.29 178
Inferred Out-of-Pit Resources
Cutoff Tonnes Ag Ag Au Au Cu Pb Zn AgEq AgEq AuEq AuEq
NSR US$/t (kt) (g/t) (koz) (g/t) (koz) (%) (%) (%) (g/t) (koz) (g/t) (koz)
145 11,525 82 30,503 2.78 1031 0.08 0.90 2.22 429 159,110 5.00 1,854
140 12,169 81 31,662 2.71 1060 0.08 0.89 2.21 421 164,749 4.91 1,920
135 12,960 79 33,068 2.62 1093 0.08 0.89 2.20 412 171,489 4.80 1,998
130 13,867 78 34,627 2.53 1129 0.07 0.88 2.20 401 178,959 4.68 2,085
125 15,096 76 36,653 2.42 1175 0.07 0.87 2.19 389 188,663 4.53 2,198
120 16,295 74 38,554 2.33 1220 0.07 0.85 2.17 377 197,736 4.40 2,304
115 17,362 72 40,051 2.26 1263 0.07 0.83 2.13 368 205,358 4.29 2,393
110 18,602 70 41,635 2.19 1310 0.07 0.82 2.09 358 213,877 4.17 2,492
105 20,004 67 43,277 2.12 1366 0.06 0.79 2.03 347 222,949 4.04 2,598
Indicated In-Pit Resources
Cutoff Tonnes Ag Ag Au Au Cu Pb Zn AgEq AgEq AuEq AuEq
NSR US$/t (kt) (g/t) (koz) (g/t) (koz) (%) (%) (%) (g/t) (koz) (g/t) (koz)
120 948 151 4,587 2.80 85 0.18 1.62 6.10 655 19,968 7.65 233
115 957 150 4,600 2.78 86 0.18 1.61 6.06 651 20,034 7.60 234
110 975 148 4,627 2.74 86 0.18 1.60 6.01 643 20,170 7.51 235
105 982 147 4,636 2.73 86 0.18 1.59 5.98 640 20,221 7.47 236
100 989 146 4,641 2.72 86 0.17 1.59 5.94 637 20,265 7.43 236
95 995 145 4,647 2.71 87 0.17 1.58 5.92 634 20,299 7.40 237
90 1,000 145 4,652 2.70 87 0.17 1.58 5.90 632 20,330 7.37 237
85 1,010 144 4,665 2.68 87 0.17 1.57 5.86 628 20,384 7.32 238
80 1,032 142 4,698 2.63 87 0.17 1.55 5.78 618 20,503 7.21 239
75 1,042 141 4,709 2.61 87 0.17 1.54 5.74 614 20,552 7.16 240
70 1,048 140 4,714 2.60 88 0.17 1.53 5.71 611 20,582 7.12 240
Inferred In-Pit Resources
Cutoff Tonnes Ag Ag Au Au Cu Pb Zn AgEq AgEq AuEq AuEq
NSR US$/t (kt) (g/t) (koz) (g/t) (koz) (%) (%) (%) (g/t) (koz) (g/t) (koz)
120 6,952 116 25,827 3.48 778 0.12 0.77 2.47 531 118,680 6.19 1,384
115 7,259 113 26,331 3.37 786 0.11 0.78 2.48 519 121,011 6.05 1,411
110 7,564 110 26,833 3.26 792 0.11 0.79 2.49 507 123,269 5.91 1,438
105 7,878 108 27,301 3.15 798 0.11 0.79 2.51 496 125,505 5.78 1,464
100 8,201 105 27,736 3.05 803 0.10 0.79 2.53 484 127,722 5.65 1,490
95 8,474 103 28,087 2.97 808 0.10 0.79 2.54 475 129,478 5.54 1,510
90 8,711 101 28,383 2.90 812 0.10 0.78 2.55 467 130,929 5.45 1,527
85 8,890 100 28,590 2.85 815 0.10 0.78 2.55 462 131,957 5.38 1,539
80 9,050 99 28,759 2.81 817 0.10 0.77 2.54 456 132,818 5.32 1,549
75 9,167 98 28,878 2.78 819 0.10 0.77 2.53 453 133,408 5.28 1,556
70 9,300 97 28,999 2.75 821 0.09 0.77 2.52 448 134,037 5.23 1,563
Figure 1 – Location of Zones included in Boumadine Mineral Resource Estimate, with drill holes and
magnetic data (residual total field)
Figure 2 – Surface Plan of Boumadine with mineralized envelope included in the Mineral Resource
Estimate
Figure 3 – Longitudinal projection of the block model of Boumadine Mineral Resource Estimate
Figure 4 – Typical vertical cross-section of the Central Zone of Boumadine (Section 8850N)