Aya Gold & Silver Grows Measured and Indicated Mineral Resources by 116% at Zgounder
PRESS RELEASE
Aya Gold & Silver Grows Measured and Indicated Mineral Resources by
116% at Zgounder
Montreal, Quebec, December 14, 2021 - Aya Gold & Silver Inc. (TSX: AYA) (“A ya” or the
“Corporation”) is pleased to report an updated Mineral Resource Estimate for its Zgounder Silver
Mine in the Kingdom of Morocco.
Highlights - Overview as of December 13, 2021
• Measured and Indicated (“M&I”) Mineral Resources increased to 96.1 million (“M”) ounces
(“oz”) of silver (“Ag”), a 116% increase compared to March 2021
• Inferred Mineral Resources increased to 6.4 M oz Ag, a 1,519% increase compared to
March 2021
• High-grade Mineral Resources in the Measured classification: 3.5M tonnes (“t”) at 347 g/t
Ag for 39,183 oz
• The resulting Feasibility Study for a 2,000 tonnes per day (“tpd”) mine and process plant
expansion is targeted for completion in Q1-2022, bringing the total project to 2,700 tpd
• Focus on increasing Mineral Resource Estimate through 2022 drilling priority targets at
depth and along strike at Zgounder and on the Zgounder Regional properties
The updated Mineral R esource Estimate has an effective date of December 13, 2021 and
incorporates drill ing carried out on Zgounder between January and September 10, 2021.
Zgounder’s M&I Mineral Resources total 9.8Mt averaging 306 g/t Ag for 96.1M oz Ag. This
represents an increase of 116% compared to the March 20 21 M&I Mineral Resources of 44.4M
oz Ag (Table 1). This Mineral Resource Estimate will form the basis of the Corporation’s maiden
Mineral Reserve Estimate in conjunction with the Feasibility Study.
The Mineral R esource database update consists of 516 drill holes ( surface and underground
combined) for 41,932 metres (“m”) carried out on Zgounder. The drilling campaign had two
objectives: increase the confidence level of the Exploration Target area identified in March 2021,
and further extend mineralization in the eastern part of the Deposit. The Corporation succeeded
on both counts, extending the mineralized east-west strike from 775m to 1,100m in length and at
depth.
“We are pleased that our 2021 exploration program at Zgounder has delivered an updated Mineral
Resource Estimate that materially increases the M&I Mineral Resources and improves the overall
Mineral R esource grade . This represents a n 860% increase in M&I Mineral R esources since
management was appointed in April 2020. Based on our recent drill results, we remain confident
in our ability to further grow this already substantial Mineral Resource at depth and along strike,”
said Benoit La Salle, President and CEO. “ Our next priority will be completion of the Zgounder
expansion Feasibility Study in Q1 -2022, while continuing our ongoing step-out and infill drill
program.”
Table 1: Mineral Resource Estimate, Zgounder, as of December 13, 2021(1-12)
Area Classification Cut-Off (Ag g/t) Tonnes (k) Ag (g/t) Ag Oz (k)
Pit-
Constrained
Measured 65 108 477 1,656
Indicated 65 406 325 4,242
M&I 65 514 357 5,898
Out-of-Pit
Measured 75 3,403 343 37,527
Indicated 75 5,576 289 51,810
M&I 75 8,979 309 89,337
Inferred 75 542 367 6,395
Historical
Tailings Indicated 50 272 94 822
Total
Measured 65-75 3,511 347 39,183
Indicated 50-65-75 6,254 283 56,874
M&I 50-65-75 9,765 306 96,057
Inferred 65-75 542 367 6,395
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 that 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 a n 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 (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and
Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted
by the CIM Council.
4. A silver price of US$ 22.5/oz with a process recovery of 90%, US$ 20/t rock process cost, US$ 16.5/t tailings
process cost and US$7/t G&A cost were used.
5. The constraining pit optimization parameters were US$ 15/t of mineralized material (including waste mining)
and 50-degree pit slopes with a 65 g/t Ag cut-off.
6. The out -of-pit parameters used a US$22/t mining cost. The out -of-pit Mineral Resource grade blocks were
quantified above the 75 g/t Ag cut-off, below the constraining pit shell and within the constraining mineralized
wireframes. Out–of-pit Mineral Resources exhibit continuity and reasonable potential for extraction by the cut
and fill underground mining method.
7. The historical tailings parameters were at a US$ 9/t mining cost , and Mineral Resource grade blocks were
quantified above the 50 g/t Ag cut-off.
8. Individual calculations in tables and totals may not sum correctly due to rounding of original numbers.
9. Grade capping of 6,000 g/t Ag was applied to composites before grade estimation.
10. A bulk density value of 2.77 t/m 3 was determined from core samples and used for the Mineral Resource
Estimate.
11. 1.2m composites were used during grade estimation.
12. Previously mined areas of the deposit were depleted from the Mineral Resource Estimate.
Table 2: Cut-Off Sensitivity of Out-of-Pit M&I Mineral Resources (1-12)
Cut-Off (Ag g/t) Tonnes (k) Ag (g/t) Ag (k oz)
100 7,218 365 84,368
75 8,979 309 89,337
65 9,819 291 91,172
50 11,278 261 93,871
40 12,134 245 95,122
Figure 1: December 2021 Mineral Resource Estimate Update at Zgounder
Quality Assurance
For core drilling, all individual samples representing an approximate one metre in length of drill core,
were sawn in half. One of the drill core halves is kept on site for reference, and its counterpart is sent
for preparation and assaying to the African Laboratory for Mining and Environment (“Afrilab”) in
Marrakech, Morocco. All samples are analysed 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 re-
analysed using fire assaying. Certified reference materials, blanks and duplicates were introduced as
controls into the analytical sample stream. Additionally, Afrilab inserted their internal QA/QC controls.
Data Sources and Resource Estimation Methods
3D block models were created for the Zgounder Deposit and for the historical tailings located a few
hundred met res northwest of the mine site. A geological rock code system was introduced and
assigned to the various lithological units and mineralized domains. Continuity directions were
assessed based on the orientation of the domains and the spatial distribution of s ilver. Separate
variograms were generated for 1.2m down-hole silver composites within each domain. Mineralization
modelling, grade estimation and Mineral Resource reporting were conducted using Gemcom TM,
LeapfrogTM, Snowden Supervisor TM and NPV Scheduler TM software. Ordinary kriging was used for
grade estimation into 2.0m x 2.0m x 2.0m model blocks.
Qualified Persons
Marc-Antoine Audet, Ph.D. P. Geo, Geological Consultant and Aya Gold & Silver's Qualified Person ,
and Eugene Puritch, P. Eng , FEC, CET , President of P&E Mining Consultants Inc. , an independent
Qualified Person, have reviewed and approved the scientific and technical information in this press
release for accuracy and compliance with National Instrument 43-101.
An NI 43-101 compliant Technical Report will be filed on SEDAR within 45 days of this press release
P&E Mining Consultants Inc., an associate group of twenty professionals established in 2004,
provides geological and mine engineering consulting reports, Mineral Resource and Mineral Reserve
Estimates, NI 43 -101 Technical Reports, Preliminary Economic Assessments, Pre-Feasibility and
Feasibility Studies.
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 FCA
President & CEO
Alex Ball
VP, Corporate Development & IR
Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of Canadian securities
legislation. All information contained herein that is not clearly historical in nature may constitute
forward-looking information. Generally, such forward-looking information can be identified by the use
of forward -looking terminology such as “targeted”, “completion”, “increasing”, “confident”,
“completing”, “continuing”, “objective”, “ongoing”, “improves”, “will”, “focused”, “present”,
“reasonable”, “established”, “has”, “demonstrate”, “potential”, “expect” or variations of such words
and phrases or state that certain actions, events or results "may", "could", "would" or "might". Forward-
looking information is subject to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of the Corporation to be
materially different from those expressed or implied by such forward -looking information, including
but not limited to: (i) volatile stock price; (ii) the general global markets and economic conditions; (iii)
the possibility of write-downs and impairments; (iv) the risk associated with exploration, development
and operations of mineral deposits including the accuracy of the current Mineral Reserve and Mineral
Resource Estimates of the Corporation (including, but not limited to, ore tonnage and ore grade
estimates) and mine plans for the Corporation’s mining operations (including, but not limited to,
throughput and recoveries being aff ected by metallurgical characteristics); (v) the risk associated
with establishing title to mineral properties and assets including permitting, development, operations
and production from the Corporation’s operations being consistent with expectations and
projections; (vi) fluctuations in commodity prices and other risks and factors described or referred to
in the section entitled "Risk Factors" in the MD&A of the Corporation and which is available at
www.sedar.com, all of which should be reviewed in conjunction with the information found in this
news release.
Although the Corporation has attempted to identify important factors that could cause actual results
to differ materially from those contained in the forward -looking information, there may be other
factors that cause results not to be as anticipated, estimated or intended. There can be no assurance
that such forward-looking information will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such forward -looking information. Such forward -
looking information has been provided for the purpose of assisting investors in understanding the
Corporation's business, operations and exploration plans and may not be appropriate for other
purposes. Accordingly, readers should not place undue reliance on forward -looking information.
Forward-looking information is given as of the date of this press release, and the Corporation does
not undertake to update such forward -looking information except in accordance with applicable
securities laws.