Aya Gold & Silver Provides Annual Exploration Update
PRESS RELEASE
Aya Gold & Silver Provides Annual Exploration Update
Montreal, Quebec, January 21, 2025 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or
the “Corporation”) provides an annual exploration update on its 2024 drill exploration program at the
Zgounder Silver Mine and the Boumadine Project in the Kingdom of Morocco.
Highlights1
• Zgounder Mine Exploration:
• Significant mineralization at depth toward the granite contact, extension of the open pit
and West near the fault.
• Hole DZG-SF-24-172 intercepted 2,165 g/t grams per tonne (“g/t”) silver (“Ag”) over
21.0 meters (“m”), including 4,600 g/t Ag over 3.5m
• Hole ZG-RC-24-277 intercepted 2,425 g/t Ag over 17.0m including 6,311 g/t Ag over
5.0m
• Hole ZG-RC-24-228 intercepted 1,356 g/t Ag over 20.0m, including 1,799 g/t Ag over
14.0m
• Hole ZG-SF-24-200 intercepted 1,151g/t Ag over 21.0m, including 3,290 g/t Ag over
6.0m
• Hole ZG-RC-24-028 intercepted 986 g/t Ag over 24.0m, including 4,418 g/t Ag over
4.0m
• Completed 46,188m of drilling at Zgounder near mine and regionally.
• Boumadine Exploration:
• Extension of Boumadine Main trend to 5.4 kilometer (“km”) with intersections including:
• Hole BOU-DD23-223 intercepted 763 g/t silver equivalent (“AgEq”) over 38.3m (1.53 g/t
gold (“Au”), 311 g/t Ag, 4.4% zinc (“Zn”), 1.8% lead (“Pb”) and 0.04% copper (“Cu”)
• Hole BOU-DD23-230 intercepted 991 g/t AgEq over 17.6m (2.64 g/t Au, 247 g/t Ag,
7.7% Zn, 1.2% Pb and 0.3% Cu
• Extension of Tizi Zone to 2.0km with intersection such as:
• Hole BOU-DD24-310 intercepted 445 g/t AgEq over 13.7m (4.9 g/t Au, 42 g/t Ag,
0.4% Zn, 0.4% Pb and 0.06% Cu
• Hole BOU-DD24-306 intercepted 1,021 g/t AgEq over 3.0m (11.5 g/t Au, 89 g/t Ag,
0.8% Zn, 0.2% Pb and 0.2% Cu
• Announcement of Mineral Resources Estimate (“MRE”) with Inferred Mineral Resource of
23.6 million tonnes (“Mt”) 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.
• 15 exploration permits added, expanding the Boumadine exploration footprint to 252.5
square kilometres (“km2”).
• Completion of 219 drillholes totalling 107,683m within the Boumadine main trend and
other targets.
• Completion of an extensive helicopter-borne MobileMT electromagnetic and magnetic
survey that covers an area of 1,266 km².
1 All intersections are in core lengths. The holes were drilled at different angles; the actual thickness is not known at this time.
Ag equivalent is based on 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% resulting in the following ratios: 1g/t Au: 76.9 g/t Ag;
1% Cu: 97.63 g/t Ag; 1% Pb: 27.7 g/t Ag; and 1% Zn: 28.1 g/t Ag.
“Exploration success at both Zgounder and Boumadine during 2024 has been instrumental in driving
the growth of our assets, with exceptional intercepts highlighting the potential to significantly
increase high-grade ounces in the near term,” commented Benoit La Salle, President & CEO. “Our
completion of over 150,000 meters of drilling, combined with the use of high -resolution spectral
imagery and geophysics technology, have been crucial in achieving exploration success and
uncovering new opportunities. By expanding our footprint with the addition of over 150 km² of
ground in Morocco, we are committed to creating value for all shareholders through the drill bit and
will continue this growth momentum into 2025.”
Summary of Exploration Results
Zgounder Exploration
The Zgounder Mine is a volcanic Ag mineralization sediment hosted deposit, underground and open
pit mine in the central Anti-Atlas mountains of Morocco. Best intercepts for 2024 are shown in Table
1.
• For the period of January to December 2024, a total of 35,469m were completed. (Figure 1)
• Infill drilling, underground and surface, on the high-grade mineralization at the main orebody
confirmed the mineralization and extended underground production zones. Results include:
DZG-SF-24-172 with 21.0m at 2,165 g/t Ag including 3.5m at 4,600 g/t Ag, DZG-SF-24-065 with
6.5m at 2,870 g/t Ag including 2.0m at 7,229 g/t Ag and ZG-23-54 with 7.0m at 1,846 g/t Ag
including 5.0m at 2,095 g/t Ag. (Figure 2)
• Silver mineralization at depth, near the granite contact was confirmed and extended 800m
along strike, with results including: ZG-SF-23-084 with 13.5m at 1,089 g/t Ag including 7.5m at
1,700 g/t Ag and 4.5m at 4,469 g/t Ag, ZG-SF-24-200 with 21.0m at 1,151 g/t Ag including 6.0m
at 3,290 g/t Ag and ZG-SF-24-123 with 2.5m at 5,696 g/t Ag.
• The open pit area is a key contributor to production, reverse circulation (“RC”) drilling on the
area, at east of the deposit confirmed the continuity of the mineralization at south and at north.
Results include: ZG-RC-24-028 with 24.0m at 986 g/t Ag including 4.0m at 4,418 g/t Ag, ZG-RC-
24-228 with 20.0m at 1,356 g/t Ag including 14.0m at 1,799 g/t Ag, ZG-RC-24-277 with 17.0m
at 2,425 g/t Ag including 5.0m at 6,311 g/t Ag and ZG-RC-24-082 with 16.0m at 1,155 g/t Ag
including 5.0m at 2,335 g/t Ag.
Table 1 – Best Intercepts at Zgounder in 2024 (core lengths)
Hole ID From To Ag
(g/t)
Length
(m)*
Ag x
width
Surface DDH
ZG-23-35 85.0 100.0 683 15.0 10,247
ZG-23-54 56.0 63.0 1,846 7.0 12,923
Including 56.0 61.0 2,095 5.0 10,476
Underground DDH
DZG-SF-23-292 46.5 51.0 2,430 4.5 10,933
Including 47.5 50.0 4,174 2.5 10,434
ZG-SF-23-084 133.5 147.0 1,089 13.5 14,706
Including 136.5 144.0 1,700 7.5 12,753
ZG-SF-23-084 163.5 168.0 4,469 4.5 20,109
DZG-SF-24-007 88.5 92.5 2,511 4.0 10,043
ZG-SF-24-123 274.0 276.5 5,696 2.5 14,240
DZG-SF-24-027 69.5 71.0 7,631 1.5 11,446
DZG-SF-24-065 79.0 85.5 2,870 6.5 18,652
Including 80.0 82.0 7,229 2.0 14,458
DZG-SF-24-081 35.5 45.0 1,339 9.5 12,722
Including 35.5 39.5 2,984 4.0 11,934
DZG-SF-24-111 4.5 11.0 2,372 6.5 15,420
Including 7.0 9.5 5,674 2.5 14,184
ZG-SF-24-200 265.0 286.0 1,151 21.0 24,166
Including 280.0 286.0 3,290 6.0 19,738
DZG-SF-24-145 13.0 16.0 4,645 3.0 13,934
Including 13.0 15.0 6,703 2.0 13,406
DZG-SF-24-153 56.0 60.0 3,955 4.0 15,818
DZG-SF-24-172 22.5 43.5 2,165 21.0 45,474
Including 30.5 34.0 4,600 3.5 16,100
DZG-SF-24-272 4.0 9.5 1,849 5.5 10,170
Surface RC
ZG-RC-24-028 2.0 26.0 986 24.0 23,672
Including 18.0 22.0 4,418 4.0 17,672
ZG-RC-24-031 8.0 22.0 744 14.0 10,416
ZG-RC-24-082 24.0 40.0 1,155 16.0 18,472
Including 33.0 38.0 2,335 5.0 11,676
ZG-RC-24-243 0.0 25.0 420 25.0 10,504
ZG-RC-24-154 19.0 38.0 711 19.0 13,512
ZG-RC-24-169 20.0 42.0 485 22.0 10,680
ZG-RC-24-228 25.0 45.0 1,356 20.0 27,128
Including 28.0 42.0 1,799 14.0 25,192
ZG-RC-24-235 0.0 13.0 778 13.0 10,116
ZG-RC-24-277 33.0 50.0 2,425 17.0 41,232
Including 37.0 42.0 6,311 5.0 31,556
ZG-RC-24-303 22.0 28.0 1,970 6.0 11,820
ZG-RC-24-318 8.0 17.0 1,143 9.0 10,284
ZG-RC-24-345 15.0 31.0 876 16.0 14,016
Including 22.0 27.0 2,018 5.0 10,092
ZG-RC-24-355 0.0 20.0 555 20.0 11,092
The holes were drilled at different angles; the actual thickness is not known at this time.
Figure 1: Location of Drill Hole at Zgounder
Zgounder Regional Exploration
Exploration drilling focused on near-mine targets within a 2km radius around the Zgounder deposit
with a total of 10,651m drilled.
• Zgounder West Target: Drilling targeted the along-strike continuity of the Zgounder deposit to the
west, intercepting silver occurrences within the same sedimentary unit that hosts mineralization
at the main Zgounder deposit. Assays results are still pending for this area.
• Zgounder East Target: Drilling targeted the Proterozoic sedimentary sequence beneath the Sirwa
volcanic complex, which overlies the units hosting the Zgounder deposit. Drill holes reached
vertical depths of up to 480m, intercepting felsic volcanic units with anomalous Ag intervals. These
anomalous assay results from the Sirwa volcanic complex reveal previously undocumented
potential for this unit. Follow up work will be carried in 2025.
• Zgounder South Target: Drilling tested the southern contact of the rhyolite unit bounding the main
deposit to the north. The drilling intercepted sedimentary units similar to those hosting the
Zgounder deposit, at the contact with the rhyolite. Anomalous Ag results were returned and follow
up is expected in 2025.
• Zgounder Southeast Target: Drilling tested an area of Ag occurrence identified through previous
surface grab sampling. This target is located in a geological window within a riverbed, exposing
lithologies buried beneath the younger Sirwa volcanic complex. Drilling assessed a small portion
of the target, and follow-up with surface mapping is planned.
• Geological mapping and prospecting, focusing on the Tirzzit and Zgounder Far East properties,
both acquired late in 2023.
• A stream sediment campaign on Tirzzit, Zgounder Far East, and follow-up on previous stream
sediment results from Touchkal property.
• Execution of an airborne geophysical survey over the Tirzzit project (154km²).
• Acquisition of World-View 3 hyperspectral imagery for the Tirzzit and Zgounder Far East properties,
followed by ground calibration of the hyperspectral survey using samples collected from the
concerning areas.
Figure 2: Location of Drill Hole at Zgounder Surface
Boumadine Project
Boumadine is a large polymetallic deposit (Ag, Au, Pb, Zn) located in the Anti-Atlas Mountains, 80km
south-west of the city of Errachidia. The main mineralization generally consists of 1m to 4m wide
(locally reaching over a 10m width) N340- oriented massive sulphide lenses/veins sharply dipping
eastward (> 70°). The massive sulphide veins (>80%) are mainly composed of pyrite, with variable
proportions of sphalerite, galena, and chalcopyrite. The Tizi and Imarriren zones share the same
characteristics except for their N000 orientation. Best intercepts for 2024 are shown in Table 2.
• The estimated mineral resources, as provided on April 16 2024, consist of an Inferred Mineral
Resource of 23.6Mt at 85 g/t Ag, 2.62 g/t Au, 2.32% Zn and 0.84% Pb containing an estimated
64.7Moz of Ag, 1.98Moz of Au, 546kt of Zn and 198kt 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 7.4Moz of Ag,
165koz of Au, 88kt of Zn and 22kt of Pb.
• In 2024, 219 drillholes totalling 107,683m were completed and the Boumadine Main zone was
extended to 5.4km and remain open in all directions. (Figure 3)
• Silver-cupper rich mineralization was intercepted in east-west barite vein with result: BOU-DD24-
329 intercepted 2,110 g/t AgEq over 1.9m (0.03 g/t Au, 1,937 g/t Ag, 0.16% Zn, 0.17% Pb and 1.66%
Cu).
• Polymetallic mineralization on the Tizi zone was extended to 2.0km in length. Significant intercepts
include: 1,021 g/t AgEq over 3.0m (11.48 g/t Au, 89 g/t Ag, 0.78% Zn, 0.15% Pb and 0.24% Cu, BOU-
DD24-306) and 445 g/t AgEq over 13.7m (4.9 g/t Au, 42 g/t Ag, 0.35% Zn, 0.37% Pb and 0.06% Cu,
BOU-DD24-306)
• High grade gold at Imarriren zone below the known mineralization with result: BOU-DD24-284
intercepted 1,317 g/t AgEq over 1.9m (15.7 g/t Au, 91 g/t Ag, 0.1% Zn, 0.1% Pb and 0.2% Cu).
• High grade mineralization was intercepted in the Main Trend. Significant intercepts include: 763
g/t AgEq over 3m (1.5 g/t Au, 311 g/t Ag, 4.4% Zn, 1.8% Pb and 0.04% Cu, BOU-DD23-223) and 991
g/t AgEq over 17.6m (2.6 g/t Au, 247 g/t Ag, 7.7% Zn, 1.2% Pb and 0.3% Cu, BOU-DD23-230).
• 15 additional exploration permits, expanding the Boumadine exploration footprint to 252.5km2.
(Figure 4)
• Completion of a satellite mapping and spectral study on Boumadine using WorldView-3 data over
674km2. Identification of numerous clay alteration halos similar to Boumadine.
• Completion of an extensive helicopter-borne MobileMT electromagnetic and magnetic survey that
covers an area of 1,266 km². Identification of multiple potentially parallel, on-trend conductive
anomalies like known conductors identified at Boumadine Main Trend. Very large, potential
conductive anomalies occurring 5km west of Boumadine, of similar orientation and stronger
intensity than the Boumadine Main Trend conductor. This very large system also includes strong
potential conductors occurring in an east-west direction. Continuation of the Boumadine south
main trend anomaly, and series of new N340 and north–south oriented potential conductive
anomalies.
• Over 27,000 assays are still pending at Boumadine.
Table 2 – Best Intercepts at Boumadine in 2024 (core lengths)
DDH No. Section Zone From To Length Au Ag Cu Pb Zn Mo Ag
Eq
(m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t) (g/t)
BOU-DD23-214 8850N Main 214.0 223.0 9.0 4.77 61 0.12 0.07 0.19 5 535
Including 216.2 221.5 5.3 6.61 90 0.18 0.10 0.27 6 749
BOU-DD23-218 8850N Para 244.3 247.5 3.2 14.72 19 0.02 0.19 0.15 4 1,411
BOU-DD23-218 8850N Para 252.6 256.8 4.2 13.59 115 0.10 0.13 0.12 3 1,409
BOU-DD23-218 8850N Main 280.3 286.1 5.8 9.21 80 0.21 0.06 0.14 8 978
Including 280.3 284.3 4.0 13.05 108 0.29 0.07 0.19 8 1,377
BOU-DD23-220 6575N Main 105.0 115.9 10.9 1.77 91 0.09 1.72 4.53 133 575
Including 112.3 114.7 2.4 6.26 261 0.26 1.24 6.56 16 1,275
BOU-DD23-220 6575N Para 133.4 136.8 3.4 0.89 76 0.26 2.47 6.97 7 649
BOU-DD23-223 6525N Main 131.6 169.9 38.3 1.53 311 0.04 1.8 4.4 101 763
Including 144.9 155.9 11.0 2.34 494 0.06 1.89 3.93 36 996
BOU-DD23-225 9325N Para 47.4 53.7 6.3 1.44 54 0.02 0.85 5.34 12 508
Including 50.8 53.7 2.9 2.88 86 0.04 0.96 9.90 21 927
BOU-DD23-227 9325N Main 259.7 268.3 8.6 3.34 18 0.07 0.13 0.45 6 369
Including 263.5 268.3 4.8 5.42 21 0.07 0.08 0.11 7 545
BOU-DD23-228 6300N Main 267.2 276.1 8.9 1.99 81 0.02 1.03 3.36 59 488
Including 267.7 273.0 5.3 3.09 119 0.03 1.45 4.66 87 715
BOU-DD23-229 6525N Para 111.9 116.0 4.1 1.60 175 0.12 1.86 7.32 259 810
BOU-DD23-230 6575N Main 166.6 184.2 17.6 2.64 247 0.27 1.24 7.74 86 991
Including 177.6 181.3 3.7 2.91 651 0.08 3.18 11.49 106 1,662
BOU-DD23-230 6575N Para 188.2 202.3 14.1 2.78 97 0.24 0.41 6.52 31 755
BOU-DD23-245 6450N Main 198.4 206.5 8.1 0.73 122 0.02 2.32 4.68 68 524
Including 198.4 200.2 1.8 1.83 299 0.06 4.83 13.08 269 1,355
BOU-DD23-248 6450N Main 329.5 335.4 5.9 5.94 59 0.13 0.95 8.75 23 1,136
BOU-DD23-251 6450N Main 345.9 355.3 9.4 2.66 32 0.04 0.21 4.39 14 531
Including 346.4 348.8 2.4 7.99 91 0.13 0.30 15.77 19 1,719
Including 314.0 318.8 4.8 6.76 36 0.06 0.11 0.16 0 569
BOU-DD23-265 8850N Main 338.0 341.1 3.1 16.25 86 0.13 0.14 0.12 0 1,355
BOU-DD23-265 8850N Para 366.0 374.0 8.0 4.51 58 0.23 0.20 0.32 0 442
Including 369.7 372.3 2.6 12.17 160 0.69 0.31 0.51 0 1,186
BOU-DD24-284 9950N Imarriren 439.7 441.6 1.9 15.70 91 0.16 0.06 0.05 4 1,317
BOU-DD24-306 3478100 Tizi 314.1 317.1 3.0 11.48 89 0.24 0.15 0.78 3 1,021
Including 314.1 315.6 1.5 20.05 133 0.37 0.20 1.37 2 1,755
BOU-DD24-310 34777500 Tizi 58.0 71.7 13.7 4.90 42 0.06 0.37 0.35 9 445