Aya Gold & Silver Reports High-Grade Drill Exploration Results and Adds 4 Permits at Boumadine
PRESS RELEASE
Aya Gold & Silver Reports High-Grade Drill Exploration Results and Adds 4
Permits at Boumadine
Montreal, Quebec, November 20, 2023 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or
the “Corporation”) is pleased to announce new high-grade drill exploration results at Boumadine in the
Kingdom of Morocco . The new results confirm the large , high-grade mineralized zones in the c entral
and northern portions of the Main Trend, which remains open in all directions.
The Corporation has also added 4 permits to Boumadine, which now has a total surface footprint of 78
square kilometers (“km²”).
Key Highlights1
• Definition of new high-grade mineralization from the infill drilling program:
o BOU-DD23-180 intersected 1,039 grams per tonne (“g/t”) silver equivalent (“AgEq”) over
23.5 meters (“m”) (6.41 g/t Au, 116 g/t Ag, 4.7% Zn, 0.6% Pb and 0.4% Cu)
o BOU-DD23-184 intersected 474 g/t AgEq over 30.1m ( 2.57 g/t Au, 85 g/t Ag, 2.2% Zn,
0.6% Pb and 0.1% Cu), including 3.2m at 1,339 g/t AgEq and 3.4m at 1,169 g/t AgEq
o BOU-DD23-172 intersected 2,689 g/t AgEq over 3.7m (22.03 g/t Au, 531 g/t Ag, 1.3% Zn,
0.3% Pb and 0.2% Cu)
o BOU-DD23-186 intersected 442 g/t AgEq over 16.6m (1.85 g/t Au, 150 g/t Ag, 1.9% Zn,
0.3% Pb and 0.1% Cu), including 2.7m at 1,088 g/t AgEq
o BOU-DD23-176 intersected 202 g/t AgEq over 30.6m ( 1.42 g/t Au, 20 g/t Ag, 0.6% Zn,
0.3% Pb and 0.05% Cu)
o BOU-DD23-178 intersected 613 g/t AgEq over 9.5m ( 2.70 g/t Au, 49 g/t Ag, 4.2% Zn,
1.8% Pb and 0.2% Cu), including 2.3m at 1,476 g/t AgEq
• Acquisition of two mining permits totaling 15.8 km² north-east and south-west of Boumadine.
• Acquisition of one mining and one exploration permit for a total of 20.0 km² west of Boumadine.
“The acquisition of new permits is core to our strategy of consolidat ing our land position, and the four
permits provide additional upside potential in the vicinity of the Boumadine Main Trend,” said Benoit La
Salle, President & CEO. “Today’s high-grade drilling results including BOU-DD23-180 and BOU-DD23-184
confirm both continuity of the Main Trend and its potential from surface and over a very wide area.
Following the positive metallurgical test results, our team is now focused on completing the remaining
20% of the expanded drill program and delivering the Q1-2024 Boumadine resource estimate.”
1 All intersections are in core lengths; Ag equivalent is based on a 100% recovery with the following ratios: 1g/t Au: 93.4 g/t Ag;
1% Cu: 130.4 g/t Ag; 1% Pb: 31.8 g/t Ag; 1% Zn: 54.1 g/t Ag
Table 1 – Significant Intercepts from Boumadine Drill Exploration Program (Core Lengths)
DDH No. Section Zone From
(m)
To
(m)
Au
(g/t)
Ag
(g/t)
Length*
(m)
Cu
(%)
Pb
(%)
Zn
(%)
Mo
(g/t)
Ag Eq**
(g/t)
BOU-DD23-172 8550N Para 141.5 146.1 4.59 99 4.6 0.1 0.9 2.3 135 694
BOU-DD23-172 8550N Main 151.8 155.5 22.03 531 3.7 0.2 0.3 1.3 9 2689
BOU-DD23-172 8550N Para 163.5 169.2 2.61 100 5.7 0.1 0.1 4.1 8 589
Including 165.2 168.6 3.96 150 3.4 0.2 0.2 6.4 11 902
BOU-DD23-173 8025N Main 203.5 214.1 1.60 22 10.6 0.0 0.1 1.2 6 246
BOU-DD23-176 8275N Main 69.1 99.7 1.42 20 30.6 0.0 0.3 0.6 8 202
BOU-DD23-178 8275N Main 166.4 175.9 2.70 49 9.5 0.2 1.8 4.2 36 613
Including 165.4 167.7 6.49 125 2.3 0.3 1.3 12.3 4 1476
BOU-DD23-179 8225N Main 70.3 82.2 1.52 8 11.9 0.0 0.5 1.4 18 246
BOU-DD23-180 8375N Para 127.7 136.5 1.27 21 8.8 0.0 0.5 2.5 17 298
BOU-DD23-180 8375N Main 165.1 188.6 6.41 116 23.5 0.4 0.6 4.7 3 1039
BOU-DD23-180 8375N Para 248.5 282.4 0.64 24 33.9 0.0 0.3 0.5 5 128
BOU-DD23-184 8225N Main 104.8 134.9 2.57 85 30.1 0.1 0.6 2.2 15 474
Including 104.8 108.0 6.69 528 3.2 0.1 0.8 2.6 8 1339
Including 130.5 133.9 5.65 120 3.4 0.2 1.6 8.1 91 1169
BOU-DD23-186 8175N Main 37.8 54.4 1.85 150 16.6 0.1 0.3 1.9 8 442
Including 45.4 48.1 6.03 381 2.7 0.2 0.5 1.7 12 1088
BOU-DD23-187 8225N Main 183.6 193.3 1.27 33 9.7 0.0 0.2 1.9 33 271
BOU-DD23-189 8175N Main 92.5 97.3 4.00 126 4.8 0.1 1.5 1.4 14 642
Including 94.3 97.3 5.95 179 3.0 0.2 2.2 1.2 15 896
BOU-DD23-189 8175N Para 103.1 114.7 1.38 68 11.6 0.1 0.1 2.9 33 366
BOU-DD23-191 8175N Main 158.5 169.5 1.61 30 11.0 0.1 0.2 3.4 12 377
Including 158.5 167.5 1.87 33 9.0 0.1 0.2 3.7 7 423
BOU-DD23-198 8675N Para 185.8 196.1 2.59 63 10.3 0.2 0.2 2.1 6 451
Including 185.8 189.4 6.21 144 3.6 0.5 0.4 3.7 5 1006
BOU-DD23-200 8175N Main 244.3 248.5 3.47 80 4.2 0.3 0.1 1.0 19 506
BOU-DD23-202 8675N Main 349.2 355.2 4.31 129 6.0 0.1 0.6 1.4 41 645
Including 352.3 354.0 10.11 339 1.7 0.3 1.2 2.8 54 1522
* True width remains undetermined at this stage; all values are uncut.
** 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.
Figure 1: Location of New Boumadine Permits
Figure 2 – Surface Plan of Boumadine Property with Magnetic Data (Residual Total Field) and 2023
Drill Holes
2023 Exploration Results
To date, 159 diamond drill holes (“DDH”) for a total of 61,312m have been completed at Boumadine in
2023 (Figure 2 and Appendix 2). Both infill and exploration drilling w ere conducted on strike along the
Main Trend (South, Central, and North Zones).
Most results have been received for drill hole s up to BOU -DD23-203 (Table 1, Figure 4, Figure 5, and
Appendix 1).
Results received since September 2023 confirm the high grade of the north and central sections of the
Main Trend, notably with holes BOU-DD23-180 and BOU-DD23-184 intersecting large, mineralized zones.
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.
Figure 3 presents the results of the Boumadine Main Zone on a longitudinal section along the deposit,
defining ore shoots shallowly dipping toward south, in both the Central and South Zones.
Figure 3 – Longitudinal View of Boumadine Main Zone
Figure 4 – Surface Plan of Central & North Zones with New 2023 DDH Results
Next Steps
The 76,000m drilling program is 80% complete and is expected to be completed at year-end 2023. The
Corporation expects to publish an NI 43-101 compliant resource by the end of Q1-2024.
Fieldwork will commence on the new permits in 2024 and will combine a hyperspectral survey, ground
geophysics, mapping and prospecting.
Technical Information
Aya has implemented a quality control program to comply with best practices in sampling and analysis
of drill core. Drill core samples were transported in sealed bags for analysis at Afrilab laboratory in
Marrakech. Standards of different grades and blanks were inserted every 20 samples in addition to the
standards, blanks and pulp duplicate inserted by Afrilab.
Qualified Person
The scientific and technical information contained in this press release have been reviewed by David
Lalonde, B. Sc , Head of Exploration, Qualified Person , 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 Moro ccan mining assets are complemented by its
Tijirit Gold Project in Mauritania, which is being advanced to feasibility.
Aya’s management team maximizes 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 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 other opportunities.
Wherever possible, words such as “confirm”, “potential”, “complete”, “expect” “extend”, “belief”, 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 Boumadine
and the advancement of and success of the exploration program at Boumadine , and timing for the
release of the Compa ny'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 ability to obtain any requisite
governmental approvals, the accuracy of Mineral Reserve and Mineral Resource Estimates (including,
but not limited to, ore to nnage and ore grade estimates), silver price, 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 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 . Furthermore,
Aya’s corporate update of May 28, 2020 regarding the materiality of its assets as well as to studies
regarding non-material assets remains applicable as at the date hereof. 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 document 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 1 – Full Drill Results from Boumadine (core lengths)
DDH No. Section Zone From
(m)
To
(m)
Au
(g/t)
Ag
(g/t)
Length*
(m)
Cu
(%)
Pb
(%)
Zn
(%)
Mo
(g/t)
Ag Eq**
(g/t)
BOU-DD23-165 8125N Para 280.1 282.1 4.69 84 2.0 0.3 0.1 0.3 47 589
BOU-DD23-165 8125N Para 297.0 298.0 0.37 24 1.0 0.0 0.1 2.6 8 209
BOU-DD23-165 8125N Para 333.0 333.5 0.26 42 0.5 0.0 1.3 4.1 7 327
BOU-DD23-165 8125N Main 462.7 463.7 0.36 12 1.0 0.0 0.1 0.2 4 60
BOU-DD23-165 8125N Para 546.2 546.9 0.60 25 0.7 0.0 0.5 0.6 4 127
BOU-DD23-166 8850N Para 140.0 141.0 0.32 43 1.0 0.0 0.1 0.8 2 119
BOU-DD23-166 8850N Para 141.7 142.5 0.09 48 0.8 0.0 0.3 0.6 9 99
BOU-DD23-167 8025N NSR 0.0 163.4 0.00 0 163.4 0.0 0.0 0.0 0 0
BOU-DD23-168 8325N Para 125.4 126.4 4.35 16 1.0 0.0 0.4 0.8 1 480
BOU-DD23-170 8025N Para 67.3 68.9 0.36 23 1.6 0.0 0.2 0.3 85 84
BOU-DD23-170 8025N Main 86.5 87.6 2.59 63 1.1 0.1 0.3 0.6 304 382
BOU-DD23-170 8025N Para 124.3 126.5 0.48 4 2.2 0.0 0.1 0.5 8 84
BOU-DD23-172 8550N Para 128.3 130.1 0.26 23 1.8 0.0 0.6 0.7 68 108
BOU-DD23-172 8550N Para 141.5 146.1 4.59 99 4.6 0.1 0.9 2.3 135 694
BOU-DD23-172 8550N Main 151.8 155.5 22.03 531 3.7 0.2 0.3 1.3 9 2689
BOU-DD23-172 8550N Para 163.5 169.2 2.61 100 5.7 0.1 0.1 4.1 8 589
Including 165.2 168.6 3.96 150 3.4 0.2 0.2 6.4 11 902
BOU-DD23-172 8550N Para 244.8 245.6 1.29 41 0.8 0.0 0.2 0.4 3 194
BOU-DD23-173 8025N Para 127.4 128.6 0.54 16 1.2 0.0 0.1 0.4 15 95
BOU-DD23-173 8025N Main 203.5 214.1 1.60 22 10.6 0.0 0.1 1.2 6 246
Including 209.3 214.1 2.67 32 4.8 0.1 0.2 2.0 8 407
BOU-DD23-174 8025N Main 287.1 290.3 1.90 40 3.2 0.1 0.2 0.3 19 260
Including 288.1 289.3 4.04 80 1.2 0.3 0.3 0.3 27 530
BOU-DD23-174 8025N Para 435.0 435.5 3.29 126 0.5 0.2 0.7 0.3 4 492
BOU-DD23-175 8025N Para 108.1 108.8 0.28 21 0.7 0.1 0.5 2.4 12 205
BOU-DD23-175 8025N Para 183.6 187.0 0.05 45 3.4 0.0 5.7 1.5 9 317
BOU-DD23-175 8025N Main 269.3 270.3 0.16 16 1.0 0.0 1.5 2.1 22 195
BOU-DD23-176 8275N Para 45.3 46.0 0.54 13 0.7 0.0 0.1 5.1 15 347
BOU-DD23-176 8275N Para 49.5 50.6 0.47 8 1.1 0.0 0.1 0.3 6 73
BOU-DD23-176 8275N Main 69.1 99.7 1.42 20 30.6 0.0 0.3 0.6 8 202
BOU-DD23-177 8850N Main 31.9 34.8 3.40 120 2.9 0.0 1.5 0.1 17 494
BOU-DD23-177 8850N Para 43.0 44.0 0.76 29 1.0 0.0 0.7 0.7 24 160
BOU-DD23-178 8275N Para 113.1 117.5 2.32 28 4.4 0.0 0.3 1.3 4 333
BOU-DD23-178 8275N Para 132.1 132.8 0.39 40 0.7 0.0 1.6 2.2 2 251
BOU-DD23-178 8275N Para 139.5 142.0 1.21 46 2.5 0.0 0.4 1.9 6 280
BOU-DD23-178 8275N Para 151.8 152.7 0.76 12 0.9 0.0 0.2 0.3 2 107
BOU-DD23-178 8275N Para 156.1 158.3 2.66 59 2.2 0.2 0.1 0.2 5 348
BOU-DD23-178 8275N Main 166.4 175.9 2.70 49 9.5 0.2 1.8 4.2 36 613
Including 165.4 167.7 6.49 125 2.3 0.3 1.3 12.3 4 1476
BOU-DD23-179 8225N Para 22.4 22.9 0.66 64 0.5 0.0 1.5 5.3 75 467
BOU-DD23-179 8225N Para 24.5 25.0 0.73 33 0.5 0.1 0.5 2.8 16 271
BOU-DD23-179 8225N Para 38.0 38.6 0.39 12 0.6 0.0 0.1 1.0 8 110
BOU-DD23-179 8225N Para 44.0 47.4 1.17 28 3.4 0.0 0.1 1.1 17 203
BOU-DD23-179 8225N Main 70.3 82.2 1.52 8 11.9 0.0 0.5 1.4 18 246
BOU-DD23-180 8375N Para 104.7 105.6 0.40 24 0.9 0.0 0.9 2.3 1 217
BOU-DD23-180 8375N Para 127.7 136.5 1.27 21 8.8 0.0 0.5 2.5 17 298
Including 129.4 133.5 2.18 31 4.1 0.1 0.3 3.4 28 440
BOU-DD23-180 8375N Para 144.6 148.2 0.69 18 3.6 0.0 0.3 0.8 5 141
BOU-DD23-180 8375N Para 155.6 156.4 0.59 24 0.8 0.0 0.3 2.2 107 217