Aya Gold & Silver Reports High-Grade Drill Results from Completed 2023 Drill Exploration Program at Boumadine
PRESS RELEASE
Aya Gold & Silver Reports High-Grade Drill Results from Completed 2023 Drill
Exploration Program at Boumadine
Montreal, Quebec, January 18, 2024 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the
“Corporation”) is pleased to announce new high-grade drill exploration results from its 2023 completed
program of 76,000 meters at Boumadine in the Kingdom of Morocco. The new results confirm the large,
high-grade mineralized zones in the southern and northern portions of the Main Trend, which remains
open in all directions.
Key Highlights1
• Definition of new high-grade mineralization from the infill drilling program:
o BOU-DD23-223 intersected 763 grams per tonne (“ g/t”) silver equivalent (“AgEq”) over
38.3 meters (“m”) (1.53 g/t Au, 311 g/t Ag, 4.4% Zn, 1.8% Pb and 0. 04% Cu), including
11.0m at 996 g/t AgEq
o BOU-DD23-230 intersected 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), including 3.7m at 1,662 g/t AgEq
o BOU-DD23-248 intersected 1,136 g/t AgEq over 5.9m ( 5.94 g/t Au, 59 g/t Ag, 8.8% Zn,
1.0% Pb and 0.1% Cu)
o BOU-DD23-220 intersected 575 g/t AgEq over 10.9m ( 1.77 g/t Au, 91 g/t Ag, 4.5% Zn,
1.7% Pb and 0.1% Cu), including 2.4m at 1,275 g/t AgEq
o BOU-DD23-218 intersected 1,409 g/t AgEq over 4.2m (13.59 g/t Au, 115 g/t Ag, 0.1% Zn,
0.1% Pb and 0. 1% Cu) and 978 g/t AgEq over 5.8m ( 9.21 g/t Au, 80 g/t Ag, 0.1% Zn,
0.1% Pb and 0.2% Cu)
o BOU-DD23-251 intersected 531 g/t AgEq over 9.4m ( 2.66 g/t Au, 32 g/t Ag, 4.4% Zn,
0.2% Pb and 0.04% Cu), including 2.4m at 1,719 g/t AgEq
“Today’s high-grade drill results including BOU -DD23-223 in the south and BOU-DD23-218 in the north
of the Main Trend confirm continuity and grade of the Main Trend at Boumadine,” said Benoit La Salle,
President & CEO. “ Infill drilling has decreased the spacings between drill holes to improve our
confidence in grades and tonnages for the upcoming Q1-2024 mineral resource estimate , which will
provide visibility on Boumadine’s potential for near-term value creation.”
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-DD23-208 6675N Main 129.9 139.4 1.60 35 9.5 0.2 0.1 0.4 35 231
Including 134.9 139.4 2.51 59 4.5 0.3 0.1 0.5 55 367
BOU-DD23-211 9150N Main 6.0 9.8 2.01 99 3.8 0.0 4.3 0.0 17 426
BOU-DD23-214 8850N Main 214.0 223.0 4.77 61 9.0 0.1 0.1 0.2 5 535
Including 216.2 221.5 6.61 90 5.3 0.2 0.1 0.3 6 749
BOU-DD23-218 8850N Para 244.3 247.5 14.72 19 3.2 0.0 0.2 0.1 4 1,411
BOU-DD23-218 8850N Para 252.6 256.8 13.59 115 4.2 0.1 0.1 0.1 3 1,409
BOU-DD23-218 8850N Para 261.2 275.1 1.22 30 13.9 0.0 0.0 0.1 5 153
Including 272.3 274.0 5.89 119 1.7 0.2 0.1 0.1 13 698
BOU-DD23-218 8850N Main 280.3 286.1 9.21 80 5.8 0.2 0.1 0.1 8 978
Including 280.3 284.3 13.05 108 4.0 0.3 0.1 0.2 8 1,377
BOU-DD23-218 8850N Para 290.0 302.0 1.98 58 12.0 0.1 0.1 0.2 8 265
Including 292.1 297.4 3.50 107 5.3 0.1 0.1 0.1 11 459
BOU-DD23-218 8850N Para 333.1 334.3 0.03 1026 1.2 0.0 0.0 0.0 1 1,031
BOU-DD23-220 6575N Main 105.0 115.9 1.77 91 10.9 0.1 1.7 4.5 133 575
Including 112.3 114.7 6.26 261 2.4 0.3 1.2 6.6 16 1,275
BOU-DD23-220 6575N Para 133.4 136.8 0.89 76 3.4 0.3 2.5 7.0 7 649
BOU-DD23-221 6575N Main 225.5 239.0 1.07 12 13.5 0.0 0.2 0.3 4 136
BOU-DD23-223 6525N Main 131.6 169.9 1.53 311 38.3 0.0 1.8 4.4 101 763
Including 144.9 155.9 2.34 494 11.0 0.1 1.9 3.9 36 996
BOU-DD23-223 6525N Para 239.5 247.0 0.46 94 7.5 0.0 0.2 0.7 35 192
BOU-DD23-225 9325N Para 47.4 53.7 1.44 54 6.3 0.0 0.9 5.3 12 508
Including 50.8 53.7 2.88 86 2.9 0.0 1.0 9.9 21 927
BOU-DD23-225 9325N Main 73.2 77.4 2.70 21 4.2 0.1 0.3 3.2 16 465
Including 75.2 77.4 4.72 31 2.2 0.1 0.3 4.5 16 738
BOU-DD23-226 9325N Main 182.8 186.7 1.26 35 3.9 0.1 1.5 4.7 8 466
Including 184.5 185.7 3.33 53 1.2 0.1 1.8 9.5 14 951
BOU-DD23-226 9325N Para 197.0 198.1 7.73 47 1.1 0.3 0.5 0.5 8 852
BOU-DD23-227 9325N Main 259.7 268.3 3.34 18 8.6 0.1 0.1 0.5 6 369
Including 263.5 268.3 5.42 21 4.8 0.1 0.1 0.1 7 545
BOU-DD23-228 6300N Main 267.2 276.1 1.99 81 8.9 0.0 1.0 3.4 59 488
Including 267.7 273.0 3.09 119 5.3 0.0 1.5 4.7 87 715
BOU-DD23-229 6525N Para 111.9 116.0 1.60 175 4.1 0.1 1.9 7.3 259 810
BOU-DD23-230 6575N Main 166.6 184.2 2.64 247 17.6 0.3 1.2 7.7 86 991
Including 177.6 181.3 2.91 651 3.7 0.1 3.2 11.5 106 1,662
BOU-DD23-230 6575N Para 188.2 202.3 2.78 97 14.1 0.2 0.4 6.5 31 755
BOU-DD23-231 5375N Main 582.0 585.7 0.96 110 3.7 0.0 0.6 2.4 339 371
BOU-DD23-232 7825N Main 426.4 431.8 3.91 18 5.4 0.1 0.1 0.1 2 402
Including 426.4 427.7 10.72 49 1.3 0.2 0.1 0.2 2 1,092
BOU-DD23-234 6575N Main 310.6 317.3 1.40 19 6.7 0.1 0.3 4.5 1 407
Including 315.0 316.3 4.78 41 1.3 0.2 0.4 18.4 2 1,518
BOU-DD23-238 7825N Para 216.0 217.8 1.59 47 1.8 0.1 3.7 3.5 10 517
BOU-DD23-244 6450N Para 64.0 70.4 1.06 49 6.4 0.0 0.7 2.0 131 287
BOU-DD23-244 6450N Para 112.8 120.6 0.71 62 7.8 0.0 0.2 1.3 196 216
BOU-DD23-244 6450N Para 134.6 145.4 0.41 41 10.8 0.0 0.8 1.2 361 190
BOU-DD23-244 6450N Main 148.5 155.1 0.52 56 6.6 0.0 0.9 2.6 298 295
Including 150.5 152.1 1.19 187 1.6 0.0 2.5 9.0 946 925
BOU-DD23-245 6450N Para 106.0 111.0 0.05 17 5.0 1.5 0.4 1.5 70 312
BOU-DD23-245 6450N Main 198.4 206.5 0.73 122 8.1 0.0 2.3 4.7 68 524
Including 198.4 200.2 1.83 299 1.8 0.1 4.8 13.1 269 1,355
BOU-DD23-245 6450N Para 217.5 226.5 0.86 6 9.0 0.0 0.3 0.3 2 112
BOU-DD23-248 6450N Main 329.5 335.4 5.94 59 5.9 0.1 1.0 8.8 23 1,136
BOU-DD23-249 5800N Main 598.7 601.8 4.19 48 3.1 0.1 0.1 2.5 12 587
BOU-DD23-249 5800N Para 693.1 695.5 2.18 57 2.4 0.0 0.7 7.3 10 680
BOU-DD23-250 5800N Para 236.7 239.7 3.34 1 3.0 0.0 0.0 0.0 5 316
BOU-DD23-250 5800N Main 377.7 384.0 1.44 49 6.3 0.1 0.1 0.5 12 225
BOU-DD23-250 5800N Para 448.8 455.5 1.02 25 6.7 0.1 0.1 0.4 12 155
BOU-DD23-251 6450N Main 345.9 355.3 2.66 32 9.4 0.0 0.2 4.4 14 531
Including 346.4 348.8 7.99 91 2.4 0.1 0.3 15.8 19 1,719
BOU-DD23-254 7650N Main 241.4 243.4 5.63 61 2.0 0.3 0.2 1.4 6 703
* 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 – Surface Plan of Boumadine Property with Magnetic Data (Residual Total Field) and 2023
Drill Holes
2023 Exploration Results
For 2023, 197 diamond drill holes (“ DDH”) for 74,295m were completed at Boumadine (Figure 1 and
Appendix 2) with the remaining meterage of the 76,000m were completed in the first week of January
2024. Infill drilling was conducted on strike along the Main Trend (South, Central, and North Zones) while
exploration drilling also targeted the North-West, Tizi and North-East Zones.
The majority of results have been received for drill holes up to BOU-DD23-255 (Table 1, Figure 3, Figure
4, and Appendix 1).
Results received since November 2023 confirm the high grade of the southern infill sections of the Main
Trend, notably with holes BOU-DD23-223 and BOU-DD23-230 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 2 – Longitudinal View of Boumadine Main Zone
Figure 3 – Surface Plan of Central & North Zones with New 2023 DDH Results
Figure 4 – Surface Plan of South Zones with New 2023 DDH Results
Next Steps
Following completion of the 2023 drilling program, the Corporation expects to publish an NI 43 -101
compliant resource by the end of Q1-2024.
The 2024 drill program is already underway, a portion of which will continue extending the strike-length
of the Boumadine Main Trend but with a primary focus on exploring targets outside of the Main Trend.
Final numbers will be announced later in Q1.
Fieldwork commenced on the new permits in 2024 with a hyperspectral survey, mapping and
prospecting. High resolution airborne geophysics (magnetics and MobileMT) is expected to begin later
in Q1.
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”, “remains”, “confidence”, “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 Company'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 upo n 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 tonnage 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, bu t 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.sedarplus.ca. 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 referen ces to Aya include its subsidiaries
unless the context requires otherwise.