Aya Gold & Silver Reports High-Grade Silver Exploration Results Near Pit and at Depth at Zgounder
Aya Gold & Silver Reports High-Grade Silver Exploration
Results Near Pit and at Depth at Zgounder
Montreal, Quebec, September 16, 2026 - Aya Gold & Silver Inc. (TSX: AYA; NASDAQ: AYA) (“Aya” or the
“Company”) is pleased to announce high-grade silver drill results from its at-depth drill exploration
program at the Zgounder Silver Mine (“Zgounder”) in the Kingdom of Morocco.
Highlights (all intersections are in core lengths)
• Intersections in the Open-Pit Area:
• Hole ZG-RC-24-155 intercepted 783 grams per tonne (“g/t”) silver (“Ag”) over 13.0 metres (“m”)
• Hole ZG-RC-24-354 intercepted 501 g/t Ag over 11.0m, including 4,000 g/t over 1.0m
• Hole ZG-SF-25-702 intercepted 1,553 g/t Ag over 1.4m
• Intersections in the Central Area:
• Hole DZG-SF-26-945 intercepted 3,501 g/t Ag over 3.5m, including 7,717 g/t Ag over 1.5m
• Hole T28-26-1334 intercepted 4,770 g/t Ag over 2.4m
• Hole T28-26-1333 intercepted 1,362 g/t Ag over 8.4m, including 2,873 g/t Ag over 3.6m
• Hole T28-26-1404 intercepted 762 g/t Ag over 12.0m
• 16,217m or 54.1% of the 2026 exploration program has been drilled year to date.
"Today’s high-grade results, highlighted by DZG-SF-26-945, continue to reinforce the strength and
continuity of silver mineralization both around the open pit and across the central zone,” said Benoit La
Salle, President & CEO. “At the same time, development of the exploration drift at the 1,825-metre level
is progressing well, setting the stage for drilling west of the fault to begin in Q4 and providing an
important new opportunity to expand the mineralized footprint.”
This release contains results from 97 holes, which include one surface diamond drill holes (“DDH”), 31
underground DDH, seven reverse circulation drill hole (“RC”), 45 T28 and 13 YAK holes (T28 and YAK:
percussion drilling using an air-compressed hammer). For a full summary of today’s results, refer to
Appendix 1 and 2.
PRESS RELEASE
Table 1 – Best Intercepts at Zgounder (core lengths)
Hole ID From To Ag Length* Ag x width
(g/t) (m)
Underground DDH
DZG-SF-25-702 58.3 59.7 1,553 1.4 2,174
DZG-SF-25-789 18.5 21.0 760 2.5 1,901
DZG-SF-26-885 124.0 125.0 1,503 1.0 1,503
DZG-SF-26-898 109.5 111.0 1,208 1.5 1,812
DZG-SF-26-943 34.5 36.0 874 1.5 1,311
DZG-SF-26-945 16.0 19.5 3,501 3.5 12,254
Including 16.5 18.0 7,717 1.5 11,575
Surface RC
ZG-RC-24-155 0.0 13.0 783 13.0 10,180
ZG-RC-24-354 2.0 13.0 501 11.0 5,512
Including 6.0 7.0 4,000 1.0 4,000
Underground T28
T28-26-1325 0.0 9.6 302 9.6 2,903
T28-26-1333 9.6 18.0 1,362 8.4 11,437
Including 9.6 13.2 2,873 3.6 10,344
T28-26-1334 24.0 26.4 4,770 2.4 11,448
T28-26-1335 13.2 15.6 1,603 2.4 3,846
T28-26-1358 16.8 24.0 450 7.2 3,242
T28-26-1401 7.2 15.6 258 8.4 2,164
T28-26-1404 7.2 19.2 762 12.0 9,149
T28-26-1420 3.6 26.4 297 22.8 6,775
Including 3.6 14.4 382 10.8 4,128
T28-26-1441 18.0 25.2 403 7.2 2,898
Including 21.6 25.2 695 3.6 2,501
T28-26-1443 14.4 25.2 468 10.8 5,050
Including 14.4 16.8 1,168 2.4 2,802
T28-26-1447 7.2 18.0 232 10.8 2,506
T28-26-1448 19.2 24.0 450 4.8 2,158
Underground YAK
YAK-26-554 12.0 15.6 1,670 3.6 6,012
YAK-26-571 9.6 13.2 606 3.6 2,182
YAK-26-575 33.6 36.0 1,715 2.4 4,116
Figure 1: Location of Drill Results at Zgounder
Quality Assurance
For core drilling, all individual samples represent approximately one meter in length of core, which is
halved. Half of the core is kept on site for reference, and its counterpart is sent for preparation and
assaying to African Laboratory for Mining and Environment (“Afrilab”) in Marrakech, Morocco or to ALS
Laboratory at the Zgounder Mine site. All samples are analyzed 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 reanalyzed by fire assay.
For definition drilling using RC, all individual samples represent 1.0m in length and for T28 drilling
equipment, all individual samples represent 1.2m in length. Samples are assayed at either the ALS Mine
laboratory or at Afrilab. All samples are analyzed for silver, copper, iron, lead, and zinc using Aqua regia
and finished by AAS. Samples grading above 200 g/t Ag are reanalyzed by fire assay. Rigorous quality
controls (QaQc) are applied at both locations.
Qualified Person
The scientific and technical information contained in this press release has been reviewed, verified and
approved by David Lalonde, B. Sc, P. Geo, Executive Vice-President, Exploration, Qualified Person, for
accuracy and compliance with National Instrument 43-101.
About Aya Gold & Silver Inc.
Aya Gold & Silver is a Canadian precious metals mining company anchored in Morocco and active across
the full mining value chain. The Company has established an exploration track record through a
systematic, technology-led, data-driven approach and is focused on expanding its resource base and land
package along the Anti-Atlas fault — one of Africa’s most geologically rich, underexplored and mining-
friendly regions.
Aya operates Zgounder, a rare, silver-only mine, producing silver doré from its new processing facility.
Aya’s growth pipeline includes the Boumadine polymetallic project, where feasibility study work is
underway, and which hosts a sizable mineralized footprint, and potential for further discovery.
Led by a proven team of mining professionals, Aya is guided by a vision of responsible mining and is
committed to delivering sustainable value for shareholders, employees and host communities.
For additional information, please visit Aya’s website at www.ayagoldsilver.com.
Or contact
Benoit La Salle, FCPA, MBA
President & CEO
Alex Ball
Executive Vice-President, Capital Markets
Forward-Looking Statement
This press release contains “forward-looking statements” or “forward-looking information” within the
meaning of applicable securities laws and other statements that are not historical facts. Forward-looking
statements are included to provide information about management’s current expectations, estimates and
projections regarding Aya’s future growth and business prospects (including the timing and development
of deposits and the success of exploration activities) and other opportunities as of the date of this press
release.
All statements, other than statements of historical fact included in this press release, regarding the
Company’s strategy, future operations, technical assessments, prospects, plans and objectives of
management are forward-looking statements that involve risks and uncertainties. Wherever possible,
words such as "aim", "anticipate", "assume", "believe", "estimate", "expect", "goal", "guidance", "intend",
"objective", "plan", "potential", "strategy", "target", 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. Forward-looking statements in
this press release include, but are not limited to, statements with respect to : the 2026 exploration
program; the timing and commencement of drilling west of the fault at Zgounder; and the potential
expansion of the mineralized footprint at Zgounder.
Forward-looking information is based upon certain assumptions and other important factors that, if
untrue, could cause the actual results, performance or achievements of the Company to be materially
different from future results, performance or achievements expressed or implied by such information or
statements. There can be no assurance that such information or statements will prove to be accurate.
Key assumptions upon which the Company’s forward-looking information is based include without
limitation, assumptions regarding development and exploration activities; the Company’s ability to
execute its business plans and objectives; the ability to commence and successfully execute planned
drilling and exploration activities; the accuracy of the Company’s geological interpretations and the
continuity of mineralization in areas targeted for exploration; the continued validity and good standing of
the mining titles necessary to conduct the planned exploration activities; the timely receipt of necessary
approvals or permits; the ability to obtain timely financing on reasonable terms when required; future
social, economic and political conditions remaining consistent with those currently prevailing; the
availability of qualified contractors, consultants, suppliers, equipment, materials and labour on
commercially reasonable terms; and the cooperation of government authorities, municipalities and other
stakeholders.
Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may
have been used. Forward-looking statements are also subject to risks and uncertainties facing the
Company’s business, any of which could have a material adverse effect on the Company’s business,
financial condition, results of operations and growth prospects. Some of the risks the Company faces and
the uncertainties that could cause actual results to differ materially from those expressed in the forward-
looking statements include, among others: Aya’s ability to execute on its plans relating to the Zgounder
Project, including the timing thereof; delays in the development of the exploration drift or in accessing
areas targeted for drilling; delays in the commencement or completion of planned drilling and exploration
activities; the risk that exploration results may not be indicative of future results; risks and hazards
associated with the business of mineral exploration, development and mining, including environmental
hazards, potential unintended releases of contaminants, industrial accidents, unusual or unexpected
geological or structural formations, pressures, cave-ins, and flooding; risks related to Aya’s operations in
Morocco; the speculative nature of mineral exploration and development; inadequate or unreliable
infrastructure (such as roads, bridges, power sources and water supplies); fluctuations in forward
markets for silver and other commodities (such as natural gas, fuel, oil and electricity); availability of gas,
fuel and oil; restrictions on mining in the jurisdictions in which Aya operates; changes in laws and
regulations governing our operations, exploration, and development activities, including international laws
and legal norms; the potential impact of future pandemics or epidemics on the Company’s operations,
and assumptions related thereto; Aya’s ability to attract and retain qualified employees and contractors;
Aya’s ability to obtain and renew necessary permits and licences; Aya’s ability to obtain and maintain
insurance; occupational health and safety risks; adverse publicity risks; third-party risks; disruptions to
Aya’s business operations; Aya’s reliance on technology and information systems; unforeseen expenses;
public health crises; climate change; weather disruptions; general economic conditions; force majeure; the
inherent risks involved in exploration and development of mineral properties; and other risks described in
the Company’s documents filed with Canadian and U.S. securities regulatory authorities.
In addition, readers are directed to carefully review the detailed risk discussion in the Company’s Annual
Information Form and Management’s Discussion & Analysis for the year ended December 31, 2025, filed
on SEDAR+ and on EDGAR, which discussions are incorporated by reference in this press release, for a
fuller understanding of the risks and uncertainties that affect the Company’s business and operations.
Although the Company believes its expectations are based upon reasonable assumptions and has
attempted to identify important factors that could cause actual actions, events or results to differ
materially from those described in forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that
forward-looking information will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such information. As such, these risks are not exhaustive; however,
they should be considered carefully. If any of these risks or uncertainties materialize, actual results may
vary materially from those anticipated in the forward-looking statements found herein. Due to the risks,
uncertainties, and assumptions inherent in forward-looking statements, readers should not place undue
reliance on forward-looking statements.
Forward-looking statements contained herein are presented for the purpose of assisting investors in
understanding the Company’s business plans, financial performance and condition and may not be
appropriate for other purposes.
The forward-looking statements contained herein are made only as of the date hereof. The Company
disclaims any intention or obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except to the extent required by applicable law. The
Company qualifies all of its forward-looking statements by these cautionary statements.
Appendix 1 - Mineral Intercepts from Drilling at Zgounder (core lengths)
Hole ID From To Ag Length* Ag x width
(g/t) (m)
Surface DDH
ZG-26-211 537.0 538.0 645 1.0 645
Underground DDH
ZG-26-211 537.0 538.0 645 1.0 645
ZG-SF-26-361 135.0 136.0 358 1.0 358
ZG-SF-26-361 155.0 157.0 147 2.0 294
ZG-SF-26-361 170.0 174.0 268 4.0 1,071
ZG-SF-TS-26-008A 31.0 31.5 220 0.5 110
ZG-SF-TS-26-008A 50.5 52.0 172 1.5 258
DZG-SF-25-702 58.3 59.7 1,553 1.4 2,174
DZG-SF-25-708 46.9 48.0 356 1.1 392
DZG-SF-25-727 0.0 1.7 108 1.7 183
DZG-SF-25-771 30.5 32.0 240 1.5 360
DZG-SF-25-773 26.0 27.5 388 1.5 582
DZG-SF-25-789 2.5 3.5 561 1.0 561
DZG-SF-25-789 18.5 21.0 760 2.5 1,901
DZG-SF-26-829 6.5 8.0 136 1.5 204
DZG-SF-26-871 72.0 73.5 288 1.5 432
DZG-SF-26-879 56.0 57.0 104 1.0 104
DZG-SF-26-884 81.0 82.1 212 1.1 233
DZG-SF-26-885 124.0 125.0 1,503 1.0 1,503
DZG-SF-26-886 45.5 46.0 364 0.5 182
DZG-SF-26-891 42.0 43.5 83 1.5 125
DZG-SF-26-895 56.5 57.5 206 1.0 206
DZG-SF-26-898 109.5 111.0 1,208 1.5 1,812
DZG-SF-26-899 31.0 32.0 384 1.0 384
DZG-SF-26-900 30.5 31.5 1,147 1.0 1,147
DZG-SF-26-904 30.0 33.0 111 3.0 333
DZG-SF-26-910 33.0 34.5 121 1.5 182
DZG-SF-26-912 95.0 96.5 291 1.5 436
DZG-SF-26-916 116.0 119.5 252 3.5 881
DZG-SF-26-916 138.0 139.0 79 1.0 79
DZG-SF-26-922 32.0 33.0 77 1.0 77
DZG-SF-26-922 37.0 42.0 229 5.0 1,144
DZG-SF-26-928 3.8 5.3 212 1.5 318
DZG-SF-26-933 75.0 76.0 759 1.0 759
DZG-SF-26-933 91.0 92.0 651 1.0 651
DZG-SF-26-943 1.0 1.8 93 0.8 74
DZG-SF-26-943 4.5 6.0 107 1.5 161
DZG-SF-26-943 7.5 9.0 106 1.5 159
DZG-SF-26-943 29.5 30.0 94 0.5 47
DZG-SF-26-943 34.5 36.0 874 1.5 1,311
DZG-SF-26-944 12.5 13.5 82 1.0 82
DZG-SF-26-944 42.3 43.5 141 1.2 169
DZG-SF-26-945 10.1 11.5 506 1.4 708
DZG-SF-26-945 16.0 19.5 3,501 3.5 12,254
Including 16.5 18.0 7,717 1.5 11,575
DZG-SF-26-945 21.0 22.5 101 1.5 152
DZG-SF-26-946 4.5 6.0 89 1.5 134
DZG-SF-26-946 81.5 83.0 290 1.5 435
DZG-SJ-CD-26-028 49.0 50.0 99 1.0 99
DZG-SJ-CD-26-028 51.0 52.0 123 1.0 123
Surface RC
ZG-RC-24-155 0.0 13.0 783 13.0 10,180
ZG-RC-24-250 72.0 73.0 680 1.0 680
ZG-RC-24-354 2.0 13.0 501 11.0 5,512
Including 6.0 7.0 4,000 1.0 4,000
ZG-RC-24-421 0.0 3.0 143 3.0 428
ZG-RC-25-412 50.0 51.0 824 1.0 824
ZG-RC-26-1046 17.0 19.0 102 2.0 203
ZG-RC-26-1054 24.0 25.0 150 1.0 150
Underground T28
T28-26-1310 14.4 16.8 682 2.4 1,636
T28-26-1311 7.2 9.6 100 2.4 239
T28-26-1312 21.6 24.0 97 2.4 233
T28-26-1324 0.0 3.6 174 3.6 628
T28-26-1325 0.0 9.6 302 9.6 2,903
T28-26-1332 10.8 13.2 537 2.4 1,289
T28-26-1332 16.8 18.0 116 1.2 139
T28-26-1333 9.6 18.0 1,362 8.4 11,437
Including 9.6 13.2 2,873 3.6 10,344
T28-26-1334 9.6 16.8 260 7.2 1,872
T28-26-1334 24.0 26.4 4,770 2.4 11,448
T28-26-1335 13.2 15.6 1,603 2.4 3,846
T28-26-1357 18.0 19.2 77 1.2 92
T28-26-1358 16.8 24.0 450 7.2 3,242
T28-26-1361 21.6 24.0 151 2.4 362
T28-26-1382 0.0 1.2 151 1.2 181
T28-26-1389 9.6 13.2 88 3.6 318
T28-26-1392 0.0 4.8 267 4.8 1,282
T28-26-1401 7.2 15.6 258 8.4 2,164
Including 7.2 10.8 483 3.6 1,739
T28-26-1402 2.4 4.8 111 2.4 265
T28-26-1403 7.2 10.8 109 3.6 391
T28-26-1404 7.2 19.2 762 12.0 9,149
T28-26-1405 19.2 21.6 87 2.4 208
T28-26-1406 10.8 13.2 193 2.4 462
T28-26-1407 9.6 12.0 193 2.4 463
T28-26-1410 4.8 6.0 80 1.2 96
T28-26-1411 7.2 9.6 252 2.4 605
T28-26-1411 10.8 12.0 90 1.2 108
T28-26-1412 3.6 9.6 168 6.0 1,008
T28-26-1413 9.6 10.8 85 1.2 102
T28-26-1414 0.0 4.8 295 4.8 1,414
T28-26-1415 0.0 3.6 133 3.6 479
T28-26-1415 9.6 10.8 116 1.2 139
T28-26-1415 14.4 16.8 314 2.4 754
T28-26-1418 18.0 19.2 155 1.2 186
T28-26-1419 4.8 6.0 77 1.2 92
T28-26-1419 8.4 9.6 117 1.2 140
T28-26-1419 13.2 14.4 132 1.2 158
T28-26-1419 15.6 20.4 159 4.8 763
T28-26-1419 25.2 26.4 216 1.2 259
T28-26-1420 3.6 26.4 297 22.8 6,775
Including 3.6 14.4 382 10.8 4,128
T28-26-1422 10.8 12.0 95 1.2 114
T28-26-1425 19.2 21.6 114 2.4 272
T28-26-1441 18.0 25.2 403 7.2 2,898
Including 21.6 25.2 695 3.6 2,501
T28-26-1442 0.0 1.2 553 1.2 664
T28-26-1442 21.6 24.0 163 2.4 390