Maya Gold & Silver Presents its Strategic Development Plan and Reports New Surface Drilling Campaign Has Commenced at Zgounder Silver Mine ______________________________________________________________________________
PRESS RELEASE
Maya Gold & Silver Presents its Strategic Development Plan and Reports New
Surface Drilling Campaign Has Commenced at Zgounder Silver Mine
______________________________________________________________________________
Blainville, Québec‐ April 19, 2017 – Maya Gold & Silver Inc. (“Maya” or the “Corporation”)
(TSXV: MYA) is pleased to present its 2017 strategic development plan and announces the start of
a new surface diamond drilling campaign at its Zgounder Silver Mine in Morocco. The 2017 drilling
campaign will be designed and supervised by GoldMinds Geoservices of Québec, Quebec who will
also lead the Mineral Resources & Mineral Reserves update of the mine.
The exploration program will consist of approximately 6,000 metres of diamond drilling,
percussion drilling, geological mapping and geophysical survey for a global exploration budget of
USD2M. The exploration program will be funded by the cash flow generated from the Zgounder
Mine. The objectives of the drill program are twofold: refine the quality of the mineral resources
to enable conversion to reserves as well as increasing the total amount of identified resources on
the property for an analysis of a larger mining operating plan.
The Corporation in moving forward on its strategic development plans to increase its milling
capacity from 187 tpd to 500 tpd by the beginning of 2018 with the development of its potential
and additional resources surrounding the Zgounder Mine.
Based on the underground drilling over the years since the 2014 Pre‐Feasibility Study ("PFS") and
the 2015 surface diamond drilling program, the Zgounder Millennium Silver Mining technical team
has identified a mineral target of 35 to 45 Million ounces of silver at a grade range of 125 to
150 g/t within 8 to 12 million tonnes above 50 g/t Ag. The potential quantity and grade reported
as Mineral target, is conceptual in nature, as there has been insufficient exploration to define a
mineral resource and that it is uncertain if further exploration will result in the target being
delineated as a mineral resource.
In 2015, the Corporation completed a successful drilling campaign. The primary target of the new
drill program is to test the mineralization intersected in hole ZG‐EXT‐06 about 80m East of existing
underground workings. The drill program aims at defining two mineral resources blocks from
surface 2225m to the 2000m level. The complete drill program will be disclosed once compilation
and integration of all underground drilling data will be assessed with the consultant.
Hole ZG‐EXT‐06 was aimed to test the eastern portion of the main zone. Highlights were as follow:
348g/t Ag over 19m (from surface to 19m) within an overall
intersection of 228g/t Ag over 31.5m (from surface to 31.5m)
946g/t Ag over 4m (from 77m to 81m)
189g/t Ag over 3.5m (from174m to 177,5m)
172g/t Ag over 5m (from 200.5m to 205.5m)
The Corporation also intend to update the status of its mineral reserves‐resources at the Zgounder
Millennium Silver Mining Company ("ZMSM") operating the mine.
As reported since its beginning of operations in 2014, Zgounder mill has processed ore identified in
the 2014 Pre‐Feasibility Study ("PFS") as well as mineral resources and mineralized material not
identified in the PEA & PFS studies. The Corporation wishes to highlight it has maintained the total
amount of resources to similar level since beginning of its operations as underground exploration
and development work has increased, discovered, and found additional silver mineralization to
replace the material being processed.
The Preliminary Economic assessment (“PEA”) mineral resources press released of March 20, 2014
stood as base case measured resources total 1,400,000 ounces of silver (142,000 tonnes averaging
304 g/t), indicated resources are 4,600,000 ounces silver (400,000 tonnes averaging 357 g/t),
inferred resources total 5,300,000 ounces of silver (353,000 tonnes averaging 463 g/t) using a cut‐
off grade of 125g/t Ag. From these mineral resources, the Mineral Reserves were prepared and
stood at:
Mineral Reserve Estimate (see press release of May 22nd 2014)
Proven Probable Proven + Probable
Tonnes Ag g/t Ounces Tonnes Ag g/t Ounces To nnes Ag g/t Ounces
152,000 281 1,371,000 421,000 330 4, 474,000 573,000 317.3 5,845,000
The technical team of the Mine has prepared a compilation and the statement report is dated
March 27th 2017 and incorporate the information’s at the end of February. From the report 39,337
tonnes at 364 g/t Ag for 460,455 ounces have been extracted from proven and probable reserves
supported by the 2014 PFS which is still consider current. The remaining material processed at the
mill up to now were not identified in the 2014 statement as not accessible at that time. The new
mineralized zones identified with underground percussion drilling as well as 2015 surface diamond
drilling as renewal of mineral resources will be officially incorporated in 2017.
"I am confident that the recent underground works carried out by Zgounder's technical team that
led to the discovery of new mineralized zones, thus have renewing the mineral resources of the
mine, which will be validated by Goldminds" said Noureddine Mokaddem, President of Maya.
The Corporation aimed at providing a Preliminary Economic Assessment ("PEA") on a large‐scale
scenario and a Pre‐Feasibility Study ("PFS") with reserves with update reports by November 2017
in accordance with NI 43‐101.
Installation of the Flotation Cell Units
The flotation cell units have been delivered to the port of Casablanca in Morocco and the
transportation of the 26 containers to the Zgounder Mine site is now in progress.
Qualified Persons
The technical content of this news release has been prepared and reviewed based on the
information’s received from the ZMSM by Claude Duplessis Eng. Geological Engineer from
GoldMinds Geoservices Inc, independent Qualified Person under NI 43‐101 standards.
.
ABOUT MAYA
Maya Gold & Silver Inc. is a Canadian publicly listed mining corporation focused on the
exploration and development of gold and silver deposits in Morocco. Maya is initiating mining and
milling operations at its Zgounder Mine owned by Zgounder Millennium Silver Mining (“ZMSM”),
a Maya 85% owned joint venture with l’Office National des Hydrocarbures et des Mines
(“ONHYM”) of the Kingdom of Morocco (15%).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Forward looking information
Zgounder Silver Mine
The decision to commence production at the Zgounder Silver Mine was not based on a feasibility
study of mineral reserves demonstrating economic and technical viability, but rather on a pre‐
feasibility study. Accordingly, there is increased uncertainty and economic and technical risks of
failure associated with this production decision. Production and economic variables may vary
considerably, due to the absence of a complete and detailed site analysis according to and in
accordance with NI 43‐101.
Forward‐looking statements
This news release contains statements about our future business and planned activities. These are
"forward‐looking" because we have used what we know and expect today to make a statement
about the future. Forward‐looking statements including but are not limited to comments
regarding the timing and content of upcoming work and analyses. Forward‐looking statements
usually include words such as may, intend, plan, expect, anticipate, and believe or other similar
words. We believe the expectations reflected in these forward‐looking statements are reasonable.
However, actual events and results could be substantially different because of the risks and
uncertainties associated with our business or events that happen after the date of this news
release. You should not place undue reliance on forward‐looking statements. As a general policy,
we do not update forward‐looking statements except as required by securities laws and
regulations.
CONTACT INFORMATION
Maya Gold & Silver Inc.:
R Martin Wong CPA CA
Interim Chief Executive Officer
450‐435‐0700
Maya Gold & Silver Inc.:
Noureddine Mokaddem
President
450‐435‐0700
Maya Gold & Silver Inc.:
Nathalie Dion
Investor Relations
450‐435‐0700 ext. 202