Maya GOLD & Silver Reports 10 Million Ounces AG IN Measured and Indicated and 28 Million Ounces AG Inferred IN the Update of Its Mineral Resource Estimate FOR the Zgounder Silver MINE,
PRESS RELEASE
MAYA GOLD & SILVER REPORTS 10 MILLION OUNCES AG IN MEASURED
AND INDICATED AND 28 MILLION OUNCES AG INFERRED IN THE UPDATE
OF ITS MINERAL RESOURCE ESTIMATE FOR THE ZGOUNDER SILVER MINE,
KINGDOM OF MOROCCO
MONTREAL, QUEBEC–(Marketwired – January 8, 2018) – Maya Gold & Silver Inc. (“Maya” or
the “Corporation”) (TSXV: MYA) is pleased to announce an updated Mineral Resource Estimate
for its Zgounder Silver Mine Property.
Resources Highlights:
• A total of 2,633,000 ounces of silver (242,000 tonnes at 338 g/t Ag) in measured
• A total of 7,395,000 ounces of silver (748,000 tonnes at 308 g/t Ag) in indicated
• A total of 28,338,000 ounces of silver (3,437,000 tonnes at 256 g/t Ag) in inferred
• From In-‐pit constrained resources:
• 2,108,000 ounces measured at 315 g/t Ag and 5,794,000 ounces Ag indicated at
293 g/t Ag and 15,012,000 ounces Ag inferred at 248 g/t Ag at a cut-‐off grade of
61.89 g/t Ag (7,902,000 ounces measured and indicated at 298 g/t Ag);
• From High-‐grade underground resource, just under the pit constrained resources
surface:
• 527,000 ounces measured at 482 g/t Ag and 1,601,000 ounces Ag indicated at
377 g/t Ag and 11,209,000 ounces Ag inferred at 332 g/t Ag at a cut-‐off grade of
125 g/t Ag (2,128,000 ounces measured and indicated at 398 g/t Ag);
• Old tailing inferred resources of 500,000 tonnes at 132 g/t Ag for 2,128,800 ounces.
Note: Mineral resources are not mineral reserves and do not have demonstrated economic
viability, rounded numbers. However, the reported mineral resources are considered by the
qualified persons to have reasonable prospects for economic extraction as per CIM 2014
definitions.
"This mineral resource update shows Zgounder has a significant amount of silver metal left as
demonstrated by our exploration efforts, with 29 diamond drill holes totalling 7121 meter. The
work that has been done validates our belief that Zgounder is a virgin silver deposit. We have
without a doubt increased the mineralized area with resource potential that may be conducive
to open pit mining. This is just the beginning, as the company continues its exploration drilling
program in 2018 with underground drilling, surface reverse circulation drilling with continuous
diamond drilling program ", said Noureddine Mokaddem, President and CEO of Maya Gold &
Silver.
The chart below details the mineral resources pit constrained plus underground resources
(rounded numbers):
Total resources Zgounder silver mine Ag Tonnes Ounces
Measured 338 242 000 2 633 000
Indicated 308 748 000 7 395 000
Indicated+Measured 315 990 000 10 028 000
Inferred 256 3 437 000 28 338 000
The following chart details the pit-‐constrained resources alone:
Cut-‐off grade of 61,89 g/t Ag
Pit constrained Ag Tonnes Ounces
Measured 315 208 000 2 108 000
Indicated 293 616 000 5 794 000
Indicated+Measured 298 824 000 7 902 000
Inferred 248 1 886 000 15 012 000
The following chart details the underground resources alone:
Cut-‐off grade of 125 g/t Ag
Underground Resource Class Ag Tonnes Ounces
Measured 482 34 000 527 000
Indicated 377 132 000 1 601 000
Indicated+Measured 398 166 000 2 128 000
Inferred 332 1 051 000 11 209 000
The chart below features the old tailings alone:
Tailings 1 (old tailings)
Resource Class Ag g/t Tonnes Ounces
Inferred 132 500 000 2 117 159
Parameters for the definition of reasonable prospect of economic extraction for the pit
constrained resource are below. For the underground, existing cut-‐off grade (COG) of 125 g/t at
the mine is used.
• Mining cost $3 USD/t
• Processing cost $22.50 USD/t
• Mill recovery 80%
• Silver price $16 USD per ounce
• Slope angle 50 degrees
Note to resources:
1. The database used for this mineral estimate includes drill results obtained from the recent 2017
drill program.
2. Each composite has a length of 1.2m created from the beginning of each mineralized interval.
3. The density to convert volume to tonnage is 2.7 t/m3, which corresponds to an average density
between sandstones and dolerites.
4. The geological interpretation was done by sector and by geological zones. A total of forty-‐eight
(48) 3D envelopes were constructed by connecting the defined mineralized prisms.
5. Most of the bodies represent junctions of structures and stock works which have a vertical
elongated shape locally displaced by faults movements.
6. The envelopes have been filled by regular blocks and only the composites within the envelopes
were used to estimate the block grades.
7. The mineral resources were modeled on 1mE x 1mN x 2mZ block size within the 3D envelopes.
8. The blocks were interpolated from equal length composites calculated from the
mineralized intervals. Prior to compositing, high-‐grade silver assays were capped to 6,000 Ag g/t.
9. For mineral estimation, two runs were used. For run one (1) we used a number of composites
limited to six (06) with a minimum of four (04). For run two (2) we used a number of composites
limited to six (06) with a minimum of one (01).
10. For each envelope, search ellipsoids were used for the grade estimation and follow the
geological interpretation trends, each being envelope specific.
11. The classification parameters used:
o For measured mineral resources, we used a minimum of ten (10) composites per block with a
maximum of five (05) composites from the same drill hole.
o For indicated mineral resources, we used a minimum of six (06) composites per block with a
maximum of five (05) composites from the same drill hole. And the rest in envelopes are
classified as inferred mineral resources.
o Search ellipsoid radius measured 15m x 5m x 5m
o Search ellipsoid radius indicated 25m x 10m x 10m
o Remaining inferred
12. GoldMinds Geoservices (GMG) did a survey in May 2017 at Zgounder mine using the GeoSight
cavity monitoring system (CMS) to obtain an accurate 3D mapping of underground voids, shafts,
stopes and adits.
13. In order to accurately estimate the resources, GMG subtracted the mined out volumes (stopes,
drift and adits) from the mineralized material bodies modeled by GMG prior to pit optimization.
Afterwards, GMG also subtracted from the total measured resources the silver production since
June 2017 (after the GMG CMS survey), which is around 24,493 tonnes at 343 g/t Ag.
The National Instrument 43-‐101 Technical Report including the updated mineral resources for
Zgounder Silver Mine contained in this news release will be delivered and filed on SEDAR within
the next 45 days.
Quality Control / Quality Assurance (QA/QC) -‐ Preparation
QA/QC program with independent drilling of historically identified mineralized blocks with silver
analysis by Fire assay including blanks and insertion of standards in addition to field duplicates
has been done and allow the disclosure of the results.
Qualified Person
Merouane Rachidi P.Geo. and Claude Duplessis, Eng. of Goldminds Geoservices, Qualified
Persons as defined by National Instrument 43-‐101, are responsible for the mineral estimation
update of Zgounder Silver Mine and have prepared and approved the technical information
contained in this news release.
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 ZMSM, a Maya 85% owned joint ven ture
with l’Office National des Hydrocarbures et des Mines 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 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.
Noureddine Mokaddem
President and CEO
+1 514-‐978-‐6111/+212 661-‐196-‐111
Maya Gold & Silver Inc.
Sophy Cesar
Investor Relations
514-‐866-‐2008
www.mayagoldsilver.com