Maya GOLD & Silver Reports Positive Findings at Its Third Property Azegour (W, Mo, Cu, Co, U) IN the Kingdom of Morocco and Announces the Launch of Its Preliminary Economic Assesment’S Work
PRESS RELEASE
MAYA GOLD & SILVER REPORTS POSITIVE FINDINGS AT ITS THIRD PROPERTY AZEGOUR (W, Mo,
Cu, Co, U) IN THE KINGDOM OF MOROCCO AND ANNOUNCES THE LAUNCH OF ITS PRELIMINARY
ECONOMIC ASSESMENT’S WORK
Montréal, Québec - May 08, 2019 - Maya Gold & Silver Inc. (“Maya” or the “Corporation”) (TSX: MYA) is
pleased to inform its shareholders about positive findings at Azegour.
Maya’s geological team accompanied by the independent consultant GoldMinds examined all accessible
ground deposits and und erground drifts at Azegour. Samples of the various mineralizations were collected
and an elaborated program has been prepared. The assays results w ill be disclosed in the future. The
samples were delivered to Afrilab of Marrakech. A laboratory site visit a nd inspection took place during the
delivery of the Azegour samples.
The exploration and development program is expected to include surveying of accessible drifts, scanning of
stopes, securing of accesses, channel sampling, dewatering of lower levels, scal ing, UG percussion drilling,
surface diamond drilling and metallurgical testing.
Maya’s geologist concludes that it is now obvious that the previous operators did not exploit all the
mineralizations, especially the Scheelite which have been followed along hundreds of meters with widths of
5 up to 35m at various levels of the main mine. The Scheelite, a tungsten mineral which reacts to UV light is
visible as a Milky way using Ultra Violet light underground as well as lenses of chalcopyrite and molybdenite
in various section of the mine and in drifts to the north.
Noureddine Mokaddem Founder, President and CEO comments: The findings of our geological team give us
comfort that Azegour can become another important asset of Maya. We expect to initiate the work pr ogram
in mid-June and will continue until PEA is announced during Q4-2019.
Tungsten mineralization Main mine drift at Level 1488
Chalcopyrite in drift at Level 1488 Main mine
Molybdenite from Izarifen drift
Underground sampling by joint Geological team
Maya’s Geological team with GMG
Walking the ground mineralized sector with granite on the other side of the river with younger sedimentary rock in
the background
Qualified Persons
The technical content of this news release has been reviewed by Claude Duplessis Eng., from GoldMinds
Geoservices Inc. independent Qualified Persons under NI 43-101 standards.
About Azegour
The Azegour property is located in the Tizguine-Amizmiz-Azegour area, High Atlas Occidental, Province of
Marrakech, Kingdom of Morocco. The property is situated 54 km NNE from the town of Marrakech and 7.2 km
WSW from the town of Amizmiz. The Exploitation Licence (PE 183208) covers an area of 16 km2 (4 km x 4 km)
(Figure 1). The center of the property is situated at 8° 18’ 14” West Longitude and 31° 09’ 33” North Latitude,
or at coordinates: Easting= 222924, Northing= 66813 ( North Morocco, Merchich) reaching an elevation of
1597 m ASL. The boundary stone (Point de Pivot) for permit no. PE 183208 is established at coordinates
Easting= 221291 and Northing= 71511 ( North Morocco, Merchich). The Exploitation Permit entitles the holder
to work the deposit and dispose of the substances, herein Mo, W, Cu, Pb and Zn and provides legal access to
the property. It is valid for a period of four years and was renewed on July 2015 until July 16, 2019; further
renewal is underway.
Under the terms of an agreement dated March 2, 2011 between Maya Gold and Silver Inc. and Ouiselsat
Mines, Maya acquired 100% interest of the Exploitation Permit 183208 and all the outstanding data for a total
consideration of 20 million Dirhams (approximately $2.5 million) and the issuance of 500,000 common shares
of the Company in favor of Ouiselsat. The Seller retains a 2.5% royalty on sales of metal. The share issuances
and payments were completed during one year following the acquisition.
Historical production
From 1926 to 1956, the Azegour mine yielded 1,331 t of (MoS2), 5,646 t of chalcopyrite (CuFeS2), 27 t of
scheelite (CaWO4) and 1.55 t of U3O8*.
In 1984, an historical resource* was established at 1M t @ 0.34 to 0.40 wt. % MoS2, 100,000 t @ 1.90 wt. %
Cu and 2M t at 0.40 to 0.35 wt. % WO3*. (Lehmann, 1979; Japan International Agency Company, 1984).
*The estimates presented above are treated as historic information and have not been verified or relied upon
for economic evaluation by the Issuer or the writer. These historical mineral resources do not refer to any
category of the NI-43-101 Instrument. The explanation lies in the inability by the author to verify the data. The
Issuer has not done sufficient work yet to classify the historical estimates as current mineral resources or
mineral reserves. Therefore, the Issuer is in the opinion that the above quoted resources for the Azegour
deposit cannot be relied upon.
ABOUT MAYA
Maya Gold & Silver Inc. is a publicly traded Canadian company focused on the operation, exploration and
development of gold and silver deposits in Morocco. Maya is currently operating mining and milling operations
at its Zgounder Mine, an 85% -15% split ownership between its subsidiary, ZMSM, and the ONHYM of the
Kingdom of Morocco.
Its portfolio also considers the Bou madine polymetallic deposit located in the Anti -Atlas Mountains of Eastern
Morocco. The property is also a joint venture with ONHYM, whereby Maya retains an 85% ownership.